There is no question that both sports betting and cryptocurrency are two of the biggest emerging industries at the moment. In many ways, it’s only natural for the two entities to join forces. In fact, that process has already started in some places. While not every betting site accepts crypto as a form of payment, several betting site accepts crypto and other states in USA that also operate sportsbooks have made cryptocurrency an acceptable form of payment.
It could only be a matter of time until sports betting and crypto are intrinsically linked across a multitude of platforms. Part of the reason for that is because there are several benefits for bettors using cryptocurrencies while betting on sports, not to mention benefits for sportsbooks to offer crypto as an option. Let’s take a closer look at some of the ways that crypto is capable of improving the sports betting experience.
Speedy Transactions
Speed is perhaps the greatest benefit that cryptocurrency is able to contribute to sports betting. Most bettors link their deposit and withdrawal transactions to their band accounts. However, there will inevitably be a little bit of a delay in processing these transactions, especially when bettors want to collect their winnings. While sportsbooks make an effort to expedite this process as much as possible, speed is rarely an issue with crypto. With cryptocurrencies, funds can move in and out of a person’s digital wallet lightning fast, allowing them to deposit money to use with a sportsbook quickly and withdraw money just as quickly, collecting their winnings much faster with crypto than waiting for the bank transaction to clear.
Eliminate Fees
Along those same lines, transaction fees are sometimes a part of doing business with sportsbooks. After all, banks love assessing fees whenever they do something, so if a bettor is making a lot of deposits and withdrawals with a sportsbook, transaction fees are almost inevitable. However, cryptocurrencies are part of a decentralized network, taking traditional banks out of the equation. This can help to lower – if not completely eliminate – transaction fees associated with deposits and withdrawals while using sportsbooks.
Security
Bettors should always be a little bit concerned with security when using sportsbooks. To be fair, most credible sportsbooks have reliable security systems in place. Of course, whenever bank accounts are being linked and money is being thrown around, bettors need to know with certainty that their funds are safe and their financial information isn’t at risk. However, this is no longer much of a concern with cryptocurrencies and blockchain technology. Transactions with cryptocurrencies remain anonymous and can’t be tracked, which ensures that a person’s funds and personal information will always be safe and secure when using cryptocurrencies as opposed to traditional banking methods, where there is at least some risk of infiltration.
Raise the Limits
When players use cryptocurrency to bet on sports, it opens the door for larger wagers to be placed, which leads to high earnings. Keep in mind that individual sportsbooks are able to set limits on how much someone can bet. However, most sportsbooks will allow the limits to be raised if someone is betting with cryptocurrency. For serious bettors who want to raise the stakes and increase their earning potential, crypto is the avenue that allows them to do just that.
Better Bonuses
Along with higher limits, crypto can also open the door for bigger and better bonuses offered by sportsbooks. All sportsbooks like to use bonuses to attract customers and keep them coming back to the same platform. But there are also some sportsbooks that will have bonus offers that are exclusive to those using cryptocurrency. The key is looking around and discovering the sportsbooks that offer the best bonuses to those playing with crypto. However, if bettors can find crypto-specific bonuses, it can create new opportunities and improve earning potential because those bonuses won’t be available to everyone.
Promotions
Likewise, many sportsbooks offer special promotions to cryptocurrency players. Some sportsbooks offer deposit and withdrawal bonuses to anyone making crypto transactions, encouraging bettors to use crypto as opposed to conventional banking methods. In some cases, sportsbooks could even offer special prop bets or live betting opportunities to those betting with crypto. Keep in mind that some sportsbooks prefer bettors to utilize cryptocurrencies because they benefit from them as well. This means there is no telling what promotional opportunities await bettors who are willing to bet on sports with crypto.
Trade Options
While cryptocurrencies can sometimes be erratic and unpredictable, that can actually work in someone’s favor when using crypto at an online sportsbook. After all, most sportsbooks will convert cryptocurrency funds to dollars while being used to place wagers. Crypto traders can use this to their advantage at times by moving cryptocurrencies to their sportsbook account when prices are going down and waiting to withdraw winning until the value of that cryptocurrency is on the rise again. This can help shield crypto users from some of the volatility of the crypto market while at the same time making their winning bets even more valuable if they wait for the right time to convert their winnings back to crypto.
Transparency
Last but not least, using cryptocurrencies and blockchain technology can provide a level of transparency. With the way every wager and transaction is documented on the blockchain, bettors don’t have to question whether mistakes are being made or if sportsbooks are operating with integrity. In that sense, using cryptocurrency to place sports bets helps to make the entire process safe, secure, and reliable, which is exactly what any bettor wants from a sportsbook.
