With that level of good rep that crypto has been getting over the years, it isn't far-fetched that it was widely accepted into the sports betting industry as well. More specifically, bookmakers on the sports betting scene have turned around to accept it as a payment method too. As a matter of fact, BetOnline, a popular bookmaker, is one of the sites that currently accept crypto as a payment method.
In this article, we will be dissecting this topic into two parts: how accepting crypto is beneficial for the bookies and how it is beneficial for the bettors.
How is accepting cryptocurrency beneficial to the bookies?There are a myriad of ways accepting cryptocurrency could be beneficial to bookies and in this section, we will be making emphasis on those points.
Reduced Processing Fees from Middle MenWhenever you make payment using any of the numerous payment channels on these sites, for each payment, the bookie is being charged. These processing fees might seem like they are inconsequential, but cumulatively, it adds up to a bulk amount.
Having this in mind, the running cost for running an online betting business becomes on the high side, especially when you consider added taxes too. However, one of the major perks of cryptocurrency and blockchain is that the processing fees are almost infinitesimal or almost non-existent. It explains why some bookies are attracted enough to the idea to have it on board.
In return, this could be advantageous for bettors too, because the less running cost the bookies have to accrue, the more opportunities they provide the bettors to win.
No RegulationOne of the major fears of betting operators is the stringent regulations that they face with regulatory bodies. These regulations clamp down on the potential to which the betting business can be stretched. Most importantly, as a result of these regulations, betting companies operating outside the legal jurisdiction cannot operate. With cryptocurrency and blockchain technologies being accepted, there is more control for the betting operators. Now, most of them can operate outside the legal jurisdiction and still run a transparent business with little bother about an overseeing eye.
Global AcceptanceOver the years, many bookmakers have been forced to limit their activities to a certain geo-region because of a suitable payment processor to account for all geos globally or issues arising from currency conversion.
None of the above needs to be worried about with cryptocurrency, as it is the same all over the world and has equal acceptance as well. This means bookmakers with cryptocurrency as a form of payment can receive payments from any bettor anywhere in the world, prompting more diversity in customers regardless of their location.
How beneficial is accepting cryptocurrency to the bettors?The bookies are not the only ones to be at an advantage if crypto payments are being accepted. There are more perks for the bettors than the operators. Here are some of the ways it can be beneficial to bettors:
Faster withdrawalsIf you are familiar with his withdrawals at online sports betting sites, you would discover that they could take as long as 48 hours before they are finalized. One of the major causes is how lackadaisical some of these payment channels can be about processing withdrawals. This is one problem that discourages a lot of bettors. However, there is a major difference with withdrawals done via cryptocurrencies. These withdrawals are ideally faster. Your withdrawal could be processed in minutes or maximum in a few hours. This way, you don't necessarily have to wait for ages to get your winnings.
No Limit to Deposits or WithdrawalsBy standard, you will discover that there is always a limit set at the maximum deposit or withdrawals you can do in a day. This is always a major issue for high rollers, who intend to play more than the set limit. However, with cryptocurrency, there is no limit to how much you can deposit or withdraw at a go. This gives the bettor some leverage because their winning potential is stretched.
PrivacyPrivacy is something a lot of bettors take very seriously. One of the major angles that crypto enthusiasts promote crypto from, is the privacy that it offers to the users. Since blockchain technology is decentralized, the identity of the users is well guarded. This also applies to users who take advantage of the crypto option on betting sites to place wagers. This is particularly more advantageous for esteemed citizens, who generally do not want to be associated with betting. It is also quite advantageous for high rollers too.
SecurityThere are no transactions more secure than crypto transactions. With cryptocurrencies, there is no chance of a third party meddling with your withdrawals. With blockchain technology, all transactions are transparent, hence making it difficult for any fraudulent party. This gives the bettors some level of confidence and assurance when using this medium to process withdrawals because their funds are safe.
Another angle to this is that, for some bettors, especially when betting in a bookie that's not available in their location, they have to fund an offshore account. Several times, the offshore operators compromise the funds and run away with it. In that case, there is next to nothing that can be done about it. However, with crypto, your betting account can't be compromised.
Final ThoughtsCryptocurrency is a force that cannot be stopped. The growth it keeps experiencing over the years is proof of that. To put it succinctly, cryptocurrency has come to stay.
With the numerous perks we have stated up there, it is obvious how crypto could change the face of sports betting and it is already doing that. It is not only advantageous to the betting operators but also advantageous to the bettors as well.
While we have seen some online betting operators provide cryptocurrency for deposits and withdrawals, there are still a bunch of them that are not on the train yet. However, there is a very good chance that in the coming months, we will see more bookies make provision for this payment method in their offerings.