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Sports and Crypto

What are some of the disadvantages of betting on sports using cryptocurrencies?

Cryptocurrencies have many advantages over their regular (fiat) alternatives. This explains why some people do everything in their power to purchase things like Bitcoin, Ethereum, Cardano, and so on. They offer safe transactions, which are, in most cases, really hard to trace. Therefore, users can pay or get paid almost anonymously.

Despite the many advantages, cryptocurrencies also have several drawbacks that should be taken into account. Let’s check out some of the reasons why not certain online betting platforms are reluctant to add different cryptocurrencies to their portfolio.

Some bookies are afraid of losing money

One of the primary reasons why even some of the biggest names in the iGaming industry don’t have any digital currencies in their portfolio is because of their volatility. If you read the final verdict about bet365 (by the expert Atanas Tanev), you will see that one of the leading companies is yet to implement those payment solutions. That’s because cryptocurrencies like Bitcoin are notorious for changing their value regularly.

While it is true that most coins’ value goes up, there are always some exceptions. Perhaps the best example here is Dogecoin, a cryptocurrency that started as a joke but suddenly became popular. Needless to say, once the hype was over, its value plummeted.

For some reason, some gambling operators can’t provide their cryptocurrency users any offers

The second disadvantage of using cryptocurrencies for betting on sports is related to the available bonuses. Bet365’s final score is a combination of many things, including the promotions, which means that the bookie offers a lot of interesting things. Unfortunately, similar to other top-rated iGaming brands, it may not be able to provide digital currency users with any rewards.

One of the reasons why this is the case is because of the old software. Even some of the most popular online sportsbooks use old tech, especially when it comes down to bonuses. Since the crypto transactions are almost impossible to track, the bookie can’t register when someone makes a qualifying deposit. Even if there are different bonus codes, it seems like technology is not as advanced as it should be.

In some cases, you could bet a lot more than you wanted to

Another problem if using digital currencies for online betting that you may have to deal with is spending too much. People who use their cryptocurrencies to purchase items on the internet or bet on sports may end up spending a lot more money than they wanted to. That’s once again related to each payment alternatives’ volatility.

To put it another way, since things like Cardano change their value all the time, you may end up spending thousands of dollars while betting, even if you don’t want to. Needless to say, you might have to deal with the opposite effect (spending way less than you thought). Having said that, most cryptos have gone up in value in the last couple of years, which is why this trend might continue in the future.