It wasn’t too long ago when cryptocurrencies and blockchain were seen as part of an indecipherable industry that excluded the average person. Certainly, no one expected Bitcoin and blockchain to be as impactful as they are today. When Bitcoin was created back in 2009, it was mainly used for peer-to-peer transactions with no real use-case for Bitcoin and it’s speculative value.
Gambling quickly became one of the first real use-cases for Bitcoin and other cryptocurrencies. It was almost immediately popular as it was fully embraced by the gambling industry which was quick to embrace the new technology. There are now hundreds of Bitcoin casinos online offering classic games like poker, dice, and sports betting but also some innovative games based on the blockchain.
Because of this rising popularity, the blockchain sports betting industry is becoming more and more competitive, with a ton of new sites to choose from. Recent statistics have shown that crypto gamblers have wagered around $4.5 billion since 2014 and this number is only expected to grow. Cryptogamblingsites.com tests and rates the best of these gambling platforms to weed out the ones that aren’t worth playing on.
What Makes Blockchain Sports Betting Platforms Better Than Traditional Ones?
Cryptocurrencies offer a few unique features and benefits over traditional sports betting websites. For instance, anonymity is something that certainly doesn’t exist on traditional platforms. Whenever you deposit fiat using your credit card or bank, the platform automatically receives your information too. This doesn’t happen with cryptocurrency as you don’t need to send any kind of personal information when you deposit or withdraw your money.
Blockchain sports betting platforms have no payment processing costs. Additionally, using cryptocurrencies also eliminates the risk of credit card fraud.
It’s true that Bitcoin and most cryptocurrencies aren’t fully anonymous but it’s still far harder for someone to find out your real information. Another benefit is the near-instant withdrawals, depending on the specific blockchain speed of the coin you are withdrawing. Traditional betting sites will usually make you wait days, perhaps even weeks to withdraw your money.
Thanks to the divisibility of Bitcoin, sports betting sites allow players to deposit and withdraw really small amounts of money. Some sports betting platforms have a minimum bet of only 10 Satoshis (0.0000001) BTC which is $0.00084, so really anyone can play. Similarly, the minimum withdrawal amount is also usually quite low.
Another benefit is the bonuses offered. Unlike traditional platforms, blockchain sports betting can be much more profitable. Most platforms offer a service called ‘faucet’ which is really an easy way to acquire a small amount of BTC or other cryptos in order to test the platform, however, they will allow you to keep the profit in most cases and without any kind of roll-over requirement.
The betting industry is known for being one of the toughest when it comes to regulations, however, these new blockchain sports betting sites are usually available worldwide as regulations are a bit loose when it comes to cryptocurrencies. Users can actually find fully anonymous platforms that can be accessed from anywhere online.