The post How the Unique Allure Of Crypto Gambling Sites Is Driving Digital Asset Adoption appeared first on Coinpedia Fintech News

Most people realize it is an absolutely massive industry. But far fewer are aware that it is one of the most prominent sectors in the world to embrace cryptocurrency. In the last few years, countless crypto betting platforms have emerged, enabling punters to gamble on everything from casino games and lotteries to sports such as soccer, tennis, NFL and everything else. 

Crypto gambling platforms have become more visible as some of the industry’s biggest platforms have entered into sponsorships with some of the best-known sports teams and athletes in the world. Sportsbet.io, is famously affiliated with the English soccer teams Newcastle United and Southampton, as well as Brazil’s São Paulo FC and the Japanese baseball legend Akifumi Takahashi. Another well-known platform, Duelbits, has forged partnerships with Aston Villa FC and the Argentina Football Association, boosting its visibility with millions of sports fans. 

The Undeniable Appeal Of Crypto Betting

These high-profile sponsorships clearly help crypto betting platforms to grow, but there are many other reasons why an increasing number of punters are attracted to gambling with digital currencies. For one thing, many crypto betting sites offer gamblers full anonymity, in stark contrast to traditional websites that require players to provide proof of identity, age and address before they can start playing. Many crypto platforms, including Stake.com, don’t ask for any ID at all, making them a compelling option for those who are concerned about privacy. 

Another advantage of crypto betting is transparency, as transactions are easily traceable across public blockchains. With this, it is virtually impossible for websites to misappropriate user’s funds, as each transaction is publicly verified and visible for everyone to see.  

Crypto betting sites also have the appeal of very fast deposits and withdrawals. While traditional online casinos and sportsbooks can take hours or even days to process payments, crypto sites will process these transactions in a matter of minutes, or even seconds, depending on the type of cryptocurrency used. So gamblers don’t have to wait to access their winnings, and any funds they deposit can be used almost immediately with lower fees too. 

Perhaps another reason for the appeal of crypto betting is the often unpredictable nature of crypto itself. Anyone who has traded or held Bitcoin or other tokens will testify to the ridiculous level of volatility of these assets. The price of cryptocurrencies can swing wildly, gaining or losing massive amounts of value in a matter of hours or even minutes. While many people are unable to tolerate this, it can be said that the erratic nature of crypto appeals to gambling enthusiasts, who by their very nature, have a high tolerance for risk taking. 

Driving Crypto Adoption

Given crypto’s appeal to the sports betting industry, gambling could emerge as a major driving force behind the ongoing growth of cryptocurrency, propelling it closer to mainstream adoption. 

Gamblers tend to be highly motivated people constantly looking for superior platforms with better odds, more betting markets and new casino games. Many crypto sites offer extremely competitive odds that cannot be found on traditional platforms, for example, as well as access to different kinds of games. 

Gambling is a risky business in other ways too, and not all online platforms can be trusted. There are a great many traditional gambling websites that have become somewhat notorious for their strict rules, and many complaints have been leveled against sites that refuse to pay out punters’ winnings or suspend their accounts without good reason. As a result, punters are attracted to crypto betting sites often perceived as fairer.

Add to that, even the most trusted gambling sites, such as Bet365, have earned a somewhat dubious reputation for limiting the accounts of winning players, making it harder for them to profit from their bets. 

Punters therefore have more motivation than most to learn how crypto works in order to access the best Web3 betting sites. What’s more, many crypto betting platforms go above and beyond to simplify the user journey for new players. 

Duelbits is a prime example of this. It offers a streamlined user interface that experienced bettors will feel right at home in, with easy navigation to their favorite markets and games. Deposits and withdrawals are a breeze, with full support for major cryptocurrencies as well as fiat. Users who are unfamiliar with crypto can make a deposit using their bank card or credit card. Their account will immediately be credited with the corresponding amount in crypto, instantly onboarding them to the world of digital money. It also supports direct crypto deposits for those who’re already familiar with it. 

Enduring Appeal

With studies showing that as much as 26% of the world’s population enjoys the occasional bet, the potential for crypto gambling is sky high. Betting platforms have perhaps the biggest captive audience of any crypto industry, and it’s likely they have already introduced many thousands of people to digital assets for the first time. As the popularity of gambling endures, the betting world will remain a driving force behind crypto adoption for years to come.

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Filed under: Bitcoin - @ August 31, 2023 6:15 am