Since bitcoin launched in 2009, several industries in our economy have adopted digital currencies, and the sports betting industry is no exception. We already have traditional betting sites that allow players to gamble on their favorite sports events over the internet. However, these platforms are bound by several limitations due to their usage of fiat currencies.
Cryptocurrency removes these limitations, allowing players to gamble more freely. It is, however, impossible to know whether this newly found freedom via crypto betting is the best thing to have ever happened to the gambling industry or perhaps, the worst.
This review discusses the current state of the international sports betting market and compares traditional sportsbooks with their crypto counterparts.
The Current State of Sports Betting
Sports betting is legal in most countries but there are operational rules or laws guiding the distribution of betting products. As a result, you’ll find numerous bitcoin sportsbooks on the internet allowing players to gamble on various sports, including popular options like football, baseball, basketball, tennis, cricket, horse racing, rugby, MMA, and golf, together with less-popular sports like cycling, biathlon, darts, etc.
Sports betting in the US: Aftermath of PASPA
In 1992, Congress enacted the Professional and Amateur Sports Protection Act (PASPA), effectively banning sports betting activities in all US states. Only four states were exempt from this ruling under the grandfather clause–Delaware, Montana, Nevada, and Oregon.
However, on May 14th, 2018, a new day dawned for sports fans in the country. The US Supreme Court struck down PASPA, empowering states to make their own sports betting laws. Since PASPA’s repeal, about 30 states have legalized some form of sports betting within their borders, with only 18 allowing the operations of online sportsbooks.
Sports Betting in the UK
Gambling has been one the most popular recreational activities in the UK for centuries. Horse racing was a favorite of many, with the earliest recorded races in 1589. Thanks to its long history of sports betting, the country was one of the first countries to legalize the activity in 1961.
The UK’s gambling laws are highly effective and designed to protect the interest of punters. The United Kingdom Gambling Commission (UKGC) is one of the world’s most respected gambling authorities.
Sports Betting in the Netherlands
Following a lengthy legal process, the Netherlands was supposed to legalize online gambling, including sports betting, in 2019. However, the country’s regulated online gaming market, scheduled to launch in November 2019, only went live on October 1st, 2021. Currently, ten sportsbooks operate in the country with licenses from the Netherlands government. In addition, several international sportsbooks also offer their services in the Netherlands, allowing Dutch players to access a wide range of gambling options.
How do Crypto Betting Sites Work?
According to experts at cryptocasinos.net, crypto betting sites allow players to wager on various sports betting markets and casino games. The primary distinguishing factor between both gambling platforms is that crypto sportsbooks only accept payments via cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Dogecoin, etc. Unlike fiat currencies subject to government regulation, cryptocurrencies are a decentralized medium of exchange. They are run on a public ledger, known as the blockchain, which keeps a constantly updated record of all transactions on the system.
Since cryptocurrencies are neither subject to nor dependent on any central authority, such as a bank or government, bitcoin betting sites can operate across multiple jurisdictions without being bound by legal restrictions. In addition, crypto gambling transactions are anonymous, allowing players to bypass local restrictions when they gamble on these sites. Therefore, with a few exceptions, crypto sportsbooks can accept players globally.
Player Eligibility for Crypto Sportsbooks by Country
Although cryptocurrency provides payment anonymity when gambling, some crypto betting sites may restrict players from certain countries from registering on their platform. This restriction could be due to strict local gambling laws in the player’s country. To ensure that you tread on the right side of the law, go through a bitcoin sportsbook’s terms and conditions to verify whether your country is eligible for registration.
Crypto Sportsbooks vs Traditional Sports Betting Sites
Although traditional betting sites have been around for longer, crypto sportsbooks offer several benefits that are unattainable to their traditional counterparts. However, this does not mean that bitcoin sports betting sites do not have their weaknesses. This section enumerates the strengths and limitations of traditional and crypto sportsbooks to assist you in making a well-informed decision:
Crypto Sportsbooks Pros:
- Payment anonymity
- Coverage of global sports events
- A wider array of sports betting markets
- Faster payments and low transaction fees
- Different, frequent, and more generous bonuses
- Less wagering limitations
Crypto Sportsbooks Cons:
- Risk of gambling on an unlicensed platform
- If unregulated, they usually lack protection for vulnerable players (although self-exclusions are sometimes available)
- Crypto is often the only available payment method
- Absence of third-party dispute resolution services
Traditional Betting Sites Pros:
- Security of gambling on a licensed site
- Access to several local and international sports events
- Presence of third-party dispute resolution services (such as IBAS and ProMediate in the UK)
- Accepts other payment methods besides cryptocurrencies
- Availability of self-exclusion features and partnerships with gambling help organizations
Traditional Betting Sites Cons:
- Presence of stringent wagering limitations by licensing authority
- Fewer and less frequent bonuses
- Trackable payment methods
- High transaction fees and slower withdrawal times
The Ball is in Your Court
The usage of cryptocurrencies on crypto gambling sites provides payment anonymity and allows players from almost every country to access gambling services. However, these sites are often unregulated, opening gamblers up to the risk of scams. On the other hand, although traditional betting sites are generally safer to gamble on, they are bound by several limitations which may affect the quality of a player’s gambling experience.
Both gambling platforms have their positives and negatives. Generally, it is up to you to make a choice. Some gamblers enjoy both options. However, ensure you get quality entertainment while gambling online.
