What Are Sports Betting And Crypto? A Look At These Two Industries And How They Intertwine
Sports betting is something that comes in tandem with almost all other facets of sports and sporting events. It essentially entails one placing a bet on the outcome of a certain sports game or sports event, and if that outcome is reached, one gets the money they bet back, as well as a larger some from those who have lost the wager. This is the main framework behind sports betting, and it is extremely extensive, with different types of bets and wagers being featured within sports betting.
On a separate note, the world of crypto is also one that is extremely vast and extensive. Cryptocurrency essentially entails the use of a discreet, anonymous currency that only exists within the network and is traded through an online, internet-based ledger known as the blockchain. This type of payment has been making waves all over the financial market for the past decade and is still extremely popular ever since bitcoin opened its open-source doors in 2009.
In recent years, these two have intertwined themselves, and for good reason too. When a game of chance for profit is crossed with a new currency, then this may give way to a new, untapped market, and crypto sportsbooks are no exception. But are these sorts of sportsbooks all that they’ve been hyped up to be? What are the advantages and the benefits or the drawbacks and disadvantages of these sorts of sportsbooks?
Within this particular article, I will be going over the good and the bad of all crypto sportsbooks, highlighting the advantages and disadvantages of utilizing cryptocurrency within one’s sportsbook.
The Most Apparent Advantages
Whether we’re talking about American, European, or UK betting sites, it’s no secret that the advent of cryptocurrency has morphed the sports betting industry. In some aspects for the better, whilst in some aspects for a not so profitable result. Below are some of the biggest advantages brought on by cryptocurrency in regard to sports betting sites and sportsbooks.
When it comes to joining an online sportsbook, one would usually be greeted with some sort of bonus, such as a cashback bonus, or deposit bonus, which offers benefits such as giving one a percentage of their losses back or giving one an added percentage of money with which they can bet, on top of their initial deposit.
Some online sportsbooks actually put preference on cryptocurrency, and therefore offer certain bonuses for those who deposit their money through crypto. This is certainly something that one should take advantage of in regard to sports betting, as these benefits can make or break one’s betting experience.
Anonymity And Discretion
Cryptocurrency, in contrast to conventional and tangible forms of money, cannot be tracked; as a result, users may wager anonymously and without concern about being identified.
Bets can be placed on betting platforms in a way that conceals one’s identity and provides little information. When placing bets on sporting events, the bettor’s right to confidentiality is of the utmost significance when using cryptocurrencies. However, this anonymity is not always beneficial, especially if one is dealing with the more shady online sportsbooks. One should only use crypto in sportsbooks that they are a hundred percent certain are legitimate.
As the Ink Spots once said: Into Each Life, Some Rain Must Fall, and this rings true for all areas of our lives, and when it comes to crypto-based sportsbooks, this is no exception, as even these have their disadvantages.
The following is a list of some of the most significant drawbacks that crypto-based sportsbooks have, and which may serve to hinder one’s betting experience.
In spite of the widespread adoption and the relative simplicity with which it may be utilized, the usage of cryptocurrencies is subject to regulation in some nations and regions.
There are certain nations that do not permit the completion of financial transactions using cryptocurrency; in those nations, utilizing cryptocurrency to finance sports betting is against the law.
Anonymity as A Double-Edged Sword
Despite their widespread popularity worldwide, the crypto market is still one that lacks regulations and laws, making it extremely unregulated, especially within the realm of sports betting and gambling.
The anonymity provided by cryptocurrency might be advantageous, but it can also be disastrous when it comes to match-fixing. During a match-fixing incident, it is quite tough to identify a dishonest crypto bettor and bring them to justice, all due to the inherent anonymity of cryptocurrency.
Therefore, what is the common agreement regarding the crypto that is being employed at sportsbooks? Is it a step into the future of finance and money in general, or is it a hazardous move owing to the fact that it offers a high level of anonymity and encryption?
The response to that question is that it is possible for it to belong to the first group, but this will only be the case if an individual chooses to make prudent use of them when betting with a reputable sportsbook.