Cryptocurrencies are used in many industries, including some of the traditional finance industries.  However, sports betting was one of the first to accept it as a payment method, and it quickly found a large customer base there.
As sports betting sites often allow crypto and fiat currency payments, comparing and contrasting the two payment methods is useful.  Each offers its own benefits and has its own downsides, but in many ways, they are similar enough that it doesn’t matter to the average player.

A Growing and Changing Market

 The crypto casino market is growing and expanding in terms of its offer and the pool of players that use it.  At first, sports betting sites accept Bitcoin as the most used and trusted currency.  They’ve quickly evolved to accommodate dozens of cryptocurrencies and accept every niche of players.

For instance, players can bet TRX with these brands and enjoy the same games, features, and bonuses as they would with any other currency.  Crypto casinos will continue to grow and expand, while fiat currency betting sites are becoming somewhat of a rarity among new establishments due to how expensive and slow the payments are.

Less Expensive Payments 

Payments made with crypto are less costly for the players than those made with traditional fiat currency.  That’s because there are no intermediaries to pay the fees to.  With bank or card payments, both the bank and the card providers are paid a fee, usually a fixed one, regardless of the amount.

This is an especially important convenience for the players who use crypto casinos to bet on sports, as they are known to make a lot of small transactions.  Players often keep adding new funds to their accounts to bet on one more match or event, and the lack of fees makes this that much easier.

Fast Transactions

 Cryptocurrency transactions are much faster than those made with traditional fiat money.  In fact, they are instantaneous.  Players who deposit money with fiat currencies must wait a few minutes, and those who withdraw their winnings in fiat currencies must wait a few days.

Fast transactions are a great fit for sports betting because players often make split-second decisions to bet more or withdraw their winnings while the game progresses.

Odds and Chances

 Sports betting sites that use crypto payments can have provably fair odds.  That’s because the odds for each game, event, and bet can be written into the blockchain code itself.  The payments are then made once the terms of the bet are met.  Automating the payments this way provides an additional layer of security for those who bet from abroad.

Since blockchain works based on open-source code, each player can inspect the code on their own and make sure that it’s fair.  There are countless sports betting sites to choose from, and players can find better odds by shopping around and checking out a few before they place a wager.

Micro Transactions

 Crypto casinos are better suited to micro-transactions because blockchain allows countless small transactions to happen simultaneously.  It provides the players with a chance to try innovative new bets.  These bets are usually made on the same event, and they cover smaller and less likely events, such as penalties, cards, and injuries.

With micro-transactions, these bets can constitute a parlay bet or work on their own.  With parlay bets, the players are winning only if they win every bet.  The payments are bigger that way, but there’s also more risk.

Better Bonuses

 Both crypto and fiat currency sports betting sites offer a variety of different bonuses.  These include free bets, deposit matches, direct deposit, and cashback bonuses.  However, bonuses are often more generous for sports betting sites that use crypto only.  Fewer of these are still novel to some, so it’s not uncommon to use bonuses to attract new players.

Some crypto sports betting sites offer direct deposits in crypto, and others forgo the fees for the players that use a particular currency.  As is the case with all other bonuses, players should be aware of wagering requirements.

Anonymous Betting

 One of the best features that are available only to the players using crypto sports betting sites is the ability to make wagers without providing any personal information.  That’s because using cryptocurrencies doesn’t require any centralized structure, and all you need to make a transfer is an email.

When making payments with fiat money, players need to provide their personal ID and the number of their bank account or debit card.  For those interested in sports betting, using cryptocurrency is the only way to stay anonymous online and still enjoy the service.  As cryptocurrencies are becoming more common, many sports betting sites are introducing “know your customer” regulations, making it more difficult to hide your identity online.

Game Variety

 When it comes to betting on sports, there’s a bit more game variety on crypto-based betting sites.  The speed of transactions works better with live games, and there’s an overall trend to gamify the process and add new layers for players to follow.  For instance, many sports betting sites provide reward points for players who make different wagers and keep returning to the site.  These could later be exchanged for crypto coins as an additional bonus.

There’s also a global audience for cryptocurrencies, which leads to the introduction of new regional sports and leagues to follow and bet on.

Global Accessibility

Some parts of the world still don’t allow betting on sports.  If players access a sports betting site using a VPN, they are still limited in how they can bet and withdraw their winnings using fiat currency if their government doesn’t allow it.

The use of crypto allows players to bet regardless of where they are based since they can be used globally.  Some countries tax the winnings made in crypto once they are transferred to a domestic account, and that’s something each player needs to work out with their tax authorities.

Volatility

 There’s one area where using crypto sports betting sites is still inferior to using cryptocurrencies.  The value of fiat money is much less volatile than the value of crypto since the central bank controls it.  The value of crypto coins changes based on the markets and all currencies have been known to both rise and plummet over time.

For those who bet on sports, this means that the winnings they’ve made can be worth much less or more than they initially did after a while.  It’s an additional layer of risk, and players should carefully follow market trends to stay on top of it.

Conclusion

 Online casinos that provide sports betting services let the players bet using both cryptocurrencies and traditional fiat currencies.  The use of cryptocurrencies is on the rise, especially with the younger players that are more tech-savvy.

Many benefits come with using cryptocurrencies, and the players are getting used to these.  They include the ability to bet without providing your name, more generous bonuses, and more complex betting options.  The use of blockchain also allows the casinos to provide fair odds that the players can inspect.

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About the Author

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President’s Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.