Many people consider cryptocurrency and blockchain to be the future of financial transactions; it has the potential to change the world of finance as we know it. The same is the case with the world of sports betting; cryptocurrency and blockchain tech can completely revolutionize the way sports betting transactions are carried out today.
From lower transaction fees to faster exchange, there are several reasons why crypto sports betting is going to be the thing of the future. The transparency and security that blockchain technology offers are unmatched, thousands of sports bettors have already made the switch. There are hundreds of sportsbooks sites accepting Bitcoin, mostly because of the benefits cryptocurrencies offer over the conventional ones.
Betting with cryptocurrency will not change the way you best; it will only change the way your financial transactions are carried out. You will be able to bet on the game of your choice, from the NBA to MLB to the Olympics, directly from your crypto wallet, with the currency of your choice.
Ever since the federal ban on sports betting was lifted in 2018, with the Supreme court declaring the Professional and Amateur Sports Protection Act (PASPA) unconstitutional, sports betting in the United States has gained significant traction. It is now a multi-billion dollar industry with the potential to become a $20+ billion industry if all 50 states legalize betting with cryptocurrency, according to estimates made by Forbes.
With Wyoming allowing players to use crypto to deposit funds, the door has been opened for the introduction of crypto in the US betting world. It comes with a number of advantages, for not just the customer but the sportsbook as well.
Benefits of using Cryptocurrency and Blockchain Technology in Sportsbetting
The major benefits of using cryptocurrency and blockchain technology for sports betting are listed below:
Security of Transactions
Cryptocurrency is managed through blockchain, and blockchain is one of the safest ways of carrying out online transactions. Blockchain technology is decentralized, and there is no single point of failure, which makes it safe from hackers and fraud of all types.
Faster, more rapid transactions are something everyone involved in sports betting can benefit from. WIth crypto and blockchain, it takes a fraction of time to carry out a transaction that would sometimes take days with other currencies.
Higher Betting Limits
Because of the safety provided by crypto, many online sportsbooks offer higher deposit and withdrawal limits for people using cryptocurrency. Widespread use of cryptocurrency in sports betting will lead to much higher limits and you won’t have to make multiple bets in order to bet a large sum of money.
Bonuses and Offers
Crypto betting bonuses are much more lucrative than others. With the use of crypto, you can get a bonus worth much more than what you would get with USD or other currencies. These bonuses include sign-up bonuses, loyalty bonuses, and referral bonuses, among others.
Cryptocurrency will remove third-party costs and fees that are charged in sports betting transactions, leading to lower costs and the removal of additional fees.
With no third party involved, the privacy of the user will also stay intact.
The Future of Sportsbetting With Cryptocurrency and Blockchain Technology
The future of sports betting using cryptocurrency and blockchain tech looks brighter than ever because of the benefits and the convenience crypto provides, it is expected to be the betting currency of the future.
The demand for crypto and blockchain-based sports betting software solutions and platforms is rising. GammaStack CEO, Mr. Gaurav Soni, was reported as saying:
“There is already a massive demand in crypto and blockchain-based betting and gambling software solutions around the globe. 35% of the queries we receive revolve around the same.”
States like New Jersey, Nevada, and Delaware have legalized sports betting with Bitcoin and other cryptocurrencies, and with Wyoming joining the fray, it looks like more and more states are taking crypto seriously and considering the benefits, both financial and security-related, that come with blockchain technology.
Crypto allows customers to make wagers using their bitcoin wallets, making the process easier than ever. The widespread use of cryptocurrency and blockchain technology in sports betting also opens up a number of new avenues to explore, from micro betting to various other prospects; it can change the way people bet online.
Betting in crypto removes a number of barriers that lie between the bettor and the bookmakers. Moreover, it will end the dependence on currencies and exchange rates. The anonymity and privacy offered by crypto also safeguard your identity and allow you to do everything without the fear of being traced or tracked.
All these factors, combined with the added security, mean that it is only a small period of time before cryptocurrency and blockchain technology become the way people bet online.