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As reports have already suggested, lockdowns around the world have led to a surge in people looking to entertain themselves with online gaming and sports betting. At the same time though, this has brought with it an increase in the interest surrounding cryptocurrencies for these activities. This has been experienced across a variety of age groups and various different locations around the world, too.
A lot of the interest in cryptocurrency use for online betting sites has come from those aged in the 18 to 24 demographic, while an increase in female users has also been noted during lockdown.
It’s quite clear to see that many people have opted to migrate to crypto casinos and sportsbooks while spending more time at home, although of course, a drop-off was only to be expected where participation in sports betting in specific was concerned, due to the lack of live sports taking place.
It’s imperative now that online sportsbooks, with their newer clientele of bettors looking to utilise cryptocurrencies for their wagers, maintain a focus on ease-of-use in order to retain that user-base. Some platforms already spotted the increase in cryptocurrency popularity and chose to invest in new alternatives so as to replace standard sports betting, such as the eSports sector.
Various review sites like Silentbet have taken to reviewing these sportsbooks, too. This way, potential players can see what services are provided, which cryptocurrencies are usable, what sports are available, and more prior to joining.
Benefits to Using Cryptocurrency at Online Betting Sites
Many people who are already members of online sportsbooks state that one of the biggest problems with the sites is not being able to get their funds quickly enough via withdrawals.
However, cryptocurrencies do tend to solve this problem, as they frequently provide instant withdrawals once the processing period is over. This isn’t the same for a card withdrawal for example, which can take between three and five business days.
Of course, some sites have also taken to updating the processing times of not only their cryptocurrency transactions, but fiat currency banking routes as well. Therefore, they cater to users of both options.
Yet, it’s the fact that cryptocurrencies also bring much more of a sense of safety to sports bettors. While credit and debit cards are often known for being hacked, and not everyone has the ability to use e-Wallets for funding purposes (especially considering that this the wallet itself needs funding, potentially by card, before it can be used), cryptocurrencies don’t tend to suffer in the same way. There’s no central financial institution in a place that is able to be targeted, so this makes using Bitcoin or Litecoin or Ethereum for example, safer.
Not only that, but many people opt to utilise cryptocurrencies for sports betting because bookmakers will provide specific welcome offers and ongoing promotions for doing so. These crypto perks are often a lot better than those in place for users of more traditional payment methods, so why wouldn’t you take that route?