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Over the last decade or so, we have seen an explosion in the application of cryptocurrency in many different areas of our lives. And believe it or not, sports betting is also an industry that has been heavily influenced by crypto as a technology. So much so that there are specialised crypto sports betting websites that you can place bets through.
Most of these sites offer the same markets as the traditional sports betting websites across just as many sports, but the difference at a foundational level is that instead of betting with fiat currency such as £ or %, instead you’re betting with cryptocurrency, such as BTC or ETH. If you want to find out more about some of the top sites within this sector, head on over to https://bitedge.com/crypto-sports-betting/. But for now, we are going to look at what makes these sports crypto betting sites better than their traditional counterparts.
Privacy is a big priority.
Well, firstly, let’s look at some of the immediate benefits. You’ll notice when you sign up to a traditional sports betting website that you need to provide information such as your name, address, email address, and also your card details. Likewise, you’ll probably also be asked to provide some form of identification as part of their KYC checks.
However, this isn’t the case with crypto sports betting sites; all you need to do is provide your crypto wallet ID, and you can create an alias. This level of anonymity all but eliminates the chances of any of your actual information being seen by prying eyes, providing an unprecedented level of security and safety when playing online and also alleviating many people's privacy concerns.
Speedy payments
If you’ve ever bet on sports online before, you will most likely understand the frustration of having to wait to get your winnings out of your online account and back into your own account. However, due to the nature of cryptocurrency and the blockchain process supporting it, this is not the case.
When you deposit money and withdraw money through a traditional sports betting website, you have the likes of banks and payment processors acting as intermediaries between the payment leaving your bank and reaching the site. Whereas if you’re depositing or withdrawing with crypto, it is simply a transaction between two parties, thus speeding up the whole process and reducing the cost of fees associated with transactions.
The benefits of decentralisation
Part of the reason that you get speedy payments is that it is not held hostage or fully under control by one particular person. This is the same for your account at one of these online sports betting websites. You may have experienced this before where your account may have been frozen pending further checks or for proof of income, whereas this is not the same. There are no middlemen when it comes to crypto as a whole, meaning you are fully in control of your account and also your destiny at the same time, and so you are exposed to a whole new level of freedom you won’t have felt before, which is sometimes a relief compared to traditional sports betting websites.
Catering to the shift in preference
As we mentioned at the start of this article, cryptocurrency has grown in popularity over the last decade in particular, and it has also been around for considerably longer than that. The rise in profile of the technology has led to hefty investment into the currency as a whole and into emerging technologies surrounding it. Those who follow these developments in the industry are considered tech-savvy and, on the whole, are a young demographic. Likewise, if you look at the majority of audiences at sports betting websites, they mainly consist of the younger demographic, and so for the operators of these crypto sports betting websites, they are looking to target people wanting to bet on football matches.
In Summary
When it comes to sports betting, this is a multi-billion-pound industry around the world. With matches such as Manchester United against Liverpool racking up billions of views around the world, of course you’re going to expect a lot of demand for betting activity during these matches. And so that’s why, when there was the option or opportunity rather to create a more secure, safe, and transparent sports betting experience for the wider audience through the utilisation of crypto and blockchain, this was seized upon. And so when we loop back to the question that was raised in the start as to which you should choose, for the reasons that we have given you today and for many more that we haven’t yet covered, you should certainly consider trying your hand at sports crypto betting to see what you think of it. |
