Introduction
Crypto sports betting is witnessing a significant surge in its popularity. Sports bettors around the world are switching to cryptocurrencies from fiat currencies to benefit from the transparency offered by Blockchain technology. The numerous advantages of cryptos include fast deposits, quick payouts, and high security.
Crypto sports betting, across the globe, now extensively uses Bitcoin and other cryptocurrencies. According to the latest statistics, almost 60% of the Bitcoin transactions take place at online sportsbooks. Currently, crypto sports betting is free from any stringent regulations or bans, which is further increasing the player activity in sports betting globally.
What is Crypto Sports Betting?
Crypto sports betting is the popular activity of placing bets on the leagues and matches of different sports events to rake in rich returns. The most popular cryptocurrencies used to engage in crypto sports betting include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dash.
Crypto sports betting is more cost-efficient and secure than regular sports betting. Online casinos across the world offer sportsbooks that cover almost every sports event, like football, cricket, rugby, tennis, and hockey. It is important to get acquainted with crypto sports betting before signing up.
How Does Crypto Sports Betting Work?
Regular and crypto sports betting activities are the same. The primary difference lies in the nature of transactions. Follow the steps below to get started with crypto sports betting at online sportsbooks:
- Visit the official website of the online casino and sign up with the platform
- Log in to the platform and link your crypto wallet to conduct the direct transfer of funds
- Make the first deposits directly from the wallet using the cryptocurrency of your choice
- Explore the sportsbook, and place bets on your favorite sports events. Some sportsbooks allow the players to engage in live betting, which is riskier than regular crypto sports betting
- Place a withdrawal request to extract the winnings. Most of the online platforms allow the players to convert the cryptocurrency into fiat currency on the current rates basis during withdrawal
- Continue betting safely with cryptocurrencies
Is Crypto Sports Betting Illegal?
Currently, there are no laws that explicitly ban crypto sports betting. If a platform imposes a geo-blocking restriction, then the activity of crypto sports betting may not be legal in your region.
Make sure that the casino is licensed to organizations like Curacao in order to stay legally safe while gambling. Betting at online sportsbooks is illegal in the U.S. There are no laws in the U.S. that bars players from engaging in crypto sports betting in international jurisdictions.
Growth of Crypto Sports Betting until Now
Blockchain technology has ushered in a new wave in the industry of crypto sports betting. The unprecedented growth and development in the crypto sports betting sector are due to the following reasons:
- Crypto Sports betting is secure. The sportsbooks are provably fair and every transaction is recorded in the immutable and permanent public ledger of Blockchain technology, ensuring high financial security.
- Crypto transactions are 100% decentralized, making the transactions at crypto sportsbooks fast and free.
Future Scope of Crypto Sports Betting
Crypto sports betting is predicted to gain more popularity in the coming years. The booming cryptocurrency economy has subsequently increased crypto sports betting transactions. With millions of crypto users and the availability of umpteen cryptocurrency sportsbooks that allow betting with crypto assets, crypto sports betting is projected to witness massive progress in the future.
Conclusion
Crypto sports betting is one of the most convenient ways of earning cryptocurrencies. The crypto sportsbooks offer rich bonuses and promos, which is driving its popularity across the globe. Sports bettors get access to sports markets that allow betting on odds of different formats. With the facility of same-day payouts and transparency of operation, crypto sports betting will attain more popularity with time.