Last Updated on May 19, 2022 at 13:23
An increasing weight of opinion is falling behind the assertion that crypto may be the future of online betting. This idea has its supporters and detractors, but the following points may make a persuasive case in the affirmative…
Cryptocurrencies are a hot topic, and one which significantly divides opinion. While some central banks eye crypto assets with suspicion, others are keen to explore the options offered. The United Kingdom treasury is planning to mint a national NFT, while El Salvador’s government has adopted Bitcoin as its base currency. Of course, the point of a decentralized currency is that it doesn’t have to appeal to everyone; it simply needs to have practical benefits, and one area in which crypto is gaining a hold is the iGaming industry.
When a bettor makes a successful punt at a casino or sportsbook site, their elation is prone to be tempered by the fact that, even if they choose to withdraw their winnings immediately, they’re not going to be received immediately. Anyone with experience in this regard will be familiar with the caveat “withdrawals can take 2-5 working days, depending on your bank”. With crypto, there is no bank – there’s just you and the casino – and the delay is shorter, usually non-existent.
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While the last few years have seen a relaxation of anti-betting regulations in the United States, it’s gone on a state-by-state basis, and some states still forbid betting within their borders. However, those laws tend to be written in such a way that a bettor can’t use their bank to fund a betting account. They do little to prevent deposits and withdrawals using digital assets. For this reason, crypto betting is an alternative for bettors not only in those states, but in any jurisdiction worldwide that has anti-betting legislation.
While the point above may make some potential gamers shift uncomfortably, there’s no reason to fear for the legitimacy of a crypto-based bet. As long as the bookmaker is licensed by a key authority such as the United Kingdom Gambling Commission or Maltese Gaming Authority, there’s comfort in betting with them and recourse in case of any issues. Meanwhile, crypto transactions themselves are transparent and safe, and recorded on the blockchain.
It’s common in gambling to have to pay a fee for transactions – sometimes it’s to the bank making the deposit, sometimes to the casino itself. Playing with crypto, however, means that you’re for the most part going to escape the need to pay any fees at all. While that’s not a uniform guarantee, you will find that Ethereum-backed transactions are free of charge on both ends.
If you make a bet of $1 at even-money odds with a bookmaker or casino, a win will see you receive $1 back. Not bad, but a little boring. Crypto assets, as long as you choose the right one, are steadily rising in value, so any winnings you do achieve are potentially boosted by the improved exchange rate. That’s not to say they can’t go down, of course, so caution is advised, as always when it comes to betting. However, if your timing is good, your winnings are liable to be enhanced.
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