The Rising Popularity of Blockchain Betting

If you’re into online sports betting, you’ve probably encountered bookmakers claiming they “operate in the blockchain”. But what are the advantages of blockchain betting?

The blockchain is an immutable network that works through a network of computers named “nodes”. All the transactions within this network are automatically recorded and encrypted, preventing them from being manipulated, which makes any crypto betting platform that operates off of this network incredibly safe.

Crypto betting sites are one of the latest trends in the online gambling world. However, safety isn’t the only reason behind their success and rising popularity.

An anonymous way to bet

You could argue that online betting offers a certain degree of anonymity – only the bookmaker knows who its bettors are. However, anonymous betting within the blockchain brought things to a whole new level.

Some blockchain bookmakers don’t even require bettors to sign up for an account. All you need is a crypto wallet to connect to the site. You can then deposit and withdraw without any restrictions.

In short, the standard crypto betting platform has no way of identifying their customers. The only data kept in the network is the wallet address and the specific transaction hash.

The next level of account security

The anonymous nature of blockchain betting is what makes it so safe. Transactions and wallets can only be identified through hashes and public addresses. Moreover, they’re secured using state-of-the-art cryptography methods.

Wallets can only be accessed and managed using a private key, an alphanumeric code unique to each wallet. It’s impossible to decrypt a private key, making wallets essentially tamperproof if the key is stored in an offline location.

Improved bonuses and promotions

Crypto bookmakers usually have better bonuses than regular betting sites, but why? Well, the answer isn’t as straightforward as you might expect. There are three aspects to consider when looking into crypto bonuses – transaction fees, payment processors and volatility.

Sending and receiving cryptocurrencies is cheaper for bettors and bookmakers than debit cards or bank transfers. Many bookmakers, see this as an opportunity to pass on their savings to their customers through better bonus offers.

Offering bettors payment options like VISA, Mastercard and PayPal comes with additional costs, as bookmakers must pay network commissions on transactions. Using crypto helps betting sites lower the costs of running the platform.

Last but not least is volatility. As you’d expect, a crypto betting platform usually keeps the bettors’ funds as cryptocurrencies, allowing it to benefit from price hikes. Look at Bitcoin’s example – it recently rose nearly 9% in 24 hours. The additional profits can then be offered to bettors as bonuses.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes