On the face of things, you might be forgiven for thinking that sports betting and cryptocurrencies share little in common. After all, waging a sum of money on the outcome of a sporting event is a practice that’s thousands of years old, whereas even the term “cryptocurrency” didn’t exist until this millennium.
However, at closer inspection, the two do share several key facets in common – which makes them mutually complimentary to one another. For example, legalized sports betting and the advent of crypto have only become realities in the USA in relatively recent history, while both of them face similar challenges from a security and customer experience perspective. With those points in mind, here are three reasons why the two concepts go together so well from a consumer point of view.
Speed of transactions
There’s nothing worse than logging on to a betting website and setting up an account, only for it to take an age for your deposit to go through. In fact, perhaps there is something less desirable – when the same thing happens at the other end of the transaction. Withdrawing your winnings from a sportsbook wallet can feel like pulling teeth sometimes, but with cryptocurrency payments, such delays are a thing of the past. That’s because the blockchain technology which underpins crypto is so sophisticated that it can handle multiple transactions concurrently, meaning the funds will arrive at their intended destination within a matter of minutes.
One of the biggest innovations in sports betting in recent years has been the inclusion of e-sports in many sportsbook portfolios. For keen followers of e-sports industry news, it will come as no surprise that the sector is now estimated to be worth millions of US dollars to those partaking in and watching it. However, it’s not legal or widespread in all territories or jurisdictions, meaning if you wish to gamble on e-sports with fiat currencies, it will depend largely on the politics of your nation or state. With the anonymity offered by crypto, such concerns are a thing of the past.
Ease of signing up
Building upon those two previous points, it’s not only waiting for transactions or accessing specific markets which are improved immeasurably by cryptocurrencies. The strict legal requirements which traditional casinos and sportsbooks are subject to means that they often demand you jump through plentiful hoops before you can begin wagering. This can involve the submission of passports, proof of address documents and even selfies showing your face. The anonymity of crypto payments again bypasses this inconvenience, cutting out the hassle and letting you get straight to the good stuff.
When betting sites have to deal with the onerous demands of the legislation outlined above, they must employ entire departments of compliance and risk assessment specialists to make sure they don’t fall foul of the law. What’s more, conducting business with banks and other financial institutions necessarily entails transaction fees. With cryptocurrencies, all of those overheads immediately disappear – leaving the site in question free to pass on the savings to their customers in the form of enhanced odds, sign-up offers and loyalty bonuses.
Betting on sports using cryptocurrencies is quicker, easier, cheaper and offers access to a wider range of markets. So why haven’t you tried it out for yourself yet?