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The World of Sports Betting and Cryptocurrency: Complete Guide

Posted on June 08, 2019 by Abhinav Vasudevan

Cryptocurrencies like Bitcoin has changed our perception of how we look at money. With the proliferation of sports betting in recent years and the influx of offshore betting, a universal currency is very much needed. Surprisingly, there are many advantages for both parties in this sports betting-crypto relationship.

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Type of Cryptocurrencies used in Sports Betting

In the world of crypto sports betting, Bitcoin is used most frequently. It still remains the number one option for most players and has been used for several years. It serves as the ‘reserve currency’ among all other crypto coins present out there in the market. Moreover, it is the most recognised cryptocurrency in the market right now and has been around for the longest period of time, hence most sportsbooks accept the currency without any hassles.

In terms of availability and usage, Ethereum stands next in line. ETH is the second largest market cap crypto after BTC. To sum it up, the more prevalent a crypto coin is, the more likely it will be adopted by online sportsbooks as its payment methods for deposits and withdrawals. In the future, more and more cryptocurrencies will be likely added to the portfolio of available banking options at sportsbooks.

How Cryptocurrencies are used in Sports Betting

Anonymity – The bookmakers who accept cryptocurrencies offer their members with a plethora of benefits, particularly the anonymity factor. Unlike the regular betting providers, the crypto sports betting sites do not collect any information from you. Some betting providers ask for email ID for the payment methods but that is also not compulsory. If you are worried about leakage of personal information, then you can always create a new Email ID. Under any circumstances, the bookmakers won’t be able to block the anonymous betting accounts. The privacy that is afforded by using cryptocurrency makes it nearly impossible for other agencies to keep track of the banking details and wagers.

Frequent small bonuses – Most of the cryptocurrency bookmakers offer small welcome bonuses during the first cryptocurrency deposit in the betting accounts as the transaction costs for cryptocurrencies are very low. The bookmakers offer the bonuses on all account top-ups instead of only the initial deposits. The best part of this procedure is that you can use the crypto payment methods with virtually any available cryptocurrency in the market. All you have to do is to head over to a cryptocurrency exchange and switch real money to avail it.

Authentication – Cryptocurrencies use 2FA Security-blockchain anonymity. In simpler terms, it is a two-step verification process that protects an online account by adding a second layer of protection. In a normal single-factor authentication, only the username and the password is asked from the members. In 2FA Security-blockchain anonymity, the phone or device is used as part of the authentication process and was designed by Yubico and Google. Players use cryptocurrency sportsbooks primarily for this state of the art security mechanisms,

Universal Betting – Gambling is not legalised in many countries. Normally, a lot of corruption is involved in traditional sports betting from hackers and bookers. Another hassle that international players had to face was the deposit and withdrawal parts of the game for international wagers. With cryptocurrency, people have found new freedom to bet openly without having the fear to face prosecution. As cryptocurrencies include registered multiple digital currencies like Bitcoin, Ethereum and thousands of altcoins, it provides the crypto sportsbook with an added advantage over the regular sportsbooks.

Faster deposit and withdrawal methods – Normally, the bookmakers have to pay a withdrawal fee to take out their winnings. Players normally choose online sportsbooks site based on quick and efficient withdrawal methods. With cryptocurrencies like Bitcoin and Ethereum, this issue is mitigated as the blockchain technology allows players to transfer their winnings into their digital wallets in just a matter of seconds. This is a huge advantage for offshore bookers. The same cryptocurrency payment method can be used for depositing methods as well. You can also head over to a Bitcoin ATM to withdraw your winnings.

Considering all the benefits of cryptocurrencies, we have to be aware of the fact that the prices of cryptocurrencies re volatile. Currently, the price of bitcoin is so high that it can fluctuate any time by huge margins. Sportsbooks players have to keep an eye on where they place their winnings. No point in winning the horse race if the bitcoin investment market is wiped out in a day, right? Next, you need to remember that there are no refunds in cryptocurrencies and as the technology is still in its infancy with the sportsbooks, it is advised that you choose renowned and trustable crypto sportsbooks.

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