Have Cryptocurrencies Ruined or Improved the World of Sports Betting?
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Due to the high popularity and boom that cryptocurrencies, especially Bitcoin, have gained in the last few years, many operators are in the field of sports betting. In the online casino world, they have started accepting Bitcoin, Ethereum, Litecoin, and other cryptocurrencies as payment methods.
These crypto sports bookmakers are popularly called crypto bookmakers or bitcoin casinos although that isn’t quite correct since many classic and traditional brands accept Bitcoin and other cryptocurrencies as a method of payment. This is because it’s crystal clear that cryptocurrencies will change not only the world of sports betting and online casinos but also a product of the future, without a doubt incorporated into all pores of society.
If you continue reading this article, you’ll learn more about the Bitcoin phenomenon, as well as sports bookmakers that accept this method of payment, and learn how to recognize the best crypto sports bookmakers. That’s because these casinos aren’t only attractive to people who invest in the crypto world, but also to the general public.
A Few Basic Facts About Bitcoin
By the way, if you’re wondering how to buy Bitcoin and how to pay with it in general, you primarily need to have an open account on one of the Bitcoin e-wallets. When you register and verify the account, you’ll be able to make transactions and buy Bitcoin.
Nowadays, with cryptocurrencies, you can buy a large number of goods and services, from clothes to real estate. Of course, there’s a large number of quality crypto sports bookmakers who accept Bitcoin as a method of payment and withdrawal.
Is it wise to invest in Bitcoin nowadays? If you want to start investing in Bitcoin now, the smartest advice we can give you is – don’t be greedy. Try to spend smaller amounts and look at that investment as a sports betting. Specifically, invest only as much as you’re willing to lose.
Which Cryptocurrencies Online Sports Betting Accepts?
Bitcoin is, without a doubt, the most popular and well-known cryptocurrency, although there are many other digital currencies on the market. It’s estimated that there are currently over 1,500 different cryptocurrencies, more or less popular, with which their users can buy services and goods. Also, Bitcoin is not the only cryptocurrency that’s accepted by online sports betting shops and casinos. Online casinos and sports bookmakers approve several well-known and lesser-known cryptocurrencies.
So, the list of popular cryptocurrencies varies from casino to casino. Some of them don’t accept any cryptocurrencies, while others only accept Bitcoin. Also, there’s a significant number of betting sites that allow you to play in multiple different currencies.
We have to mention that every sports bookmaker has its own rules when it comes to depositing methods, so our suggestion is to always read the general rules and conditions of the sports bookmaker before registering and making a deposit.
Here’s a list of the most widely used cryptocurrencies currently used for betting:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Dash (DASH)
What’s important to know is that traditional sports bookmakers accepting cryptocurrencies regularly accept other currencies as payment methods. In contrast, specialized crypto websites only accept cryptocurrencies, and this is, in most cases, clearly stated in the terms and conditions of these operators.
What’s the best cryptocurrency to use for betting is an ungrateful question because every bookmaker has their personal preferences about many things, including the best payment method.
In Which Currencies Do Players Bet When They Deposit Cryptocurrencies?
The interesting question given that there are several possibilities. Some sports bookmakers have the option to have your balance at the sports betting bookmaker be entirely in cryptocurrencies. On the other hand, some operators receive your payment in cryptocurrency, only to convert it into euros or US dollars later.
Although most crypto casinos accept Bitcoin, this currency isn’t necessarily the best option for you’re betting. BTC has hugely high transaction costs, which makes it inferior to some other cryptocurrencies, although it’s still the most popular. Some crypto casinos will take care of the transaction costs for you and add them to your balance.
Pros of Cryptocurrency Betting?
You may be wondering how popular Bitcoin is as a deposit method in the world of sports betting. If so, we’ll tell you that, by every day, Bitcoin is becoming an increasingly popular deposit method for many sports bookmakers. They accept it, as well as other cryptocurrencies, as a deposit method with many advantages over traditional payment currencies.
These advantages are:
- The speed of the transaction
- Low transaction fees
- High user security
In addition to the advantages mentioned above of using cryptocurrencies as a form of the transaction when betting, Bitcoin casinos often have one additional quality, i.e., function, compared to standard casinos that’s to achieve total anonymity, which can be crucial for some players.
Standard payment methods that “standard “casinos use are often associated with a specific person who can be easily recognizable.
Cryptocurrencies are different in this sense, which has led to the creation of anonymous casinos, although the number and functions of these casinos are still limited based on current regulations.
What Games Can You Play With Bitcoin and Other Cryptocurrencies?
When it comes to game selection, crypto casinos aren’t much different from standard casinos. The number and type of games offered in Bitcoin casinos inevitably vary from casino to casino.
Generally, you can use your bitcoins and other virtual coins to play the most popular types of games, such as:
- Slots (slot machines)
- Video poker
Before creating an account, it can be worth looking at the list of games available in each casino to make sure you can play your favorite games.
How Are Bitcoin Casinos Reviewed and Ranked?
The process of reviewing online casinos by specialized websites such as smartcasinoguide.com is detailed and impartial, which also applies to Bitcoin casino reviews. The whole process is pretty much the same for all casinos.
In short, the two most important ranking factors are supposed to be:
Casino size – Large casinos have higher revenues and can afford to pay out big winnings whenever a player manages to achieve them. Smaller casinos can face financial challenges, which is why larger ones are generally a safer choice.
The way casinos treat their players – Many casinos behave in a way that they are honest and don’t look for excuses to refuse money withdrawal. Keep in mind that, however, there are still casinos that behave quite the opposite. By visiting specialized online casino ranking sites, you can only see the valid ones, because these sites analyze player complaints to verify how casinos treat their clients.
Of course, several other factors come to mind, but these two are the most important.
In What Currency Do Online Casinos Allow You to Play Games?
This is one question about crypto casinos that isn’t easy to answer due to the lack of a clear and universal answer. Every online Bitcoin casino deals with this differently.
Here are some examples:
Example 1: You’re allowed to deposit Bitcoins, and your account is maintained in BTC. You can play directly in BTC, but some games are only available if you deposit EUR or other types of FIAT currency.
Example 2: You can make a deposit and withdraw money only in cryptocurrencies even though your casino balance is maintained in, for example, USD. This is usually done for the convenience of the player. The value in USD, refreshed every 10-15 minutes and updated by the current exchange rate so that the amount of your BTC balance isn’t affected by changes in the market.
Example 3: As a player, you’re allowed to make a deposit and withdraw money in Bitcoins, but the account and betting transactions are held in a supported “traditional “currency – for example, in USD. Your Bitcoins paid as a deposit are converted to USD at the current exchange rate and turned back to BTC at the current exchange rate after deciding to withdraw your money. This means that the value of your balance sheet maintained in BTC will be affected by changes in the market.
These are just three examples. Each casino deals with this issue in a specific way, so be sure to do your research and find out how each casino handles the BTC deposit and withdraw money before choosing the best one to play in. This information isn’t always listed on the casino website itself but should be available by contacting customer support.
We note that specialized crypto sites aren’t much different from traditional sports betting, but differences exist.
The main difference is that crypto sports bookmakers can offer their users some exciting bonuses and promotions, which aren’t available or are rarely offered in classic sports bookmakers.