Gaming

Crypto Sports Betting: Things You Should Know About

The phenomenon of sports betting has witnessed a tremendous rise in popularity, especially after the advent of the 21st century. Millions of people are known to bet on sports around the globe, and a wide range of choices that are available for betting makes the sports betting interesting and popular. For example, you can bet on horse racing, soccer games, basketball contests, tennis matches, golf tournaments, and many more options. In fact, these wide choices have aided the sports betting to spread its wings far and wide across continents and bettors. In fact, it won’t come across as an exaggerated statement to say that you can literally bet on any game of your choice when it comes to sports betting.

Use of Crypto in Sports Betting

The segment of sports betting is quite dynamic, and bookmakers are quite advanced in using new technologies. Although you can find more information from the world of poker in this regard, there’s no doubt that the dynamic and animated nature of sports betting is keeping the bettors engrossed. The format of sports betting is upgrading, the interface of connecting with customers is changing, and the aspect related to the comfort and convenience of speculators is also taken into consideration quite seriously by the bookmakers.

One of the key focus areas on which the industry is working for quite some time is to make the system of sports betting more accessible. The concept of making and receiving payments is being revisited in order to provide the best options to the customers. This is exactly where the role of Bitcoin and other cryptocurrencies sprung into prominence. Digital coins are based on open ledger technology, and of late, we have witnessed an increase in the usage of cryptocurrencies for making and receiving payments in the sports betting. 

Advantages offered by Cryptocurrencies in Sports Betting

One of the primary reasons behind the increased popularity of Bitcoin and other cryptocurrencies in sports betting is the extra safety and convenience these digital coin offers. It is very easy to make payment with digital coins as no intermediary is involved in the process. The payment will be directly processed between bookmakers and punters. This also means you are not required to disclose your full identity to bookmakers, which, in turn, adds to the safety aspect. The payment transfer process involving cryptocurrency is backed by blockchain technology, which means there won’t be an issue with transactions of funds.

Faster Payouts

The use of cryptocurrency also means that you get faster payouts. The processing of cryptocurrency payments does not require any intermediary, which, in turn, translates into faster processing of the payments. If you have won the bet, then getting your prize money instantly into your account can simply double your joy. In the conventional banking system, the payment process has to undergo a series of channels before it is completed successfully. Usually, it takes a couple of days, and the amount will be credited to the winner account with a lag of three to four days. Fortunately, there is no such case with the cryptocurrency as winners account will be instantly credited with the prize money.

Conclusion 

It is not difficult to fathom the reasons behind the growing popularity of cryptocurrency in the sports betting segment. Use of Bitcoin and cryptocurrency offers a range of extra conveniences over the conventional transaction systems – you can transfer the money anonymously, get transactions settled instantly, and enjoy high-grade safety. All these reasons are making sure that the use of cryptocurrencies in sports betting will further rise in the future. 

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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