What some folks see as a novel financial tool, BTC has actually been around for well over a decade. One of its early adopters were actually online sportsbooks. This is because the ease of sending money to anywhere in the world and relative anonymity of cryptocurrency was just too good to pass up.
As far back as 2012, online sportsbooks and casinos not only used the payment method, but actively incentivized clients to do so as well by offering them the best online sportsbook bonuses. An extra 50% here or a free bet there, the approaches were many. The hard work and faith in crypto paid off as it is estimated today that up to 90% of transactions by these companies are done using crypto. Also, up to 60% of all crypto transactions may be related to online gambling.
In the early days, volatility was an issue. This was because most transactions involved Bitcoin, an asset that constantly changes value depending on how much other kinds of money is backing it. Enter stablecoins.
Stablecoins are crypto tokens which are pegged to fiat currencies such as the USD or the Euro. Even though these currencies all lose value over time, they are much more stable than the likes of BTC or Ethereum.
Some online sportsbooks even allow you to wager without ever entering your personal information. This creates an extra layer of security. You simply deposit using cryptocurrency and then start wagering. You can either choose a shop which converts your crypto into fiat, or you can choose one which keeps it in its original form. You would risk X amount of satoshis on the game vs an X amount of dollars, as an example.
People want three things when it comes to their crypto transactions:
1. Privacy
2. Security
3. Minimal loss of value
Cryptocurrency continues to deliver these things to its users and will even look to improve the ease of use and privacy as time moves forward. When it comes to sports betting, cryptocurrency solves most problems which arise from using classic payment methods.
