While many were in denial of cryptocurrencies, there is no longer a way around them. Research shows that crypto is slowly branching into different industries, gaining more value and popularity. The industry that is seeing a lot of impact is gambling and sports betting. Although crypto still seems to be taken with caution by some, users appreciate its convenience for betting activities. The question is why. Let’s take a look at the difference between crypto betting and regular sports betting, and if crypto betting is just a trend passing by or if it has come to stay in the scene.

The Future of Online Payments

What needs to be understood is that crypto betting doesn’t just mean using cryptocurrencies like Ethereum or Bitcoin instead of fiat currencies to place bets. For gamblers, it is certainly convenient to be able to choose the preferred currency for deposit and withdrawal. But additionally, crypto betting sites are usually set up quite differently from the get-go. The best crypto sports betting sites don’t only allow their customers to use cryptocurrencies but also include the blockchain principles which are: decentralization, transparency, and security.

The betting style hardly changes, and the principle stays the same: placing bets on outcomes, odds, or spreads. But it makes betting a lot easier and more straightforward since the hurdles of traditional credit and debit payments are resolved. Crypto betting sites offer seamless transactions and autonomy where other platforms can’t keep up.

Big Payouts, Low Fees

Traditional online sportsbooks have one catch: they often come with hidden costs such as processing fees and currency exchange costs. By using the blockchain technology, crypto betting platforms are able to minimize these costs because they don’t require any third parties like banks.

This means that crypto betting site don’t only cut the transaction fees which are usually deducted by a bank, but also, they can afford to offer better RTP rates than most traditional platforms. Crypto sites often offer better promotions and bonuses for their users, and this benefit is slowly getting more attention.

This means more of the players’ money goes toward actual bets instead of being used to pay for third-party fees.

Anonymity, Speed, and Accessibility

What counts is speed. While bettors need to make quick decisions to make a win, they also want their payouts to come through fast. Traditional sports betting sites that use debit or credit card payments, however, come with a long wait, as transactions need to be processed, and it usually takes even longer over weekends. Its transaction speed is one of the main reasons why crypto betting is becoming more popular. While traditional online platforms can take up to days to process a transaction, crypto sites can process payments within minutes.

Another advantage is that crypto betting allows for anonymous betting. KYC (Know Your Customer) checks are a normal process that is usually required when trying to place a bet with a traditional site. By using crypto, gamblers can stay anonymous and keep their identity safe. This is especially useful when betting in regions with tight regulations.  

Accessibility is another big advantage that traditional betting sites can’t deliver. In the US, online sports betting is only legal in 34 states, which leaves 16 underserved. Crypto betting, however, allows users to engage in these activities without having to access a government financial system. While this can seem dodgy, reputable crypto betting sites are legal, and users don’t need to fear engaging in illegal gambling.

Betting Across Borders

Betting isn’t only a common pastime in the US, but also across the world. Many countries, especially developing countries, are underrepresented in this activity and lack the access to sports betting because of government regulations or because sportsbooks don’t accept certain currencies. Crypto sites lower this entry barrier since cryptocurrencies are not connected to any country or banking system. Anyone who has access to the internet and a crypto wallet can place bets without needing to worry about currency conversions or local regulations.

This global accessibility also creates a unique sense of community. The betting scene is big, and users often use forums and social media to discuss betting strategies and potential outcomes. Opening up the limitations between boarders and connecting people from across the world is something that makes crypto betting truly special.

More Security With Blockchain

The blockchain technology is known for speeding up transactions. But what’s even more valuable is the security benefits it comes with. Every transaction is decentralized and encrypted which decreases the risk of fraud.

Decentralized means that no institution or authority like a bank or government is overseeing the transactions that go in and out. Instead, these transactions are recorded on a public ledger in real time and can’t be altered afterward.

In an industry where money plays a big role, transparency is the most valuable asset an online platform can offer. Users can check that their money is going in and out without having to rely on a third-party platform while staying anonymous.

Moreover, crypto wallets offer an additional layer of protection. These wallets work with private keys that only the holder can control and are often secured with an additional multi-signature protection. This means unless someone gains access to their actual crypto wallet, which is unlikely, their funds are safe from unauthorized withdrawals.

Conclusion: Is Crypto Betting Worth It?

The number of crypto users worldwide is steadily growing. According to Triple-A, the global market penetration is expected to reach 6.8% in 2024, with over 560 million crypto owners worldwide.

Although crypto has a reputation of being volatile and insufficient as a long-term form of financial solution, the value of certain coins like Bitcoin are relatively stable. The rising number of crypto owners also shows the general acceptance of crypto and suggests that the crypto market will impact developing industries, such as gambling and sports betting, even further.

While the gambling and betting sector has seen many changes in the past few years, crypto adoption is likely one of the most significant ones that promises to be beneficial, for both operators and users. By using stablecoins like Tether and USDC, users can avoid the fluctuations that are associated with less popular coins and benefit from the decentralized network, which makes the use of crypto even easier at an entry level.