Crypto betting vs traditional gambling sites – similarities and differences
Crypto betting sites are modern gambling platforms, less regulated compared to their traditional counterparts, but offer similar igaming offerings. This new pattern of online gambling sprung up in the aftermath of the launch of bitcoin. The gambling industry was one of the numerous industries that adopted digital currencies due to its numerous advantages.
Still new and modern, traditional sites have pushed gambling beyond its limitations and drawn in a new generation. Punters between 18 and 35 years can enjoy gambling adventures without leaving their homes, funding accounts via credit cards, debit cards, e-wallets, bank transfers, etc. Offering incredible products and services, traditional casino sites have changed the scope of gambling.
Monetary transactions are vital for online gambling. The processes for such transactions are a major divide between crypto betting and traditional betting sites. However, despite various upsides and downsides, they have advanced the course of iGaming in today’s world. This review will discuss both betting platforms, highlighting their roles.
The Current State of Sports Betting?
Sports betting has gone mainstream in most countries. It is a multi-billion dollar industry with an incredible market reach. Players can explore and enjoy betting on major and minor sports, including soccer, tennis, football, basketball, golf, cricket, cycling, darts, biathlon, etc. As betting expands, the industry gets bigger, and regulations and laws become necessary. However, certain regions have a complete ban on such practices.
Sports Betting in the UK
Sports betting has expanded to be so prominent in the UK. Walking down memory lane, you would see a combination of sports, laws, technology, wars, and competitive predictions responsible for its state today. However, its earliest history of sports betting can be traced back to the 1600s, hands and wagers. While casinos were a bit slow, horse racing was first documented in the 1500s but surged when Harry Ogden created an impressive format in the 1790s.
The first Gambling Act was passed in 1845, and several other legislations were passed to improve the activity over the years. Today, there are clear and effective regulations by the United Kingdom Gambling Commission surrounding sports betting to protect gamblers.
Sports Betting in the US
Punters have loved to predict and wager on the outcome of sports events. However, the Professional and Amateur Sports Protection Act strongly restricted sports betting in 1992. Delaware, Nevada, Montana, and Oregon were the only exceptions. This barrier by PAPSA hindered the growth of the industry till it was struck down in 2018 by the Supreme Court. The removal empowered each state to regulate the activity within its lines, choosing payment options, age limits, gambling products, and services it accepted.
Sports betting in Germany
Sports betting is a regular pastime for Germans and can be traced to the beginning of the 19th century. Although the industry is not as big as the US, it has some action and thrills. The first bet, placed in 1864, was on two English jockeys. Today, bets can be placed on popular sports such as football, tennis, basketball, etc.
The turmoil surrounding the German market is linked to legal issues. In July 2021, the Interstate Treaty on gambling was passed, regulating online sports betting in the county. Currently, German gamblers can access 33 legal sports betting operators, with more coming into the market shortly. There would also be an increase in the number of permissible bet types.
How do Crypto Betting Sites Work?
Crypto betting sites listed on cryptocasinos.net are like traditional gambling sites but offer a new and innovative approach to iGaming products and services. The main distinction is linked to how monetary transactions are carried out. Crypto gambling sites allow players to make real money transactions using coins such as Ethereum, Bitcoin, Litecoin, Dogecoin, etc. The transactions are decentralized and powered by a blockchain ledger, having a record of every transaction.
Crypto sportsbooks are less regulated or subject to a central authority and operate across multiple jurisdictions. The ease of money transaction using coins and anonymity provides a safe means to bypass local restrictions. Essentially, they can accept more players compared to their traditional counterparts. However, you must do due diligence by reviewing the terms and conditions. Some of these casinos hold no license and are completely unregulated.
Eligibility for Crypto Sportsbooks by Location
It is no news that crypto gambling sites generally provide a gaming hub for punters; it is also noteworthy to understand that certain countries can be restricted from a site despite using coins. These restrictions are based on certain laws by the preferred jurisdictions. Therefore, it is best to always be on the right side of the law, ensuring you read the terms and conditions provided by the crypto sportsbook.
Crypto Sportsbooks vs. Traditional Sports Betting Sites
Innovative, transforming and new are some adjectives that could describe crypto gambling. They are an innovative way of experiencing iGaming adventures seamlessly. That said, they do come with their downsides. Here in this section, we will present the strengths and limitations of crypto sportsbooks and their traditional counterparts.
Crypto Sportsbooks Pros:
- Payment anonymity
- Coverage of multiple sports events
- Lightning fast payments with low or no transaction fee
- Big bonuses and promotions
- Less playthrough limitation
- Licensed and secured platform
Crypto Sportsbook Cons:
- Only accepts payment in crypto
- No third-party complaint resolution services
- Crypto is highly volatile
- If unregulated, it offers no protection for problem gamblers
Traditional Betting Sites Pros:
- Presence of a dispute resolution service such as ProMediate and IBAS
- If regulated, provides self-exclusion services
- Accepts multiple payment channels
- Coverage of major and minor sports events
- Security of gambling on a licensed site
Traditional Betting Sites Cons:
- Limited bonus offers
- Payment channels not generally accepted
- Creates possibilities for match-fixers
Let’s Sum It Up
Cryptocurrency brings a fresh approach to the iGaming adventure, providing payment anonymity and unrestricted access to products and services. On the other hand, traditional casinos provide the same products and services with various levels of security along each process. Additionally, there are more limitations to a traditional betting site, affecting a player’s gambling experience.
The major difference lies in how money is transacted. Crypto casinos permit monetary transactions using coins such as bitcoin, litecoin, etc., while traditional casinos use fiat currencies with channels like e-wallets, bank transfers, credit cards, etc. Both platforms have their upsides and downsides, and it is up to you to decide what experience you want.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.