The rise of cryptocurrency over the past 15 years has transformed the betting industry, and it is poised for further growth.
The betting industry has gone through many changes over the years, but no major change has been as impactful as technology. The advent of technology changed the scope of the betting industry as it made transactions seamless and betting easy.
Thanks to technology, particularly the internet, you can place bets at the palm of your hands as long as you have a digital device. While technology has made life easier for the betting industry, there have also been some innovations inside this digital revolution, and one of such is the rise of crypto as a mode of payment or transaction in online betting.
Before the 2010s, Crypto betting was not a thing, even though Bitcoin launched in 2009. During that period, people only bet with Fiat currency, which is still a thing today.
However, the rise of cryptocurrency in the last 15 years has changed the scope of online betting, with many sportsbooks and online casino platforms now adopting digital currency as a major means of transaction.
Having established the advent of crypto betting thanks to technology, what is Crypto Betting?
Crypto betting is a form of online betting where transactions are conducted and bets are placed using digital currency or crypto coins. Instead of using fiat currency to place your bets, you adopt crypto.
Betting using crypto is not different from using fiat currency to bet, but the deposit mode is different. Unlike with fiat currency, you cannot use your card or transfer from your bank to fund your bets.
To fund your bets using crypto, you will need to register and create an account with an online casino or sportsbook platform like Housebets. After you have done that, you will go to the deposit section to select the cryptocurrency with which you want to place your bets.
After that, you will need to copy the wallet address provided and then go to the crypto exchange you use to deposit the amount of crypto you want to bet with.
Once you send the money to this wallet address, the money will show in your online casino account and you can start betting.
There are a lot of digital currencies that you can use to fund your bets but the most popular is the Bitcoin, which is also the first crypto coin. Other coins you can use include Ethereum, Solana, Dodge, BNB, Litecoin and many others. You can also use stable coins like USDC and USDT to fund your bets.
Crypto Betting is popular because it has so many advantages over fiat currency. Some of the advantages include:
Speed: The near-instant deposits and withdrawals encourage people to adopt crypto betting instead of fiat betting. Unlike Fiat currency, crypto transactions are almost instant, enabling a seamless betting experience.
Security: One major advantage of crypto over fiat is that crypto transactions are secured. Unlike Fiat currency transactions, no one can steal your payment information. You also do not need to provide any personal data that could expose you to security threats, thereby protecting you from identity theft.
Privacy: Because you do not have to provide any private information, you can always maintain anonymity, meaning your identity will not be revealed or exposed. This is different to fiat currency transactions, which require your personal data.
Low Transaction Fees: There is no middleman in crypto transactions, with everything happening in a decentralised network. As a result, you will not be charged any commission as opposed to when you conduct fiat currency transactions.
While it is unlikely that fiat currency will be fully eradicated in online betting, crypto gambling will always continue to evolve and grow in the industry.
With the invention of decentralised applications that operate on blockchain networks, more bettors will adopt crypto as a mode of payment to fund their online betting needs as it gives them a chance in online gaming experiences while having control over their data.
Also, with many online casinos operating on the Web3 platform, more platforms will start catering to crypto bettors and gamers looking to engage in blockchain technology.
With the advantage it has over fiat currency, crypto betting is indeed the future of the iGaming industry.
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