Is Cryptocurrency the Future of Sports Betting?
There arenât many things that are considered more American than baseball, apple pie, maybe. For many, the only thing better than watching a baseball game is watching a baseball game that theyâve put a couple of dollars on. Having a flutter on a sports match is a great way to increase your engagement and enjoyment of the game while youâre watching. In recent years, there have been many changes to the sports betting industry, with cryptocurrency entering the market and the legalisation of betting sweeping across the states.
This article will touch on the ways that sports betting has changed in recent years, look at the role that cryptocurrency plays in modern sports betting, highlight the shifting legal landscape of online betting in the US, delve into the challenges that cryptocurrency brings when used for betting and finally close by espousing the importance of practicing responsible gambling.
How has sports betting changed now that cryptocurrency is on the scene?
As technology brought the world together and connected people throughout the 21st century in ways never before seen, something else was occurring. A meteoric rise in the popularity of sports betting. Gone are the days when there would be only a couple of bookies who you could place bets with, now there are hundreds of websites that provide the service of sports bookies that can be accessed from anywhere where you have internet access. Not only are there lots of online sportsbooks, but the level of trust that you can place in these venues has also dramatically shifted. With detailed terms and conditions and payment methods that protect the users as well as the operators from fraud and potential scams, itâs never been safer to bet on a sports match.
As cryptocurrency usage is becoming more normalised across many different industries, the sports betting industry might be considered to be at the forefront. As more and more sportsbooks like those listed by newsbtc.com have started accepting crypto, players now have more anonymity, faster transaction speeds, and lower fees than traditional bank transfers, all of which make it an attractive option for bettors.
Why use cryptocurrency for sports betting?
Because cryptocurrencies are decentralized, bettors have unparalleled security and privacy for their funds. With traditional currencies, it isnât unusual for payout windows of anywhere from 2 to 5 days to be normal. With cryptocurrency transactions can happen at near instant speeds, allowing bets to be placed faster and winnings to be collected sooner. Cryptocurrencies also typically have little to no transaction cost when compared to traditional payment methods, meaning that more of your money is spent on the actual bet, rather than on placing it. All of these advantages are leading to wider and wider adoption of cryptocurrency across the sports betting industry.
The legal landscape of online sports betting
Understanding the legality of online sports betting in the US is no small feat. While itâs true that the Professional and Amateur Sports Protection Act, or PASPA, was repealed in 2018 and states are now free to legalize sports betting, that doesnât mean that they have. Considering that now the legal status of online betting varies from state to state, your best option for knowing if itâs legal for you or not is to rely on affiliate sites and do your research to make sure that what youâre up to is legal.
Betting with cryptocurrency isnât all gravy
We listed several advantages to betting with cryptocurrency, we would be remiss if we didnât list the challenges that accompany it. One of the biggest issues that cryptocurrency betting can have is the volatility of the currencies you bet with. As markets can be prone to sudden fluctuations, that big bet you won, might pay out an effectively smaller amount than what you put in. Cryptocurrency also adds to the complexity of the legal situation of online sports betting, as regulators are often unsure how to consider digital assets like cryptocurrency.
Gambling responsibly
One of the most important things to remember with all gambling, be that playing casino games or placing bets, is to gamble responsibly. This means that you should set yourself limits, never bet more than you can afford to lose and never chase losses. If you play responsibly and treat betting as what it should be, a way to make sports games more exciting and a pastime activity, then you will enjoy your time placing bets and wonât be in danger of developing a gambling problem.
To conclude, the future of betting does seem married to that of cryptocurrency. While cryptocurrency adoption across the sports betting industry does seem to be growing, it is unlikely that it will be a necessity that bets be placed in cryptocurrency in the foreseeable future, but cryptocurrency bets might well be encouraged.
