Crypto sports betting: how cryptocurrencies can benefit sports betting

Odds boards in a Las Vegas sportsbook – CC BY-SA

Ever since the digital currency has gained traction following the pandemic, the integration process of cryptocurrencies has been steadily underway and sports betting would likely be up next on the alley. The idea of pairing both cryptocurrencies and sports betting is not far-fetched either since ensuring convenient use for users is the name of the game.

There are multiple ways that gamblers may benefit from the so-called “crypto sports betting”, such as how fast it can be, how secured it can get and its convenience. Cryptocurrencies are well-secured digital assets that are almost impossible to counterfeit. This also allows for users’ anonymity and secured personal information. In other words, users’ data are safe from being compromised.

In addition to this, in order for it to function, these digital currencies are not depending on any central authority as they are designed to work as a medium of exchange through the computer network. The convenience part lies in the flexibility to use in many parts of the world while featuring usually lower transactional fees from credit cards and bank transfers.

The increasing use of cryptocurrencies by some of the heavy hitters across multiple industries, such as PayPal, Starbucks, AT&T, AMC Theatres, Microsoft, and Whole Foods — whose payments are now accepted by these digital currencies means that more sportsbooks, as well as gambling centers, will likely follow suit in the future.

There are various benefits of crypto sports betting, namely, it is secure and difficult to hack, decentralized and fast as well as easy to use. Gamblers will not need to worry about their assets being tempered, controlled, or manipulated by the central authority, and can be used instantly with less transactional fees.

Accessing cryptocurrencies in the future for sports betting would likely be similar to how poker chips are purchased and traded in a casino. Meaning that cryptocurrencies can be bought in an exchange and used for payment of goods and services in sports betting. Additionally, gamblers can also resort to mining these digital currencies.