The most popular type of gambling is sports betting. In ancient Rome, they bet on the victory of gladiators, and in the modern world, gamblers try to predict the outcome of matches and championships. Now, more and more often, it is not dollars that are at stake, but digital money.
Cryptocurrency bookmakers can be divided into three groups. The first will be those companies that allow you to top up your account, place bets and withdraw profits in digital coins. In the second one, there will be offices where they accept cryptocurrency, but immediately convert it into fiat, and all calculations are carried out in dollars. It is also worth highlighting the blockchain platforms that have recently begun to appear in the gambling industry.
Making bets, gamblers can not only not predict the outcome of the match, losing a large amount, but also face a number of other problems. For example, with the geographical restrictions of payments, as well as the dishonesty of the platform owners, who can rig the results or keep the winnings. Recently, various betting services on the blockchain have begun to appear, which allow you to partially solve the problems stated above.
Betting on Bitcoin
Bitcoin is one of the most common cryptocurrencies among players. As you probably know, Bitcoin is a digital currency that does not have a physical form like other currencies. This cryptocurrency has found its place in many areas of life. Hence, it is not surprising that sports betting in bitcoin is growing exponentially. Currently, many players prefer to top up their sports accounts through bitcoin wallets, and there are quite a few reasons for this trend.
First of all, this digital currency is advertised as decentralized in the sense that no one controls it. Secondly, your anonymity remains unchanged when using a bitcoin wallet as a payment method. Moreover, transaction fees are lower than the fees charged by banks. Among other things, payments via bitcoins are processed quickly. In addition to this, Bitcoin has an advanced system of protection against identity theft and fraud.
With all this in mind, we can understand why an increasing number of players are choosing bookmakers that accept bitcoin as a payment method.
Sharp jumps in the rate of the first cryptocurrency attracted gambling people who began to predict the behavior of the main digital coin and earn money on it. There are several betting services that sometimes accept bets on the rise or fall in the price of bitcoin and altcoins. All bets are provided at the discretion of the bookmakers, so in order to make money on the course forecast, you need to track the offers.
You can also bet money on the future of the digital world outside of bookmakers. In May of this year, the terms of the bet between Ethereum co-founder Joseph Lubin and Bitcoin Core creator Jimmy Song became known. A year earlier, at the Consensus conference, Lubin said that he would bet “any number of bitcoins” that decentralized applications based on Ethereum will be used around the world in five years. A year later, the bets were officially placed. Now, if Ethereum becomes widespread four years later, Song will pay Lubin about 810.8 ETH. If the DApp ecosystem fails by then, Lubin will send Song 69.74 BTC.
Cryptocurrencies have given the betting business a considerable number of new gambling customers, who, having once received digital coins, decided to try their luck in sports betting. Blockchain has increased competition in the betting industry and forced large companies to adapt to new technologies and master the digital industry