The past few years have thrown the world into a frenzy over the rise of cryptocurrencies. Whether its contemplation of their value or the exploration of new ways to integrate crypto into other aspects of our economy, this digital currency is here to stay.
Sports betting is one of those industries experimenting with the integration of crypto into its payment system. Unfortunately, this attempt into the possibilities of crypto betting feels like we are stretching the thin line between opening a chest of gold or a can of worms.
Crypto gambling is not the first innovation that has ruffled the gambling sector. We had a similar experience in the early days of online gambling. Then, the consensus was torn between the risks and benefits of letting people gamble online. Barely three decades later, the industry is trying to find common ground on another gambling innovation.
Current State of Sports Betting
While the gambling industry now involves several distinct gaming structures, Sports betting is easily one of the largest. Moreover, sports betting is peculiar because it relies on the strength of the Sporting Industry, which is already a rather lucrative sector. Therefore, it is only natural that sports fans attempt to profit from the extremely entertaining industry.
Sports betting is currently legal in most countries. Of course, it is subject to varying legislation in each location, but most jurisdictions have made sports betting into a rewarding recreational activity like regular sporting activities.
Today, almost every mainstream sporting activity is covered by online sports betting. If an event or game involves teams on track or field and has a recognizable fan base, there is likely to be a site offering wagers on it. The only condition that a sporting activity would not be available for wagering is if local legislation or the sportsbook regulations do not accommodate placing stakes on that game.
The UK- Largest Sports Betting Market in The World
The United Kingdom has become the largest hub for sports betting globally. As a result, there are a growing number of punters and an abundant stream of sportsbooks within the UK.
Some of the most prominent bookmakers have their base in the UK. This is probably because the UK Gambling Commission offers one of the most legitimate gaming licenses or the local sports fans who are devout enough to gamble on their preferred teams.
The UK runs a hybrid sports betting system where punters can walk into sports betting shops or go online to bet on sporting activities. You can find over 8,000 sports betting shops in the UK, and they belong to leading names like William Hill and Ladbrokes. These leading betting shops have also joined the fray of online sportsbooks with top bookmakers like BetWay, Bet365, and 888Sports.
The Evolving Sports Betting System in Sweden
Sports betting in Sweden has faced some unusual transitions. The Scandinavian country did not permit sports betting or any online gambling activity within its border until 2002. Lifting the ban even came with restrictions on who could offer gambling services. The Swedish Gaming Authority (SGA) was the sole provider of legal online gambling in Sweden.
The restriction ended in 2019 when Swedish Legislation embraced other online bookmakers, subject to the Svenska Spel’s approval. Sweden is still going through a gambling evolution, but sports betting is on the brighter side of this process.
The US and its State-Regulated Sports Betting
Unlike most countries where National Legislation regulates sports betting, the US leaves most gambling regulations to the respective states. As a result, it is not unusual to see that sports betting is legal in some states while others are still tinkering with their legislations to accommodate or proscribe it.
This disparity is mostly a result of the Professional and Amateur Sports Protection Act (PASPA) of 1992. PASPA made it illegal for anyone to place some sports bets outside Nevada. The act was in force until 2018, when the United State Supreme Court overruled it and conferred the power to regulate sports betting activities on individual states.
Several states are working on their respective sports betting regulations. Sports betting is currently legal in about 30 states, while only 18 have legalized online sportsbooks.
One common feature of Sports betting across all jurisdictions is the innovation of crypto betting. Several online bookmakers are introducing cryptocurrencies as part of their payment methods, and punters are receptive to these innovations like bitcoin betting, bitcoin sportsbooks, etc.
How do Crypto Betting Sites Work?
Like most betting sites, BTC betting sites carry on their gambling activities with regular games, promotions, and betting markets. However, the major distinction is in their payment gateways. Where regular casinos accept payment in fiat currencies subject to their respective countries, Crypto casinos only accept digital currencies or, as we like to call them, cryptocurrencies.
Cryptocurrencies are universal payment methods regulated by blockchain technology, making them anonymous and deregulated. This deregulation ensures that individuals from all over the world can transact with the same currencies at the same value.
The deregulation of cryptocurrencies means that some sportsbooks can accept payment from punters worldwide without tripping over legislative restrictions. Since the country cannot regulate how the players pay or how the sportsbooks accept payments, they have little control over how these sportsbooks regulate their business.
Local Eligibility for Crypto Sportsbooks
While cryptocurrencies ensure payment anonymity in gambling sites, the sportsbook may include some restrictions in its registration. For example, some bitcoin sports betting sites limit the countries that can access their services. This is often in response to local legislation or services limitation in the sportsbook.
These sports betting sites often include a list of countries in their terms and conditions. The list may be for countries where they do not offer services, but it is often a list of the countries where their services are available. Therefore, you should check the crypto betting sites’ terms and conditions to verify if your country is eligible for registration.
Crypto Sportsbooks vs Standard Betting Sites
Crypto sportsbooks are one of the newest features in the gambling industry, and no one can deny their potential. But like the traditional sports betting sites, these crypto betting sites have limitations that make other sports betting options look optimal. Here is a review of the benefits and limitations of Crypto and traditional betting sites:
Benefits of Crypto-based Sportsbooks
- A wider range of sports events
- More generous promotions and bonuses
- Lesser wagering restrictions
- Less legislative restrictions
- Payment anonymity and more data security
- Seamless payment with less processing time
Limitations of Crypto-Based Sportsbooks
- Some sportsbooks only support specific cryptocurrencies
- Less licensing requirements make it hard to ascertain their credibility
- Infrequent promotions
Benefits of Tradition Sports Betting Sites
- More recognized licenses and gambling security
- Often accept crypto payments
- Include most local and international sporting events
- Licensed casinos are part of Self Coverage systems
Limitation of Traditional Sports Betting Sites
- Limitations by licensing authority
- Legislative restrictions on sports
- Trackable payment methods
- More processing period or withdrawals.
Let the Users Decide
The Gambling Industry relies on the patronage of its customers, and the choice is ultimately up to the players to decide what gambling system works for them. The decision to use crypto sports betting often comes from a desire to explore the anonymity and rich gaming experience that crypto casinos offer.