The Impact of Crypto Betting on Traditional Sports Betting

Although still in its infancy, maybe, in the toddler stage, crypto betting has already had a profound impact on traditional sports betting. The impact has been so pronounced that many old-school sports bettors are considering ditching their current bookmakers to try their hand with a crypto sportsbook. Keep reading to discover how advanced this impact is and why the impact will continue for the foreseeable future.

How Crypto Betting Impacts on Traditional Sports Betting

Crypto betting is forcing a bonus and reward rethink

Traditional sportsbooks used to utilize bonuses and rewards as a way to keep players tied to their platforms. They did this by making it almost impossible to bet enough to unlock your money. For example, if you took a 100% with a 10x rollover at $500, that means you would have to bet $5,000 before withdrawing any of your funds.

Crypto betting rewards and bonuses think about things differently. There is no such thing as a 10x rollover in most crypto books because fees the sportsbook must pay are much lower. Overhead at crypto books are also lower, by a massive margin, than they are at traditional sportsbooks.

Traditional sports betting has begun to think like crypto betting books. They’re realizing that they can’t continue to offer 10x rollover bonuses, or other measures that are unfair to players.

Players have access to betting efficiencies

On average, bettors can expect a 20% increase in favorable odds on a crypto betting platform as opposed to a traditional betting sportsbook. The reason for the increase in odds is that the crypto platform requires less energy consumption to run, less overhead, and mustn’t pay the same fees for players to fund their accounts.

Crypto sportsbooks can offer more favorable odds because they mustn’t squeeze very penny they can from players. Either traditional books catch up to crypto betting platforms, or they risk losing customers.

Faster and lower cost payouts

Players not only fund their betting accounts faster with cryptocurrencies, but payouts are also much faster. The reason is because crypto networks gain consensus within the protocol via nodes (computers) while funding a betting account with a credit card, as an example, has to go through three different entities: your bank, the credit card issuer like Mastercard or Visa, and a third party verifier.

Speed and efficiency allows the crypto books to offer faster, cheaper, and in most cases, higher payouts. Keep the word efficiency in mind when you study cryptocurrency betting. Efficiency is what has made blockchain and cryptocurrencies so popular.

More privacy in crypto sportsbooks

All you require to open a crypto sportsbook account is an email address. Then, all you must do is fund your account with a cryptocurrency that the sportsbook accepts. Popular cryptos include BTC, ETH, LTC, and Bitcoin Cash.

When you make a withdrawal, all the crypto betting book requires is a viable address to send the crypto. If you withdrawal BTC, there is a fee of .05 mBTC. On April 21, 2024, the mBTC fee to withdrawal amounted to $3.24.

So not only do you remain as anonymous as possible and not only do you keep your confidential information private, but when you bet via a crypto book, you also pay much less in withdrawal fees.

Where to Bet on Sports with Crypto

Sports betting odds are available all year round here at Nitrobetting.eu. Create a Nitrobetting.eu account now to win tons of crypto from all major sports.

Feel free to browse sports betting guides. While you are at it, go ahead and check out all the latest sports betting odds and more in our online crypto sportsbook.

READ MORE: The Future of Crypto Sportsbooks