The broader adoption of cryptocurrencies in recent years, where payments are facilitated by blockchain technology, has dramatically transformed the iGaming industry in many of today’s biggest markets.
Online sports bettors who choose this online payment method at the virtual checkout on any legally permitted sportsbooks they join can look forward to several benefits, such as faster transaction processing times, lower fees (if any), and enhanced online security, privacy and anonymity.
Crypto-accepting online sportsbooks have literally opened up the world of sports betting for millions of people worldwide, and today’s safest sites are pushing the boundaries of what is possible in this burgeoning industry.
With that said, here’s everything you need to know about how crypto sports betting works on today’s safest iGaming sites, all of which is explained by the experts from the official Bitedge.com website, which has the latest expert reviews for many of the world’s best bitcoin betting sites.
What exactly is crypto sports betting?
Crypto sports betting is a term commonly used to describe the act of placing online sports bets on a fully licensed and regulated website using cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Tether, Litecoin or DogeCoin, to name a few, instead of using fiat currencies like US/Canadian dollars, Pound Sterling, and Euros and traditional online payment methods, such as bank transfers, credit and debit cards, prepaid cards, and mobile/digital/eWallets.
There are currently hundreds of legally permitted crypto-accepting online sports betting websites to choose from, and the safest sites have all been reviewed by the Bitedge expert writers and researchers.
Some crypto-accepting sportsbooks may only accept one cryptocurrency as a viable payment solution, whereas others might accept 10 to 20 or more different cryptocurrencies. This new way to pay for goods and services online is also often referred to as an Alternative Payment Method (APM).
In other words, crypto sports betting is the same as regular sports betting. The only difference is that you deposit, bet, and withdraw in cryptocurrency. Topping up with cryptocurrency is just as easy as using Visa, PayPal, Mastercard, Apple Pay, Trustly or any other secure online payment method, and it is far more convenient than any other payment method.
How does crypto betting work, and what are the advantages/benefits for users?
To place bets using cryptocurrencies, you must first find a reputable online sports betting website that accepts this APM, which is easy to do thanks to Bitedge.
You will then find that using cryptocurrency at the checkout comes with several benefits, some of which include the following:
- Enhanced user protection – cryptocurrency payments, facilitated by blockchain technology, are protected by far superior levels of cryptographic end-to-end encryption, meaning transactions are safer and far less likely to be hijacked or intercepted by cybercriminals. Crypto is far more secure than traditional payment methods
- Better privacy and complete anonymity – due to the very decentralized nature of cryptocurrencies and blockchain technology, your crypto payments are never tracked or monitored by any centralized government agencies/organizations or financial institutions
- Faster transactions – crypto users can look forward to much quicker transaction processing times than traditional online payment method processing times, which is great for sports bettors and means they never have to wait for their deposits to arrive in their accounts or to receive their winnings when they make withdrawals
- More lucrative bonuses and promotions – sports bettors are often incentivized to use crypto at the checkout and will receive more lucrative bonuses and promotions, such as free sports bets, matching deposit bonuses, or, for example, free spins for selected online slots
- Higher deposit/withdrawal amounts – when using cryptocurrency at the checkout on a trusted crypto-accepting online bookmaker website, the deposit and withdrawal limits are typically much higher than traditional payment method deposit/withdrawal limits
- Lower cost – cryptocurrency is the lowest-costing online payment method, meaning you save money when using this method at the checkout. If any fees are applied, they will be hardly noticeable compared to fees commonly attached to traditional online payment method transactions
Final thoughts
Over the coming years, cryptocurrency is expected to become even more widely adopted, which will open up the world of online sports betting to even more people, giving them access to the world’s safest sites where they can use their favourite online payment method at the virtual checkouts instead of being forced to use a payment method they don’t like using or aren’t too familiar with.
The onboarding and sign-up process is also usually far more seamless for crypto users. For example, many crypto-accepting online sports betting sites out there don’t enforce the Know Your Customer (KYC) age and ID verification process, which many players find too intrusive.
You can simply sign up with your email address and a few other details, deposit using your cryptocurrency balance, and start betting straight away.
The most important thing to remember when betting on any of the highly recommended crypto sportsbooks currently featured on the official Bitedge iGaming review site is to gamble responsibly.
The easiest way to do this is to use any safer gambling tools that your operator may provide. Another way to ensure you don’t spend more money than you can afford on placing sports bets is to devise a sensible spending budget before signing up anywhere and depositing.
Additionally, always use betting tools, conduct your own research into an event before betting, and try to understand what the odds and implied probability rates are trying to imply.
Also, avoid placing sports bets on crypto-accepting sportsbooks while tired or intoxicated, never chase your losses, and check that the site you are about to join has good reviews and high-ranking scores before signing up anywhere. Everything you need to know can be found inside the honest, unbiased, and accurate Bitedge reviews.
