The Difference Between Crypto Betting Sites and Regular Sportsbooks - Coindoo
Differences Between Crypto Betting Sites and Regular Sportsbooks

The Difference Between Crypto Betting Sites and Regular Sportsbooks

Editorial Team Avatar
Dec 19, 2022
4 min reading time

People use cryptocurrency for a wide range of purchases, from payments for Tesla cars, buying groceries from certain stores, enjoying bitcoin betting sites, or trading much like the stock market.

In the past couple of years, mainly because of the COVID-19 pandemic, gambling websites started trending as people working from home were staring at a computer screen the whole day, seeking ways to entertain themselves and escape boredom or to make a side income from it each year. Consequently, each day the number of players on these types of websites grows exponentially.

Bitcoin sports betting sites, in particular, will definitely change the future of the gambling scene. If you watch a lot of sports, throwing a few bucks on a game makes things way more fun.

If you live in North America, users don’t have a huge amount of options at the moment because, as of 2022, not a lot of sportsbooks accept cryptocurrency payments.

Reasons to Use Crypto Betting Websites

If you watch a lot of sports, throwing in a few bucks on a game makes things way more fun. Playing at the top crypto sportsbooks offers you huge benefits that the old regular sports betting sites dealing in fiat simply can’t match:

1. Higher payouts from saving in banking and compliance fees

Crypto sportsbooks save so much in banking and compliance that they can give higher odds to players; that in itself is a big deal for whoever’s looking to make bank faster. If the commissions are lower, users will move there.

2. Crypto sports betting sites can’t limit you from winning too much

Regular sportsbooks that serve the U.S. population will limit players rather quickly, especially nowadays. Crypto sports betting sites don’t usually limit the user’s gains!

3. Betting without restrictions for players from America, Australia, and England

Due to local law, regular sportsbooks are obligated to add restrictions and sometimes are not even allowed to operate within America, Australia, and England legislation.

4. Instant Bitcoin, Ether, and USDT deposits and withdrawals

Deposits are usually instant and without any impractical bureaucratic measures, which keep potential customers from using regular sportsbooks.

5. Playing anonymously to make your data more secure

On the majority of crypto betting sites, players are not required to leave any personal information (a practice known as KYC) when gambling online, assuring that their personal information will not leak in a data breach.

When it comes to winning crypto, there is very little guidance from a tax perspective for crypto gambling winnings. Be aware that while bitcoin betting sites are able to avoid U.S. gambling regulations, winnings earned from them might still be subject to federal taxes at your ordinary income tax rate as soon as you change your crypto to fiat.

The New Era of Gambling

It is difficult to draw a definitive conclusion about the future of cryptocurrency betting websites, as it depends on a variety of factors, such as the adoption and regulation of cryptocurrency, the competition in the market, and the demand for online betting services. 

However, cryptocurrency betting websites may continue to exist and potentially even thrive in the future. 

Cryptocurrency has gained increasing mainstream adoption in recent years, with more and more people using it for various purposes, including online transactions. This could potentially lead to an increase in demand for cryptocurrency betting websites. Additionally, cryptocurrency allows for faster and more secure transactions compared to traditional payment methods, which could make it an attractive option for online betting.

However, the future of cryptocurrency betting websites also depends on the regulatory environment in which they operate. Some countries have stricter regulations on online gambling and betting, which could impact the viability of cryptocurrency betting websites in those areas. 

Additionally, the competition in the market and the ability of these websites to innovate and adapt to changing market conditions will also play a role in their success. 

Overall, it is bright-clear that crypto betting websites are here to stay. With more and more positive sides and advantages, it is up to the individual to choose whether they prefer old-fashioned gambling or joining the new era.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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