The perfect blend of tech and sports betting can be seen in crypto betting sites. Unless you’ve been living under a rock, you’ve probably heard of cryptocurrencies, otherwise known as “the future of currency”. Even though the Central Bank of Ireland doesn’t regulate cryptocurrencies, they aren’t illegal in the country.
Over the years, Ireland has seen a surge in cryptocurrency traders, with experts estimating that 10% of Irish adults own digital currencies. Major exchanges such as Coinbase, Kraken, and Bitstamp have also found their way into the Irish market, providing users with a wide range of crypto assets.
Since the Covid-19 pandemic, Ireland has seen an increase in online gambling activity, particularly online betting. Many Irish people have taken their fandom to the next level, betting on their favourite sports team at home.
Sports betting continues to generate great revenue for the Irish government, bringing in a tidy £40.6 million in 2020. The Irish sports betting market is also quite welcoming to operators, with numerous local and international betting companies working within the country’s borders.
Seeing how crypto has made transactions much easier, it’s no surprise you’ll find cryptocurrencies like Bitcoin in the Irish online betting market. Lately, many online betting sites in Ireland have jumped on board to integrate cryptocurrency payments to provide bettors with fast and secure transactions.
How Does Crypto Work in Irish Sports Betting Sites?
The first step is to get crypto tokens. You can purchase coins by setting up an account with exchanges like Coinbase, Binance and Kraken and trade your euros for any crypto you like, whether it’s Bitcoin, Ethereum or Litecoin.
The next step is to use cryptocurrencies to place bets, which is similar to how you would use other payment methods like Visa, Mastercard, Paypal and ApplePay. Bettors can easily deposit and withdraw funds from their private crypto wallets to their casino account instantly. If you’re lucky, you can find sports betting sites that offer bonuses if you deposit using crypto!
Why Crypto for Online Sports Betting?
Cryptocurrencies are slowly taking over online betting because of how they have made transactions seamless. Compared to traditional payment methods, there are several perks for transacting with crypto which give it an upper hand. Some of the advantages of using crypto include:
1. Decentralisation
Since there’s yet to be a central regulatory authority to regulate them, no one can take away your crypto reserves or freeze your account. As the user, you have full control of your money and every little transaction you make.
2. Security
Crypto has been adopted by many Irish sports betting sites due to its naturally secure payments. Unlike other payment methods, crypto doesn’t require sharing your personal information, thus protecting its users from fraud. There are no chargebacks, which means once a transaction is recorded, it cannot be changed or reversed.
3. Speed
One of the main perks that sets cryptocurrencies apart from its peers is its speed. Whether you choose to deposit or withdraw, all transactions are instant and it will only take a couple of minutes for you to receive your funds.
4. No/low transaction fees
Since there are no established middlemen in this decentralised network, there are rarely extra costs associated with transacting. However, there may be little fees when converting cryptos into fiat currencies.
5. Zero or low inflation
Cryptocurrencies are more stable as the number of coins in circulation are usually limited, and their volume growth is predictable. Therefore, they can’t be churned out into the economy randomly like fiat currencies.
What Is the Future of Crypto Sports Betting in Ireland?
Sports betting is already big in Ireland with cryptocurrencies slowly catching up. In a matter of time, the two will play a big part in online sports betting in the future. As both markets are projected to increase over the years, it goes without saying that more and more bettors will opt for the convenience that crypto offers in betting.
Some of the top Irish betting sites have added cryptocurrencies as payment options, while other sites are purely crypto platforms. With perks such as high speeds, top-notch security and low transaction fees, it is easy to see why crypto is slowly becoming an option for most Irish bettors.
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