Crypto: Why it's the best betting payment alternative in Africa
In 2009, Bitcoin (BTC) emerged, introducing cryptocurrency as an alternative mode of finance to traditional banking. Because of this, you, as a sports bettor in Africa, have more financial autonomy.
Crypto payment methods have continued to evolve, and sports betting sites are embracing them. Find out how crypto could save you a lot of stress, time and fees when you use it for your sports betting in Africa.
Place crypto bets on live sports
Crypto vs Fiat: Which is better to use in online sports betting?
Many people feel they have no control over their money because of inflation and centralised banking systems. Banking policies change constantly, which can be very frustrating for people.
For example, in May 2024, the Kenyan government stopped Safaricom from processing bookmaker transactions using its mobile money platform, M-Pesa. This means that sports bettors in the country lost a convenient method of depositing their betting funds. With its absence, crypto became a convenient alternative.
Considering East Africa has over 12 million crypto users, you’d be in good company if you chose to use crypto for online transactions. The numbers are expected to rise as more users seek alternatives to traditional payment methods.
The benefits of crypto sports betting
Crypto is better for sports bettors because changing policies can affect other payment options. There are plenty of examples where instability and changes in the policies of financial institutions can cause large amounts of disruption to consumers
Here are some reasons why you should consider crypto sports betting in Africa:
Crypto payment methods don’t have the same limitations as mobile payments
The major limitation of mobile payment methods is that a company owns and controls them. This means the company decides which services are permitted for payment solutions. These rules can change, too, as the company updates its policies to follow new laws and regulatory frameworks.
Crypto, on the other hand, is decentralised. It operates autonomously using a consensus protocol, overseeing everyone’s deposits and withdrawals without a central authority.
Crypto payment uses a peer-to-peer (P2P) system
Cash payment using fiat currencies has to go through a third party to confirm your deposits. You must trust that the solutions provider won’t cancel or send your money to the wrong account.
Crypto is different because it uses a peer-to-peer payment system. This means buying or selling crypto with another party or person happens directly on a decentralised crypto platform. No third party oversees this transaction.
Blockchains are faster, cheaper, and more efficient
Crypto networks have seen many software upgrades since Bitcoin came out. Many of the popular ones, like BTC and ETH, are known to be significantly efficient, ensuring that your deposits and withdrawals are completed within minutes.
If speed matters for your sports betting experience, you will appreciate blockchains that can operate faster than traditional banks. Ripple (XRP) and Cardano (ADA) are popular payment methods in Sportsbet.io and are designed to handle multiple transactions swiftly.
Crypto payment methods are often more cost-effective compared to traditional mobile payment services, which can charge high fees for offshore remittances and money conversions. Therefore, African bettors can explore international sportsbooks without worrying about exchange fees. Crypto transactions are also cheaper because the blockchain has no border limitations, reducing the costs associated with international transfers.
Stablecoins offer easy conversion
Stablecoins are crypto pegged to fiat currency as close to 1:1 as possible. The most popular choice is the United States dollar (USD) because it is the most widely accepted cash worldwide.
Tether (USDT) and USD Coin (USDC) are the most well-known stablecoins linked to the USD, and users can convert between fiat and crypto at any time. Stablecoins’ non-volatile market prices make them easy to cash out, enabling users to convert them into fiat, including the Kenyan Shilling (KES).
Bet on upcoming sports events with crypto
Explore the potential for profit growth with BTC
While stablecoins ensure flexibility, BTC is popular due to its volatility. They are harder to sell and convert back to cash. Despite this, some users view them as a potential store of value. Market trends increase prices over time, reaching new all-time highs and higher price floors in the long term.
Bitcoin’s volatility aside, at Sportsbet.io, we maintain consistent statistics and payout mechanisms for BTC. This means that regardless of BTC’s market condition, the amount of money you deposit and win in sports betting remains the same. You can withdraw and sell the same amount of BTC you deposited and still make a profit.
Take control of your finances and betting transactions
The most important element in using crypto is its autonomy. Unlike traditional financial systems, cryptocurrency transactions typically bypass third-party involvement, providing users with greater control. Use Sportsbet.io’s services anytime, bet with crypto, and decide when and how often.
Moreover, you have the added benefit of keeping your personal information private. Crypto transactions are pseudonymous as they are linked to unique digital addresses rather than exposing your details.
Why should you join the crypto ecosystem?
Besides enjoying the benefits of crypto payment methods over mobile cash apps, other compelling reasons to join the crypto ecosystem are the following:
Crypto wallets are convenient on desktop and mobile devices
Crypto wallets come in various forms, and they can be as convenient, if not better, than mobile cash apps. Some examples include MetaMask and Coinbase Wallet. If you want to get started, these are optimal choices accessible on smartphones, tablets, and desktops, as long as you’re connected to the internet or mobile data.
Sportsbet.io has dedicated support for crypto
We stand out for our robust features, which support deposits and withdrawals from all users worldwide. If the blockchain has multiple transaction channels, then our website also has access to them. A great example is USDT, which can be deposited through the Ethereum, Tron (TRX), and Polygon (MATIC) networks.
You can also buy crypto on our site without leaving your wallet page. Use the ‘buy crypto’ option and any of our partner exchanges and their respective supported payment methods. Options include credit/debit cards, bank transfers, and wallet cash apps like Apple Pay, Google Pay, and Samsung Pay.
Learn more about buying crypto here
Where and how can African bettors buy crypto?
If you want to go straight into crypto sports betting, purchasing crypto on Sportsbet.io is a good starting point. With Onramper, Binance, and Bitinvestor integrated directly into the website, you can conduct all your transactions through a simple interface. Likewise, you can trade on their websites by making an account and depositing your funds there.
Many of these exchanges are centralised, however. If you’re looking for a P2P trading platform, there are also great exchanges for crypto traders and investors in the region. For example, Paxful boasts a simplistic user interface for a seamless trading experience. OKX offers both P2P trading and P2P lending, giving you more options in liquidating your assets.
Start crypto sports betting at Sportsbet.io
Sportsbet.io eagerly awaits your first step into crypto sports betting. We cover various sports events and provide generous sportsbook promotions, so rest assured you’ll have a worthwhile time here.
Moreover, Sportsbet.io provides many exciting features to boost the fun of your bets. Explore these features below:
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Mobile app: Access Sportsbet.io on iOS and Android through its mobile app. Download now and enjoy an on-the-go betting experience with exciting features available in the palm of your hand.
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Price boost: Increase your potential winnings with the price boost feature. This enhances the odds of your bets at no extra cost. Note that this can be activated on your bet slip if your ticket qualifies for the promotion.
Sign up now, and don’t miss the excitement that awaits you. Experience a fun, fast, and fair crypto betting experience with the best crypto bookmaker worldwide—Sportsbet.io.
DISCLAIMER
The information provided by the blog above on Sportsbet.io is for general information purposes only and does not constitute financial advice. All information on the Site is provided in good faith, however, we make no representation, warranty, or guarantee of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, or completeness of any information or betting tips on the Site.
