5 Ways Cryptocurrency is Improving Sportsbook Platforms

Two terms in the past couple of years marked the world we live in, cryptocurrency and sports betting. Now, some might disagree with this statement, but when we take a look at the facts, we will clearly notice the immeasurable rise in the number of users/players in both industries. As for why this happened, well, the answer is far from an easy one. Cryptocurrencies wise, they surely changed the world of finance and economics we live in, and their overall meaning and impact will yet grow. On the other side, we have sports betting, and this way of gambling is currently a number one activity people across the globe endure.

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Technological advancements also played a role

The tech achievements also play a huge role here, as improved software and interface really helped a lot with drawing more people to bet on their favorite sport, event, club, etc. Overall, the role of sportsbook platforms improved significantly as well, and lately, that’s mostly due to cryptocurrencies. Yes, this might come as a surprise, but only if you don’t look at the bigger picture because cryptos have changed everything, and sportsbook platforms are no exception, and no, we are not talking here just about using cryptos like Bitcoin as money to bet with, as the whole importance of cryptos, in general, is much bigger.

The blockchain technology

Source: unsplash.com

We are all witnessing real-life changes and a digital revolution that’s caused by this unique piece of technology called the blockchain. Even though this tech itself is not strictly for and about cryptos, we wouldn’t hear nor know about its importance and how else it could be implemented and used if it weren’t for cryptos. It all changed in 2014 when tech specialists used blockchain for other purposes, which revolutionized many industries, ironically including the traditional banking and financial system. Now, we said many industries, as it is still not globally used, but it is accepted, and by the end of this decade, most companies will use blockchain at least in some form or shape.

Knowing this, it’s nothing strange that implementing blockchain tech in sports betting also made certain changes, and here, that’s mostly about anonymity. Of course, using cryptos as a payment method also plays a role, and transactions, regardless of whether it is withdrawing or depositing money, are much faster, and, once again, that anonymity level is as high as possible, granting even those who live in countries and areas where gambling is illegal to place a bet and win some money. You should know that sports betting platforms were also the first ones that accepted, added, and allowed the usage of cryptos, long before online casinos, for example.

Instant transactions

Fast transactions can really make a difference when it comes to sports betting, and because of that, being able to make one instantly is a big advantage. Sometimes we want to place a bet on some game and have only a few minutes to do that, but we forget that we do not have money on our betting account. Luckily, if we use cryptos, we can make a deposit in a few seconds and have enough time left to place our bets and hope that this ticket is the winning one. Of course, you can also withdraw the money in a few seconds, while, on the other side, using fiat money or some other payment method can take up to a few weeks.

Anonymous betting

Source: news.asu.edu

Anonymity and anonymous transactions are not reserved only for criminals, as many people think because of the popular myth that if something is not public, that means it is illegal. Sometimes we just don’t want everyone to know what we are doing and how we spend our money. Sports betting is usually one of those things because many people have the wrong opinion about this type of fun and can judge us without any valid reason. What we do with our money is only our thing, and there is no reason to listen to critics and other people’s opinions if it is something that we like and can afford to do.

Safety and security

It is important to make sure that your money is safe and secure, and every transaction you want to make will be made without any problems, and betting is not an exception. Crypto transactions have a high level of safety and security, and choosing this payment method for betting can be one of the best decisions one can make. Because of blockchain technology, everything is transparent, and what is even more important, these transactions are impossible to hack, which adds an extra layer of security. In that way, you can be convinced that your money will get to the right address every time the transaction is made, no matter if we are speaking about depositing on withdrawing. Besides that, you do not use your bank account or credit cards, only your wallet, and no one can misuse your private information.

Universal currency

Source: bitpay.com

One of the biggest improvements that cryptocurrencies brought to sportsbook platforms is the possibility to place a wager and use one of them from every place in the world. It is the universal currency, and there is no need to exchange it before placing a bet using a platform from any foreign country. In that way, you will not need to pay exchange fees, wait for the money to be converted, and choose only the platforms from your country if some foreign ones give a better offer.

The bottom line

Cryptocurrencies are something that will undoubtedly shape our future, and for future references, if you want to find out what’s the next big thing in the tech field, just check what sportsbook platforms and online gambling in general start implementing as they are usually pioneers. Now, the only other thing to worry about here is finding the most reliable Bitcoin and crypto casino sites to bet on, but even that is easily solved, as all info you might need is right here at cryptocasinos360.com.