The cryptocurrency frenzy seems to have taken over the entire world. What was a simple idea just a few years ago turned into one of the most lucrative phenomena of the past decade. Nowadays, more and more businesses are accepting cryptocurrencies as a method of payment. People are buying clothes, food, and even real estate with Bitcoin. What is more, they are even using this new-age currency to place bets.
However, even though blockchain technology has proven to be one of the safest transaction methods in the virtual world, there were certain people who used the rise of crypto to manipulate the sports betting industry. In this article, we’ll take a more detailed look into the different effects that crypto-boom had on online sports betting.
It Made Payments Easier
Even though cryptocurrency is yet to be accepted by some of the most reliable sportsbooks in the online world, those that have included this method of payment have seen many satisfied bettors on their platforms. Mostly because cryptocurrency transactions are almost instant. And no matter if players use them to make a deposit or withdrawal, they don’t have to wait long until their money is where they want it to be. However, the acceptance of crypto is different from one country to another. While some of the best West Virginia sportsbooks with amazing welcome offers are still a long way from using crypto as a method of payment, there are many sportsbooks outside the US, where you can use Bitcoin to make a deposit or withdrawal. For example, many online sportsbooks that accept players from Canada and the Netherlands will have cryptocurrency as one of the available methods of payment.
Complete Anonymity – Good or Bad?
Another thing why so many players like using Bitcoin, Ethereum, or any other crypto is because it offers complete anonymity during transitions. This feature has made a lot of players feel like their personal and banking information is safe and protected from any fraud. Both more experienced sportsbooks like the ones that offer their services within Canada, and the newer ones, for example, betting platforms in the Netherlands, have seen this feature as something that the local bettors might benefit from. However, the top NJ sports betting sites with plenty of available betting markets seem to disagree. In addition, we cannot say that they are completely wrong for thinking that this anonymity can bring more harm than good in some cases.
The rise of crypto has made it possible for many people to make illegal transactions without being caught. That is how people who are trying to manipulate the sports betting industry through bribing players and even teams get away without being noticed. At the same time, a handful of people places bets through questionable websites and manages to score huge wins. Luckily, people are aware of these scams and they are now stopped even before they are finalized. However, some countries still see that there are a lot of issues that come with accepting cryptocurrency in sports betting so they steer clear from it.
Rise of Illegal Sportsbooks
Like mentioned before, crypto has made it possible for anonymous transactions to be made. And some people used this complete privacy to their advantage. That same people usually launch illegal sportsbooks and it is known that there are at least 120 operators that offer their services and accept crypto outside of the legal betting market.
In the end, bettors around the world need to know that they should only visit licensed operators. This means that if a sportsbook accepts cryptocurrencies as a payment method, that doesn’t necessarily mean it is a safe betting environment.