Crypto Sports Betting Has Remould Sports Betting Scene
The advent of crypto sports betting has changed the sports betting scene forever. Now it’s possible to place bets on your favorite sporting events without having to worry about banking regulations. Instant deposits and withdrawals make the prospect of betting on sports much more appealing.
Of course, with this increased freedom comes increased need for personal responsibility. It’s just as easy to find a fake cryptocurrency sports betting site as it is to find a fake a fiat currency sports betting site.
That being said, there are many advantages of crypto sports betting. These advantages have led crypto sportsbooks to grow rapidly in number and size. And while there are also some downsides to betting on these sites, the pros tend to outweigh the cons.
The Pros and Cons of Cryptocurrency Sports Betting
There are several pros and cons to cryptocurrency sports betting. Let’s begin with some of the pros.
1. Easy Signup and Registration
Some crypto sports betting sites don’t even require an email. You might only need to create a username and send bitcoin or another cryptocurrency to your wallet. From there, you can place bets as you wish. This option will be preferred by those who wish to remain anonymous in their gambling activities.
2. Instant Deposits and Withdrawals
Thanks to bitcoin and other cryptocurrencies, betters no longer have to wait weeks for transactions to be processed. Both deposits and withdrawals can be completed almost instantly.
Perhaps the biggest benefit of cryptocurrency sports betting is the transparency and immutability that the blockchain provides. Using smart contracts, betting platforms can be established that ensure a gambler’s conditions will be met and orders will be fulfilled.
4. Low Fees and Big Bonuses
Many crypto sportsbooks have low or even zero fees for transactions. In addition, many of them offer potentially huge bonuses for first time depositors, sometimes up to 1 BTC to match your initial deposit.
Cons of Crypto Sports Betting
The cons of crypto sports betting are not enough to outweigh the pros. Still, there are a few significant drawbacks that can dampen the prospects of a successful crypto sportsbook experience.
1. Risk of Currency Devaluation
Because of the volatile nature of cryptocurrencies, there’s no guarantee that gamblers will be able to take profits in terms of fiat currency. If you win a large bet in bitcoin, only to see bitcoin lose its value against your local fiat currency before you’re able to use that bitcoin to buy anything or sell it for fiat, then you’ve still lost or broke even.
2. Lack of Customer Support
Finding support on these smaller sportsbook services can be like finding an oasis in the desert. It’s difficult to come by, getting a ticket answered may take weeks, and sometimes there just won’t be any solution to your problem.
3. Risk of Exit Scam
While the risk of being scammed on the large reputable sites is small, the risk always exists in crypto sports betting. It has happened many times in the past where a crypto site will take in participants funds, operating legitimately for some time, only to disappear into the night at a later date.
Finding the Right Sportsbook
There are many sources that have created comprehensive reviews on several of the largest crypto sportsbooks. While we won’t go into such detail here, we will cover a few of the main points.
A 2019 blog post by GamblingBitcoin.com ranks the top five bitcoin sportsbooks.
Sources like this point out several important things to consider when it comes to how to find the right crypto sportsbook.
What Fees do they Charge?
Of course, the fees of any crypto sportsbook must be taken into consideration. Fees will cut into your potential profits.
Do they Support Two-Factor Authentication?
This is an important consideration when it comes to security. Given that you may be holding large amounts of funds on the site, it’s wise to stick to sportsbooks that offer enhanced security features like two-factor authentication.
What Kind of Bonus Do They Offer?
Getting a big initial deposit bonus can give you a head start on the crypto sports betting game. Choose the right crypto sportsbook and you can be sitting pretty before you even begin.
Crypto Sports Betting: A Good Bet?
All in all, there are quite a few reasons for gamblers to choose crypto sports betting.
You may be able to get started with a small amount of coin for a very small fee and begin with a big bonus.
You can remain anonymous on certain sites if you choose. The signup process is quick and easy. Getting your money in and out also happens quickly and without much hassle.
If you do decide to try your hand at crypto sports betting, go find the best crypto sportsbook and get started now.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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