Betting on sports is as old as civilization itself. The earliest marks of sports betting are found in ancient Rome when chariot races were a popular sport of the day along with gladiator death-matches. Bets were made irrelevant to the status of sports betting as legal or illegal. However, sports betting has since changed its form as today football, auto-racing, horse-racing and cricket are the leaders in the sports-betting industry.
According to an estimate the global sports betting industry is estimated at $3 trillion. It is absolutely certain that the advent of internet certainly helped this industry to amass such a vast net worth but the current age holds promises new horizons as the idea of sports betting using cryptocurrencies is getting traction.
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Why Use Cryptocurrencies?
Online sports betting has been hard to regulate, thus the US government passed a law in 2006 called the Unlawful Internet Gambling Enforcement Act which basically prohibited the banks from processing any payments made to online betting websites. US wasn’t the only country to do so, followed by France, Australia and others.
The thing is that due to the vague nature of those laws, betting basically remained legal, just not the money processing. It won’t come as a big surprise that as in any other similar event in the history of gambling, a solution was found. In our case it came in form of various 3rd party processors and recently, cryptocurrencies.
In 2016, due to its surging popularity, Bitcoin became one of the most popular banking methods at online bookmakers and gambling sites. From there, it was just a matter of time till Ethereum follows it steps.
Using Ethereum for Sports Betting
Ethereum has proven itself to be more reliable than regular online sports betting arenas. The reason behind Ethereum’s supremacy is that it uses smart contracts to process all of its transactions. Ethereum sports betting offers the following advantages over regular sites.
- Ethereum network offers fast withdrawals of winnings and fast deposits as well.
- It has low transactional fees
- Winnings are paid instantaneously
The use of smart contracts enables Ethereum to provide these feats.
Games
The games offered by Ethereum sites are always similar to any other online betting site. So, you can bet any sport you want. Ethereum sports betting sites have amassed a large market thus the people that make bets have interests in a vast array of genres. From E-gaming to horse-racing and from golfing to basketball these sites allow bets to be made in all types of sports.
Disadvantages of Ethereum Sports Betting
While Ethereum offers unique feats, there are certain drawbacks that come with it.
- Ethereum sports betting sites aren’t as abundant as other online marketplaces thus it is hard to find reliable Ethereum based betting arenas.
- Ether being a currency that is highly volatile is also a source of discouragement for players that want to indulge in the Ethereum sports market.
Finding the Right Bookmaker
Ether is on the rise as the bitcoin’s biggest competitor and there are a lot of casinos and online betting places that deal with Ether. However, it should be made pointed that while these casinos use heavy encryption algorithms for securing your accounts, you should always be vigilant about the casino you choose. One way to check a casino’s legitimacy is by reviewing their license, usually online marketplaces of high-repute keep their licenses on public display to encourage confidence in their users. So, finding an online casino with a license can greatly increase the chances of good customer service