What Role Does Crypto Play in The Future of Online Sportsbooks?
When you gamble at an online sportsbook, there are many elements that must be considered. It’s not all about trying to successfully predict the result of the next major sporting event.
For example, you always have to consider just how safe and secure is the online sportsbook you wish to join. The available payment methods play a huge part in this. Should you use a debit/credit card or opt to choose a cryptocurrency?
It hasn’t always been possible to use cryptocurrency as a payment method at an online sportsbook. A site of this nature has to be confident that the methods they offer can be trusted. No one wants to be the victim of online fraud and sadly that is still happening now.
Just as has been the case in the past with PayPal and also when new sports are being considered for inclusion, research has to be carried out. For some it was understanding exactly how they worked was the first job.
The uncertainty over cryptocurrencies did put some people off using them initially. As the years have passed, a greater understanding has been achieved and that’s why their presence in the online sportsbook industry is increasing.
Those wishing to use, for example, Bitcoin or Ethereum will not find it too difficult a task to find a sportsbook that offers them as a payment method.
There are still some worries over cryptocurrencies. Their value still tends to fluctuate but that’s the case with most types of currencies, even those who have been around for centuries. The hope is that this will diminish in the future. Again, if that is the case then more sites and customers will be prepared to use cryptocurrencies.
It’s back to the subject of online fraud for the first reason why cryptocurrencies are proving so popular at online sportsbooks.
Fraudsters will do all they can to get their hands on other people’s personal information. If a security breach does occur and you are using a debit/credit card, then you could be in trouble.
However, when using a cryptocurrency, the amount of personal information that is available is not going to please fraudsters.
Your personal information is stored on the blockchain and that increases your level of protection against fraudsters.
If someone is going to be gambling at an online sportsbook, cash flow is an important issue. Making deposits with a cryptocurrency won’t present you with any problems. If you do need to put more money into your account, then it can be done with ease and the funds ready to use right away.
It’s when players wish to withdraw their funds that cryptocurrencies are so useful. When using some payment methods, it can take days for the money to arrive into your account. That’s so frustrating for players who may need that money as soon as possible. If you get a big win, then it’s great to be able to have swift access to it and enjoy spending it.
Using cryptocurrencies ensures that your funds can quickly be available, there’s no concern about being charged any fees which can also happen with some payment methods.
It’s important for the future of cryptocurrencies that online sportsbooks do allow their use. The more businesses that employ them as payment methods, the better. It shows confidence in cryptocurrencies and that can help them spread to other industries too.
Research carried out this year looked at the behavior of gamblers around the world. Some of those questioned came from Canada. When looking at the subject of payment methods, half said they were interested in using cryptocurrencies for their online sports betting in Canada.
With the global sports betting industry continuing to expand, it’s important for cryptocurrencies to be involved and that does seem to be the case with some of the top sports.
Gambling on the NBA is incredibly popular, especially during the play-offs. It’s estimated that 33% of bets placed on the basketball tournament in the US were made using cryptocurrencies.
What problems could lie ahead? The gambling industry is facing stricter regulation in many parts of the world. This could see some restrictions being placed on the use of cryptocurrencies on online sportsbooks.
Brazil has been particularly tough with their new regulation of the gambling industry. As well as banning free bets, they have also banned the use of cryptocurrencies. It’s a trend that hopefully won’t spread.
In the UK, their Gambling Commission doesn't approve of cryptocurrencies. However, those companies licensed by them do continue to use this kind of payment method.
There have been cases when the Gambling Commission have turned down license applications from companies who said they would be funded by crypto assets but didn’t provide full details of where these came from.
The future does look bright for cryptocurrencies when it comes to being used at online sportsbooks. More people have a better understanding of them and appreciate the benefits of using them. As more sportsbooks allow cryptocurrencies to be used as a payment method, their use will increase.
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