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Change is scary. Not because there’s anything fundamentally wrong but because we don’t know what lies on the other side.
However, we’d all jump in a heartbeat if we knew the benefits of making that change.
Such is the case with crypto sports betting. Many old-timers are sure of what to expect with traditional sports betting. But what if they’re convinced of the advantages of switching to the modern? What if they knew that crypto sports betting was more secure, private, and anonymous, among many other things?
Crypto sports betting has numerous advantages, and this article discusses them in detail to help you decide whether to make the change from fiat gambling.
Security
Online sports betting has recently become highly associated with serious security risks. Various sportsbooks and customers have been exposed to payment fraud, DDoS fraud, phishing attacks, and credit card fraud, to name a few.
The damage is often done when essential user data such as credit card details and login credentials get in the wrong hands after betters provide them upon the request of sports betting sites. Such risks wouldn’t exist if players never shared those details with sports betting sites, and this is where crypto joins the fray.
Crypto sportsbooks remedy this tricky situation by providing high privacy. The blockchain employs sophisticated cryptographic and encryption techniques in storing all essential details. It can’t be compromised or altered, thus keeping it well away from the reach of lurking malicious actors. With crypto, an unmatched level of security ensures that hackers and fraudsters can’t access funds stored in wallets.
Anonymity
The blockchain’s nature also facilitates anonymous betting, which is currently quite the rave. There’s a growing need to hide one’s identity while gambling due to numerous reasons. Firstly, it helps separate your bank accounts and financial records from gambling.
This partition prevents players from gambling away important funds. It also ensures that the government authorities cannot access your financial records via sports betting accounts. Additionally, crypto betting sites offer most players the opportunity to be free and assume a different persona when engaging in sports betting activities. As such, they get to make transactions without anyone’s knowledge.
Transparency
The advantages of anonymity and security culminate in a high level of transparency between bettors and online betting platforms. The security risks discussed earlier are often hard to trace, as it is difficult to recognize how the essential details get into the hands of hackers and fraudsters. It either happens accidentally, intentionally, or due to human error. We just never know.
However, since all transactions are encrypted and stored on the blockchain’s public ledger, betters can rely on credible sources to verify outcomes. As a result, fairness can be maintained among players, and regulatory oversight can be maintained effectively with minimal interference.
Everybody wins with crypto sports betting.
Everything is Faster
Since all transactions on crypto betting sites occur on the blockchain, it goes without saying that the transactions will be fast and seamless. Compared to traditional online betting sites that involve third-party payment processors, crypto betting sites allow you to transfer funds directly to and from your wallet to the sportsbook’s wallet.
As a result, there are fewer waiting times since fewer parties are involved – the average Bitcoin transaction is confirmed within 10 minutes, but for other coins, it’s almost instant. In addition, they are often associated with simple registration processes, which allow new players to sign up and deposit money quickly and start betting in no time. This quicker signup process is because there is no need to provide additional information like intricate personal details or financial information. You can play your games faster and cash out your winnings even quicker with little or no hassle with crypto sports betting sites.
Bonus Packages
Because crypto adoption is gaining traction, especially in sports betting, many sports betting sites offer new and existing players multiple bonuses to incentivize them. These bonus packages benefit players by giving them more winning chances or direct cash rewards.
The most common bonus packages include sign-up and deposit bonuses. These promotions and bonus packages give players multiple spins at the wheel.
Lower Transaction Fees
Traditional payment options used in traditional sports betting sites often attract high transaction fees. This is due to the numerous parties involved in the payment processes, who will charge a certain percentage of the deposited or withdrawn amount for their effort.
However, with fewer parties involved in the transaction process, crypto sports betting sites charge significantly less than traditional sports betting platforms. For instance, on average, bank transfers attract a $25 transfer fee compared to the $0.25 transaction fee associated with a Bitcoin transaction. In addition, online deposits have little or no tax obligations.
As a result, customers, especially those who frequently move money in and out of betting accounts, can make huge cost savings on deposits and withdrawals.
Higher Betting and Withdrawal Limits
Compared to crypto sports betting sites, most traditional betting platforms experience more regulations from government agencies. Likewise, the financial institutions processing payments have strict regulatory compliance requirements that all users must abide by. Betting and withdrawal limits are prominent examples of these regulatory requirements. Regulatory bodies often impose low betting and withdrawal limits in order to comply with anti-money laundering campaigns. This restriction can frustrate individuals who enjoy the thrill of higher-stakes games.
However, the reverse is the case with crypto betting sites. Since most countries have little or no regulatory frameworks guiding cryptocurrencies, there are no strict requirements on individual wagering and withdrawal limits.
Accessibility
Crypto betting sites leverage cryptocurrency’s decentralized nature in receiving and sending payments globally. Moreover, many of them have milder identity and location verification requirements. As a result, betters can place bets on the go from anywhere in the world whenever they please. In addition, it grants players access to a wider range of sporting events like the top football leagues across various countries.
Compared to retail sports betting, where punters have to wait until the betting shop opens, crypto sportsbooks give players a higher chance of winning as they can place their bets live, or moments before the game. All that is required is a stable internet connection and an internet-enabled device, and people worldwide can gain non-stop access to crypto sports betting.
