Advantages of betting with cryptocurrency
Cryptocurrencies have exploded on the world in the past decade. What started as a small market, niche concept for digital money has become one of the top ways people invest, spend, and keep their money in the 2020s. Cryptocurrency is now utilized as payment method in many places and some believe that crypto will one day replace fiat currencies. One of the industries that accepts, and welcomes, cryptocurrencies is the online gambling industry. Sportsbooks, casinos and poker rooms around the world, are utilizing crypto for deposits and withdraws and even some take crypto bets. Let's examine crypto-gambling and how it works.
Sports betting and casino gambling with crypto
Around the world, online sportsbooks and casinos allow players to deposit with cryptocurrency and then convert the crypto to dollars, euros or any form of fiat currency for players to bet with. Once the funds are converted, players are able to bet on any slot, table game or sport. Some places, like Cloudbet, give players the opportunity to wager with crypto - they don't convert crypto to fiat currency for wagering.
Advantages of using cryptocurrency for gambling
Cryptocurrency is by definition anonymous. But, in reality crypto transasctions are not 100% untraceable. So, the additional security comes into play when gamblers don't have to hand over credit or debit card details to online gambling websites. Most places will make players verify their identity when making a withdrawal, but crypto gives players the peace of mind of keeping credit and debit card, and potentially banking, information private.
Speed of withdrawals
For those that have played online for awhile, Bitcoin and other cryptocurrencies offer somewhat faster deposits, but much faster withdrawals than any other method of withdrawal. Sure, players can deposit with a credit card for an instant deposit, but when it comes to a withdrawal, there are few places online that can, in 2023, refund that withdrawal back to the card used. Often, players who opt for a credit card deposit, will have to use a check or bank wire method for withdrawal, and, at best, those methods take a minimum of a few days. The same scenario exists when using MoneyGram, where a player will have to seek out other options, or be severely limited to $300 or less to get the funds back using the same person-to-person method.
Crypto withdrawals are generally received from the top online sportsbooks and casinos within a few hours. Some shops will take up to 48 hours, but every gambling house online will get a crypto withdrawal done within three days.
Though online sportsbooks and casinos typically will eat the fee when a player makes a deposit, players pay any fees incurred when making a withdrawal. But, withdrawals using bitcoin, and almost every other cryptocurrency, are processed with zero fees from the online sportsbook or casino. And, crypto wallets charge no fees for any deposit of any cryptocurrency. So, when a book advertises zero fee crypto withdrawals, that's pretty much everywhere and one of the best advantages of using cryptocurrency to gamble with.
Many of the larger, more established sportsbooks and casinos offer players a different bonus when a player deposits using crypto. Most places will give a larger bonus for a crypto deposit and typically the difference is significant. For example, player favorite BetUS will give players a 125% bonus (100% sports, 25% casino) to get started, but use crypto and you will get 150% for sports and 50% for casino wagering. Sportsbook industry-giant BetOnline even offers players a Bitcoin Boost of 10% on top of the bonus at certain times of the year to get players using crypto. In fact, Jazz Sports gives players a 10% cash boost when depositing using the stable coins Tether (USDT), Binance USD (BUSD) or Wrapped Bitcoin (WBTC).
Many online sportsbooks and casinos are moving towards only using cryptocurrency as a funding method and it's easy to see why. It's safer, faster and gives players extra perks than credit cards or other 'traditional' methods of money transfer.