Cryptos, Blockchain & the Betting Market
Cryptos, Blockchain & the Betting Market

Cryptos, Blockchain & the Betting Market

By Simona Naldi - 7 Feb 2020

Chevron down

Sure, they were already here and most of the general population has been aware of them. But with big tech getting in the game, central banks backing coins like ripple for transactions, and wall street & global investors buying into BTC, there is a newfound level of trust that these currencies are not going away any time soon.

One of the most common and practical uses for cryptos has always been to fund sports betting accounts and online casinos. But even as such, there has still been a level of fear and of course, with the old-school guys, a level of technical difficulty that made them shy away from utilizing cryptocurrencies to move money to and from their sports betting platforms. 

Now, as more and more 3rd party software gets created to simplify the process, it’s become easier than ever to load up a BTC, LTC, or ETH wallet and transfer money to anyone you or any entity you see fit to send money too. Because of this, most sports betting sites have converted and now not only offer cryptos as a regular part of their service, but they offer advantages to their customers who use cryptocurrencies to fund their accounts and make withdrawals. 

The most common is the fact that you can pull your winnings at any time you like without fees. But often, they offer additional deposit bonuses like an additional 50% to the amount of your deposit in free plays – this is just a hypothetical example.

A few years ago, there were only a few sites that took BTC and other cryptos. Now, it’s a crowded market with 100s of betting sites not only accepting cryptos but giving preference to them. 

But why? 

The answer is simple: blockchain. Before, they had to go through centralized banks along with 3rd party wallets like Skrill and Netteller which were automatically flagged by banks as potential sources for nefarious funds – even though everything was usually on the up-and-up. Transactions in this manner are costly and take a long time. Not to mention the fact that they have to verify over and over again exactly who is sending and receiving money. With blockchain, the potential for fraud is virtually nill. 

So, transactions are handled in minutes instead of days for a fraction of the cost with a significantly reduced possibility of fraud or corruption. Why wouldn’t they be on board!?

How Blockchain Works

According to the Association of Certified Fraud Examiners, business organizations lose roughly five percent of their revenue due to fraud in one form or another– each year.

Blockchain, the system that BTC runs on, is an immutable digital ledger. Basically, it’s a record that is shared on a peer-to-peer basis and is updated and reconciled constantly. There is no single person acting as the administrator or manager of the document.

Look at it this way: if I have a piece of paper in my desk that holds a record of a purchase of sale, I can change the sale price, the amount pending, basically whatever information I want that might benefit me. Now imagine that same piece of paper was notarized and time-stamped and instantly sent to the purchaser, and anyone else involved. Suddenly, it becomes a bit more complicated. Now imagine that that same paper also went out to everyone that had ever shopped at that store where the purchase was made, along with records of every other purchase. Now, to be able to effectively change the information, I would have to somehow do it to everybody’s copy at the exact same time before it got reconciled again and resent to everyone. 

It’s such a simple idea yet is so effective to maintain transparency. It creates a check and balance that is nearly impossible defeat. I say nearly impossible because I was raised to believe that anything is possible. But in this case, it is highly unlikely. No hacker has been able to do it yet, and probably never will. 

Cryptos and blockchain are changing the face of not only online gambling, but global enterprise in general. 

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.