With advances in technology, the popularity of sports betting keeps increasing. The days when sports bettors had to go to a local betting shop to place a bet on a favorite team or player are long gone. Streaming games like basketball or football gives bettors a chance to watch what’s happening with their bets in real time.
Most gambling platforms also offer details and information that help bettors to make more informed bets. They are now also offering the use of cryptocurrencies as a form of payment. Here are some of the pros and cons of using crypto for sports betting.
Advantages of using crypto for sports betting
Anonymity and discretion: Crypto is untraceable, and for bettors who prefer anonymity, it offers them a way to keep their identities from public view. Those with crypto accounts can freely transfer crypto to and from their crypto wallets to finance their gambling.
Safety and security: Crypto also has the benefit of being safe and secure due to the encryption involved in creating it. Assets are better secured from hackers or fraudsters.
Bettors who want to enjoy safety and security need to make sure they use reputable casinos for sports betting. Play Gun Lake Casino is a trustworthy casino with an app that offers convenient and safe sports gambling for bettors.
Quick and easy transactions: When transacting with foreign sites, currency exchange can be a problem but transacting with crypto is easy and fast. Bitcoin transactions usually don’t take more than 10 minutes to process, and some crypto coins like Litecoin provide even faster transactions.
Decentralized system: Crypto isn’t regulated by any central authority, so a digital user has true ownership over assets.
Disadvantages of using crypto for sports betting
In spite of the growing popularity of online casinos, some countries still don’t allow the use of crypto to finance sports betting.
- The anonymity of using crypto can be a benefit, but it can also create a problem. It is almost impossible to trace those involved in illicit activities such as match-fixing.
- Crypto takes longer to liquefy than traditional fiat currencies. It can take a while to turn it into a liquid asset.
- Crypto is volatile in nature. For example, Bitcoin’s price fluctuates up and down. It is a good form of payment, but it isn’t wise to keep savings in the form of Bitcoin. Some other top crypto coins players use are Ether and Avalanche (AVAX).
Is the use of crypto in sports betting a step into the future, or could it be problematic due to the high levels of anonymity and encryption? Only the future will tell as more sports betting platforms begin introducing crypto payments.