Cryptocurrencies have taken the world by storm in the last few years and are only experiencing wider acceptance as time goes by. Of course, as highly innovative branches of the entertainment industry, online betting and gambling have been no strangers to the crypto trend.
New crypto betting sites are popping up almost daily, offering online punters better opportunities than their traditional counterparts. There are many benefits of using crypto when betting, but we will concentrate on the top three to show the most important points.
1. Fast and Secure
As cryptocurrencies are still a fairly novel thing in the financial world, many people still have their apprehensions that these digital currencies are unsafe or untrustworthy. However, these fears are unfounded, as cryptocurrency betting sites are often even safer than standard sites and casinos.
Crypto coins are incredibly challenging to hack and offer significantly greater security than traditional payment methods. This is because it is encrypted and decentralized, so they’re not as easy to exploit as fiat currencies in payment methods like e-wallets or credit and debit cards.
Plus, making deposits and withdrawals doesn’t require any additional authorization, as cryptocurrencies are ungoverned. In other words, cryptocurrency betting sites process transactions much quicker than regular sites. This is especially important when it comes to withdrawals, as you don’t have to wait a lot of time to access your winnings.
For example, withdrawals from betting sites using fiat currencies and traditional payment methods can last anywhere from a couple of days to more than a week, depending on the payment method used. In comparison, crypto deposits and withdrawals are processed within a couple of hours.
2. Better Odds
Besides providing more secure betting and faster transactions, cryptocurrencies can help you get better odds when betting online. This sounds suspiciously too good to be true, but several years of data prove that it is a substantial benefit. So, how do cryptocurrencies help betting sites offer better odds?
The answer is simple, crypto betting sites have lower transaction costs. To expand on this, cryptocurrencies aren’t controlled by any government or centralized body, meaning less bureaucracy and costs accompany it. These little differences in transaction fees can add up to significant amounts, especially for popular sites.
Additionally, these sites usually have lower operational costs. With lower expenses, crypto sites can afford to offer better odds than standard sportsbooks and still remain profitable in the long run.
Moreover, the odds are better, but the betting bonuses and promotional offers are also typically more generous. For example, most of the best Asian bookies that offer crypto options can operate more efficiently, and with less fees, they can afford to spend more on marketing and promotional offers. As an online bettor, you directly benefit from this and get better value for your money.
3. Increased Privacy
Lastly, using crypto in betting can provide additional privacy benefits you can’t obtain on regular online betting sites. One of the main advantages of cryptocurrency transactions, in general, is the ability to transfer the coins in complete anonymity.
Let’s take Bitcoin as an example, as it’s currently the most popular and most widely accepted cryptocurrency worldwide. When you transfer Bitcoin from one wallet to another, the transferred amount shows up immediately without you or the recipient having to disclose any sensitive or personally identifiable information.
To put this into the context of betting online, you can transfer the crypto coins directly to the site while still maintaining your anonymity. But, as the crypto network uses unique authenticators to protect each transaction, all you need is a wallet ID and a strong password. To put it differently, you don’t have to worry about any transaction issues or failed transactions.
Additionally, many crypto betting sites don’t even require you to complete the KYC process you have to undergo at standard betting sites. This means that you can conveniently bet in complete privacy without sharing any personally identifiable information from the moment you sign up to the moment you withdraw your money.