The use of cryptocurrency as a payment method has incredibly become popular and has been adopted by various sectors including gambling, health, e-commerce industries among others because it is considered more secure than credit and debit card payments.
The gambling industry is know for adopting the latest technologies that are in their favor and over the years they have been reaping ripe fruits and providing their customers with improved services thanks to the new technologies.
Having now adopted cryptocurrency technology as their new payment methods, the sports betting industry has not only gained more customers but has also gained more several benefits leading to immense growth.
Below are some of the advantages to customers using cryptocurrency as payment methods while gambling online.
Tight Security and Privacy
Most gamblers prefer keeping their identity private and crypto has made this so easy in the betting world due to its unregulated nature and using the Blockchain technology.
These kind of privacy is very vital especially to a gambler who is in a location where betting is banned because they can now bet without their details being exposed. Most companies asks for your crypto wallet to process your payment and sometimes your information might get compromised but you don’t have to worry because your bank information will remain safe.
It should also be noted that Cryptocurrency gives customers full control over their funds something that has continued pulling more people in the sports betting industry.
Reduces the huge transaction costs
Previously, before the betting industry adopted the use of cryptocurrency as a payment method, customers kept complaining about the increased transaction costs. This was so ridiculous because customers who gambled with a large amount of money got affected terribly and received only little profits while the financial institutions took almost half.
And now with the use of cryptocurrency, customer are more than happy because no third parties are involved and they get to bag all the profits. In these mode, gamblers are welcomed to wager large amounts because they will not incur any ridiculous charges.
By using cryptocurrency method, the betting companies are able to process a gamblers payout at a lower cost and this will be beneficial to gamblers as they will not lose to much money in the process.
Fast transaction processing time
Customers have run to the new betting sites that allow them to use cryptocurrency as a payment method because of the improved processing time. This is a huge advantage unlike the traditional method of using debit cards whose processing time could take up to two day or even twenty one days.
The method was so frustrating to users who wanted to withdraw huge amounts of money. These bettors always got challenges with financial institutions who love interfering with the transactions of betting companies and their customers.
Thanks to cryptocurrency as the transactions are so fast and rapid. A gambler is only required to change the payment method to cryptocurrency and within two hours the money requested for withdrawal will be in your crypto wallet.
Using cryptocurrency in betting is not as risky as using the traditional payment methods. This is because in the traditional method a gambler is prone to losing money to fraudster if their bank information get exposed. But with the use of cryptocurrency which requires no details users can safely bet.
Betting companies will always convert your crypto to US dollars when you place your bet and this will protect you from any risks especially price votality that may occur in between.
Also when you come back to withdraw you winnings the currency which is in us dollars will automatically be converted to back to cryptocurrency again.
You still have to be extra careful while placing a bet for anything but with cryptocurrency at least you will not have to worry about the value of your winnings suddenly dropping after you’ve won a major bet. Also you need to dig deep and find a betting company that makes you comfortable while betting using cryptocurrency.
Improved betting experience
The use of cryptocurrency as a payment method has reduced the frustrations of transactions restriction on customers and now everyone is able to bet as much as they want.
The traditional payment methods had a lot of unreasonable terms and conditions which were a setback to most gamblers. Thanks to cryptocurrency because now bettors can register to any betting site without providing detailed information or going through a vigorous registration process.