Cryptocurrencies have changed the world of every sector and the field. It has become an integral part of gambling and online betting. With the arrival of blockchain, the demand for digital currency has risen in almost every sector. With its intense security, 100 percent transparency, anonymity, and many other features it is predictable that it is going to take on the Sports betting. The rise of Bitcoin in casinos and gambling is enough to make us believe that bitcoin sports betting is the next big thing in Cryptocurrency.
In several regions world betting on the sports is illegal. So, the online gaming industry is always watched by the government in such regions. But with the advent of Cryptocurrency with blockchain serves complete secrecy and anonymity making it impossible to trace online payment activities. Thus, with cryptocurrency, you can move money online wherever you want without being tracked and it is safer than before. That is the reason why gamblers are choosing bitcoin casinos these days. Most of the online casinos have begun to accept crypto as a payment method and land-based casinos are not lagging behind as well.
According to a report by Globe Newswire, the global sports betting market may reach $155 billion by 2024. Several countries have also legalized sports betting in their regions seeing the scale of demand and security. Thus, this growing industry can be benefitted by the cryptocurrency. In this article, we are going to illustrate why the use of cryptocurrency in sports betting can be a significant move.
Anonymity – Protects your privacy
Cryptocurrency ensures that your personal information and online payments remain secure and can’t be traceable. So, it is a safe getaway for the people in countries where sports betting is illegal and using credit cards for online sports betting can be a large risk. The blockchain that underlies in the Cryptocurrency keeps users’ identity anonymous and it is impossible to trace your bets. It is secure from online hackers and allows depositing and withdrawal of funds easy. So when we are talking about anonymity in the sports betting then cryptocurrency is the best for sports betting.
With privacy and anonymity, you also need a secure method and Cryptocurrency offers a second layer of protection with two-factor authentication to an online account. In 1FA, users have to sign in with email or username and password but the addition of device or mobile phone as the part of verification adds a second layer of protection.
Quick withdrawal and deposits
Users need the process of fast deposits and fast cashouts when they are betting online and Cryptocurrency offers quick deposits and withdrawal method. Users can easily withdraw the money in seconds. On the other hand, traditional methods take days and they pose a potential risk of fraud and theft. Users can use Bitcoin ATMs to take out their winnings as fiat. So it is safe, secure, fast, and painless to take out your funds with Cryptocurrency.
Low transaction fees and zero conversion expense
In some countries where betting on sports is illegal people can’t even place bets online on sportsbook sites, on the other hand in other countries and states like New Jersey, sports betting is perfectly legal. So if they choose other streams of payment they may get caught or else they have to pay hefty transactions fees. Transferring money using net banking or credit card users may have to wait for the transfer to get complete and conversion rates are high as well. Users have to pay withdrawal or transaction charges to bookies when they want to withdraw their money and it is unfair to pay a part of your winning to them. Using Cryptocurrency the users will be levied with lowest transaction charges and no conversion fees which can help you to save some more money to bet.