Gaming Sports

Should You Bet On Sports With Crypto Instead Of Cash?

Placing bets online is a market that continues to adapt and evolve in the face of a 24/7 global online market. Before the rise of the internet, many gambling operators would offer standard bets on outright markets. This included bets on football match outcomes, who would win leagues and trophies, and other popular markets such as horse racing.

As the internet began to combine cutting-edge digital advancements and computer technology with sports betting, huge markets that didn’t otherwise exist began to rise to the surface. Within a few years, in-play betting became a huge multi-million-dollar industry. It provided gamblers with an entirely new dimension to their gambling.

Bet On Sports With Crypto

Sportsbooks have long been a popular method of gambling. Since the turn of the century, the internet has ignited an even bigger market within this industry, including mobile wagering.

Cryptocurrency

Another huge development in the digital world was the inception of Bitcoin in 2008, which created a mechanism that allowed users to send digital currencies to each other directly.

The blockchain technology that underwrites Bitcoin verifies and authorizes each transaction on the ledger. It removes the need for a third-party financial institution to handle the transaction.

Due to the secure nature of blockchain technology, thousands of other cryptocurrencies, known as altcoins, have been created that use this technology to underpin the asset.

Over the last few years, but especially in 2021, the cryptocurrency market saw huge investments. This was due to various factors, but the market surpassed over $1 trillion in market cap at its peak, an astonishing development for an industry that didn’t exist 15 years ago.

Despite the huge advances in the industry, it has since retracted quite sharply, along with many other markets and world economies.

However, innovations are still occurring often in the fast-moving world of digital currency, and one of the most exciting and ground-breaking developments is the inception of the cryptocurrency gambling market.

Using Crypto To Place Your Sports Bets

The familiarity of betting with cash can be a comfortable method of placing your bet for millions of sportsbook gamblers across the globe. Using cryptocurrency to gamble is a developing market. Whilst there are far more websites where you can use your centralized currency like Euro or Dollars, cryptocurrency provides a different avenue for gamblers who bet on sports.

If you are looking for a way into the market, cryptocurrency offers unique variables such as heightened security and the direct ability to deposit. If you use a bank account, your bank may delay or stop the transaction. When you are playing casino games with Bitcoin the provider won’t have to store your personally identifiable details and financial details that contain sensitive information.

So, you do not need to worry about these two issues regarding crypto sports betting. However, one issue affecting the cryptocurrency market is the volatile fluctuations. While major world currencies aren’t strangers to price dips and exchange rate changes, cryptocurrency is the most volatile asset class and is subject to far larger price movements.

Bitcoin, for example, has dipped over 70% since its all-time market-high price in November 2021. If you held $100 of Bitcoin to gamble with in November 2021 and left it in the account for a year, it would now be worth around $30.

Conclusion

It would be best to consider all the positives and negatives before deciding what currency to use to place your bet.

Another thing to note is that your venture into gambling must remain fun, and if you find yourself chasing losses or losing more than you can afford, you should log off and speak to somebody about it.

Please Share:

About the author

Sophia Britt

My name is Sophia and I live in the suburbs of Chicago. I offer real world experience to readers on how to save and smartly spend their money. Plus offer advice on organization, career, business, travel, health, home, education and life.