Introducing Bitcoin Sports Betting
Cryptocurrencies have already started thriving in various sectors ever since it was introduced. Even though cryptocurrencies have still not acquired legal status and cannot be used as legal tender, investors are looking forward to using virtual currencies as a form of lucrative investments despite their volatile nature. Cryptocurrencies are preferred to other payment options as they allow punters to play anonymously and also help in widening their reach. Anybody from anywhere in the world can participate in bitcoin sports betting.
How Does Bitcoin Betting Work?
Bitcoin betting works exactly in the same way as normal betting, with the only difference being that the bets are placed with cryptocurrencies, mainly bitcoin. As bitcoin and other cryptocurrencies are volatile assets, bettors cannot expect to get the same value in return when they cash them out in fiat currencies. The value of crypto could rise and eventually compound the wins, while in other cases, the value may drop below the threshold point and mute a win.
Cryptocurrencies should be dealt with cautiously. Some betting sites allow players to deposit and bet in cryptocurrencies, while others only accept deposits and allow withdrawals in cryptocurrencies but convert them into fiat currencies when crediting a user’s account on the site.
Other betting sites require players to use the proprietary cryptocurrency of that particular bookmaker. The betting site mint its own tokens and players are required to deposit and bet only with those tokens. In this system, the exchange rate as specified by that particular bookmaker will apply for all conversions from crypto to cash.
Positive Impact of Bitcoin in the Sports Betting Industry by Experts!
Using cryptocurrencies in esports betting or normal sports betting is a rapidly growing market as esports bookmakers favor accepting deposits in cryptocurrencies for the plethora of benefits that cryptocurrencies offer. Some of the positive impacts of bitcoin in sports betting are listed below:
Anonymity and Privacy
Blockchain technology makes sports betting more comfortable by offering the privacy of the players’ personal data. Cryptocurrency sports betting sites do not ask for any additional details from the players except the wallet address, which is required to send and receive funds to the betting sites. It helps players to gamble even in an environment that has restrictions on betting activities and gambling.
Gambling in itself is a risky affair that is not immune to mishaps; therefore, security matters a lot for these games, be it online or offline. Online gambling is considered safer and cryptocurrencies make it more robust. Blockchain technology with its immutable feature makes bitcoin gambling safer and secure. Each transaction is recorded in the blockchain ledger independently and can be seen by all the players, which is why there is no place for secrecy in the blockchain ledger, making bitcoin betting more secure. The anonymity of the players adds a layer of additional security to bitcoin betting.
Lower Transaction Fees
Bitcoin sports betting does not involve any third-party financial intermediaries like banks and therefore, the transaction fees are much lower in comparison to regular sports betting.
Easy Transfer of Assets
Cryptocurrencies offer an easy transfer of assets. Most online casinos that accept cryptocurrencies deal directly with the various e-sport betting tournaments, slots, and other poker games, making sport betting easily accessible to players.
Is Bitcoin Sports Betting Different from Esports Betting?
No, bitcoin sports betting and esports betting are the same. Players bet on the same events and tournaments as they would do in esports betting, the difference being the currency used for placing their bets. There are various genres of Esports that come with massive tournaments, superstar esports teams, and mega esports players competing against each other in front of millions of screaming fans tuning in to watch live streams on various social media platforms. Participating in such massive tournaments with cryptocurrencies is truly a pleasure.
Future of Bitcoin Sports Betting
Huge advancements in technology, like VR (virtual reality) and AI (artificial intelligence), topped with the blessings of cryptocurrencies would undoubtedly bring revolutionary changes in the sports betting sector. Online sports wagering has already started accepting cryptocurrencies as one of their payment options and the responses they are getting from bettors are beyond expectations. Most bettors prefer crypto betting to regular betting with fiat currencies. With the rate at which cryptocurrency betting is increasing, the future of bitcoin sports betting does not look bleak.
Cryptocurrency and blockchain technology going mainstream have witnessed the online sports betting sector jump onto the blockchain technology wagon. Many online sports betting sites are emerging and some of the sites even allow players to create their own sportsbooks, which in turn contributes to the expansion of the online sports betting sectors.