The rise of online gambling has led to a revolution in the world of sports betting too. With a plethora of sportsbooks now available to play online, the variety of sports that can now be bet on, and the manner in which bets can be placed has grown exponentially.
The evolution of online gambling and online sports betting have both seen enormous growth through another phenomenon — crypto betting. Cryptocurrencies have grown enormously in popularity over the last decade and its use as a safer, more secure, and faster payment method has made it very popular among sports bettors too. With all of this in mind, here are the six best crypto coins that can be used for sports betting in 2024.
1. Bitcoin (BTC)
As the world’s most popular and valuable cryptocurrency, Bitcoin’s reputation as the one that started it all helps it remain the coin of choice for most crypto transactions, including sports betting. Crypto betting has become far more accessible for gamblers than ever before, with offshore sportsbooks expanding in recent years to cover more markets, payment types, and many platforms that specialize in Bitcoin and other crypto coins as their main payment methods. Although transactions can be a little slower than with some other cryptocurrencies, BTC remains popular because it was the first cryptocurrency to hit the market back in 2009, which Geoff Kukard says helps explain why there are so many Bitcoin sportsbooks operating today (source: https://www.business2community.com/cryptocurrency/best-crypto-betting-sites).
Bitcoin has proven to be the most reliable and versatile among cryptocurrencies, with its value soaring over the years. That popularity and success makes it the most widespread and accepted crypto coin around, and one that’s ideal for sports betting since so many online sportsbooks accept or specialize in it.
2. Ethereum (ETH)
Ethereum has carved out a niche for itself among crypto coins because of its speed of interpretation. It’s also become renowned for its ability to create smart contracts that self-execute using its blockchain technology. This feature alone makes it ideal for business transacting.
In the context of online gambling, this makes it ideal for ease of access and seamless transacting. Fast, efficient, safe, and reliable, Ethereum is fast becoming the go-to coin, not just for specialized online casinos and online sports books, but any business transaction that utilizes cryptocurrency as its medium of exchange.
3. Litecoin (LTC)
Renowned for its faster transfer speeds and lower transactional fees, Litecoin is also another great choice. Online sportsbooks that accept it pass these perks onto players who can enjoy almost instantaneous transfers that don’t have to cost as much as traditional banking and payment methods.
To illustrate the difference, EFT payments by traditional banks have to factor in holding and processing times which can take up to 3 business days to clear. In addition, using such services attracts higher fees, making them less desirable to players. Lastly, using them usually requires players to follow Know Your Customer (KYC) policies, which mean players who want a more private experience have no choice but to register and provide personal banking details first in order to place bets. Using Litecoin for sports betting vitiates all of these undesirable issues.
4. Binance Coin (BNB)
A coin that’s demonstrated its value in recent years, Binance Coin has proven resilient and versatile. Its high transaction speed makes it ideal for use in online sports betting since payments and payouts can be done almost instantaneously.
There’s also been the creation of the Binance Exchange, which is a crypto exchange geared solely toward Binance Coin transactions, making them cheaper and safer. As a result, the coin’s popularity has soared since it’s now become one that is better suited to instant transactions than most.
5. Tether (USDT)
A coin linked to the almighty dollar, Tether comes from the class of cryptocurrencies known as stablecoins, which attract investors and traders through their ability to remain relatively stable. This added benefit makes Tether ideal for real-world transacting such as online sports betting since its value generally stays stable, also making it an easier coin to gauge win ratios with.
While most other successful and popular cryptocurrencies come with inherent volatility, there are no such issues with Tether. The coin uses a 1:1 pegging to the US dollar that generally guarantees its value at any given time. Used as a digital form of fiat currency, this aspect of it also makes it easy to store and trade.
6. Dogecoin (DOGE)
A coin that started off as a parody is now rapidly growing in popularity as an alternative to Bitcoin. Dogecoin currently offers cheaper and faster transacting in the context of online betting. That growing popularity has taken it from a fringe crypto coin to one that is quickly growing its footprint among the most elite coins used in crypto casinos and online sportsbooks.
As a result of its soaring popularity, more and more online sportsbooks are beginning to accept it. This is making it more accessible and further helping to drive down fees and transaction times. Known for often punching above its weight, Dogecoin is slowly growing a niche in the world of online sports betting.
Conclusion
Online gambling and sports betting is rapidly integrating with the world of cryptocurrencies to provide players with a more seamless and private experience. There are many benefits to using crypto coins for online sports betting, such as their growing accessibility, speed, safe and secure networks, and cheaper fees.
Among them, coins like Bitcoin, Ethereum, Litecoin, Tether, Binance Coin, and Dogecoin are proving to be very popular. Specialized online sportsbooks that accept crypto coins are on the rise too, making their use more mainstream. Meanwhile the fact that they provide for greater anonymity while gambling online is steadily enhancing their reputation among players who prefer a more private gambling experience.
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