Bookmakers operating with cryptocurrency are becoming bigger and bigger. Many players around the world – particularly those in countries where there are heavy restrictions on online gambling – are taking advantage of this new opportunity. But there are some good reasons why everyone should bet with cryptocurrency. It is fast, anonymous, easy, and revolutionary.
If you have considered betting with crypto, or if you simply want to learn more about it, we will share all the major benefits (and downsides) in this article right here.
An introduction to cryptocurrency
A cryptocurrency is a digital asset. Almost all the major cryptocurrencies are based on blockchain technology. Records are stored in a ledger (often a public ledger) and cryptography is securing the entire system. That means a cryptocurrency can be completely decentralized, which many of them are. The prices/exchange rates are dependent on market value.
Any person in the world has the freedom to use a cryptocurrency. That’s what makes it so beneficial. It does not require a bank account or any kind of permission. All you have to do is download a crypto wallet for any of your digital devices. There are wallets for phones, tablets, computers, browsers – and you can also get hardware wallets, basically a USB stick designed for the purpose.
The biggest cryptocurrency is Bitcoin. The idea behind Bitcoin was established by Satoshi Nakamoto in 2008, and people started using Bitcoin in 2010. Other popular cryptocurrencies are Ethereum, Bitcoin Cash, Litecoin, Dash and Tezos. Each has its own value and its own specific use case. In total, there are over 7.000 coins and tokens in the world.
As a player, there are many benefits of using cryptocurrencies rather than traditional money (fiat currencies) for online betting. First of all, you can bet anonymously. Secondly, you never have to share any sensitive payment information such as credit card numbers. Then there is the fact that crypto has been on the uprise for a long time, and that you might stand to benefit simply from holding cryptocurrencies.
If you want to learn more, try reading our Bitcoin FAQ that has questions and answers.
What crypto bookmakers offer
In recent years, more and more cryptocurrency bookmakers are appearing on the market. And some of them are surprisingly great.
The majority of them have the same basic concepts as traditional bookmakers. The differences are these:
- You deposit with crypto
- You bet with crypto
- And you withdraw with crypto
- You get the opportunity to bet anonymously
- No KYC
Withdrawals are often much faster with cryptocurrencies so that is a huge benefit. Many players love getting their money right after they win a bet.
But the main benefit is that anyone can bet, regardless of location and rules. When you use one of the top crypto bookmakers, you don’t have to give your name, address, or anything personal. Typically, you just need to confirm that you’re over 18 years old, and then you simply use an email address for logging in. So if you’re not allowed to gamble online in your country or state, or if you have been banned or limited from the normal bookmakers, you can use these instead.
When it comes to the odds, some of the crypto bookmakers are at the same level as the best normal bookmakers.
Cloudbet has amazing odds in many markets, especially in the NFL and the major European soccer leagues.
Nitrogen Sports has odds that are almost as high as Pinnacle, although their platform could need an upgrade.
Sportsbet.io is built up like a typical Euro-bookie and has a huge game selection where the odds are also quite okay.
The three bookies mentioned above are all some very solid choices that we have personally tested with great success. But there are many more cryptocurrency bookmakers on the market, and we expect many more to come over the next couple of years. The interesting thing will be when there is an exchange – sort of like Betfair, but with crypto. Then things will become really interesting.
Using crypto vs fiat
In order to decide whether you want to stick with traditional bookmakers operating with fiat, or if you want to go the new route and bet with crypto, we should look into some of the different characteristics.
Cryptocurrencies are more volatile, but they have huge potential in the long term, unlike fiat currencies such as the dollar, the euro, or the pound, which are bound for inflation.
On the surface, it is easier to use fiat currencies since you already have them. If you want to use cryptocurrencies, you need to exchange them into crypto, which must be done first. That can be done in various ways, either through financial exchanges or through trades on the private market.
We have mentioned several times already that you can use crypto bookmakers if you live in a country where online gambling isn’t allowed. That can obviously be a benefit. But you must also consider that crypto bookmakers are not always licensed anywhere (some are – others are not) and that can be a safety issue for some people. For example, in European countries, there is a heavily regulated betting market where bookmakers pay taxes in order to get a license. But that also means they have to follow some government standards and regulations. Bookmakers operating with cryptocurrencies are more like the wild west, it can be appealing and fun, but some people will have safety concerns, which is understandable. But remember, it’s not like the normal bookmakers are free from safety concerns.
Overall, you probably have to get accustomed to the idea of cryptocurrencies first. But when that has happened, there is no doubt that you will also see the charm in betting with crypto rather than the old fossil money.
The future of betting
We believe that cryptocurrencies are the future. And betting is absolutely suited for crypto use. It will be one of the first industries where the use of cryptocurrencies such as Bitcoin and Ethereum will become completely mainstream.
At the moment, you can already bet with cryptocurrency bookmakers. And as mentioned, there are countless benefits already. But we expect even more in the future. First of all, we expect more crypto bookmakers to enter the markets, and we might also see some of the more daring bookmakers start accepting crypto.
In the long run, a truly decentralized betting community with peer-to-peer exchanges seems realistic. Read our essay DeFi will revolutionize the betting industry to learn more about how that will work!