Advantages and Disadvantages Associated with Bitcoin Sports Betting


Sports betting has been one of the world’s most popular fun and profit gambling option. With the large variety of sporting events, betting sites are now swarmed with many players. Since the launch of bitcoin back in 2009 and its ever-growing fame, it is now creeping its way into the gambling world.

Due to this progress, many Bitcoin sports betting sites are now taking over the gambling industry, with new ones also popping up. Therefore, this article will provide information about bitcoin sports betting sites and explain their advantages and disadvantages.

The Rise of Bitcoin in Sports Betting Sites

Bitcoin is currently the most valued digital currency in the crypto market. A single bitcoin’s estimated worth is approximately $ 26,500, which is expected to increase in the coming years.

Due to this steady increase, bitcoin is now the most owned coin in the world. Furthermore, a high percentage of gamblers own bitcoin, and many are switching to bitcoin sites. However, the main reason behind the rise of bitcoin in sports betting sites is the benefits and rewards gamblers get when they log on to these bookmakers.

Top Events on Bitcoin Sports Betting Sites

The world of sports betting is massive, with many leagues and competitions being played regularly. Furthermore, each country has a particular sport it is known for, the game most citizens choose to gamble on. However, many of the top sports and competitions are recognized worldwide. Some of these sports sites have include:

● Soccer

This is the most popular sport on earth, with thousands of leagues and competitions that go all the way to the grassroots level. However, soccer is the primary sport in Europe, South America, and Africa.

Also, the champions league is the most-watched soccer competition, with over 4.2 billion fans across 200 countries. As a result, the soccer market in crypto sports betting sites is vast, with many sub-markets and different odds.

● Basketball

Basketball is one of the most-watched sports in the United States, with its popularity spilling into most African countries. Also, the NBA is the most gambled-on basketball event on bitcoin sports betting sites, with many games being played regularly.

The NBA comprises 30 teams, with the league being divided into two conferences, The Eastern Conference and the Western Conference.

● Hockey

Hockey is the most popular sporting event in North America and is the most-watched sport in Canada. However, the game of hockey is not entirely known in many countries outside North America. Notwithstanding this fact, many crypto sports betting platforms offer the option of gambling on hockey.

● Esports

Esports gambling is a new addition to the world of sports betting. The rise of video gaming tournaments has led to cryptocurrency betting platforms adding them to the list of sporting events.

However, research is required before using your bitcoin to bet on eSports events; research is needed. When betting on Esports events, you are putting your trust in the ability and skill of the player against his opponent as it is not a team event. Other sporting events you can play on bitcoin sports betting sites include boxing, tennis, darts, golf, and more.

Advantages Associated with Bitcoin Sport Betting sites

Bitcoin sports betting sites have changed the situation of things in the gambling industry. There are lots of benefits associated with gambling on these sites, some of which are:

● Reliable Odds and Markets

Traditional gambling sites are very cunning regarding the odds and markets associated with most sporting events.

If the rate at which you win on these sites is very high or if you have a particular market you always choose that has a high success rate, these bookmakers will likely restrict you from accessing some of these markets after consistent wins.

When gambling on bitcoin sports betting sites, there is no restriction on the markets you choose or the games you wish to play. Also, fiat currencies betting sites limit the number of matches a player can stake, but this does not apply to crypto sports betting sites.

● Security

The Security of regular online sports sites is nothing compared to that of bitcoin sports betting websites. These sites are usually fitted with the highest level of encryption, thereby protecting them from hacks.

● High Transaction Limit

The transaction limit of these sites is very high, thereby offering the gambler the opportunity to make massive deposits and stake heavy.

For most gamblers who love sports betting, when they play accumulator bets which generally leads to large winnings, they are usually faced with issues when making withdrawals on regular online sports betting sites. However, this is not the same with sports sites that accept cryptocurrency.

Disadvantages Associated with Bitcoin Sports Betting Sites

There aren’t many disadvantages attached to these betting platforms, which shows how good they are. However, we were able to spot some minor issues worth mentioning.

● Unlicensed Bitcoin Sports Sites

One of the issues facing bitcoin sports betting is that several unlicensed bookmakers operate in the Industry.

These sites are not regulated by any government or authority, making it very dangerous to gamble on these platforms. Therefore, people who register on these platforms risk being scammed.

● Transactions are Irreversible

When making transactions on bitcoin sports betting sites, a high degree of caution is needed. Unlike credit card payments and bank transfers, bitcoin transactions are irreversible; once that transaction is done, it can not be undone or traced.

For example, when trying to make withdrawals from these crypto sites and you make a mistake in the wallet address, that address ends up belonging to someone else. Once the transaction is processed, the bitcoin is lost, and the site will not have any way of helping you. Therefore it is wise to exercise a high degree of caution when making transfers.

Conclusion

As you can see, bitcoin sports betting sites have advantages and disadvantages. Having read through our article, the decision to join these platforms is in your hands. However, you are now confident that there are significant benefits to gambling on these sites.



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