Sports betting has been around in some capacity for longer than any of us can remember. Over the last two decades, sportsbooks have become a staple online. In the last couple of years, with developments in the legality, there are more players active at online sportsbooks than ever before.
Players can bet on sports with Bitcoin at TenexCasino USA, gaining access to one of the top crypto sportsbooks in the world. As cryptocurrency becomes more popular and widely available as a payment method, there will be more sportsbooks that accept cryptocurrencies as a form of payment.
Here are the good and bad things to be aware of before you get started.
Upside: Faster Transactions
There are more than a few upsides to using casinos and sportsbooks that accept cryptocurrencies. One of the biggest benefits has to be the transaction speeds that come with cryptocurrencies. In all other areas, transactions are much faster when using cryptocurrencies than they are with other traditional banking methods.
When you place bets at an online sportsbook, you can ensure that both deposits and transactions are much faster. Though other banking methods have instantaneous deposits, withdrawals can take some time.
Using crypto, you can get your money much faster than would have been possible otherwise. After all, who wants to wait longer than necessary to get their money?
Downside: Lack of Regulation
Cryptocurrency comes with a few downsides, though they are shrinking as time goes on. One of the biggest issues with cryptocurrencies, in general, is the lack of regulation. Though that is changing somewhat in the United States and Canada, it is still something of a grey area that many are looking for clarification on.
Those issues carry over to the world of sportsbooks. A lack of regulation means that some cryptocurrencies just aren’t available. Even if they are, some restrictions or limitations may be in place, making it a less attractive option to offer for sportsbooks.
There has been a call for change on the regulatory front, though it often takes years at a minimum to see those changes take effect.
Upside: Enhanced Security
A major reason that so many people back cryptocurrency is because of the safety behind it. Using blockchain technology, transactions are meant to both anonymous and safe.
Personal information isn’t required, instead using a unique key to access each transaction. It ensures that transactions remain safe and anonymous in ways that other banking transactions can’t match.
Crypto does not require personal data to make transactions. You won’t need to use credit card information or bank numbers to complete transactions. For some sportsbook bettors, that alone is a huge benefit. Add in the elimination of hacking, fraud, and betting outcome manipulation and it is easy to see why this option has been growing quickly.
Downside: Lack of Availability
Though regulation is certainly something of a problem area, the real issue for players is the lack of availability. Only now are major sportsbooks beginning to offer cryptocurrency as a banking option, and even then, it is limited to major coins like Bitcoin and Litecoin.
Though the number of available options is growing slowly, it is still one of the biggest hindrances of making bets at online sportsbooks. You may have to go to a less reputable or known sportsbook because they are one of the few offering the cryptocurrency that you prefer.
Keep that in mind when pursuing sportsbooks that allow cryptocurrencies as a banking method. That is expected to change in the coming years, but it is a development that is slow moving.
Article and permission to publish here provided by Oskar Bogatinovski. Originally written for Supply Chain Game Changer and published on January 21, 2025.
Cover image by Keith Johnston from Pixabay.