The blockchain technology has made online betting and gambling more accessible than ever. Millions of people bet on their favorite games, and cryptocurrency has fast become a safe and transparent medium to place their bets in a matter of seconds. The betting industry has always been highly secretive as many countries still don’t consider it legal for people to gamble. But with the advent of the blockchain technology and cryptocurrency tools, investors now get complete anonymity that makes it difficult to trace their online payments. For example, if you want to place a bet using Bitcoins, you can use a crypto tool to check the latest trading signals, and your earnings may vary depending on those signals.
Understanding the betting odds
Avid gamblers believe that the principles for the odds are the same and it doesn’t matter if the sportsbook quotes in fiat or cryptocurrencies. Many of them use the Top 10 Bitcoin Robots to see the exchange rate fluctuations of their odds, allowing them to make more informed betting decisions. There may be times when the BTC value will increase when the bet is in the hands of the sportsbook. To eliminate such discrepancies, it is essential to use the cryptocurrency tool as it also allows you to calculate the BTC market price against the fiat price.
For example, if you bet on an NFL game and the odds are quoted as 4:1 EUR/$10, you will stand a chance to win $40, plus the stake back. However, when you place the same bet on a crypto sportsbook, you may have an opportunity to earn $400 if the value of BTC increases by ten times even if the odds remain the same.
The rise of cryptocurrency sports betting
Most gamblers agree that cryptocurrency sports betting is far better than regular betting. There are many reasons for this:
• Blockchain anonymity
The blockchain protocols hide the transaction details of sports betting users, allowing them to place their bets from anywhere in the world. There are no trackable money trails left even if you bet on consecutive games. This privacy is a boon for sports betting users, and it also keeps the banking details safe so that online hackers can’t sneak in and take away your earnings.
• Universal betting
Many countries still forbid people from betting. Moreover, there are too many hackers and bookies involved in traditional sports betting. The crypto sports betting has opened new doors to gamblers to bet freely without the fear of breaking the law. You can use multiple digital currencies to gain an edge over fellow gamblers and increase your chances of winning more.
• Quick withdrawal and low transaction fees
The blockchain technology works in a flash, allowing you to withdraw your earnings quickly and transfer them into your bank account. Moreover, the nominal transaction fees also don’t hamper your profits a great deal. Many cryptocurrency sportsbooks allow the gamblers to transfer and deposit their winning money to offshore bookies to eliminate the chances of any fraud.
The introduction of blockchain in the sports betting industry is a revolution. It has brought millions of gamblers together to a common platform where everyone can win big without any fear of breaking the laws or getting scammed by hackers.