Sports wagering is an industry which greatly benefits from cryptocurrency, giving bettors and service providers an evolved method of transferring funds online. In 2019, many players making a wager on Canadian sports betting sites will already be utilizing blockchain technology to place their bets on the biggest sports event of the year.
As cryptocurrency continues to grow worldwide, individual players and sportsbooks will favor the increased privacy, security, speed and value offered by trusted payment sources like Bitcoin and Ethereum. Over the upcoming decade, cryptocurrency will likely become the preferred choice for bettors and wagering services, leaving traditional methods in the past.
1. Privacy
As an encrypted, decentralized method of payment, cryptocurrency will grow as a preferred method of making purchases and placing bets without letting prying eyes in on your activities.
Methods such as bank transfers, e-wallets and credit cards may be easily linked back to the bettor’s personal information, which will allow individuals and organizations to track your activities. Many fans of placing sports bets will prefer the privacy of wagering with cryptocurrency to enjoy this popular pastime without exposing their data.
2. Placing Wagers Without Regional Restrictions
Despite the loosening of betting laws throughout North America and other parts of the globe, regional restrictions still exist for many who wish to place a simple wager. In some cases, such as Canadian law, punters are only allowed to place parley bets instead of wagering on a single game, reducing the value of their wager.
In the worst-case scenario, some jurisdictions still feature draconian laws which completely ban any sort of gaming. As a decentralized, private method of making payments, sports bettors will be able to enjoy wagering without worrying about breaking laws or contravening government restrictions.
3. Wide Variety Of Cryptocurrency Options
As the blockchain continues to gain traction as a popular payment method around the world, the number of cryptocurrency options will grow. Sports betting fans already have an excellent array of strong blockchain currencies to choose from, including Bitcoin, Ethereum, Ripple, Stellar Lumens, EOS and Litecoin.
Instead of being forced to use a specific type of currency to make wagers, sports fans may select the option which they prefer to utilize, granting additional options to personalize betting activities.
4. Secure Wagering
The blockchain technology which supports the proliferation of cryptocurrency provides unparalleled security compared to credit cards, cash, bank transfers and e-wallets. Every single transaction placed with cryptocurrency is entered into a permanent, unalterable ledger which provides proof of payment for the bettor and the sportsbook alike.
Instead of worrying about stolen credit card data or banking disputes, players will be able to point to a specific entry in the blockchain, proving that the payment was transferred. This also makes it easier for sportsbooks to confirm the validity of the payment, avoiding unnecessary conflict and confusion in the process.
Potential issues like fraud and identity theft will be completely avoidable as long as the player exercises standard security procedures to ensure their transactions remain private.
5. Fast Payment Settlement Without The Middleman
Unlike traditional currencies, which usually involve banks, credit cards or e-wallet companies, cryptocurrencies cut out the middleman, improving the speed of payment settlements. When the online transaction enters into the blockchain, dedicated servers quickly process the transaction, transferring the payment to the sportsbook while providing a permanent record for both parties.
Lengthy waiting periods to confirm the transfer of funds will become a thing of the past as cryptocurrency grows and evolves into the preferred method of making online payments.
6. Excellent Value Due To Low Or No Fees
Credit cards charge fees and interest rates. Banks levy charges for transfers and usually require monthly payments to maintain accounts. E-wallets often take a percentage of withdrawals or require a fee to move money from bank accounts and credit cards into an online account. All of these costs are greatly reduced via cryptocurrency, which compensates miners through the network instead of directly charging players for transferring funds.
Many sportsbooks already accept cryptocurrencies. Some online betting services offer promos, reduced, or even free currency transfers when utilizing technology like Bitcoin because their own bottom line benefits from the lack of middleman fees.