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Potential problems with cryptocurrency bookmakers you must be aware of before you start betting

The modern online betting industry is home to all sorts of websites. They focus on different things, such as the different sections, bonuses, features, licenses, apps, and much more. Most companies try to offer the things that bettors are interested in, but there are many iGaming brands that want to be as innovative as possible. One of the things they usually do to gain more customers is to offer them a solid selection of payment alternatives not available elsewhere. In other words, they include a wide range of cryptocurrencies.

There are few online bookmakers where betting fans can only use digital currencies to wager on the sport they like. These brands have many advantages over regular iGaming sites, but there are also numerous potential problems that people must be aware of. Pointing out of them is easier said than done, but there are a few ones that stand out, so let’s go through them.

Certain sports betting sites do not offer any other online payment solutions

Cryptocurrency will play a major role in online betting, there is no question about it. Nowadays, thanks to Efirbet, you can use this chart with crypto bookmakers which accept betting with BTC or ETH and choose from a wide selection of online betting platforms. Some of them are diverse because they will also allow you to use some of the more traditional banking gateways.

For better or worse, some sports betting websites decided that they don’t need to provide any of the standard payment alternatives. As a result, they don’t offer things such as e-wallets and bank transfers. This probably won’t be a problem for crypto users, but those who want to use other online payment solutions will be disappointed.

The minimum deposit requirement can be too high

The second problem that bettors have to be aware of before using an online bookmaker that only offers digital currencies is related to the minimum deposit requirement. Most online bookmakers that give their clients the option to use digital currencies have a fixed minimum deposit condition. This means users have to add at least an “X” amount of money, regardless of the current price of things, such as Bitcoin, Ethereum, and other popular digital currencies.

Although most crypto-betting sites have a fixed minimum amount, some companies decide to change it, depending on the digital currencies’ price. This has its pros and cons, but it may result in a minimum deposit requirement of more than $100. Online bettors can avoid this problem by skimming through the payment section before deciding which brand to use. Fortunately, the chart with the best cryptocurrency bookmakers from Efirbet contains brands with a strict policy regarding their payment sections. Hence, there is no need to worry about having to deposit loads of money.

Most cryptocurrency online bookmakers won’t have a license from your country’s gambling authorities

One of the many things that online bookmakers need to do before they become available to iGaming fans is to obtain a license. This procedure usually takes up to a couple of weeks or even months, depending on the gambling commission. That’s because brands have to provide various documents.

Although most cryptocurrency online bookmakers have a valid permit, it is usually issued by an offshore zone. This allows the specific site to be accessible in most countries worldwide, even if it doesn’t have a license from the state’s responsible authorities. So, don’t be surprised if you notice that your country’s gambling commission does not regulate your preferred cryptocurrency bookmaker.

julia
julia
Julia is a Cryptocurrency enthusiast, is responsible of communications and the PR department of Crypto Economy. Self-taught and eager to learn day by day about the world of blockchain and cryptocurrencies.
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