Credit: WorldSpectrum – Free to use under the Pixabay license
Concerning online gambling, the casino section of this sector remains dominant. Yet, in the past four years, sports betting has managed to gain massive ground. That has happened thanks to laws regarding this pastime becoming laxer around the globe. Plus, the rise of crypto betting. Blockchain technology has entered the mainstream recently. Its adoption has dramatically affected the gambling industry, particularly its online department, as it is reliant heavily on technological innovations.
In 2021, the global sports betting market size got valued at $76 billion, estimated to swell at a rate of 10.2% annually in the next eight years. The COVID-19 pandemic sizably influenced this pastime, but it has quickly recovered and is treading to reach new heights monthly. Bitcoin betting and crypto gambling have a lot to do with that. Nevertheless, their increasing popularity has led many to wonder how safe crypto sportsbook sites are and whether they are as legit as name-brand fiat ones. The answer to that question is yes. And below, an explanation follows concerning Bitcoin sports betting and how platforms that facilitate it stack up with their fiat counterparts.
What Is the State of the Online Sportsbook Sphere?
Worldwide, the state of the sports betting landscape has drastically morphed in the past decade. Pre the 2010s, this pastime got seen as a taboo activity, chiefly offered by offshore sites based in the Caribbean or other smaller nations that sought to reap the tax benefits this hobby could generate. Today, a vast number of regions have regulated this entertainment form for a myriad of reasons. In the US, over thirty states allow it, and in Europe, regions like Germany and the Netherlands recently opened their doors to this practice. Markets like the UK, Sweden, and Malta have had it legalized for over a decade.
It is crucial to point out that most of these territories do not allow operators to run Bitcoin sportsbook sites from within their borders. That is so because they have yet to regulate cryptos, and until that happens, this is not possible. Though the UKGC made Bitcoin a fiat money equivalent in 2016, and in 2021, Malta tried to authorize this option for companies in this island nation, allowing it through companies vetted by its Financial Services Authority.
As expected, different countries regulate sports betting differently. More economically developed ones seek to have gamblers’ best interests at heart, and they seek to curb potentially rising gambling addiction rates. They do this by implementing lower max bet limits, mandating self-exclusion scheme incorporation, obligating lower deposit caps, and more.
How Do Bitcoin Sportsbooks Function?
Under the hood, they function almost identically to fiat online sportsbooks, using identical software solutions and industry-accepted practices. Nevertheless, they have specificities, such as unique bonuses and terms and conditions. Online gamblers must realize that KYC procedures at crypto betting sites are not mandatory. Thanks to their licenses that allow them to operate across multiple jurisdictions, they do not get obligated to enforce strict identity verification policies. They can choose to set their limits when these come into play, with many picking such a range between 0.5 BTC and 2 BTC, which is decently wide, and mainly appropriate for high-rollers.
So, crypto betting sites are legitimately-licensed gambling hubs with fewer restrictions than standard sports wagering platforms. That lets them accept users from most regions on the globe and shower them with lucrative promos on top of unique ones. Though, it must get said that most frown upon VPN use since this technology can lead to bonus abuse.
Everyone considering partaking in crypto betting should explore the terms and conditions page of the sportsbook they are pondering joining. Look to see if their country of residence is on the restricted regions list. It is best that it isn’t to avoid unnecessary hassles down the road.
Crypto Sports Betting Sites vs. Traditional Platforms
It goes without saying that each gambling site category has its pros and cons. Nothing is drawback-free, and that applies to betting platforms as well. Therefore, here are the main benefits and negative aspects of using crypto sportsbooks and fiat betting apps.
The top advantages of traditional sites are:
· Potential third-party arbitration.
· Widely accessible payment methods.
· Coverage of local events.
· Universal self-exclusion.
· Better oversight of rule enforcement.
· Higher quality support.
The chief disadvantages of using traditional hubs are:
· Wager restrictions.
· Bonus limitations.
· Limited access to niche events.
The top advantages of crypto betting platforms are:
· Lucrative promotions.
· Super-fast blockchain transfers.
· Few wagering restrictions.
· Unique bonuses.
· Possible gambling anonymity.
The primary disadvantages of crypto sportsbooks are:
· Only site-specific self-exclusion is available.
· Potential for running into unregulated websites.
· Crypto payments are likely to be the only transaction option.
· Few opportunities for using a mediation service in disputes.
Wrapping Up
As evident by the subheading above, there is no clear winner in the battle between fiat versus crypto betting apps/sites. Each website group has distinct characteristics that make it more appealing to different types of bettors. They both have their positives and negatives. And it is ultimately up to individual customers to decide if they wish to test a crypto-wagering platform or stick to a traditional fiat one. If they want fewer restrictions and better bonuses, Bitcoin gambling is the way to go. Nonetheless, if bettor safety is their top priority, it is best to use platforms approved by their country’s regulator, avoiding those licensed/overseen by international bodies. Meaning organizations that let their licensees operate in multiple jurisdictions.
