Crypto Betting: Expectations vs. Reality

When it comes to cryptocurrency in online sports betting, there have been a variety of online sports bettors who have been excited about the prospects of betting with their preferred crypto coins, with the prospects of cryptocurrency and the various benefits that cryptocurrency brings along, the excitement is well worth it. Hence, before the introduction of cryptocurrency as a form of transacting in sports betting, online sports bettors have had a variety of expectations for this new development from crypto betting sites – ranging from the speed of transactions to more protected privacy, to how it will become a universally recognised currency.

Expectations vs. Realities

When it was hinted that cryptocurrency will be introduced into online sports betting, there were various expectations from sports bettors from all around the world, there have also been realities that crypto sports bettors have been faced with since the introduction of cryptocurrency. This concise text compares the expectations of sports bettors with the reality of things now that crypto betting is here.

1. Variety of Currencies in Crypto Betting

Before the introduction of cryptocurrency, all individuals were restricted to their national currencies, the expectation was that when cryptocurrency made its way to the online betting industry, there will be a variety of coins to bet with and individuals will not be so limited as they were before its introduction. Though, is that the case now that crypto betting is here? In this situation, the expectation correctly meets reality, this is because there are a variety of online sports betting websites that offer different options when betting with crypto. Some of the websites which offer various cryptocurrencies include Stake.com, Sportsbet.io, Cloudbet, Betonline, Fortune Jack and so many more which you can find on the website link which we have provided above.

The most available currencies available for crypto sports betting include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP Ripple, Dogecoin, TRON amongst others which keep being added day by day. Therefore, when comparing the expectations of crypto betting in terms of the variety of coins to the reality, the reality of things is in tandem with the expectation as there is no limitation to national currencies anymore.

2. Security 

This is the first pillar of online betting. The security of users has been a major worry for online bettors and it was the main expectation of crypto sports bettors. Before crypto sports betting, every online bettor had to fill in banking and credit/debit card details before being able to deposit or make withdrawals. This was more susceptible to security lapses because of phishing websites/links which were able to deceive users who were unaware that they were filling their banking information on a fake website. Therefore, the expectation has always been that betting with crypto will reduce cyberattacks on crypto bettors. 

Now that crypto is here, is this the true state of things? Is Cryptocurrency safe for betting? This is true, cryptocurrency is safer than ordinarily using banking details such as credit/debit cards. Firstly, it is needless to fill in your banking details online when you are betting with the use of your cryptocurrency coins. Also, apart from this, a factor that makes cryptocurrency betting highly reckoned with is its two-factor authentication or 2FA. With the two-factor authentication, your transactions are doubly secured, so this means each time you wish to transact, you will need to remember the personal details filled in and also carry out a further confirmation before completing any transactions on your account. Hence, the reality meets the expectations, the security offered by cryptocurrency matches what users had hoped it would offer upon its arrival: a more secured way of betting.

3. Anonymity and Privacy in Crypto Betting

This is the second pillar of online betting. Before crypto, since banking details had to be filled, users could not claim they were making private transactions. Hence, the expectation was that crypto betting would bring about anonymity and privacy. Has cryptocurrency been able to offer this? It has. With crypto, the transaction occurs via your wallet, therefore placing bets with cryptocurrency is more secure. Your bank does not know what your funds are being used for as it is not in your bank account. Your transactions can hardly be traced. It’s simply between your sportsbook and your cryptocurrency wallet.

Therefore, the reality has met up with the expectation users had about the privacy which crypto was going to offer. Sports bettors’ anonymity and privacy are ensured with Crypto. 

4. Crypto Betting – No geographical Restrictions

Since cryptocurrency is a decentralized form of currency, before its introduction into online sports betting, individuals believed that cryptocurrency betting can be done across borders, that is irrespective of the nation you are betting from, it can be done using crypto. This is truly the reality, whether sports bettors are betting from countries within the continent of America, such as Canada, the U.S.A, Brazil or from countries in Europe such as Italy, France, Germany; there is no restriction of the crypto coin and the value of the coin stays the same. So, in this regard, expectations have met the realities also. 

5. Stability

The majority of individuals who have embraced crypto betting have expected that with time, the value of crypto coins will stabilize; however, when considering the situation on the will reduce ground, this is far from the expectation of online sports bettors. This is because crypto is still so volatile, hence, when individuals are betting with crypto, there is a possibility that upon winning the bet, the value of such coin may even become lower than it was when the bet was placed. Hence, the expectation hasn’t been met by the reality of things.

With Crypto, online sports betting has been made more convenient. And though some of the defects of fiat currency betting have been corrected, crypto coins are yet to be well stabilized, so this expectation is yet to be met; though with time, there is a possibility that crypto coins will get to stabilize. But cryptocurrency is still on the rise and although not all expectations have been met, it is doing a good job with the expectations met so far.

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