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The iGaming market is projected to hit $107.6 billion in 2025, with online sports betting being one factor driving this notable growth. The ballooning expansion of sports betting has paved the way for crypto gambling, as shown by an intriguing leap in revenue, from $50 million in 2019 to $250 million in 2024. Comparing Crypto and Traditional Bookmaker
An increase in crypto betting is linked to better security and privacy, faster speed, lower fees, and enhanced blockchain technology. While global rules are still catching up, the best online betting sites that accept crypto carry licences from Curacao or the MGA, so you can stake your bets with confidence.
Market Expansion and User Adoption
There has been a dramatic increase in crypto bets since 2022, owing to booming user registrations and wagering volume on crypto betting sites. Bettors are gradually trusting and embracing crypto betting to make it possible to make borderless, secure, and rapid transactions.
Traditional fiat currencies are slowly becoming outpaced by cryptocurrencies. Are you aware that almost 50% of bettors who are under 35 years are more likely to opt for cryptocurrencies as opposed to fiat currencies?
There is a demographic shift, with most millennials and Gen Z finding autonomy in the use of digital currencies, in which they find control over their funds. Also, blockchain transparency has fueled this shift, which explains the rise in crypto sportsbooks.
Evolving Regulatory Landscape
The regulation of crypto betting is still at an infancy stage and depends on the laws and regulations of each country. In the US, there are different regulations for varying states.
For instance, bettors in Wyoming can use cryptocurrency for payment on online sportsbooks, while in Colorado and Virginia, the use of digital currencies depends on state gaming regulators.
In Canada, regulations differ from province to province, with the best crypto gambling sites regulated differently. However, in Ontario, cryptocurrency deposits are not allowed by online gaming standards.
The EU uses a more conservative approach to crypto gambling. For instance, Germany employs specific guidelines, while the UK only allows licensed operators to accept crypto deposits. Nonetheless, they need to comply with anti-money laundering protocols.
Regulatory bodies like the Malta Gambling Authority (MGA) and Curacao oversee the licensing and regulation of crypto gambling sites.
There is also a need for crypto betting sites to comply with protocols and regulations aligned with anti-money laundering (AML) and Know Your Customer (KYC).
Security, Fairness, and Transparency
Blockchain technology has been instrumental in promoting fairness by allowing random number generation (RNG), which ensures an unbiased outcome. In betting, decentralized RNGs make betting auditable and trusted since the results are transparent to you, the bettor, and the operator. RNG certifications offered by agencies such as iTech and eCOGRA solidify fairness in crypto betting by verifying the validity of the RNGs.
Online betting requires you to provide sensitive personal information, and it is also a money matter. These aspects require security, which is offered through SSL, 2FA, and cold wallet storage in blockchain technology.
Cryptocurrency transactions are immutable, and even the operator cannot manipulate payout data.
Comparing Crypto and Traditional Bookmaker
| Crypto Bookmakers | Traditional Bookmakers | |
|---|---|---|
| Type of currency | Cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash) | Fiat currencies (regular currencies - US Dollar, Euro, British Pound, Australian Dollar) |
| Security | More secure | Less secure |
| Game Fairness | Depends on RNGs | Depends on the house edge |
| Transparency | More transparent | Uses manipulative techniques |
| Fees | Lower fees | Hidden/higher fees, depending on the transaction method |
| Speed of transaction | Faster | Depends on the method of transaction. |
Aside from the above differences, the bonus structures are generally similar in crypto and traditional bookmakers. On both bookmakers, bonuses may include welcome bonuses, reload bonuses, free bets, no-deposit bonuses, risk-free bets, and VIP loyalty programs. The difference is that for crypto betting sites, cryptocurrencies are used for wagering, while traditional sportsbooks use fiat currencies.
User Trust and Community Feedback
Comparative online reviews for crypto and traditional bookmakers provide a clear picture of the differences. User feedback from sites that offer first-hand user experiences like Reddit, Quora, and Bitcointalk reveals most bettors prefer using crypto betting sites for lower or no fees, higher transaction speed, privacy, and anonymity, borderless accessibility, and decentralized freedom.
Nonetheless, there are mentions of the risky side of crypto betting sites. They include cryptocurrency price volatility, irreversible transactions, regulation uncertainty, and cybersecurity risks.
Some of the five top-rated crypto betting sites include Stake.com, Sportsbet.io, Cloudbet, BC.Game, Vave, and Winz.io
Future Prospects and Recommendations
Factors such as faster transactions, lower fees, and global accessibility have led to the booming of crypto betting. With robust blockchain innovations like DeFi betting, more growth is expected.
Emerging strategies, such as self-executing contracts to ensure fairness and automated payout, are being executed continuously to enhance the efficiency of crypto betting. If looking to use crypto betting sites, ensure that you do it on licensed and regulated sites and monitor volatility.
