The concept of blockchain and cryptocurrency has transformed industries across the globe. There are many advantages attached to the digital coins which include safety, security, quick transactions, zero conversion fee, etc.; however, the anonymity feature digital coins are something which makes the crypto favorite among online casinos and betting industry. Bitcoin and other altcoins are immensely popular in the online casino space, and it is just a matter of time before we start witnessing their usage in sports betting.
There are many countries around the world where sports betting is still illegal with government agencies keeping a close watch on the use of digital coins for any such activity. However, with the inception of cryptocurrency and digital coins, it is almost impossible to track the transactions and records of the person involved in the transaction process. This high level of secrecy and feature of anonymity makes cryptocurrencies an ideal refuge for people who want to participate in the online betting without being tracked down by the investigating agencies. Empirical data suggest that use of cryptocurrencies is rising among online gamblers and most of the casino have started accepting cryptocurrencies as a medium of financial transactions. Even the physical casinos are not for far behind and using the Bitcoin and other coins for payment.
According to the estimate, the segment of sports betting is going to reach somewhere around $155 billion by the end of 2024. Many countries across the world have legalized sports betting and earning a handsome chunk of revenue out of the taxes imposed on this particular category. No wonder, sports betting is going to be immensely benefited from the use of cryptocurrency, and we list down some of the features of the digital coin that makes them an ideal match for the sports betting.
1) Privacy and anonymity: The most useful feature of the digital coin is anonymity it provides to the user. Once the transaction is made with the help of digital coins, it is impossible to track down the user and find who transacted what and how much. This makes a digital coin a perfect match for sports betting as using other conventional methods like payment by credit card or net banking is quite a risky affair. Blockchain Technology, which is at the heart of transactions related to digital coins, keeps the transactions anonymous which safeguard the identity of the user against any online hacking or theft.
2) Safety and Security: Not only the secrecy, the high level of safety and security associated with the digital coin transactions also makes them suitable for sports betting. With the cryptocurrency transactions, one gets multiple layers of authentication with a high level of protection. All the features protect the identity of the user and safeguard against any security threat that could arise because of the nature of the transactions.
3) Real-time transactions with high speed: Dealing in cryptocurrencies make the process quick as you can have a real-time settlement of transaction whether it belongs to the withdrawal or deposit process. Unlike the conventional methods which take hours and even days for the real-time settlement to happen, cryptocurrencies only take seconds to process transactions. We also have the facility where the users of Bitcoin can easily convert their digital money into other Fiat currency by using Bitcoin ATMs. Therefore, getting the money in and out in term of a digital coin is not only a safe procedure but also offer the convenience of quick real-time processing.
4) Zero conversion fees: There is a huge difference in the fees charged by the conventional banking and other transaction methods when one compares the rate to what digital coins charge. There are zero conversion fees and when it comes to transaction charges, Bitcoin and other cryptocurrencies not even charge a fraction of what you have to pay by opting for other conventional methods of payment. If you use the conventional currency, then you have to be prepared to pay a high amount to the bookies while no such requirement is there in case of Bitcoin and other altcoins. In sum, all these characteristics of digital currencies make them suitable for use in Sports Betting.