Why is cryptocurrency used for sports betting?

Rightly or wrongly, cryptocurrency is being used the world over to circumvent various laws, rules and regulations that prevent people from enjoying a flutter on sports

Cryptocurrency has been shown to have many use cases. While many in the mainstream press view them as dangerous or used for nefarious means there are many advantages to using cryptocurrency.

Of course, there are disadvantages as well – such as the great swings in volatility in regards to price. However, while many focus on the idea that they can be used for dark markets or even terrorism, the majority of cryptocurrency users either hold, trade or use them for things such as sports betting.

The sports betting market is vast, particularly in the UK. However, America has been slow to adopt this practice. Many citizens of the United States choose to visit Las Vegas or even abroad to follow their passion of sports betting. Under confusing laws whereby the Federal legislation is legal, each State has its own rules that can supersede this thereby rendering sports betting largely illegal. In 2018 the Supreme Court ended the federal ban on sports betting.

Plus points

This is where cryptocurrency can be particularly handy. An American bank or credit card is unlikely to be generous enough to allow you to place a sports bet. However, cryptocurrencies can circumvent these rules. This may cause discomfort for many. The idea that you can bypass laws so easily is often frowned upon. Yet this is precisely one of the key plus points from the anarchist nature of cryptocurrency.

One of the reasons that cryptocurrency suffers from a maligned attitude in the mainstream media is that this promotion of freedom can of course be used by criminals.

Yet, this is the case for many similar industries. There is a fine line between protecting the freedom of the individual and protecting society as a whole. This debate will continue to be prominent in the coming years between both the left and right wing.

As more states in America look to legalise sports betting, the need for cryptocurrency in this particular case may be lessened. However, for now it provides and option for many to circumvent these particular laws, rightly or wrongly.

18+. Play responsibly. Begambleaware

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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