Deposits and withdrawals in online sportsbooks can be processed using different methods. For a long time, fiat currency payments have been the leading option, but now cryptocurrencies are picking up pace and will soon overtake. The rise of digital currencies has done wonders for the betting sector, as transactions are now quicker and anonymous. Using cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and a variety of stablecoins, players can go about their gameplay in a safe manner.
In all sportsbooks, especially 22Bet, you can find payment dedicated entirely to cryptocurrencies. Many of the roadblocks faced as a result of operating fiat currencies can be avoided by operating digital currencies. For this reason, its involvement in the sports betting industry is expected to increase in the coming years.
How to Process Transactions using Digital Currencies
The process of making deposits and withdrawals using crypto is quite different from that of fiat payment methods. In order to make payments via crypto, you have to be active in the crypto market. The predominant way players fund their betting accounts is by using a crypto wallet. Funds can be transferred from their crypto wallet to the wallet provided by the sportsbooks. Once the transaction is completed, it reflects automatically on your bet account.
Online sportsbooks operate only the most valuable cryptocurrencies in the market. Therefore, their crypto options are always limited. Bitcoin, dogecoin, Ethereum, litecoin, and solana are the currencies that hold quite a sway in the industry. So if you want to fund your account with Bitcoin, the token must be present in your crypto wallet. If not you can trade one coin for it, or exchange fiat currencies for it.
Features of Digital Currencies as a Payment Method
Digital currencies are taking centre stage in the industry because of the features and benefits they offer. They include:
- Faster Transactions
Sports betting requires speedy deposits especially when partaking in live gameplay. Players should be able to fund their accounts in seconds and get back to their gameplay. Crypto payments are completed in minutes which is way faster than most fiat payment methods.
- Improved Privacy
Cryptocurrencies’ decentralised framework allows for total player anonymity. Players who want to keep their gambling escapades from the prying eyes of banks, can do so with cryptocurrencies.
- Worldwide Access
Cryptocurrencies’ borderless nature allows users to bet on international events without any hassle. Players can fund their account from any part of the world and do not have to worry about their fiat payment method not being accepted. It completely eradicates cross-border transaction fees or currency conversion rates which are plaguing the fiat payment sector.
- Security
Cryptocurrency transactions use blockchain technology which provides strong protection against cyber attacks and fraud. You can go about your gameplay without worrying about your funds being accessed by unwanted parties.