Sports and Crypto Betting

How Crypto Changed the Sports Betting and Gambling World

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By Jonathan Lewis | 8th Sep 2022

We have witnessed some major changes to sports betting and the gambling world over the past 40 years. You no longer must find a land based bookmaker or casino to place a bet or play a casino game for real money. You can do it all online and now, it is possible to bet on sporting events in real time and play casino games with other people using a computer. The next phase in the development of sports betting and the gambling world is cryptocurrency. Below, we take a closer look at how crypto has changed and is continuing to change the sports betting and gambling world.

How Crypto Betting Works

To see how crypto has changed the sports betting and gambling world, it is vital to understand how crypto betting works. Online bookmakers accepting crypto payments allow users to fund their accounts using cryptocurrency. Rather than exchanging money when making a deposit and placing a bet in the traditional way, using crypto sees tokens exchanged. For example, when playing at an ETH casino, the cryptocurrency Ethereum will be used as a deposit and gambling currency rather than traditional money. You need to have a crypto wallet to bet using cryptocurrency and this differs to using something like PayPal or a debit card. So, purely from this simple explanation of how crypto betting works, you can already see how it is changing the sports betting and gambling world.

No Need for an Account

Many of the leading online sports betting websites accepting cryptocurrency do not need players to register an account. Due to the nature of crypto betting, it is possible to have a wager online using cryptocurrency without having to complete a registration form at a betting website. This is a huge shift from the traditional form of online sports betting, where you are asked to complete a registration form including name, postal address, email address, and telephone number. Some online bookmakers will also ask for identification. This is not the case when using crypto to bet online and the entire process, from the deposit to placing a bet and withdrawals can be close to anonymous. This does mean those who reside in regions where online gambling is illegal can access online betting websites without being caught. However, using crypto is regarded as a safe way to bet online as all transactions are recorded in the blockchain. There are no third party banks or institutions required when betting using crypto.

Bigger Bonuses

Bonuses and promotions have long been used as a method for sports betting and other gambling websites to attract new players. If you are considering joining a sportsbook and want to bet on a sporting event, it makes sense to take advantage of the promotion and get more for your money. Some online betting companies offer generous bonuses but the introduction of crypto in the sports betting world has changed the game in terms of promotional offers. Crypto betting sites are offering higher bonuses for those willing to bet using cryptocurrency and the wagers to trigger the bonuses are lower. For those with a passing interest in crypto, that could be enough of a persuasion to bet using cryptocurrency rather than traditional payment methods. Crypto sports betting websites want to attract new customers in the same way as traditional bookmakers and offering huge promotions for new account holders is working.

However, it is worth noting there are some aspects to crypto betting that are not as positive as the three above. Crypto is highly volatile and that means the value of the currency is always changing, which is not perfect for online betting. In addition, there are no third-party complaint resolution services. Nonetheless, crypto has changed the sports betting and gambling world forever and there are sure to be more changes

Jonathan Lewis is an MFF sports writer