It has been almost over a millennium since traditional betting was done in person, where there were races or casinos to take your bets at. Nowadays, it has made its way to the crypto version of betting that involves the betting of crypto on sports teams. Online casinos are adapting to crypto betting by incorporating blockchain technology. Let’s know more about this new crypto sports betting approach, how it works and its differences and similarities to traditional sports betting.
What is Crypto Sports Betting?
Crypto Sports Betting is a new way to gamble on sports by putting your crypto on different sports teams. Some of the most prevalent sports betting cryptocurrencies include Bitcoin, Ethereum, Litecoin as well as Dash. The key benefits of sports betting via crypto are better cost-efficiency and safety when compared to traditional sports betting.
Working of Crypto Sports Betting
The only feature that separates traditional sports betting from crypto sports betting is the form of transaction. To bet with crypto on sports, you need to sign up on an online casino site. Then, you can transfer your crypto to the wallet on that site before betting online. Sportsbooks help you bet online on sports, and there are even live betting, which is often referred to as riskier than traditional ways. Moreover, another key feature of online crypto sports betting is the withdrawal method. When you want to withdraw your winnings, you will have to convert them to fiat currency, and then you can move forward with withdrawing your amount.
What is Traditional or Regular Sports Betting?
Sports betting has had a long history when it comes to its traditional method. In traditional or regular sports betting, the bettor picks a team or player depending on the sports to put their bets on. This means that you need an eye for detail as well as an understanding of the sport to bet on that. Further, another advantage of traditional sports betting is that it is available for almost every sport, while this might not be the case for crypto sports betting.
Working of Traditional Sports Betting
In traditional sports betting, sportsbooks play an important role in putting bets. The other options can be bookies or casinos as well. To place a bet, you have to make a strategy on who you want to bet on, how much you want to bet and what are the chances of your win. Then, you place your bet through a betting window. Moreover, some places also have betting papers where bettors tick their option and then place the bet. Also, another important part of traditional betting is that you must choose a type of bet like the money line, point spread and over/under, etc.
Benefits of Crypto Sports Betting Over Traditional Sports Betting
There are benefits to crypto sports betting over the traditional approach. Here are some of the major perks of Crypto betting for sports bets:
- Better anonymity: The only thing you need for crypto sports bets is an email ID, and that’s as anonymous as you can be as a crypto bettor. No need to visit a casino or sign up with an ID online; you just have to provide an email ID for verification of your crypto account and start your bets.
- Quick & effortless payouts: Crypto sports betting offers faster and effortless payouts and deposit methods. You just need to transfer your crypto to the wallet when you want to deposit or convert your wins to fiat when you want to take out the crypto you won. Isn’t that simple!
- Liquidity: This means that you can easily liquefy your withdrawals without worrying about cash, bank wires, or transfers. This has been a common issue with regular betting that sportsbook withdrawals take much longer to send back your winnings to your accounts. With crypto, there is no worry about legal complications, liquidity, or complicated payouts.
Crypto Sports Betting Vs. Traditional Sports Betting
Let’s look at how crypto sports betting is different from traditional sports betting:
|Crypto Sports Betting
|Traditional Sports Betting
|Uses various cryptocurrencies like bitcoin, Ethereum, Litecoin, etc.
|Usually requires cash for bets
|You can quickly convert your winnings to fiat currency and then transfer it to their crypto wallet.
|The withdrawal can be in cash, bank transfers or online but bigger winnings might take longer for payouts.
|More efficient for deposit and payouts
|While deposits can be quick, payouts can be longer
|Offers more anonymity
|Lesser anonymity as you either bet in person or online
Future Scope of Crypto Sports Betting
As crypto sports betting offers better anonymity, quicker payouts as well as transparency in its operations, it might become more popular in the longer run. With the world’s transition to online, crypto’s transformation to a prominent currency can also impact its future in the sports betting world, which means that it will prove to be beneficial and preferred in the longer run.
Thus, crypto sports betting will surely pave a better path for itself in the future as crypto finds its way to becoming a prominent payment method. It’s slightly different from traditional sports betting approach but is surely an efficient, transparent, and better way to bet on sports online.