CRYPTO SPORTS BETTING PLATFORMS
The sports betting industry is exploding right now especially on the crypto sports betting platforms. In the US alone, the sports betting market doubled in size in 2021 with a total of $52.7 billion being wagered throughout the year according to Fortune magazine.
As the industry has expanded, new innovations have been taking place as the different sports betting sites try to attract more users by positioning themselves to attract people from every category of society. One of the most important innovations happening now is enabling crypto payments and payouts for their users. This makes it easy for people who are involved in the crypto space to jump on the sports betting bandwagon without having to first convert their cryptocurrency to fiat money.
Most of the innovation happening here has led to the creation of sports betting sites that focus exclusively on bitcoin sports betting exchanges, as the incumbent sports betting sites have been slow to offer crypto functionality. The volatility of crypto assets in particular is off-putting for most sports betting sites. That notwithstanding, important innovation is happening in the space and it is bound to get bigger with time.
Top Crypto Sports Betting Sites
Most sports betting happens on sports betting websites. In the US alone over 80% of sports betting takes place online on these websites. Some of the most popular websites include DraftKings, FanDuel and BetMGM. These sites do not allow users to pay with crypto despite being some of the biggest sports betting sites in the world.
In order to solve this problem, sports betting sites catering to crypto users have risen up to fill the void. Some popular sports betting sites which accept crypto payments and support crypto payouts to their users include Cloudbet, Sportsbet.io, Stake, and Nitrogen Sports.
Each of these sites functions a bit differently from the other with different priorities, betting odds, and mode of payment. Some sites like Nitrogen Sports offer totally private accounts to protect the identity of their users. Others focus on providing the best odds to their users, while others focus on providing fast payout times and so on and so forth.
Crypto Adoption on Sports Betting Sites
Despite the variety of sites offering crypto functionality and support to users, they all have different approaches to the problem of crypto sports betting. Below we will look at three of the biggest and most popular sports betting sites and see how they differ from one another.
The first major betting site to offer its users the option of using cryptocurrency to bet on their site was Cloudbet in 2013. Cloudbet originally accepted payments in Bitcoin alone and also paid out winnings in Bitcoin as well. However, as support for different cryptocurrencies has grown the site has expanded to support betting in other cryptocurrencies like Litecoin, Ethereum, USDT, USDC, DAI, and more.
Cloudbet offers new users a bonus on signing that can be up to 5 BTC. To deposit money in Cloudbet you can simply choose an account to send the money to or scan a QR code to pay with ease. Deposits can be as low as 0.0001 BTC or 1 USDT and the amount is immediately reflected in your Cloudbet account once you pay.
Cloudbet is the most popular crypto sports betting site right now. It covers over 20 major sports on its betting platform and offers a live betting option to users as well as live in-game betting. To get your deposit bonus click here.
Sportsbet.io was founded in 2016 and it is a sports betting and casino games website. Sportsbet.io is one of the most popular crypto sports betting sites and one of the mainstream as well. It is backed by the likes of Evolution Gaming and BetSoft which are some of the biggest game developers in the world.
Sportsbet supports payment in several cryptocurrencies but they also accept fiat as well via credit or debit cards and deposits. The cryptocurrencies supported on the platform include Bitcoin, Ethereum, Ripple, Cardano, and several others. It offers a more extensive selection of cryptocurrencies than Cloudbet.
Despite accepting payments in fiat and crypto, Sportsbet.io only supports payouts in cryptocurrencies. You can switch between different currencies on the website but you can only make crypto withdrawals. The payout times are really fast though and winnings are dispensed within 24 hours.
Nitrogen Sports is one of the more niche crypto sports betting sites around. It was founded in 2012 and it is a sports betting site that is committed to providing anonymity for its users, support for cryptocurrency payments and payouts as well as a wide range of betting and casino games for its users.
Unlike the other two sites we have covered, Nitrogen Sports only offers support for payments in Bitcoin. Winnings are also paid out in Bitcoin alone. This means that Nitrogen caters to a much smaller audience than Cloudbet or Sportsbet.io, but its hyper-focus on Bitcoin users and enthusiasts has seen its user base grow steadily over the years.
Like the other sites, Nitrogen Sports offers the chance to play casino games and/or bet on live sporting events. However, all the games on the Nitrogen Sports website are games created by the company and so they have a smaller selection to choose from than the others.
The biggest attraction of Nitrogen Sports might just be its anonymity feature. Instead of entering personal information like your email address and name, Nitrogen Sports lets you immediately start betting by completing a captcha challenge and funding your account. The focus on anonymity is a welcome feature for people who want to navigate the world of sports betting unnoticed.
Wagerr and Decentralized Sports Betting
As the push towards Web3 continues and more and more industries are pivoting to decentralized platforms to execute their functions, sports betting is moving along as well. Despite the innovations in the space so far all the top sports betting sites are Web2 platforms subject to all the limitations of centralization and human interference.
This is why platforms like Wagerr and BetDEX are trying to create decentralized platforms for sports betting that leverage all the benefits of blockchain technology to make the sports betting experience better.
BetDEX is building a public sports betting protocol on the Solana blockchain in a first of its kind approach to the problem. Wagerr is both a sports betting platform as well as a crypto wallet. Wagerr users can take advantage of the privacy the blockchain offers as well as the transparency of smart contracts to place bets that cannot be corrupted by human interference.
It’s still in its infancy but the future of decentralized sports betting looks bright.
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