Home Opinion Why do People Love to Bet on Sports With Crypto?

Why do People Love to Bet on Sports With Crypto?

The rise of Bitcoin sportsbooks should not surprise too many people. Anyone who keeps up with Bitcoin news and dives into crypto tutorials can see the reasons why people love to bet with crypto.

There are several reasons, and quite a few of them might very well appeal to you.

Betting With Crypto Can be Provably Fair

Many of the top sportsbooks that accept Bitcoin also offer casino games, blackjack, poker, and more.

This type of diversity helps subscribers keep themselves entertained in between sports matches.

Not only can they keep themselves entertained, they can also rest assured that the games are fair thanks to blockchain and other technology which allows sites to show they are offering fair games.

“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. 

This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. 

Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”

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Betting With Crypto Offers Faster Transaction Speeds

It’s no secret that using cryptocurrencies is faster than using traditional banking methods.

Traditional banking deposits and withdrawals can take days and days to process and post.

Using a cryptocurrency like Bitcoin can take anywhere from 10 minutes to a few hours. And using a cryptocurrency like Ripple can take mere seconds.

Also, some cryptocurrencies like Monero (XMR) or Beam (BEAM) offer full scale privacy.

Traditional banking tracks your money. Privacy coins like Beam offer full anonymity — and some bitcoin sportsbooks and casinos extend that anonymity to players.

If you use a sportsbook or casino that offers anonymity, you’ll need to deposit and withdraw only in a privacy coin they accept — and it’ll offer you that level of financial control.

Betting With Crypto Saves You Money

Another big reason why people love betting on sports with crypto is the transaction costs.

Moving fiat money around using SWIFT or ACH can not only take more time, it can cost more too — especially for international transfers.

Cryptocurrencies know no boundaries. 

Bitcoin is global.

If a sportsbook you want to use is located or registered in a different country — you can use cryptocurrencies to deposit and withdraw your winnings.

Those deposits and withdrawals should only cost you a few dollars if you’re using Bitcoin and only a few cents if you’re using other cryptocurrencies like Ripple or Beam.

security

Keep Security in Mind

There are plenty of reasons why people love to bet on sports with crypto. That said, there is a big difference between betting with fiat and betting with crypto: security.

If you send fiat money to the wrong account, chances are you can get it back.

If you lose the account information to your bank account, you should easily be able to restore your access.

This is not the case with crypto.

It would be unwise for this article to ignore the fact that using cryptocurrencies requires people to hold themselves to a higher level of responsibility.

If you send your crypto to the wrong address, you could lose it forever.

There are no chargebacks in crypto.

If you forget the private key to your wallet or a password to your crypto holdings — they may be gone forever.

Therefore, if you’re reading this article and debating about getting into betting on sports with cryptocurrencies — please take some time to read the reviews and tutorials linked at the start.

Get comfortable buying, selling, and transferring your crypto before you use it. That way you can be safer and enjoy your betting that much more.

Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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