Everyone familiar with the iGaming business knows that cryptocurrency plays a key role in the industry. Many world-famous online bookmakers and casinos have started offering digital currencies as an alternative payment option. What’s more, users have access to stand-alone cryptocurrency betting operators. Unsurprisingly, these things greatly affect the popularity of betting with crypto.
According to Nostrabet.com, the total crypto bets between Q1 2021 and Q1 2022 have increased by 116% and reached the jaw-dropping amount of 6.3B. “There is no arguing that betting with cryptocurrencies has a lot of advantages. People no longer need to worry about their transactions and can use all sorts of alternatives. Naturally, these payment solutions are becoming more popular by the day”, said Veselin from Nostrabet.
The fact that more and more people use cryptocurrencies for betting means we can expect even more crypto iGaming sites. But what are the perks of using these payment solutions? Well, we are about to find out.
People do not need to use their banks or third-party e-wallets
Online bettors who’ve been using several gambling websites know that most offer different payment solutions. Although there might be many options, most have to do with players’ bank accounts. Some sites also offer a wide range of e-wallets.
Using e-wallets and options like credit cards is fast and convenient, so many people prefer to go for them. However, only some people can associate a bank account with an iGaming site or create an e-wallet. Fortunately, cryptocurrencies offer a solution.
Although users may have to wait up to a few minutes for their transactions, using these options does not require them to have a bank account. What’s more, they don’t need to use any e-wallets, which saves a lot of time and additional fees.
In most cases, cryptocurrencies won’t require you to pay any additional fees for your transactions
Although many top-tier iGaming operators do not impose fees on their users when making a transaction, there are exceptions. For example, punters using a bank transfer may have to pay a flat fee of up to $25. Needless to say, most people are not keen on paying such amounts and want to avoid them at all costs.
This is exciting because gamblers using a crypto-betting platform do not have to deal with these problems. Since all transactions happen in the blockchain, online bettors do not have to pay fees. In the rare cases where crypto bookies and casinos have fees, they are significantly lower than usual.
Keep in mind that many operators require fees for deposits as well as for withdrawals. You should always keep an eye on the payment section because you may have to pay a lot of money for a deposit or withdrawal.
Crypto payments are more secure
One of the biggest concerns regarding online betting is people’s safety. Even though the leading iGaming brands use the latest security technology, users are not convinced they are safe. This is especially true when it comes down to making transactions because people are afraid of losing their money.
Although no one can guarantee that users won’t have any problems when making deposits, crypto payments are way more secure than any other deposit or withdrawal option. Since there are no banks involved, hackers can’t get a hold of users’ private data. Every transaction via Bitcoin and ETH is encrypted, which is good news for bettors.
The fact people do not need to worry about their transactions has a key role in iGaming’s growth. Many sports fans and casino enthusiasts decided to give online betting sites a chance only because of crypto. Considering that more and more sites are adopting the new tech, there will be even more online punters in the future.
Betting with cryptocurrencies may increase people’s overall earning
Let’s face it, most people who bet online want to earn as much money as possible. They realize gambling is risky, but most are willing to take it for the greater good. This is where cryptocurrencies come to play because they have the potential to multiply punters’ earnings.
As you know, there are many digital currencies, including Ethereum, Dogecoin, Bitcoin, Litecoin, XRP, and so on. They may have a lot of differences, but they also have many things in common, such as their volatility.
Most users are aware of the big crypto price drop in early 2022. Still, users also know that some payment solutions have increased their value dramatically over the years. In other words, gamblers using digital currencies can multiply their winnings.
For example, if someone wins 1 BTC from a bet, this Bitcoin might be worth $20k today. However, since the price changes every minute, the same Bitcoin might go up to $25k or even more in just a few hours. Of course, it can also go lower, meaning that it is risk people should be aware of.
Crypto betting unlocks new opportunities for gamblers
Wagering in sports and playing casino games using cryptocurrencies is fun. There is no arguing that. However, these payment solutions often provide more opportunities not available to non-crypto users.
Many top-tier cryptocurrency betting operators often provide their clients with unique bonuses. Some take advantage of the blockchain and require users to complete different tasks to receive a reward.
In addition to the promotions, many leading casinos offer exclusive cryptocurrency games. Most crypto slots have in-game rewards, such as free spins and big jackpots. That said, some top-tier crypto casinos also have table games and live casino games that only accept crypto.
What is the future of cryptocurrencies in online betting?
According to the data, crypto betting will continue to grow in popularity and attract even more people. Besides the many existing sites that offer digital currencies, gamblers can find a wide range of crypto-exclusive operators. Usually, those places provide way more options than their counterparts. Hence, people will be interested in them and will start using crypto to place bets.
What’s interesting is that Bitcoin dominated the crypto-betting space in 2021. This continues to be the case in 2022, but people are also interested in other options. Ethereum gained a lot of new fans, and the same applies to things such as Litecoin. Some crypto betting sites also offer TRON, Dogecoin, Shiba Inu, and more.
Despite the many upcoming regulations, we firmly believe crypto will prevail. So, expect even more bookies and casinos that offer such things in the future.
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