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Published on April 27th, 2022 | by Bibhuranjan

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Why Crypto is Becoming Popular with Sportsbooks

Figure 1 Crypto could be the future of sports betting

Since the gambling laws changed in North America a few years ago there has been a huge surge in the popularity of sports betting. More and more states and regions have made the decision to allow sportsbooks to operate within their borders, allowing millions of citizens the opportunity to back their favorite teams.

This boom in sports betting has come at exactly the right time for cryptocurrency fans. With digital currencies starting to become mainstream, it is only natural that sportsbooks such as BetOnline would start accepting crypto as payment on their online site. Here are some of the reasons sports bettors are choosing cryptocurrencies.

  • Wider Recognition

It is a simple fact that when more people use or buy a product it becomes even more popular and that leads to even more people being involved. That is one of the reasons why crypto has become so popular with sports betting. As digital currencies have become more widely used and recognized, more industries and business areas have started to accept them.

Online sportsbooks are only too happy to accept cryptocurrencies such as Bitcoin as a payment method. It cuts down the fees for everyone involved and also potentially opens up a new demographic for them to attract. Crypto has now become mainstream – and betting sites are part of that mainstream.

  • Security and Anonymity

The reason why sports betting fans might prefer using a cryptocurrency to place bets is the same reason why crypto is so popular in the first place. Due to the way digital currencies are moved around for payment for services, inbuilt security is a major attraction.

Added to that comforting level of security is the anonymity crypto affords its users. This could be a major plus for someone who doesn’t want people to know that they enjoy sports betting – or if it is not considered the thing to do in a particular culture or community.

  • Faster Transactions

One of the big complaints customer account holders have with online sports betting is that the transactions take too long. The banking world has its own checks and balances to make sure everything is above board. But these regulations can be frustrating for people used to a more fast-paced world.

Digital currencies are capable of being moved around in a much faster way – and that is hugely attractive for anyone who needs to place bets quickly. That is just about everyone, of course. When the total of your winning returns can change by the second, the fastest the bets can be placed, the better.

Figure 2 People are used to faster transactions

Promotions and Bonuses

Online sportsbooks like to entice new customers with big bonuses or free bets. But that’s not the end of the offers. Once you have signed up for an account you should be able to take advantage of a wide variety of promotions. Crypto users can sometimes do even better.

As with anything new, the public will need encouragement to use digital currencies. For bettors, offering bigger bonuses – or even crypto exclusive promotions – is a surefire way for sportsbooks to help their customers decide to use the likes of Bitcoin when placing bets.

Decentralization

Another main attraction of cryptocurrencies for many is that there is no central governing body or organization calling the shots. These currencies use blockchain technology that enables users to make transactions between themselves.

This decentralization not only makes it much easier to keep a track of the transactions made – but also is far more convenient for both customer account holders and sportsbooks. The use of crypto is good news for both sides in the betting world – and that is probably the clearest sign that its popularity will only grow.

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About the Author

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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