What Is Crypto Sports Betting?

Sports betting is a popular form of gambling. The advent of cryptocurrency has widened the purview of the sports betting industry. Crypto sports betting involves using cryptocurrency stored in crypto wallets for sports betting. Players can now place bets on sporting events using Bitcoin.

Bitcoin permits gamblers to bet on sporting contests listed on various online sportsbooks. In fact, several crypto betting companies have begun to accept Bitcoin as one of their deposits.
Although fundamentally a form of gambling, crypto sports betting has enhanced security and other added benefits.

PROS

  • Fast and efficient transaction
    Cryptocurrency is stored in a secured online wallets called crypto-wallets. The transfer of funds from personal crypto wallets to that of the sportsbook saves a lot of time for online players.
  • Enhanced privacy
    Eliminating the intermediaries, cryptocurrency transactions do not involve any breach of data.
  • Negligible to zero withdrawal fees
    Unlike traditional online sports betting, cryptocurrency transaction does not require any fees to withdraw winnings.
  • Additional security
    Several online sportsbooks make use of two-factor authentication for added security.
  • Wider circle of acceptance
    Online sports betting companies have an uncomplicated background verification process. Thus, they are easier to get access to from different parts of the globe.
  • Strong customer support
    Many renowned sportsbooks are backed by a robust customer service team, available round the clock, to address queries.

CONS

  • Fluctuating monetary value of Bitcoin
  • Security loopholes in betting platforms
  • Largely unregulated industry
  • Prevalence of online scams
  • Unsatisfactory user experience on betting platforms.

Why do gamblers love Bitcoin sports betting?

Sports bettors are getting increasingly swayed by bitcoin sports betting. Most gamblers admit that the security features offered by Bitcoin are a huge attraction, enabling them to carry out sensitive online transactions.

Another major feature that gamblers love about Bitcoin sports betting is the lack of withdrawal fees. Most online betting platforms charge a considerable amount to withdraw winnings – often to pay off intermediaries. By making use of crypto transactions, Bitcoin eliminates intermediaries and a direct transaction between the payers and payee takes place.

Crypto online betting companies

Clearly, the advantages of crypto online betting outweigh the disadvantages. As a result, several crypto online betting companies have mushroomed over the years. It is advisable to select the right betting platform based on some indicators like,

  • Integrity of the company
  • Nature of customer support
  • Website navigation accessibility
  • Multiple betting options

Here are some popular online betting companies to look out for,

  • FortuneJack
  • CloudBet
  • Thunderpick
  • Stake
  • Betcoin

How much is Bitcoin sports betting expected to grow?

At present, the Bitcoin sports betting industry is pegged at a whopping 105 billion USD. Experts posit an expanded market opportunity and possible legalization of crypto sportsbooks in the coming years.

Conclusion

Given the immense popularity of online sports betting, it is often tempting to start gambling quickly. It only follows that understanding the nitty-gritty of crypto sports betting is absolutely necessary. Gamblers with misguided information stand at risking a lot.

Another common pitfall to be avoided is in the selection of online sportsbooks. A fair understanding of different platforms and their accepted type of cryptocurrency is crucial.

Online sports betting is here to stay. With its promising allure to newbie investors, crypto sports betting is no longer a solitary, dull activity. Adding on to the possibilities are the emerging crypto sportsbooks worldwide.

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