How Bitcoin Casinos Are Revolutionizing Sports BettingJuly 26, 2021
Decentralized finance has changed many aspects of our lives in a big way.
As cryptocurrency and digital assets untethered from national fiat currencies continue to emerge in our financial world, we find new opportunities to use these types of digital money to our advantage.
That’s abundantly true in the world of Bitcoin casino sports betting, where new systems have greatly altered the landscape of what used to be a confusing, complicated and often shady kind of operation. With defi and fintech solutions, sports betting is a seamless, open, straightforward experience, and it’s also tied to other kinds of gaming that keep players engaged and interested in these online platforms.
People who engaged in sports betting in the 1980s or thereabouts probably remember the process of going to some brick and mortar bookie office to place bets, and getting your money back there when your team won.
Many different types of sports betting were largely illegal in those days, and there wasn’t any real functional way to run a sports betting operation. So a lot of that was characterized as ‘back alley’ setups. There also wasn’t the infrastructure to technically record the bets. So people had to trust each other, to some extent.
With new digital currencies and the changes they have brought, sports betting can now be a clear and transparent and verified process over an accessible and visible platform, where there is no concern of duplicity or double-dealing. Everything is laid out in black and white. Nobody has to do the work of maintaining trust and accuracy “by hand.” That’s part of what experts mean when they say that the blockchain is an “immutable ledger” – consensus verification does away with so many of the problems and obstacles to financial transactions that preceded the crypto age.Quick, Effective Transactions
Another problem with traditional sports betting was the red tape you would have to go through to verify not only your bets and wagers, but your personal banking information.
Again, the old school way avoided this type of thing almost entirely, because you were placing your bets and getting your money with live human beings. But that’s not really a viable way to do business in the 21st century. In places where people had to record transactions, that involved a lot of tedious paperwork. What that looked like depended on where you were making a transaction (or applying for a loan, etc.) but regardless of the setting, there was no way to bypass the verification process itself.
On the other hand, using cryptocurrency means verification is automatic, and transactions are relatively frictionless. New Bitcoin and Ethereum transactions can take place in seconds, and there’s no need to fill out complicated forms or have your bank verify who you are.Co-locating Video and Information
Here’s another really great aspect of how Bitcoin and other crypto coins have changed the sports betting landscape.
In the old days, you put your bets down, and then you went to someplace where you could watch a game on television to see it unfold. You were betting on televised outcomes, but your betting station didn’t have a built-in place for you to watch. With today’s Bitcoin sports betting casino operations, all you have to do is click into a picture-in-picture scheme or feature, and see your favorite game play out.
In addition, you also have things like player statistics and all kinds of other relevant data right at your fingertips. You don’t have to carry around books or look up these stats in magazines. It’s all there for you! This might seem like a detail, but for knowledgeable bettors who use actual stats and background to determine their bets, it eliminates a lot of the legwork of making sports betting happen.
Beyond the world of sports betting, Bitcoin has also revolutionized things like slot machines, poker and roulette. These are just some of the types of digital games you can engage in online, with the power of decentralized finance and quick verified transactions with Bitcoin or other cryptocurrency. Those who are used to brick and mortar casinos will be amazed at how easy it is to cash in, play and cash out in new digital Bitcoin casino environments.Crypto, Tokens and Creative Multiplayer Online Games
Some people like to play other types of digital or video games that have worlds, characters, narratives and ecosystems. Cryptocurrencies are entering this side of gaming, too, and they’re providing a better means for buying and selling skins or player items or virtual real estate, or whatever is part of the game. They’re basically giving these games new dimensions and expanding the worlds that these players live in.
All of this is abundantly exciting to players. Keep an eye out for more of this type of new functionality as Bitcoin casino operations continue to thrive.