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You may have noticed that many modern bookmakers are now offering cryptocurrency, and promoting it over the traditional payment methods like credit and debits card. But what are the advantages of using crypto over the usual forms of payment we have grown accustomed to using? The main concern that a punter may have is that the processing times are slow. Although the majority of online betting sites pride themselves in having swift transaction rates, this is not always the case.
Deposits into your betting site account are supposed to be instant, and withdrawals can differ greatly. According to Betfree , with debit cards, it can take up to 5 business days for punters to withdraw their earnings once the bet has settled and the credits appear in your account. This can be irksome when betting, as you want to manage your funds without having to wait.
On the other hand, crypto payments are renowned for being much faster. The deposits are instant and the withdrawals can take between 5 minutes to an 1 hour, which is much more suitable than debit cards. Different cryptocurrencies that can be offered include: Bitcoin (BTC) Ethereum (ETH) Tether (USDT) Solana (SOL) These are the most popular.
Crypto payments are undeniably cheaper for both the bookmaker and the punter. Whilst some betting sites don't tack on any extra charges, others incur tax when you use your debit card. Usually this is between 1% to 5%.
This is because they receive less than what you have paid and need to make up for this. Crypto payments are cheaper because they generally aren't associated with fees, and although this depends on which betting site you use the fee is minimal. Furthermore, there is no currency conversion tax when you use crypto payments.
When the betting site you use doesn't offer the currency of your debit card, there may be conversion fees that can be completely avoided with crypto. Regrettably, we live in a day and age where criminals use technology to hack and corrupt files. It is understandable that online betting invoke some feelings of uncertainty, but betting sites take huge measures to protect data and prevent this from happening.
When you register with a bookmaker, you must input personal information like contact details. Subsequently, to link your debit or credit card, you must add the details of the account. With crypto payments, there is less personal information requested in order to link your accounts.
To do so, simply click 'wallet' and add your deposit address. A few betting sites even allow you to buy crypto directly. In addition, the bank does not need to be contacted, which many punters prefer.
When using a debit card, this will appear on your bank slip and may cause problems when applying for mortgages or loans. Modern Approach There are thousands of online betting sites around the world and this is only set to increase. Between 2023 and 2024 there has been a 5.
2% increase in online sportsbooks and casinos, as this is an extremely profitable venture and there is a need in the market. However, with so much competition the bookmaker needs to be able to offer innovation and variety. By offering crypto currency, this reflects well on the platform because it shows the willingness to adapt to technology.
Another advantage of offering crypto payments for punters as a bookmaker is that you can open up new opportunities and expand your customer base. The more payment options are available on your platform, the more benefits you offer over rival betting sites and the more punters can use your services. As a result, your business develops.
Another thing to note is that customers using crypto are often technologically advanced and labelled as risk takers. This means that they are more likely to deviate from 'normal' betting and venture into different sports and betting markets. Some customers are unable to use a betting site because the country in which they reside there is restricted access.
Crypto payment are different because they can cross borders with ease and there is no need for currency conversion, and also are available in regions where traditional banking is not available for all. Taking into account all of the above, we can conclude that the use of crypto payments is mutually beneficial for bookmakers and punters. Bookmakers can attract more savvy customers around the world, charge less in fees, and provide trustworthy security.
Punters are also enticed because the transactions happen faster and are cheaper, making online betting more accessible and giving them less to worry about in terms of data protection. Eventually, we have no doubt that more and more bookmakers will offer crypto payments, and it will one day become a traditional and widely- accepted payment method. Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp _____________ Disclaimer: Analytics Insight does not provide financial advice or guidance.
Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made.
You are responsible for conducting your own research (DYOR) before making any investments. Read more here..
