When Bitcoin was released in 2009, few people expected it would become one of the most popular payment options. 2017 was pivotal when Bitcoin skyrocketed tremendously and since then, a boom of cryptocurrencies started to follow. Numerous companies and industries started adopting cryptos.
The iGaming industry has been no exception. Nowadays, the majority of bookmakers offer deposits and withdrawals in various cryptocurrencies, as well as the possibility of placing bets on various sports and eSports. In this article, we will explore the main reasons behind the widespread popularity of crypto betting.
Speed of Transactions
Depositing funds using fiat money could be problematic in terms of speed. As intermediaries are absent in the world of crypto, transactions with digital money are executed within a few minutes. You just need a working crypto wallet and you are good to go.
Fast withdrawals are very beneficial for those who want to get in and out of their bets quickly. In most online bookmakers, you are forced to wait a day or two before you withdraw the winnings because the transaction request needs to be approved. However, as there are no central regulators, your request will be approved within a few hours with crypto.
Generous Bonus Policy
Almost every betting site allowing users to join with crypto comes with a hefty bonus policy. You can discover deposit bonuses, reload bonuses, and various regular promotions in large amounts on these platforms. Normally, you can claim them in no time, as soon as you meet the conditions in the registration phase.
It should be pointed out that crypto bonuses also come with moderate wagering requirements, which you will not typically see in traditional bookmakers. For example, it is possible to roll over the funds in accumulator bets, simply by placing three events with a minimum of 1.3 odds.
High Level of Security
Using traditional debit and credit cards is frequently associated with problems. They lack security features and are prone to intrusions. Even the most famous online bookmakers had issues regarding the security of clients’ funds.
Crypto betting transactions are done using a blockchain system, which is secure and incorruptible. This ensures that your funds are always safe, and you can be confident that you won’t have to worry about fraud or hacking. A high level of encryption ensures the security of transactions.
Low Transaction Fees
Another major advantage of crypto betting is that it often offers lower fees than traditional betting. Traditional betting sites generally charge hefty fees for processing payments, but crypto betting sites offer much lower fees. This makes it more affordable for bettors to place bets and helps them to maximize profits.
In some cases, you will have an additional 3% charge when withdrawing with traditional payment methods. As for cryptocurrencies, the maximum rate can be as low as 0.2 USD per withdrawal.
We have already mentioned that cryptocurrencies are decentralized. As there are no middlemen, crypto bookmakers can reduce operational costs, thus offering better odds. When you visit any crypto bookie, you can be sure to discover the best odds.
If you are playing with a large amount of money, even a slight difference can result in big wings. This is a great chance to increase potential winnings at the bookmaker’s website. As a result, more and more bettors are turning to crypto betting as a way to place bets on their favorite sports and other events.
Crypto betting offers greater anonymity than traditional betting. Betting with traditional currencies requires revealing personal information to the betting site, which can be risky if the information is leaked or stolen. Crypto betting, on the other hand, does not require any personal information to be shared, meaning bettors can retain their anonymity.
Traditional online bookmakers always ask registered customers to verify their identity by sending personal documents. When you sign up on a crypto bookmaker’s website, you can be sure to completely forget about providing sensitive information.
Crypto betting is available to people all over the world, regardless of where they live. This makes it more accessible than traditional online gambling sites, which can often be blocked or restricted in certain countries.
Borders and geolocation restrictions do not apply to crypto betting. As long as you have a working crypto wallet, you can always deposit funds and start betting. Whether you are in Europe, Asia, or America, you can definitely forget about limitations.
The Bottom Line
Overall, crypto betting is becoming increasingly popular amongst online gambling enthusiasts due to its secure, anonymous nature, low fees, fast transactions, and global accessibility. All these advantages make crypto betting a much more attractive option for bettors.
As more people become aware of the benefits of crypto betting, its popularity is likely to skyrocket in the following years. This is likely to open up the betting market to a much larger group of people and could help to revolutionize the industry.