Although Cryptocurrency is relatively new to some people, it has become popular in the gambling industry. Many sportsbooks have adopted Crypto as one of their payment options, and it is fast becoming gamblers’ payment choice.
Cryptocurrency is digital assets or money that uses strong cryptography and operates in a blockchain. About 2000 different types of cryptocurrencies exist today. But the first and most popular is Bitcoin, launched in 2009. Other popular coins include Ethereum, LiteCoin, DogeCoin, Ripple USD, ZCash, Stellar, etc.
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Why Bookmakers are using Cryptocurrency
Bookmakers are quick to note the value of Crypto in improving the gambling market and attracting players. Some of the benefits are
Decentralized Nature
Crypto is not controlled by any financial institution, government, or individual. You are the boss of your wallet, and there’s no limitation to what you want to do with your coins.
No Intermediary
Unlike the bank, bookmakers can directly transact with the clients without a middle man. Crypto requires only the wallet address to make a transaction.
Low transactions
Transactions with Cryptocurrency require low fees, which is better than bank transactions and saves both parties money. Transactions cannot be reversed, thereby reducing the risk of online scams.
Unaffected by Legal jurisdiction
Before now, some players could not access their desired betting websites because of the law. Crypto does mind your location, as long as you have a wallet.
Swift Deposit and Withdrawal
Transactions with Crypto are instant and have no limit. Players can deposit their wager money and get instant feedback from the bookmaker. Withdrawals are fast and take less than 4 hours.
Security and Privacy
Bookmakers are drawn to Crypto because of its cryptography. Your transactions are secure, and your privacy is not revealed to anyone. Its blockchain system records each transaction on blocks and is secured.
Although gambling commissions do not regulate it, most sportsbooks are offering different crypto alternatives.
How Gamblers can use Crypto for Betting
- Buy a coin of your choice
- Register at any reliable online cryptocurrency exchange.
- Fill in the requested information
- Deposit money into your new exchange account.
- Send your betting coin to your preferred sportsbook.
Steps to Deposit Crypto to your sportsbook
- Sign up on your preferred betting site.
- Submit your email and other contact information
- Choose “crypto” as your payment choice and copy the site’s crypto address
- Go to your crypto wallet and enter the amount and the site’s address and submit.
How to Withdraw your Earnings
- Select the withdrawal option on the bookmaker’s cashier page
- Pick your preferred cryptocurrency withdrawal option
- Click on the receive option in your crypto wallet and copy your receiving address.
- Paste it on the crypto address and enter the crypto amount you wish to withdraw.
- Submit.