The number of players who bet with cryptocurrencies is growing day by day. The world of gambling, including bookmakers, does not remain passive. The number of bookmakers that allow you to quickly deposit and withdraw funds through cryptocurrency is constantly growing. In general, many betting shops focused on American sports (NFL, MLB, NBA, NHL, NCAA) offer bitcoin. Due to strict gambling laws in the United States in the past, many players choose bitcoin as a form of deposit. This provides greater anonymity. However, European bookmakers and bookmakers in the CIS countries are also gradually adopting this trend and making sports betting for their customers more anonymous, safer and more convenient. One of such bookmakers is Parimatch – Pari match app. Consider the features of bets on cryptocurrencies.
Advantages and disadvantages of betting in cryptocurrency at bookmakers
Bitcoin, Ethereum and other cryptocurrencies are the ability to send funds anywhere in the world without any intermediaries. The number of coins is limited, reprinting is not possible, as central banks do with classical currencies. Cryptocurrencies provide very high anonymity, but are not completely anonymous. Constant fluctuations in the exchange rate can be a big hurdle for players, although this situation works both ways.
The advantages of betting in cryptocurrency are obvious:
- No commission for replenishing the gaming account (in most cases, bookmakers do not charge a commission).
- Anonymity. All transfers are completely anonymous, unlike replenishment from a bank card and other electronic wallets.
- High limits. Many bookmakers provide an opportunity to replenish an account in cryptocurrency in an amount equivalent to tens and even hundreds of thousands of dollars.
- Instant transactions. You can withdraw your winnings immediately after the end of the event.
- Absence of risks. You protect yourself from the risks of fraud by the bookmaker, as all transactions are controlled by smart contracts.
Of the minuses of such bets, we note that in order to convert the currency into a cryptocurrency, you will need to pay an additional commission, as well as the fact that some bookmakers still do not accept cryptocurrency to replenish a game account.
What do you bet on in cryptocurrencies?
The very mechanics of placing bets is absolutely no different from the bets that you make in regular currency. To place a bet, it is enough that you have the required amount on your gaming account. Next, you need to open a line, type of bet, enter the amount and click on the “accept bet” button. The difference lies in the automation of the process, since the coins are transferred using smart contracts.
In cryptocurrency, you can bet on any kind of sports, from football, basketball, hockey, to esports. Therefore, in terms of the popularity of bets in cryptocurrency, everything is the same as in fiat, where football and basketball are more popular.
Bets on the growth or fall of cryptocurrency
In addition, you have the opportunity to bet on the rise or fall of a particular cryptocurrency. If you plan to store cryptocurrency in the long term, then you can make a bet so that the assets do not stand idle in the wallet, because money should work. However, in this case, you need to study the market well, since you should only bet on those coins that have good long-term prospects. In a situation where a cryptocurrency loses its value sharply during betting, you do not have the opportunity to quickly sell it to reduce losses. This point must be taken into account when betting on cryptocurrencies.
About the prospects for betting on / in cryptocurrency
Crypto betting began to develop actively in 2014. During the first two years, bookmaker customers placed bets in cryptocurrency for a total of $4.5 billion (only bets in bitcoin are taken into account). Within a few more years, the amount of total stakes crossed the $10 billion barrier. The demand for bets in cryptocurrency largely depends on how popular digital assets are.
At the moment, no one regulates crypto-betting, although the situation may change significantly in the near future. Bitcoin has no legal status in different countries of the world. It is for this reason that in many states, betting companies refuse to work with cryptocurrencies directly. Despite this, we can confidently predict that bets in cryptocurrency in bookmakers will actively develop, as well as the cryptocurrency itself. Compared to classic fiat bets, cryptocurrencies open up many advantages that both bookmakers and their customers need to use.