Sports betting and cryptocurrency
Although cryptocurrencies started on a wrong footing where the blockchain-based payment options were associated with illegal activities, they have redeemed themselves and now they are gradually being accepted on different fronts. Bitcoin, being one of the pioneer cryptocurrencies is now almost becoming a mainstream payment option in different spheres. One area that has almost fully adopted cryptocurrency is sports betting and the whole gambling space.
Kate Richardson, a sports betting expert observes that the number of bookmarks accepting cryptocurrency as a means of payment has been increasing daily. Kate states that the journey has not been all smooth. The emergence of cryptocurrencies was once seen as a threat to legal betting where gambling platforms were accused of using the new forms of payment methods to facilitate illegal activities.
Gradually, with the increased acceptance and usage of blockchain-based technology, this is changing and they are now being seen as part of the payment systems. Kate Richardson has been reviewing sports betting sites, including those that offer bitcoin and other cryptocurrencies as a means of payment. In her best bitcoin sportsbooks reviews, she has provided useful information that sports betting enthusiasts can use to improve their wagering activities on these and other sites.
If you are interested in knowing more about the sports betting sites offering cryptocurrencies as payment options as well as more information on other topics that the sports betting expert has written about, check her articles and profile.
Acceptance of cryptocurrencies in sports betting
So, what has led to cryptocurrency acceptance in sports betting? Kate Richardson and other sports betting pundits, hold the opinion that acceptance of blockchain technology-based currencies is based on the following factors:
- The security they provide the users
- They are cheaper compared to other payment options
- No limits
Sports betting players are always looking for payment options that offer them security. They want to safeguard their funds. They want guarantees that their hard-earned money will not get lost. There is no other payment option that matches the level of security that is offered by cryptocurrencies. Punters using cryptocurrencies are assured of safety for their funds as well as personal information.
Blockchain technology guarantees the users that the system cannot be tampered with. We have situations where punters have lost their hard-earned money when the betting site’s security is compromised. The immutability capability that blockchain technology provides to cryptocurrencies makes it hard to tamper with customer information, therefore users are assured of their safety. This has made cryptocurrencies to be accepted in sports betting as it provides the users with assurance that they are safe online.
Although this has been used by critics of cryptocurrencies as the avenue that has been used by criminals to engage in money laundering, this accusation has mainly been leveled on the basis of ignorance. People who have not fully understood how cryptocurrencies operate are quick to point out that they have a loophole that criminals use to engage in money laundering.
This is far from the truth as blockchain technology experts point out that it is easy to flag such activities as there are clear trails. Although it is relatively hard to establish the ownership of cryptocurrencies, there are trails that can help identify how money has changed hands. Therefore, the anonymity capabilities of cryptocurrencies do not encourage illegal activities. Bettors who may want to hide their identity can use this capability to engage in their favorite activities.
This comes in handy for those who may be located in places where either betting sites are not available or are not allowed to operate. They can engage in sports betting without necessarily revealing their identities. This does not mean that they are committing a crime, it is only that they would like to remain anonymous.
We are living at a time when the prices of various goods and services are on the rise. People are looking for affordable means. Transactions involving cryptocurrencies are proving to be cheaper. There are some instances where players are not even required to pay transaction fees. The low fee requirements in cryptocurrency transactions have been attracting punters to use the payment option for depositing and withdrawing their funds.
Sports betting enthusiasts are presented with an option that helps them save. With the savings, they have an opportunity to wager more. A study carried out on the usage of cryptocurrencies in sports betting found that cheaper transaction fees were among the top reasons why punters opt for the payment option. With the number of cryptocurrencies increasing day in and day out and some do not charge anything to either deposit or withdraw funds, it is expected that sooner or later this may be the main method of payment in the whole gambling sector.
Big wagers normally complain that traditional sportsbooks do not give them the freedom to deposit the amount they want. Sportsbooks have put this as a way of protecting punters to ensure that they do not lose a lot of money in a single bet. Although beneficial to some it is seen as an inconvenience to big wagers.
However, with cryptocurrencies, they can deposit without restrictions. They have the freedom to deposit or even withdraw a large amount of money with cryptocurrency sports betting.
Cryptocurrency betting is just starting out and already it has been embraced in the industry. There is a need to address any issues that may have been genuinely pointed out to ensure it gains wider acceptance.