Cryptocurrency, Bitcoin, blockchain, and mining – these words have taken the world by storm. Whether it is the internet, banking industry, gaming, shopping, gambling, or sports betting, you will simply find them everywhere.
When it comes to the betting industry, the major concern is that the bets, gaming results, and payouts are hidden from the public. But with the integration of the blockchain technology, the concerns are likely to get resolved, and it has a huge potential to revolutionize the industry as a whole.
People from Bitcoinfy shared a great infographic on the basics of crypto and here is what you need to know about this upcoming revolution.
Which Cryptocurrencies Are Used For Sports Betting?
Bitcoin – The cryptocurrency revolution started with Bitcoin. Hence, it is the most used cryptocurrency in the world of sports betting, and a preferred option due to its value and high acceptance rate.
Ether – ETH is one of the leading cryptocurrencies and is already being accepted at the online sportsbooks. It is not as popular as BTC in the world of betting but is slowly gaining wider acceptance.
Litecoin – It works similarly to Bitcoin, but with a different encryption method. It has an upgraded speed, is cheaper, and is being added as a cashier option.
Along with these, Bitcoin Cash, Dash, and over 30 other cryptocurrencies are accepted by some sportsbooks. However, it is safe to say that we could see more cryptos joining this list in the future.
Benefits Of Sports Betting With Cryptocurrencies
Betting with cryptocurrencies is getting popular with each passing day, and here are the reasons for it.
Cryptocurrencies are way cheaper than fiat currencies. Almost all sportsbooks charge zero fees to send and receive them. The payments are withdrawn via checks, and the betting sites usually offer one check free per month.
One of the most common practices followed during sports betting is that online sportsbooks tend to gather information about their customers, especially their credit scores and other personal details.
But with Bitcoin, a minimum of information is required about the receiver during a transaction. Moreover, some cryptocurrencies keep your data off the web.
When it comes to bank transactions, we are done with the banking working hours. Now, when you win the betting, you will receive payment almost instantly and you don’t have to visit any bank.
Some online betting websites process Bitcoin instantly, while others may just take 48 hours to process your funds.
Along with the above benefits, the cryptos have also allowed the withdrawals to be processed in short durations. The payments are issued with the higher security and lower fees.
The Ethereum smart contracts will make it easy to place the bets from any part of the world. Moreover, with blockchain, data will be stored on a distributed ledger that cannot be manipulated, providing the transparency needed across the betting industry.
This evolution comes as a win-win for both operators and players involved.