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Geographical barriers have taken centre stage when it comes to sports betting. A myriad of bettors across haven’t had access to betting options, thanks to their geographical location.
Stringent betting laws in their jurisdictions have made it impossible for gaming providers to offer wagering services to such individuals, for fear of facing legal implications. The rise of crypto is allowing more gamblers to enjoy worldwide accessible betting, security, and transparency. Let’s break down how these are achieved.
The best benefit of betting with crypto is that it equalizes bettors from all over the world. In the past, sports betting for real money was a reserve of individuals in certain countries, mostly in Europe.
Players from other continents were subjected to Daily Fantasy Sports and virtual games. The introduction of crypto to the sports betting realm enables bettors across the globe to join in the fun.
Your identity stays private throughout the entire process, regardless of your location. This allows anyone with access to the internet and a reliable crypto provider to join a crypto casino and enjoy their favorite sports betting activity.
Fiat currencies have one demerit that makes them undesirable to bettors in marginalized countries. They have intermediaries between the bank and account users. The downfall of a chain of individuals controlling how and when you receive your funds is the processes that take place before the cash lands in your account.
You’re either contending with payment errors, double payment when the system is down, or missing funds. When it comes to payment with cryptocurrencies, the process is much more seamless.
Blockchain technology dispenses the funds with a prompt, removing the unnecessary inconveniences that arise when one individual is in control of the entire system.
Accessibility stems deeper than the availability of betting activities across the globe. Transaction fees have also been a major barrier when it comes to betting using fiat currencies. Players have to pay heavy fees to transact to and from their bank accounts.
And while the transaction fees vary depending on the amount you’re withdrawing or depositing, it is usually a significant amount. Avid gamblers lose more money to transactions than they’d want to. The trajectory of things changes when you place bets using crypto.
The intermediaries between players and their wallets are scraped off. This move allows bettors to enjoy less fees as far as transactions are concerned. The benefit of this is that you get to keep more of your funds that come in handy when you want to place even more bets.
Payments done using blockchain do not aim at siphoning your account dry, but keeping most of it in your possession. You stay in control of your funds through two private keys you receive when you store funds in a secure crypto wallet.
Say goodbye to long waiting periods when you’re moving money from the bank account or cashing out from your casino account. There’s a long verification process linked to fiat currency financial providers that can be frustrating, especially when you’re in a rush to use the funds.
Most casinos, for instance, require you to provide proof of identification when you’re cashing out, regardless of the amount. If you happen to hit the jackpot, the process becomes even lengthier considering you have to involve the IRS to pay your dues.
With crypto, your key is the primary verification requirement that determines whether you get the funds or not. Once you authorize the payment and complete the two-step verification process, you’ll receive your money instantly.
A major downfall linked to traditional payment options is that there’s a lack of transparency, especially when it comes to handling funds. Standard charges apply in most cases, and there isn’t a tabulation of why they charge the amount they do for the services.
Crypto operates quite differently when it comes to this. First, the system isn’t controlled by any individual. However, the original and subsequent blockchain codes are stored in open-source digital ledgers that are impossible to manipulate.
And these are accessible to the public. Every transaction you make is added to this chain and is subject to public scrutiny. This attribute allows individuals to have a stake in how things are done, and follow what’s happening in their wallets.
The kind of casino you choose to bet in depends on the accessibility of a local currency. If not, you may have to convert your funds to the readily available currency. This costly process reduces the net value of your funds, now that you have to pay for the conversion fees.
Coupled with transaction fees, it feels like traditional banking is out to make their clients broke. Considering that blockchain is a decentralized and universal form of payment, the need for currency conversion becomes obsolete.
At the end of the day, you retain your principal funds and only get to part with something small to pay the miners doing the heavy lifting to ensure you don’t run out of your favorite cryptocurrency.
The primary factor that plays a significant role in smart betting contracts, is decentralization. With this type of betting engagement, gamers do not have to be controlled by a central authority.
With that out of the way, players can enjoy fair games now that they can verify the results thanks to the fair gaming algorithms. In the end, this develops a trust bond between the player and provider.
There are also the less fees, more control, and transparency for the player. Most importantly, these contracts are responsible for providing security. This is vital in ensuring that players don’t have to lose sleep over the security of funds in their casino accounts.
The adoption of cryptocurrencies in sports betting has broken multiple barriers that were otherwise an impediment to their enjoyment as far as wagering is concerned. More players can join in the fun regardless of their jurisdiction. Bettors now have access to affordable betting, thanks to the reduced transaction fees hinged to fiat currencies.
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