Modern gambling websites are much more complicated than those available several years ago. People who like gambling and online betting are looking for a lot more features, bonuses, betting categories, and different payment gateways. Speaking of the latter, cryptocurrencies are becoming the new go-to option and are the reason why a lot of sites have become much more popular than before.

Even though many people like them, digital currencies in sports betting are not perfect and have pros and cons. Sadly, not a lot of people think about those things before they start playing, so let’s analyze the good and bad aspects of cryptocurrencies and see the effects of them.  We will start with the pros.

Positive effects of using cryptocurrencies in sports betting

No one can deny that there are many advantages of using cryptocurrencies in sports betting, especially regarding bonuses. The first big perk is related to the fact that people can access a more diverse range of payment gateways. There is no need to use a specific deposit and withdrawal solution just because there are no other available options.

Modern sports betting operators provide multiple cryptocurrencies that clients can put to the test. All of them have Bitcoin, but some brands also add Ethereum, Dogecoin, XRP, and all of the hot alternatives that bettors expect to find. 

While discussing cryptocurrencies as payment options, we must address the elephant in the room and discuss safety. Generally speaking, crypto transactions are thought to be much safer than regular deposits and withdrawals because of the way they work. This is a huge positive for a lot of customers, and it could often be the only reason why they’ve started betting online.

Another positive of using cryptocurrencies and why many companies offer them is because of the volatility of these options. If we analyze the best betting sites that accept crypto and check all the different payment solutions they have, we can see that all digital currencies are very volatile and change their prices constantly. When we are in a “bull market”, the prices of crypto go up, which means bettors can win more just because the value of the specific cryptocurrency has gone up.

Cryptocurrencies and bonuses

Another big advantage that cryptocurrencies bring to the table that deserves more attention is bonuses. The latter have a key role in many operator’s portfolios, and those that offer cryptocurrencies usually have even better perks.

Besides the fact that people can use these payment solutions to obtain the offer they like, they also have access to unique propositions. For example, there are Bitcoin deposit bonuses, which allow punters to make a transaction with this cryptocurrency.  Furthermore, the bonus itself is in crypto and it can often reach really big numbers.

Staying under the radar

Another big advantage of using cryptocurrencies when betting on sports is related to revealing your identity. Sure, all legitimate gambling websites will require people to verify their identity because they need to make sure everyone is a real person. With that said bettors who use crypto can stay under the radar when making transactions because they don’t need to use their bank accounts.

This may not seem like an advantage to some people, but others use crypto mainly because of it. Certain customers do not want their banks to know where they spend their money, so they rely on crypto to make secure transactions.

Keep in mind that the majority of crypto transactions are not anonymous, so you can’t be 100% sure someone won’t notice you’ve played. That said, you do not need to use your bank account. 

Negative effects of using cryptocurrencies in sports betting 

Despite the fact that the positives outweigh the negatives, people must know that there are also several negative aspects of using cryptocurrencies for sports betting. The first and probably the biggest one is that many users are forced to get crypto just because they want to gamble online. 

Even though most of the big sports betting operators also offer regular currencies in addition to crypto, some are crypto-exclusive. Therefore, users who trust those brands and want to check what they offer must get crypto.

Another disadvantage of using cryptocurrencies is related to their volatility. We’ve mentioned that this can be a plus once Bitcoin and the rest start going up, but it can also be a huge con if we are in a bear market. 

Players often have budgets they must adhere to, and if the value of the cryptocurrency they’ve chosen goes up while playing and they lose, they lose a lot more than planned. This can lead to really bad financial situations.

Another disadvantage of using such sites is that you may need to use a third-party payment provider to complete your transactions. Some bookies do not accept direct crypto transactions yet, so this is something to remember.

The security concerns

We can’t talk about cryptocurrency and online betting and not address the elephant in the room - the security concerns. Sure, the leading sports betting sites that accept crypto also have licenses and follow strict rules so that they can provide clients with a secure platform. Others, however, are not like that.

There are many examples of sites that look good but do not have any security software. Needless to say, a lot of people are skeptical about such places because the latter can scam them. The worst thing is that bettors can’t do much if that happens because all transactions are done via crypto, and there is no regulator to monitor what’s happening.

To avoid such types of crypto operators, punters must research the bookie they want to use very carefully. 

Final Thoughts

All in all, there are more positives than negatives regarding cryptocurrencies and their effect on sports betting operators. Unless we see a drastic shift in the approach towards these kinds of digital assets, we expect to see improved crypto services. Things like new offers, better payment processes, and exclusive new sections might just be around the corner.

For now, crypto platforms are as good as their regular counterparts but don’t forget to review the brand you have chosen.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.