Anyone who has been on the Internet for the last few years knows about cryptocurrencies. Over time, several tokens have emerged, and while Bitcoin is still the top one, other valuable cryptos sparked people’s interest. A lot of individuals consider crypto trading, and they are even looking towards cryptocurrency integration on online shops as a payment method.
Moreover, with the growth in popularity of online betting, now there are also crypto casinos. People can use cryptocurrencies when placing their bets, and the online gambling industry can benefit a lot from this integration. Some platforms that already integrate crypto are BitCasino, CloudBet, and Fortune Jack.
But of course, crypto betting has its pros and cons, and once you take a look at them, you will understand why it has become so popular.
The Success of Bitcoin Gambling in 2021
Bitcoin gambling thrived in 2021. Those who gambled on top-tier Bitcoin betting sites had the time of their life. However, the gambling industry also had a good year.
According to the SOFTSWISS Game Aggregator report from Q1 2021, there was a share of about 80% held by Bitcoin gambling across all the iGaming brands that SOFTSWISS products are operating.
The other major cryptocurrency in this game was Ethereum, coming right after Bitcoin. It has an average share of 10%.
Now, more than a quarter of the bets made across all brands powered by SOFTSWISS are made using crypto. Bitcoin was able to hit the peak price, and this only goes to show that the crypto gambling industry has potential and will grow even more over the years.
The Pros of Crypto Betting
Crypto gambling casinos have many advantages, which is why so many people are looking at them as the future of the industry. Here are the pros of crypto integration on betting sites:
- There Aren’t Any Legal Restrictions
Online betting is not legal everywhere – therefore, many people aren’t allowed to gamble. This makes it difficult for those who would love to bet online because the bank wouldn’t even proceed with the transactions towards an online casino.
That being said, crypto betting comes as a solution to this problem. You would be able to bet with cryptocurrencies because there is no need for a third party to process your transaction. This way, you would be able to make deposits and payouts.
Since many states don’t consider crypto as real money, taxation will not be an issue. What’s even better is that there aren’t any legal consequences either.
- It’s Secure
Since you do not need any personal information submitted in order to make a transaction with cryptos, your information will not be stolen. This way, identity theft will not be an issue. Also, there are fewer risks of your funds being stolen from you, making the transactions safer.
- The Transactions Are Very Fast
Crypto transactions are very fast, especially when you compare them to real-money transactions. Since there is no third party that has to process the transaction, all that happens is a transfer of sums between two parties. In just a few minutes, transactions will be complete. This is always the case unless there is a particular review process conducted by the bookmaker.
- Low Transaction Fees
Having no third party processing the transactions is more beneficial than you think. It means that you’ll have lower fees, and sometimes you may not have to pay any fees at all. Some of the few fees to expect are for converting coins into fiat currency or for faster transaction processing. Still, it’s more convenient than real-money betting.
- Special Promotions
Cryptocurrency betting comes with more promotions, especially if you can find platforms that offer special bonuses for crypto users. Sometimes, these promotions are way better than those offered to people who make deposits using standard payment methods.
The Cons of Crypto Betting
Although crypto betting is great, it also has its downsides, as follows:
- It Cannot Be Traced
The anonymity and privacy offered by crypto gambling are great, but this also has a dark side. Many times, this anonymity makes it easier to get away with fraud, so there is also the risk of criminal activity. In order to deal with this issue and decrease the risks, some platforms added some built-in monitoring tools to help flag any fraudulent or suspicious activity.
- Cryptos Are Volatile
Everyone knows that cryptocurrencies like Bitcoin are volatile, with the price fluctuating every single day. This happens due to the increasing crypto demand and the number of coins in circulation. It is especially an issue when it comes to Bitcoin.
- You Cannot Reverse Transactions
Credit card payments and bank transfers allow you to reverse a transaction, but you cannot do the same thing with cryptocurrencies. Once you transfer the sum, it’s gone. If you use the wrong wallet code when performing the transfer, you may lose the sum.
The Bottom Line
Whether you already found the best crypto gambling sites on The European Business Review or you’re still searching for them, you should know what crypto betting brings to the table. Analyzing the pros and cons of this gambling option allows you to make an informed decision. We hope this article was useful in this regard.
