Cryptocurrency

Cryptocurrency And Sports Betting An Ideal Marriage

The union of online sports betting and emerging technology is an ever-evolving process. Blink and you just might miss the latest development in this fast-paced industry with its constantly changing landscape.

The development of live in-play betting in conjunction with the evolution of mobile sports betting apps revolutionized the way that people both placed bets on games and in the manner in which they made those wagers. Today, between 70-80 percent of all bets are done through a hand-held device and that number is only expected to increase in the coming years. Consider that it was only 25 years ago when the first online sports bets were being accepted. And now, thanks to live streaming, bettors can watch and wager on obscure sporting events from all corners of the globe. As well, they can do so from wherever they’re located thanks to their smartphone.

Online sports betting sites always seem to be on the cutting edge of change. Another recent development with sports wagering sites is that they were among the first industries to embrace cryptocurrency as a form of payment for services. Almost all of the leading online sports betting sites are good with this concept, but if you’re into sports betting and you want to use cryptocurrency to fund your account, check in with My Top Sportsbooks and they’ll provide you the down low on which sites are crypto-friendly locations.

“Cryptocurrency” by QuoteInspectoris licensed under CC BY 3.0

Why Cryptocurrency?

For starters, it’s not a fiat currency, meaning a form of money produced by the government of a country. With each of these traditional forms of money, there can be restrictions that come into play that won’t be a factor if you’re dealing in Bitcoin, Litecoin, Ethereum, or any accepted form of cryptocurrency. The blockchain knows no boundaries.

For the most part, online sports betting sites operate within a global marketplace. The majority hold licences in several countries. While they’re all willing to do currency exchanges, eliminating the hassle of such a necessity is beneficial to both the players and the betting site.

With all forms of cryptocurrency, the transaction is a seamless process. And betting sites recognize the consistent growth pattern in terms of value being displayed within the blockchain. They see how all major forms of cryptocurrency are performing on the stock market and want to get their hands on some of that and watch it grow.

It’s Safe And Secure

Even as betting on sports becomes more mainstream, there still appears to be an element of society that wants to continue to treat the activity as some form of prohibited taboo. Many credit card companies are moving away from enabling transactions between their cardholders and betting sites. Google forbids mobile betting apps from placement within the Google Play Store.

One of the beautiful aspects of cryptocurrency is its complete anonymity. Deposits and withdrawals are transacted through a player’s cryptocurrency wallet. No personal information is exchanged during the process. It’s unlike a credit card transaction or an online bank transfer where personal data is traveling through cyberspace. Even if a third party were to somehow gain access to the information from someone’s cryptocurrency transaction, there’s no way for them to gain access to the funds. All cryptocurrency transactions are 100 percent safe and secure.

“Cryptocurrency” by QuoteInspectoris licensed under CC BY 3.0

Likewise, a cryptocurrency transfer will never be rejected by a betting site. And the money moves quicker in and out of a player’s account than it would when being transferred from any traditional form of currency exchange. Some of these transactions with betting sites can take days to be completed.

It’s convenient as well. The vast majority of cryptocurrency transactions can be done with a mobile device.

More Bang For Your Buck

Cryptocurrency users won’t get nickel and dimed by financial institutions as they move their funds around. In the blockchain, there are no commissions or fees imposed when it comes to financial transactions.

As well, because betting sites want to encourage the use of cryptocurrency, they are providing players with excessive bonuses in order to make it happen. For instance, Bovada is offering up to $5,000 in Bitcoin bonuses. There’s a 50 percent Bitcoin match bonus up to $500 to bet on sports and a 150 percent Bitcoin casino match bonus up to $1,500 that is redeemable three times.

With fiat currency, Bovada’s bonus offer maxes out at $250.

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