The rise to prominence of cryptocurrency in recent times is beginning to revolutionise the way that payments are being made online. Once a thing of mystery, cryptocurrency such as Bitcoin is now becoming a little more mainstream, as many online businesses have become aware of the benefits of transacting with cryptocurrencies. Like Bitcoin, Crypto is easy to use, less susceptible to fraud, and cost-effective compared to traditional baking methods and third-party payment options. In this post, we look at how some of the biggest betting websites are using cryptocurrency to their advantage and how the ways in which people are placing their online bets are changing.
Perhaps the main advantage of gambling with crypto is the high degree of privacy afforded to gamblers, as it allows them to keep details of their betting history private. While Bitcoins aren’t 100% untraceable, there are specific cryptos such as Monero that are virtually untraceable and offer players total anonymity.
Cryptocurrencies are a decentralised unit, meaning that the transaction isn’t carried out through any bank or third-party payment provider as with most betting sites. Transactions carried out via cryptocurrency are stored in blockchain instead. This means that the transaction fees will be very low (usually no more than 1%), if not zero in value, as there are no third party fees for the betting website to cover.
When transacting with Bitcoin, most online betting websites won’t ask for your personal details and will only require the username and wallet address that stores your cryptocurrency. This is fantastic for the user, as not submitting your personal information leaves you less at risk to scammers and hackers. The use of cryptocurrency really takes away a lot of the risk associated with transacting online.
Why is this advantageous on online betting websites?
Arguably the fundamental reason why cryptocurrency is advantageous to betting websites is from a cost perspective. Ultimately, betting websites and casinos are there to make as much profit as possible, and cryptocurrencies like Bitcoin attract the lowest possible transaction fees. This is a win-win for players and businesses alike, as neither attract high costs to receive their money.
Moreover, the speed of crypto transactions is another benefit for casinos. Bitcoin transactions are often instant, or no more than a couple of minutes. This is very appealing to online gamblers, as they don’t have to worry about third-party authorisations or any other outside elements that may delay transactions. Therefore, by offering players the opportunity to transact with Bitcoins, betting websites are potentially attracting a new client base to their site.
The low-fraud risk is also very appealing to online betting websites. Bitcoins and other cryptocurrencies are transacted in a similar way to cash, meaning that it’s nigh on impossible for hackers to intercept the transactions and steal customer or business data. There’s nothing worse for online casinos than being hacked, so utilising cryptocurrencies and reducing the risk of being scammed and having their information stolen is undoubtedly appealing to online betting companies.
Which cryptocurrency should I use to place bets?
The most common cryptocurrency transacted on the Internet is Bitcoin. You can buy Bitcoins online and add them to your wallet, which is essentially your cryptocurrency bank account. Once you have Bitcoins in your wallet, you can then place bets on various markets on websites that support cryptocurrency transactions. According to The Punters Page, the most suitable betting sites for cryptocurrency are 888sport, sportsbet.io, 1XBET, and 22BET. It would help if you did your research to find the best betting website for your requirements.