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Understanding the Emergence of Crypto Gambling

By Hank Blaine

Once in a great while, an innovative technology will emerge that changes the course of human history. In the late 1990s and early 2000s, the Internet was so powerful that it changed how the world communicated and worked.

Blockchain technology and cryptocurrencies can be a powerful change like the Internet. When it comes to crypto gambling, change is happening rapidly. Keep reading to understand the emergence of crypto gambling, why it came into existence and how it can continue to alter the sports betting and casino gaming industries.

The Intersection of Crypto and Casino

Crypto Gambling Provides What Bettors Seek

If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations

KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.

All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Casino Game Fairness

Although it’s impossible for blockchain technology to help provide live sporting event fairness, if the ref blows a call, only replay can overturn it, blockchain tech does provide casino fairness. By fairness, we mean crypto casino games provide provably fair mechanisms. In other words, when casino players bet on crypto platforms, the players can prove that the outcomes are fair. This is untrue when we play on a traditional online casino platform.

Fast and Cheap Transactions

Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

BTC remains an option. But so does ETH, or Ethereum, and LTC, or Litecoin. Funding with Ethereum or Litecoin is much quicker due to both Ethereum’s and Litecoin’s consensus processes.

Crypto Gambling Allows for Global Reach and P2E

Betting with cryptocurrencies breaks down global barriers. Since the only requirement is a valid email address to open an account, sports bettors and casino gamers can play from anywhere in the world.

There is also the emergence of P2E or play too earn casino games. In these crypto games, players earn rewards the more they play or for reaching certain player levels. Further advancements in the same realm as P2E are on the horizon, including DAS, or decentralized autonomous sportsbooks, some with a specific token attached to each bet. No doubt, the crypto gambling is going to become more of a force as technological advancements increase.

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: Understanding the Dynamics of Betting Odds in the Crypto Era