Introduction- Crypto Sports Betting
People are shifting to crypto sports betting sites owing to the various advantages put forward by the use of cryptocurrencies, and this has resulted in the adoption of cryptocurrency as a payment method by growing numbers of online sports betting sites.
An online crypto casino statistic tracker called Bitcoin Strip collected data from 60 crypto casino sites and found that players placed an overwhelming 337 bets every second. According to another research by Fairlay, a crypto prediction market and exchange, it was found that 90% of the exchange’s volume came from crypto sports betting sites.
One of the most popular cryptocurrencies, Bitcoin, has the largest market share, even though there are more than 2000 different digital currencies being traded worldwide. Each cryptocurrency has its own purposes, specific uses, and values based on which the crypto sportsbooks and sports betting sites adopt them as a payment method.
How to choose Best Crypto Sports Betting Sites?
Regulated & licenced
While choosing the best crypto betting site, it is essential to check the platform’s regulations and licenses to ensure extra security and safety of the gamblers. Many exchanges do not even have a KYC requirement in order to fasten the registration process. However, a bookmaker should have some standard regulations to ensure a fair and random payout for all kinds of gamblers, including beginners as well as seasoned players. To ensure a fair and random payout for all kinds of gamblers, including beginners as well as seasoned players.
A licensed and regulated crypto betting site that offers safety along with anonymity should have the following three standards –
- A valid license by any of the popular regulatory bodies such as the UK Gambling Commission, Government of Curacao, and Malta Gaming Authority
- A secure platform should have a minimum of 128-bit SSL encryption
- It should also have Fairplay credentials under eCOGRA, ESIC, IBAS
Compared to the traditional payment methods such as bank transfers and credit card payments that can be easily denied or blocked, crypto transactions do not have these issues. Note that there are two types of crypto sports betting sites – crypto exclusive and hybrid ones.
Crypto exclusive betting platforms support payments made only in cryptocurrencies such as Bitcoin and Ethereum, whereas hybrid betting sites accept both traditional fiat currency and digital currencies. Most crypto sports betting sites prefer using the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, to name a few, since these are popular and offer the best advantages over traditional payment methods.
Another essential factor to consider while choosing the best crypto betting site is the speed of transactions. Not all cryptocurrencies offer lightning-speed transactions, but on the whole, they are faster than traditional fiat currencies. For instance, deposits and withdrawals made in cryptocurrency are usually completed in 15 to 20 minutes, but payments made in fiat may take as long as one week to process.
Coming to privacy, one of the main reasons why gamblers prefer crypto betting is the complete security and privacy that they receive. Crypto betting enables gamblers to retain full privacy since they are not required to provide personal or financial information while registering at a crypto betting site.
Compared to the traditional betting sites where there are third-party agencies like the banks and other financial institutions involved, certain fees are charged for the deposits and withdrawals made through bank transfers or credit card payments. Crypto betting sites remove this need for any third-party agency, and hence crypto transaction fees are nominal and sometimes even zero.
Bigger Bonuses & VIP Programs
While choosing the best crypto sports betting site, make sure to check the bonuses, promotions, and VIP programs offered by the platform. Generally, betting sites that use cryptocurrency offer generous bonuses, special VIP programs, and various promotions which are not available at traditional gambling sites. Crypto bonuses include welcome bonuses, deposit bonuses, no deposit bonuses, signup bonuses, cashback, referral credits, and many more.
Cryptocurrency as a payment method is both safe and reliable since the transactions made in cryptos cannot be declined, reversed, or failed, which may occur in the case of traditional payments through bank transfers and credit card payments.
More Betting Options and Better Odds
One of the biggest benefits of choosing to play at a crypto sports betting site is the many betting options it provides. Note that sports betting with crypto not only has more betting options available for every sport, it also features more exciting and enthralling sports to bet on. With additional betting options and much better odds than the ones available at land-based sportsbooks, there is no doubt that crypto sports betting is a far superior version for all players. Moreover, the best thing about crypto betting is that the payouts are much greater than their land-based partners.
Easy Deposits and Registration
As discussed before, traditional payment methods may take hours or days to process. But crypto deposits and withdrawals take only a few minutes. Easy deposits allow gamblers to maximize their gambling experience without wasting much time on transferring funds from one place to another. In addition to easy deposits, the registration process at crypto sports betting sites tends to be hassle-free and quick, where the players can register without lengthy verification processes and start gambling with crypto instantly.
Many gamblers like to remain anonymous while placing bets at an online sports betting site. This is one of the biggest reasons why such gamblers prefer betting with crypto, as it offers complete anonymity and privacy of the gamblers. This is possible because payments are made with cryptocurrency, which involves information like wallet ID and private keys of the gambler, unlike bank transfers and credit card payments which are linked to the player’s personal and financial information.
Last but not the least, customer support is another important factor to keep in mind while choosing a crypto sports betting site. Many players are not yet fully aware of how cryptocurrencies and sports betting crypto work. This is why sites that use cryptocurrencies should make sure that their customer support team is extremely efficient and responsive to cater to customer queries. Hence it is essential to ensure that the chosen betting site has a functional support team available 24×7.
To sum up, more players are choosing to bet with cryptocurrency due to its many benefits, but not all betting platforms are ready to offer such an option to the players. In addition, there are various fraudsters and hackers who make finding a reliable crypto betting side quite a challenging task. Therefore, the best idea is to choose regulated and licensed services that come with a high rating. All in all, if a player wants to immerse in the modern crypto betting and online gambling world, choose a regulated and licensed platform that supports various major cryptocurrencies, offers quick transaction, privacy, low fees, bigger bonuses, more betting options, better odds, and complete anonymity to all its players.