Why Do People Ask for Crypto Sports Betting Legality?

4 months ago
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Introduction

Cryptocurrencies have witnessed massive growth across a variety of industries worldwide. With the advent of digital currency, many casinos and sports betting sites are adopting the currency as one of their payment options. With several wealthy players preferring crypto sports betting, the platforms are also openly accepting the concept of decentralising their platforms. 

Moreover, a growing number of games and sports fans are deciding to put their money down on the best events. This is leading to a sudden and rapid increase in popularity for crypto sports betting sites. According to Bitcoin Strip, a casino statistic tracker, it is analysed from various data that players place a staggering 335 bets per second whereas a study conducted by a popular exchange, Fairlay, stated that 90% of the platform’s volume is obtained from online crypto sports betting.

What is Crypto Sports Betting?

With the success of the first-ever cryptocurrency, Bitcoin, various other currencies are being integrated into various platforms. It has been over a decade since the first launch and the market has been growing exponentially since then, with a wider range of digital assets such as Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and many more. People who use cryptocurrency have benefited a lot which has encouraged more people to shift to crypto as a form of payment. 

The traditional sports betting sites observed this change in preference of their players and have started to introduce various cryptocurrencies into their platforms. There is no denying that cryptos have been eliminating all the drawbacks of Fiat currency, thereby making betting activities faster, cheaper and more secure than ever before. The majority of the top betting platforms are now featuring a cryptocurrency sportsbook section due to the growing popularity of crypto sports betting. While some platforms offer only Bitcoin, others are trying to widen their selection by incorporating other cryptocurrencies as well.

Working of Crypto Sports Betting

The basic structure of cryptocurrency and blockchain technology lays a peer to peer mechanism of distributed registry. Blockchain technology allows the storage of data on hundreds of servers across geographical borders. This creates a system of decentralisation which means cryptocurrency transactions are not dependent on any financial institutions, governments or any other centralised organisations. Blockchain technology is extremely difficult to obtain and the records and transactions made in cryptocurrency are available to everybody in real-time. This makes betting on crypto platforms safe and provably fair, where players can verify their betting results as they happen.

Is Crypto Sports Betting Legal?

The opinion on crypto sports betting is changing rapidly while the legality of it continues to be a question in various countries. Till today, there is no clear-cut answer to the question “Is crypto sports betting legal?”. However, some essential key points given below may clear a part of that question – 

  • There is no specific law or government regulating crypto gambling and betting and hence, it is neither officially prohibited nor allowed. 
  • The attitude of various authorities towards cryptocurrency is changing rapidly and more countries are accepting the use of crypto and discussing crypto regulations on the whole. However, in countries where betting and gambling are strictly prohibited, governments are taking strong measures against crypto sports betting and also on those who make wagers and bets with Bitcoin or other major currencies. 
  • Lastly, a few international jurisdictions have already issued licences to betting and casino sites accepting cryptocurrencies, for instance, Curacao. This means certain governments are accepting the responsibility of regulating and controlling crypto operations, following certain rules and laws in the country.

However, most countries and governments are not yet accepting cryptocurrency as a legal currency. Since it is not considered as a legal currency, regulations controlling fiat currency should not apply to crypto sports betting.

Benefits of Crypto Sports Betting

The benefits of crypto sports betting are mentioned below – 

  • Fastest transactions – Crypto deposits and withdrawals in sports betting sites are processed in 15-20 minutes, unlike traditional payment methods such as bank transfers and credit card payments that normally takes around 5 to 7 working days and sometimes weeks to process. 
  • Safe deposits – Cryptocurrency is reliable and safe without any declined or failed transactions that most commonly occur in the case of traditional payment methods, especially, through bank transfers. 
  • High limits – Many sports betting sites offer higher deposits and withdrawal limits for those who use cryptocurrency as a payment method
  • Privacy and anonymity – Crypto betting allows players to retain their privacy and remain anonymous as deposits and withdrawals at any crypto betting site does not require personal or financial information of any kind. 
  • Transparent record – No payments made in cryptocurrency can be reversed or altered once it has been recorded in a public ledger. 
  • Universal – Unlike fiat currencies such as USD and EUR, cryptocurrency is accepted in all corners of the world without any exchanges. 
  • Lower transaction fees – As there is no third-party intervention of the banks, crypto betting sites often provide free deposits and withdrawals. 
  • Generous bonuses and promotions – Sports betting with crypto offers a wide variety of bonuses and special promotions that are not available at traditional sites. Bonuses include signup bonuses, deposit bonuses, no deposit bonuses, referral bonuses, VIP programmes, cashback and many more.

Future Scope of Crypto Sports Betting

The rising popularity of cryptocurrency usage in various industries predicts a greater level of acceptance of the currency in the coming years. The booming crypto economy has consequently increased crypto betting transactions where millions of cryptocurrency users and the availability of additional crypto sportsbooks are on the rise. This has enabled more people around the world to bet with digital assets and the industry is projected to experience massive progress in future.

Conclusion

To sum up, crypto sports betting has become one of the most secure and convenient ways of winning additional crypto coins. Crypto betting offers rich promotions and bonuses that are further increasing its popularity around the world. Moreover, sports bettors get additional and faster access to the sports market that enables betting on odds of various formats. With the benefits of same day withdrawals, transparency, low transaction fees, faster speed and anonymity, crypto betting will definitely gain more popularity and momentum in the coming years.