Many industry insiders point to the 2018 U.S. Supreme Court ruling that reversed the Professional and Amateur Sports Protection Act (PASPA) as the biggest change in the gambling world over the last few years.
Giving individual states control over legalizing betting in the States was obviously a momentous decision. But the introduction of cryptocurrency into the industry is arguably just as important. As with many other areas of business, crypto is now embedded in the betting industry and bitcoin betting has really taken off. Read on to discover why you should consider betting with crypto.
Specialist Sportsbooks and Online Casinos
The range of online sportsbooks has risen dramatically in the last few years as more people have been given the opportunity to legally bet. There are many of these new and/or established sportsbooks that offer cryptocurrencies such as bitcoin as a payment option.
But there are also some that deal exclusively in cryptocurrency. These are the ones we would recommend if you are already experienced in dealing with digital currencies. Whereas other sportsbooks and casinos may use bitcoin as almost an advertising tool, these dedicated sites will be run by professionals who really know about crypto.
Security and Anonymity
As with every other business that moves into accepting cryptocurrencies, there is the advantage of complete anonymity. This can be especially important when it comes to gambling, given the range of restrictions and laws surrounding it around the world. It may be very beneficial not to have anyone know your identity.
There is usually some kind of security issue when it comes to online financial transactions. But because of the blockchain technology involved, betting with digital currencies make everything much more secure. There is no chance of identity theft if you are betting with bitcoin.
Bigger Bonuses and Low Transaction Fees
You may have noticed that online sportsbooks and casinos like to offer bonuses to potential customers so they will register for an account. This can be a great way to start off your time with a site. But what you may not have realized is that the crypto bonuses are usually bigger.
Betting firms are very good at keeping up with the latest technological developments if it helps with their profits – and cryptocurrency is a win-win situation. That means that they are more than happy to offer bigger bonuses. Add the fact that transaction fees are always lower – if not non-existent with crypto – makes the advantages obvious.
An Investment Opportunity
With fiat currencies, online gamblers deposit funds and use them to place bets. If they win, they can withdraw the returns to make a little money. But with cryptocurrencies, there is the added advantage of the entire transaction doubling up as an opportunity to work as an investment.
Some cryptocurrencies can be seen as volatile, with their value changing far more than a fiat currency. With market trends determining how much your digital currency is worth, you may find that you have far more in your betting wallet than you started with – and definitely more than if you used dollars, pounds, or euros.
It is not as if crypto will completely take over the betting industry. But the more mainstream digital currencies become, the more important it will have been to have gotten in early. Being established near the beginning will pay out dividends later on – you can be sure of it.
There may have to be some kind of regulation when it comes to betting with crypto though. It will be interesting to see how that pans out, given that it goes against much of the founding principles. But crypto betting is going nowhere – and even if it just offers you some of the advantages over fiat currency that we have outlined here, it should at least be considered.