Exploring the benefits of cryptocurrency app development is one of the most interesting trends in the betting industry.
From what crypto betting sites are, to how they compare to traditional betting apps and their advantages, this blog serves as your guide.
The design and structure of the blog make it suitable and enjoyable for all categories of crypto betting enthusiasts.
Want to uncover more insight on the topic? Keep reading to find out.
Read more on Cryptocurrency Betting App Development
What is Crypto Sports Betting?
Cryptocurrency-integrated sports betting platforms is one of the most evolving and impacting trends in the gambling industry today.
When you hear of betting software-integration with cryptocurrency, let your mind flash to a platform that is a medium of exchange and acts as a store of value.
Cryptocurrency offers decentralisation of store of value and it is built on the blockchain. The most popular crypto assets are #Bitcoin, #Ethereum, #XRP, #Dogecoin and #Shiba Inu.
The nature of crypto and blockchain applications follows decentralised structures which requires no permission before any form of use. This also means that, as Fantasy Sports Tech puts it, “anyone can acquire and distribute them without the need for any permission.”
The nature of cryptocurrency sports betting platforms makes the business to be very profitable and less troubling. It has better security, more speed in transactions, and less complex regulatory standards.
The Rise of Cryptocurrency In the Betting Industry
Cryptocurrency is efficient, fast, flexible and offers top-level security. It has several characteristics that makes it perfect for the online gaming industry, including the players, regulators and betting app operators.
Since the emergence of bitcoin in the year 2009, it began to show some promising future with online gambling, especially with the fact that it is not associated with traditional banking systems. Its strong support for privacy even makes it more excellent for the gambling industry.
Although the adoption and implementation of crypto into online gambling didn’t happen immediately, when it launched with SatoshiDice, the first crypto online gambling platform in 2012, it sets a foundation for many more possibilities in the future of gaming.
Today, there are several other crypto currency betting apps and websites, accepting several other cryptocurrencies for speedy, safe and secure transactions.
Countries Supporting the Best Crypto Betting Sites
The support for crypto betting apps around the world is still much younger than the traditional betting app platforms. Yet, several countries support it already, even though there is still a lot more countries to cover.
Top countries with legal support for crypto currency betting apps include,
- Canada
- Germany
- Singapore
- El Salvador
- Malta
- United States
- Australia
- Estonia
- Japan
- Mexico
- Holland
- Luxembourg
- Portugal
- Slovenia
- United Kingdom
Crypto betting websites and mobile apps are accessible to people living in some African countries, including Nigeria, Kenya, South Africa, Central African Republic, and Ghana.
Except for the Central African Republic whose government has assigned Bitcoin as a legal tender, other African countries are yet to fully commit to creating laws on cryptocurrency adoptions.
But, hey, these are leading African countries and crypto betting sites in Europe and America are keying to the movement. This is a big win for the crypto community and a nudge to the growth for decentralised betting platforms around the world.
As a matter of fact, it adds to the benefits of cryptocurrency betting app development since the countries already rendering support are powerful and influential.
So far, we have taken a look at what cryptocurrency integrated sports betting platform means and some important countries supporting it. Moving on, let us answer a very important question; what are the benefits of crypto sports betting?
Benefits of Cryptocurrency Betting App Development – Enhanced Security and Privacy
How cryptocurrency enhances security in betting apps
In traditional betting apps, issues of security expand to privacies and anonymity. This leads to hesitations from users in providing and sharing personal information with the betting platform. Their fear is not far from possible occurrence of data breaches and identity theft.
Crypto gambling sites enhance user privacy and anonymity since they leverage blockchain development solutions. The nature of bitcoin betting sites for example, allows gamblers to engage in betting activities without disclosing important personal information.
Also, transactions are very private and promote anonymous transactions because the platforms categorise it users by their wallet addresses. This enhances security of users from third parties and allows them to enjoy ghosting but active gamblers.
So, gamblers who want to place their bets on sports betting platforms but do not wish to share their real identities or share relevant documents with the platform can find solace in crypto betting sites. By this, their fears and concerns for issues surrounding privacy and anonymity in bet placing are greatly reduced.
Read about the security measures of sports betting exchange apps
The privacy and anonymity benefits of using cryptocurrency for betting
From what we have discussed on the benefits of cryptocurrency betting app development solutions regarding security, three points are significant;
- Crypto sports betting platforms enhance privacy
This is so because the platform does not require too many information disclosures from gamblers before giving them full access. It also uses the wallet address-based identification method to categorise its users. These are very effective ways of enhancing and ensuring user privacy in sports betting apps.
- Crypto sports betting platforms increase security
Ina Nikolova posits that blockchain technology uses “decentralisation and encryption techniques” to enables and ensure the “secure storage of identity data”. When user data are securely stored (haven been collected in small amounts) it goes a long way in “reducing the risk of data misuse and identity theft.
Ina further claims that blockchain has the immutability characteristics which brings integrity to stored data and “prevents tampering”
In increasing the security of gamblers, crypto betting sites have its way of protecting data breaches and identity theft.
- Crypto sports betting platforms enable anonymous betting
Users do not need to identify their real identities before using the platform to place bets. All their transactions are also in cryptocurrencies, including deposits and withdrawals. So, they are only known or identified by their wallet addresses, rather than by their real names, unlike the traditional betting platforms.
Comparison of traditional payment methods vs. cryptocurrency in terms of security and privacy
| Features | Traditional Sports Betting Site Methods | Cryptocurrency Betting Sites Methods |
| De/centralisation | Follows centralisation standards and all transactions are controlled by government and institutions. | Follow decentralisation standards whereby all transactions are automatically approved by the blockchain. |
| Data Privacy | Traditional sports betting apps are very vulnerable to data thefts because users must provide enough information including revealing their real identities. | Users can sign up and enjoy pseudonymous operational structures which offer strong protection for data and identity thefts. |
| Transactions | They can be reversed since they are regulated and monitored by third parties (banks, government and institutions) | Transactions cannot be reversed. |
| Security | More vulnerable to identify, data thefts and other attacks | Less vulnerable to identity, data thefts and other attacks |
Cryptocurrency betting is not entirely risk free. It is not more secure than the traditional betting app platforms. Users and crypto betting app development experts need to also ensure to prioritise aspects of security when designing, developing and using the app.
Benefits of Cryptocurrency Betting App Development – Seamless Transactions
The speed of cryptocurrency betting transactions in betting apps
Because of the processes involved in traditional betting app transactions, they can sometimes be slow – too slow to meet user requirements for fast transactions. This is true especially in cases of large volume transactions. In fact, traditional sports betting apps may impose some restrictions on amount of deposit since they are centralised.
In the bitcoin betting sites, online gamblers experience is blockchain transactions that are almost instantaneous. This goes for both deposits and withdrawals of any amount in crypto.
Costeffectiveness of cryptocurrency gambling app transactions for users and operators
In addition to the speed of cryptocurrency betting transactions, it attracts lowers fees.
For example, online gamblers may use credit cards or bank transfers in traditional betting platforms which attract charges for processing transactions. there may also be some charges on currency conversions and international payment charges.
All of these are very minimal in cryptocurrency transactions which relies on the blockchain to verify, process and confirm payments.
Eliminating the need for intermediaries in cryptocurrency betting app transactions
You know in the traditional finance and banking system, there is need for intermediaries to process transaction requests. Intermediaries can be banks and payment processing companies. Their services attract extra charges which impacts the transaction fees of traditional sports betting apps.
In the crypto betting app platform, no such intermediaries as everything is processed by the blockchain via automation. This does only eliminate intermediaries but also attract lower fees. It further enhances transaction speed and lead to an increase in efficiency.
Benefits of Cryptocurrency Betting App Development – Global Accessibility
Overcoming geographical restrictions with cryptocurrency betting apps
Cryptocurrency transactions easily transcends borders, making international transactions more easily. Even better than the traditional sports betting system.
Remember that the traditions sports betting follows several strict restrictions and regulatory laws, limiting accessibility to betting app platforms from all users.
However, in crypto gambling sites, borderless accessibility from user around the world is very possible. Its users can always log in to access crypto betting sports leagues to bet on.
The potential for cryptocurrency to reach untapped betting markets
Since cryptocurrency sport betting apps transcend borders and enable fast payments at the international levels with lower fees, it is capable of untapping betting markets in several ways.
For example, crypto betting sites can tap into the markets of niche sports and Esports. Because they have lesser strict regulatory laws, they can widen their coverage to regional leagues, offer betting options on newer games and creating betting opportunities for newbies and expert gamblers.
Benefits of Cryptocurrency Betting App Development: Transparency and Trust
The role of blockchain technology in ensuring transparency in betting transactions
Decentralised sports betting platforms uses the blockchain to record transactions and verify all distributions of nodes. The processes eliminate issues of centralised control systems over the transactions, thereby enhancing trust to users.
Also, smart contracts follow automation processes (they are self-executing). All terms of agreements have been included in the code. This ensures high level transparency for all users, seeing that no one entity has control over the system.
So, in bitcoin betting sites, all bet outcomes are automatically settled and the payment processes are automated too. No intermediaries and no need for manual inputs before gamblers can cash out their winnings.
This is unlike the traditional system which follows systems of centralisations – whereby users trust an institution to oversee their financial transactions.
Building trust among users through transparent and immutable transaction records
Decentralised betting sites such as Bc.game, Vave, Stake, BetDEX, CryptoLeo etc all offer fair betting process that all its users can prove at all times.
All betting results and outcomes are handled by a cryptographic algorithm that follows an independent verification process.
Users may also easily confirm their deposits and withdrawal status in the blockchain. This instils trust and builds confidence in the users. Knowing that they are operating on a modern platform with decentralised structures.
The impact of transparency on the credibility of cryptocurrency betting apps
Crypto sports betting comes with a lot of transparency, which also has positive impacts on its credibility.
Online gamblers who have experienced using the decentralised betting platforms have confidence on the high level of fairness in the odds and pay-outs.
This is because everyone can access the details from the public ledger which records all events, including transactions. it is therefore, easier for crypto betting sites to retain users because they easily win over their trusts.
Benefits of Cryptocurrency Betting App Development – Regulatory Advantages
Yeah, we mentioned that regulatory laws and policies governing crypto betting platforms are still evolving. But that does not mean they are not already existing and effective. As a matter of fact, the blockchain technology is built with a system that makes implementation of betting regulation and gambling best practices to be more strictly monitored.
For example, regulatory bodies can use blockchain to verify every transaction and effectively monitor both the user and the betting platform’s activities. Very easily, all they need is to access the immutable record of transactions to ensure compliance and regulations by crypto betting platforms.
With this, sports betting apps and casino gambling sites can be obligated to ensure the protection of their users and working against fraudulent activities on their platforms.
Conclusion
The benefits of cryptocurrency betting app development shows that they are worth the considerations and investments.
Here at Promettuer, we can help you to create the best crypto gambling sites including white label crypto gambling apps. out crypto sports betting app solutions are built with the best technologies, come with slick interfaces and can be customed to suit the needs of our clients.
Our expert developers can also build you a crypto betting platform with all the top crypto payment options, including Bitcoin, Ethereum, XRP, and other altcoins. The solutions will help you establish that much needed trust in the minds of your customers, including ensuring transparency and credibility.
Do you have questions or want to discuss more with an expert? We will be very happy to hear from you.
