Advantages and Disadvantages of Crypto Sports Betting

Advantages and Disadvantages of Crypto Sports Betting

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Introduction – Crypto Sports Betting

Crypto sports betting is a popular activity that involves placing bets on various matches and leagues of many sports events in the hope of getting higher returns. The popular cryptocurrencies that are used in cryptocurrency sports betting are Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, and Bitcoin Cash.

Cryptocurrency sports betting is a more secure and cost-effective betting style compared to regular or traditional sports betting. Online gambling platforms and casinos worldwide have sportsbooks covering almost all kinds of sports events such as cricket, rugby, football, hockey, and tennis. Hence, it is important to understand the rules and regulations that come with crypto sports betting.

How does Crypto Sports Betting work?

The betting activities in traditional and crypto sports betting sites are the same. The main point of distinction between the two is in the method of transaction. Crypto sports betting works in a slightly different manner. The steps mentioned below discusses how to get started with crypto sports betting –

  • Go to the official web page of any reputable online casino that supports cryptocurrency and register at the platform.
  • Log in to the casino and link the casino account with a crypto wallet to allow direct transfer of crypto funds.
  • Deposit funds in crypto from the wallet to the casino account
  • Explore the sports betting site and the sportsbook for different sports and casino games
  • Place bets on the chosen sports events. Note that many sportsbooks allow gamblers to participate in live betting. This may be riskier than regular crypto betting.
  • Place withdrawal requests to withdraw winnings. Worth mentioning, crypto betting sites allow their users to convert crypto into fiat on the existing market rates during a withdrawal process.

Advantages of Crypto Sports Betting

Low fees – Traditional sports betting sites may be overburdening as they normally charge heavy fees that include deposit or withdrawal fees along with bank charges and credit card fees. Online sports betting sites that allow crypto transactions have a significant advantage over traditional sites. Transferring cryptocurrencies significantly saves a lot of funds since there is no 3rd party involved in the transaction process.

Bigger & Better Bonus – The best and most reliable crypto betting sites usually offer bigger and better bonuses and promotions than traditional betting sites. Also, cryptocurrencies help in saving funds by avoiding deposit and withdrawal fees and other non-trading fees. Apart from these, there are various types of bonuses offered at crypto betting sites, such as the welcome bonus, deposit bonus, no deposit bonus, cash backs, and many more.

Play from anywhere – The betting and gambling industry is under stringent monitoring and regulations. They do not allow payments coming from restricted countries to avoid heavy sanctions and fines. But crypto betting sites allow deposits and withdrawals in crypto from any part of the world since the currency is not recognized as a legal tender in any country. However, to be on the safe side, the players may require a VPN to access the gambling sites to bet with cryptos, based on their location.

Financial Privacy – Some of the best crypto sports betting sites offer complete anonymity and privacy since the payments made through cryptocurrencies do not require any interference from third-party agencies. The players can play without revealing their personal or financial information. Privacy and complete anonymity are the main reasons why gamblers prefer betting with cryptocurrency. Financial privacy allows the players to keep all their activities hidden from banks and other financial bodies as well as from friends and relatives. With crypto betting, financial privacy is financial freedom.

Good Support – A good sports betting site will always be available for their clients and effectively help in resolving client issues. The best crypto betting sites offer 24*7 live chat support and other channels through which the customers can get in touch with them. The support team should be efficient, quick, responsive, and well-trained. Crypto sports betting platforms ensure that their customer support team is ever-ready with the best solutions for their clients.

Anonymity – One of the best advantages that all gamblers love while betting with cryptocurrencies is the fact that they can do it anonymously. They prefer keeping their bets, their betting amount, and the number of bets hidden from their friends and relatives and also from banks. Crypto betting allows players to bet anonymously, and the ability to remain anonymous has definitely helped the industry grow.

KYC – Crypto betting sites do not require many details while registering. Some sites need their users to complete level 1 KYC, which requires sharing of basic information such as player’s name, date of birth, address, email ID, and address. While other sites do not have any KYC requirements.

Disadvantages of Crypto Sports Betting

Lack of Regulation – Most popular sportsbooks are completely licensed, and they abide by the AML and KYC regulations. This is due to the fiat currency circulation between different third parties. The money goes through financial instruments, governments, and banks. Operating a fiat currency based, unlicensed sports betting site is quite difficult due to the interference of the authorities. Because of this, people are shifting to crypto betting sites that remove all these hassles. Operating with crypto makes it much easier for crypto sportsbooks to function without a license since they are not required to report to third parties. Hence, the risks involving their misconduct or unfair dealing of scams may also increase, leading to loss of funds.

Crypto Price Volatility – Cryptocurrency is mainly known for its volatile nature. If a player bets $10,000 worth of crypto and wins $2000, it does not feel like a win if the value of crypto dips during withdrawal. This risk of extreme volatility can not be avoided. However, if the cryptos are kept for a long period, the value may become stable at a higher rate than invested.

Currency Risk – Since cryptocurrencies have a volatile nature, the price of cryptos may rise or fall. Many players find this a pro, while others find it a big con. If the price dumps 20% during a betting event, the player loses 20% of his currency value.

Withdraw can be slow – Although crypto transactions are super fast compared to the traditional payment methods like bank transfers and credit card payments, sometimes, crypto withdrawals can be slow due to blockchain traffic. With the complex nature of blockchain and its distributed and encrypted nature, crypto withdrawals can take some time to process. These withdrawals may take hours or even days to finalize, meaning that there are inherent issues involved with crypto betting that can ruin the gambling experience.

Sum Up

With adequate knowledge about crypto and how it works, crypto sports betting is worth playing. For new crypto gamblers, it is advised to take everything slow and learn about how the currency works at these crypto sports betting sites.

Crypto sports betting is an extremely profitable industry, and experts suggest players start betting with small crypto amounts at a preferable crypto casino in order to learn betting with crypto. Once the player understands the nitty-gritty of strategies and the trading cycle of crypto sports betting, he can start with a higher valuation. Crypto betting sites offer generous rewards, especially to professional bettors.

There is an excellent scope for the bettors to earn through crypto price fluctuations. Seeing this, many countries are trying to legalize cryptocurrency betting to invite more people to their betting platforms.

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