Pros and Cons of Crypto vs. Traditional Gambling
As crypto gambling’s popularity rises, traditional gambling’s popularity wanes. But before jumping into crypto gambling, it’s important to know the pros and cons of both. Below, we list three pros and three cons for traditional gambling and crypto gambling.
Traditional Gambling Pros
Familiarity
Online sports betting has been around for close to 30 years. We’re familiar with how traditional online sports betting works.
Most available sports betting options
Sportsbooks don’t allow betting on every available options. But they do allow most sports betting options.
Bets are in U.S. dollars or other fiat currency
It’s easy to bet in your nation’s currency. Traditional gambling allows us to wager in dollars if we’re a U.S. citizen or Canadian dollars if we’re Canadian.
Traditional Gambling Cons
Credit card companies may not allow you to fund your gambling account
Credit card companies are middle entities. They give you credit and then help you facilitate transactions. Because it’s the credit card company’s money, they have the right to dictate how you spend your money.
Credit card companies hate sportsbooks. Bottom line? They won’t allow you to fund your sportsbook account with their money. Also, funding with credit cards requires paying big fees, sometimes, over 10%.
Bonuses come with massive rollovers
In traditional gambling, all bonuses come with huge rollovers. Most big bonuses require us to wager at least 10x the rollover.
So if we fund our betting account with $100 and take a 100% bonus to boost us to $200, we must bet at least $1,000 before we can withdrawal winnings.
Some sportsbooks and online casinos sell your information
Not all, but some traditional online gambling sportsbooks sell your information. It goes without saying that selling someone else’s info is plain wrong.
Again, not all traditional sportsbooks do this. But the ones that do won’t tell you they’re selling your information.
Crypto Gambling Pros
Decentralization
Crypto gambling is decentralized, meaning it’s peer-to-peer. The sportsbook doesn’t require your personal information. The only thing a crypto gambling sportsbook requires is an email address.
Your information is more secure and so is your money
Your information is secure because decentralization means you can open a crypto gambling account with just an email address, meaning you don’t have to give up all your information, including credit card info, to your sports betting account.
Your money is also secure. Digital codes represent your money’s amount. The digital codes cannot be changed and if you use a proof of work crypto, the chances of anyone stealing your digital codes is close to zero.
Fast deposits, fast withdrawals, and no fees
Because there is no middleman like a credit card company, deposits and withdrawals are fast. Not only that, but when you crypto gamble, deposits and withdrawals require no fees.
You’re crypto transactions facilitator may require a fee, but it’s often very small. Your crypto gambling sportsbook will never charge you a fee to deposit.
Crypto Gambling Cons
Bets happen in mBTC or a different crypto unit
When we bet with crypto we don’t use dollars. We use the crypto. So, for example, when we make bets in bitcoin we wager in mBTC, or a thousandth of a bitcoin.
Must change dollars into required crypto before playing/h3>
This is a sister to number 1 on the cons list. In order to bet on bitcoin sportsbooks, as an example, we must change our dollars on a site like Coinbase into bitcoin and then fund our accounts with bitcoin.
After withdrawal, must change crypto back into fiat currency
The cons for crypto gambling all involve changing our fiat currency into the required crypto. Bitcoin is easy to use an example.
We fund our online gambling accounts with crypto. Then when we withdrawl, we withdrawal in crypto and must turn the crypto into dollars.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: How Technology is Changing Sports Betting
