The betting industry is one of the world’s most innovative industries. They have consistently proven that they are not afraid of change and have shown that in many strategic moves. When the internet started to gain traction in the 90s, the industry saw a way to make betting markets easily accessible, and in no time, online gambling sites were born.
It’s been over two decades since the first online betting portal was launched. There are now thousands of online gambling sites that allow players to wager on live games and offer different market options.
In late 2015, the internet witnessed a major development with the rise in the popularity of cryptocurrency. Blockchain technology gave the world a more anonymous, secure, and fast way to make payments. The betting industry quickly adopted the new technology, and in no time, crypto betting and sports betting Bitcoin sites were everywhere. These sites allow players to deposit, wager, and withdraw with cryptocurrencies. Examples of common coins used in sports betting crypto sites are Bitcoin, Litecoin, USDC, and Etheruem.
In this article, we’ll look into the differences between regular sportsbooks and crypto betting sites. For more information about online gambling and cryptocurrency, follow gambling expert Kate Richardson. She has accumulated years of experience and would be of great value to you. You can view her profile here.
Are Crypto Betting Sites Real? What Are They?
As the name suggests, a crypto betting site is an online gambling site that allows players to deposit and withdraw funds with coins instead of other traditional means of payment like credit/debit cards, bank transfers, and e-wallets.
At crypto sports betting sites, punters can still enjoy the numerous sports markets, betting options, and promotional offers. However, monetary transactions like deposits and withdrawals are different because they can be made using coins like Bitcoin, Ethereum, LiteCoin, or whichever coin the betting site accepts.
These sites are very much real and available in multiple countries across the globe. They also don’t require an extra form of registration; the processes are mostly swift and smooth.
Crypto Betting Sites vs. Regular Sportsbooks: Differences and Pros & Cons
The major difference between crypto gambling sites and regular sportsbooks is the mode in which money is transacted. One involves using coins for deposits and withdrawals, while the other uses fiat currency being transferred digitally. Are you still debating making the switch from regular sportsbooks to crypto sports betting sites? Here are the major pros and cons of both that can help you decide.
Crypto Betting Sites Pros
- Anonymity: One of cryptocurrency’s major selling points is its anonymity. When you use those sites, you can deposit and withdraw winnings without giving your personal information because your crypto wallet address is not linked to any traditional banking establishment.
- Speed: One of the biggest drawbacks of online casinos is the payout speed. Sometimes, getting your winnings can take 3-5 days due to the different parties involved in processing the transaction. Nevertheless, blockchain transactions are mostly instant, and you can get your winnings in minutes due to the decentralized exchange.
- Security: When conducting real money transactions in crypto gambling sites, there’s no need to input personal banking details. All that’s needed is your wallet address. This makes it harder for scammers to take sensitive information. Furthermore, most of these sites use world-class technologies and security firewalls to ensure your data is safe.
- Volatility: Cryptocurrency is insanely volatile. Coin prices can see a 100% change in hours, and if you’re not careful enough, you might lose your winnings. That’s why it’s only advisable to use these sites after you’ve done quality research and fully understood the stakes.
- Little to No Protection for Problem Gamblers: Most crypto gambling portals are unregulated and offer little protection for problem gamblers.
Regular Sportsbooks Pros
For one, regular sportsbooks offer multiple payment options for players that might not be familiar with blockchain technology. Furthermore, these sites are heavily regulated and operate with a license from some of the world’s most reputable gambling commissions, so they offer protection to problem gamblers and are generally safer. Also, regular sportsbooks tend to offer more betting markets, covering both major and minor sporting events.
Real money transactions in regular sportsbooks are slower, and it might take days to get your winnings. There’s also a risk of giving out your personal information; you might be giving it to a scam site and end up being hacked.
The Bottom Line
Crypto betting portals are gradually becoming a norm in the online gambling world. They provide a safe and fast way for punters to wager on games without sharing their identity or personal information.
Here, we covered some of the major differences between crypto gambling sites and regular sportsbooks as well as the pros and cons of using both. Mainly, the difference lies in their mode of transaction. In crypto betting sites, players make deposits, place wagers, and withdraw winnings using coins while players in regular sportsbooks use fiat currencies for transactions. The widely used coins in such betting sites are Bitcoin, Ethereum, and LiteCoin.
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