Sports betting has come a long way from the traditional outlook in recent years. The boom in betting interest partially owes to how accessible the technology has become in the last few years. However, the rest of this significance comes with the incorporation of a new financial system powered by blockchain technology. Yes, blockchain and cryptocurrencies have fundamentally changed betting from its traditional outlook by making it one of the lucrative areas.
Nonetheless, the focus has been given only to legacy coins like Bitcoin and Ethereum so far. Now, there is a visible shift in the sports betting arena which is currently moving towards the new and technically sophisticated cryptocurrencies, like Solana, Cardano, Tron, etc. Along that line, Dogecoin has become one of the latest additions to crypto sports betting. Let us see what makes the arrival of Dogecoin significant in crypto sports betting.
What Is Dogecoin Sports Betting and How Does It Work?
Dogecoin is reportedly the first meme-coin ever to be created. Launched in 2013, the crypto soon managed to shrug off the meme tag and earned a name for itself as a trusted project. Now, many experts, including the billionaire car maker Elon Musk, consider Dogecoin the perfect candidate for facilitating everyday payments. For the same reason, this meme-coin’s utility is expected to be on a greater level in crypto sports betting. Furthermore, the coin also comes with more effective inflationary practices than other coins, as believed by many.
Dogecoin sports betting allows you to wager on your favorite matches and sports leagues using the DOGE tokens. Unlike fiat money, your transactions will be stored in a decentralized public ledger known as a blockchain for better security. Despite being a new addition to sports betting, this meme-coin is able to bring all the perks brought by Bitcoin and more.
As for how it works, Dogecoin deposits are validated through a process called crypto mining where the miners would be rewarded with DOGE. These blocks are larger than that of Bitcoin and each block accounts for 10,000 DOGE. This aspect not only eliminates the need for a central authority to validate your payments into a sportsbook but makes the process much faster. You can simply transfer your DOGE tokens into a sportsbooks account through a crypto wallet with no requirements for any of your personal information.
Benefits of Dogecoin Sports Betting
There are, of course, several benefits to using Dogecoin for sports betting and some of them even surpass the king crypto. Here is a list of things that explain why Dogecoin Sports betting is unique and deserves your attention.
1. Fast Deposits & Withdrawals
A typical sports betting platform that uses fiat money would take between 2 to 10 days to process your withdrawals. The speed of your withdrawal is dependent on the type of fiat transfer you prefer and none of them is as fast as Dogecoin. Thanks to the fervent community behind the meme-coin, it can process your withdrawals in a matter of minutes. As the coin does not demand an array of legal procedures, even deposits are simpler and more efficient in Dogecoin sports betting.
2. No Failed Deposits
Your transactions are carried out by programs and APIs eradicating the chances of your transactions failing. You can forget about wasting your energy calling customer support to get your money refunded to your wallet. The failsafe mechanism of Dogecoin will bring your money back within a minute if the address is not found.
3. Anonymous Betting
It is common among bettors to not want to be tracked in every move they make in a sportsbook. You can choose to withhold your identity while betting on your favorite sports using Dogecoin. As the token itself uses a secure infrastructure, many platforms do not even need you to complete the KYC verification to start betting.
4. Low Transaction Fees
The usual transaction fee is 1 Doge which would equal a few cents when converted to the USD. The fee came to this level as the value of the coin increased in the last few years. It, however, is still one of the lowest transaction fees you will ever find in the crypto ecosystem. Most importantly, you can expect such provision in a bank.
5. No Third Party
Dogecoin transactions are powered by peer-to-peer connectivity. It means that no one other than the parties involved would be able to partake in the transaction. The lack of middlemen like banks helps the users cut down the processing charges significantly. Moreover, your funds cannot be blocked or audited as only you have the access to your accounts.
6. Participation in the Current Trend
Using Dogecoin automatically puts you in the current trend of the online casino industry and helps with the mainstream adoption of cryptocurrencies. As it accelerates the adoption, we can expect more sportsbooks to extend support for cryptos like Dogecoin. It will open up possibilities of financial freedom, flexibility, and more such advantages.
Aside from the technical advantages of using Dogecoin, we cannot turn a blind eye to the rewards and bonuses it has to offer. Yes, Dogecoin makes it much more affordable to run online sportsbooks. As a result of this, these platforms offer grand bonuses and multiple rewards for the users. By choosing to play with Dogecoin, you can bulk up your sports betting wallet with discounts and bonuses today.