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account_balanceMetro News account_circleMike Solomon chat_bubble_outline0 Comments

It isn’t much of a surprise that crypto is increasingly being used by sports betting fans. After all, the technology, along with the underlying blockchain technology, are taking over in almost all financial spaces – from real estate smart contracts to purchases of everyday items. And when it comes to betting, crypto brings about lots of features and advantages for sports enthusiasts, and it has also opened up new opportunities for sportsbooks.

So what are the factors behind the meteoric rise of crypto usage in betting, and should you opt for a Pennsylvania online sportsbook that offers the option?

A New Level of Anonymity and Privacy

Lots of people still view gambling as entirely negative despite the amount of fun when done responsibly. As such, it makes sense to want to hide your gambling activities from people who don’t need to know (like your bank). Crypto provides a great way of bypassing these central institutions, as you can deposit funds directly from your wallet. No spying eyes will see your activities, and they also won’t appear on your credit card bill.

All this is made possible by the fact that cryptocurrency operates on a decentralized infrastructure. There’s no central authority that oversees your activities, and you also won’t have to give your sensitive details, such as card information, to a sportsbook. 

Faster & Cheaper Transactions

The government is always keen to take its share of your winnings. You then have to deal with withdrawal fees charged by the various intermediaries. Although it can’t help with the former, crypto has proven to be quite useful in reducing the transaction costs. Since there are no intermediaries and it operates on a decentralized network, you won’t have to deal with high transaction fees, huge currency conversion charges, or other expenses. This means that you get to keep more of your winnings.

Besides the cost, your transactions will also be processed faster. The fewer the intermediaries, the lesser the processing delays. Once you deposit or withdraw funds, everything will reflect almost immediately.

Transparency and Security

Crypto is based on blockchain, a technology that is backed by decentralization. The various members of the blockchain are what makes everything possible, not a central authority. Each of the transactions that take place is then written in a way that they can’t be changed. These records can be seen by everybody, and nobody can alter them. 

This nature of operation offers users a huge level of transparency and security. When you transact, this action becomes permanent on the blockchain. You are therefore assured that your money is safe and that you can’t be subjected to fraudulent activities. And on top of that, you will have avoided giving out your financial details to an organization. The less you share them, the safer your accounts are.

Global Accessibility and Convenience

One of the best things about technology is that it has shattered geographical borders. Regardless of where you are in the world, you are not restricted to the sportsbooks that operate in your region. You only need an internet connection and you can use an overseas bookie to place your bets and take advantage of better odds or a wider selection of games.

But if you do that with your credit card, you will have to deal with currency conversions – which can end up taking a good share of your profits. On top of that, your bank (and the government) will know that you are using an unlicensed sportsbook. Crypto helps you deal with all these barriers with ease. Bitcoin is Bitcoin, so you won’t need to convert it. On top of that, no authority will know the sportsbook you are using as transactions are direct. This will let you wager on the sport you like, wherever you like.

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