Many people want to bet online because this industry provides loads of opportunities. However, most of those punters don’t want to share their banking details with the given bookie because they’re scared of security breaches. Luckily, you don’t need to use any of the standard deposit methods because you can click here for more information on which are the best crypto bookmakers, and you will find a couple of world-class companies that are easy to use.
Although crypto bookmakers have several advantages, they also have a few flaws that people have to take into consideration. Sadly, most places that provide information about them only focus on the pros because they want to make sure people will like them. This article will be different because it will also include some of the drawbacks users have to consider. After reading this thorough analysis, you can decide whether using a crypto bookmaker is the right thing for you.
Don’t be disappointed when you find out that your favorite crypto bookmaker only offers a few digital currencies
One of the most common misconceptions that people have is related to the fact that cryptocurrency bookmakers offer more payment options than regular ones. People assume that because they know there are loads of different digital currencies. In fact, there are thousands of alternatives out there, and new options become available every week.
Despite the never-ending options of digital currencies, the online bookmakers that provide those things only have a handful of alternatives. Unsurprisingly, every site accepts Bitcoin and Ethereum because these two options have paved the way for digital currencies. Depending on the bookie, users may also find Dogecoin and Litecoin because they are cheap and easy to use.
Some of the top-tier crypto bookies may add more digital currencies in the future, especially if they keep growing in popularity. Until then, your options are limited.
The minimum deposit requirement and other important conditions fluctuate
The second thing we’d like to point out about crypto bookmakers is related to a few specific conditions. Whether you choose some of the best crypto gambling sites or choose a random bookie, you need to know more about the minimum deposit requirement. Of course, there are also other crucial rules, such as maximum withdrawal, fees, etc.
Usually, standard bookmakers have fixed amounts that can change only for VIP clients. In other words, you can withdraw or deposit up to a certain amount, but if you become a VIP in a gambling site, you can add more.
Although this formula seems interesting, it is usually not accessible among cryptocurrency bookmakers. Due to each payment option’s volatility, many of the top-tier betting sites change these amounts daily. For example, the minimum deposit and withdrawal amount for BTC might equal $5 today, but it may go up to $50 tomorrow. That’s one of the biggest drawbacks of using such sites and something that you have to consider.
In most cases, crypto bookmakers offer even more betting features
Have you ever wondered why online bookies because so popular in such a short period of time? Aside from providing different promotions, those places also offer people the chance to use several betting features.
Things like In-Play and Cash Out have become the norm, and people expect to have access to them no matter the bookie they’re using. Needless to say, almost every cryptocurrency betting site will give its clients the chance to use those things.
What’s even more interesting is that some of the top-tier sites for betting with crypto also provide additional features that are unavailable elsewhere. For example, you can often find exclusive bet calculators that allow you to check the winnings of your potential crypto bet in USD or EUR.
Another feature that will impact your overall experience is the one that offers live animations. Even though most people into sports betting prefer live streaming, this is an option that is usually accessible for a couple of events. Online bettors interested in other events won’t have the chance to watch them live, so some bookies offer them live animations. Those things provide important data that should help gamblers choose the most appropriate iGaming operator.
There are many crypto bookmakers that are yet to receive a license
If you want to use an iGaming operator that won’t cause you any problems, it is advisable to find a company with a permit from a reputable gambling authority. Of course, it is always better to have a license from the regulators in your country, especially if you live in a jurisdiction where gambling is allowed. Sadly, some people only have access to offshore bookies.
If you also have to use such a site, check if the permit is from the Malta Gaming Authority or Curacao’s government. These two places have become the preferred options even among cryptocurrency bookmakers. They only give licenses to companies that respect the rules and don’t breach any regulations.
The bad news is that not every crypto bookie is like that. In fact, you will come across all sorts of iGaming operators that allow people to bet on football and other sports without having a valid permit. Some of them are safe, but at least a few operators will try to scam their clients.
Since they don’t need to adhere to any rules set by regulators, these companies can cancel bets, change odds, and block accounts when they want to. Unfortunately, you can’t file a complaint or do anything in that matter because the crypto bookie does not have a regulator.
To check whether the site you’re using has a license, go to its footer and look for a link and a logo to a specific betting commission. If this thing is available, you need to check whether it is still active. There are some bookies that use expired licenses.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/04/the-good-and-bad-things-you-should-know-about-using-a-crypto-bookmaker/