Cryptocurrencies are hardly anything new. Bitcoin is probably the best well known – and that is over a decade old now. More and more areas of business have begun to accept crypto in recent years though and it has become a major part of the online sports betting industry.
Whether it is using a BetUS promo code to sign up for a customer account claiming a crypto-exclusive bonus, or just accepting Bitcoin or Ethereum as payment methods, crypto is here to stay. But with hesitancy from some to use crypto, what are some of the benefits when it comes to online sports betting?
Security and Privacy
The idea of anonymity and privacy runs deep when it comes to using cryptocurrency for just about everything. The decentralized nature of digital currency is a major attraction for many who would like to keep their business private – or live in locations where it is not a good idea to allow others to know about their financial dealings.
No personal data is transferred with a betting transaction using crypto. The transaction is completely transparent, but there is no risk of identity theft, as the individual’s data cannot be compromised. Having that peace of mind is obviously important to bettors.
One of the benefits of betting with cryptocurrency has to be that is now so much easier to do than before. Betting sites are quite happy these days to allow their customers to use Bitcoin and other digital currencies to deposit funds and use their sites.
Gone are the days when it was only a few, in-the-know businesses that accepted crypto. It is not difficult at all now to choose a sports betting site purely because of its crypto policies – and many offer easy exchange into more traditional currencies, so that is not a problem either.
Even if you are a complete newcomer to online sports betting you cannot have failed to notice the sheer number of bonuses and promotions offered to customer account holders. You will usually have the chance to claim a welcome bonus when you sign up – and the offers don’t stop there.
For cryptocurrency users this is an even bigger advantage, as sportsbooks will quite regularly offer bigger bonuses for those betting with Bitcoin. As this is a relatively new area for online betting, the operators are happy to offer bigger, exclusive bonuses for crypto users – and that has to be a good thing.
Figure 2 Betting on big sports events with crypto can be quicker than with more traditional currencies
Speed is hugely important when it comes to online sports betting. With split second decisions meaning the difference between larger and smaller pay outs, experienced bettors will always make sure that the site that they are using is responsive enough for their needs.
But one area where sportsbooks sometimes fall down is with slow transaction speeds. These are largely out of their control, as they need to comply with banking and security regulations. But with cryptocurrency, transaction speeds are much quicker and this will attract many who have been frustrated with withdrawal wait times in the past.
As well as being able to withdraw your winnings faster with crypto, there is also the potential to bet with higher limits. This might not be as important a factor as others for most people, but being able to bet more is a very attractive factor for the high rollers out there.
They may already be crypto users because of some of the other benefits we have outlined here, but removing maximum limit restrictions is just another reason to explore sportsbooks that offer more payment methods.