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Feb 19, 2020, 6:22:00 AM

Using Cryptocurrency in Sports Betting

With the continuous surge of cryptocurrency, its applications are becoming vast and near-limitless - and one of it is in sports betting.

Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum have changed the way how sports betting completely works. From lower transaction fees and faster payments to increased security through the anonymity it provides, it's a no-brainer then that sports betting and cryptocurrencies go hand-in-hand.

Here are a few of the changes that cryptocurrencies have made in the industry.

Easier, Faster, and More Secure Payments

Imagine yourself making a deposit at an online betting site. In this instance, say that you’ve decided to use your debit card or credit card to complete the transaction. You’ve entered the amount you want to transfer into your account and the next logical step is to input your card number. After that comes up the expiry date, then the CVV that’s at the back of the card. Is the problem obvious already?

If not, here it is: disclosing very sensitive personal information on an online gambling website no less. Regardless if you trust a certain bookmaker or not, there’s always that thought of safety that lingers at the back of your mind especially when making large deposits.

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Compare this to making a deposit using cryptocurrency and it’s totally different. Instead of giving a lot of sensitive and supposedly classified information about yourself, the only thing you’ll need to do is copy the booky’s cryptocurrency wallet address and then send them whatever amount and currency you want or need. After that, expect the transaction to be completed in just a couple of minutes. And voila, you’re ready to place bets immediately.

One other benefit of using cryptocurrencies in online betting websites is that there aren’t any middle-men. To serve as an example, when you make a payment with your debit and credit card, VISA or MasterCard is the middle-man. Other than being able to block a payment (if they’ve been instructed to do so), they also have a fee. Most online gambling websites will ask for a fee between 1% and 4% with every single transaction you make with your card. You may be asked to pay the fee or it could be reflected in other ways.

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New Betting Sites

Competition is always a good thing. In most industries across the world, the more companies there are in a certain industry, generally, the better the products and the lower the prices. Take a look at how mobile phones continue to evolve and get cheaper. The market is saturated with different competitors all vying to make the next big thing: the options for a phone, in theory, are nearly limitless. The same can also be said for online gambling websites. With so many, there are some that offer better odds, welcome bonuses, and betting experience.

However, given that cryptocurrencies are the new widely accepted currency, it’s not uncommon to see online sports betting sites that accept just cryptocurrencies. This makes them a popular destination for bettors all over the world.

As an example, let’s look at A fairly new sports betting website, it accepts Bitcoin and Ethereum and allows bettors to make deposits and withdrawals with them. Despite being fairly new, the booky has been making innovations such as offering better odds and bonuses. Today, the number of online betting sites that accept cryptocurrencies are increasing.

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Bettors Avoiding Prying Eyes

With the way cryptocurrencies are developed, they’re seen to be a safer alternative for bettors when compared to conventional payment methods. For players across Europe, this isn’t a problem. However, certain countries in Asia - specifically China, Thailand, and the Philippines - have a strict anti-gambling government who’s known to not only fine those who participate in this form of gambling but also send them to prison. With cryptocurrencies, these can be avoided since it’s completely anonymous. No one can trace payments coming into and out of your online gambling accounts and, as long as you follow a few basic security measures, you’ll be able to enjoy gambling without anyone knowing.

One other major advantage of using cryptocurrencies in online sports betting is that the transactions don’t show up on your bank statements. When placing bets using credit or debit cards, it reflects in your bank statement and shows gambling transactions. This isn’t actually a problem - until you decide to apply for a loan of some sort. This is due to the perception that gambling transactions are negative actions. Many bettors have found out the hard way when their request for a loan was completely denied because of a few gambling transactions in their account.

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One Global Currency

If you have a business that needs you to travel constantly, you will have first-hand experience with the difficulties of having to constantly have money changed to the local currency. This is all well and good, except that the rate continuously fluctuates, often leading to larger transactions and smaller returns. This isn’t the case with cryptocurrencies. When you carry out transactions with these, there are no worries of needing to check the daily exchange rate - you have a universal value that is not unpredictable at any point in time.

Overall, it costs less to convert cryptocurrencies into fiat currencies and vice-versa. It’s also possible to deposit fees inter-site without having to pay any additional fees. The same is also applicable when the user wants to withdraw money. Betting with cryptocurrencies is safer and faster because of the technology that it uses - blockchain. With it, payments are processed in a few hours and immediate in others.

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Words: Carlos Corpus

Image: PA