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Crypto Betting: the Newest Igaming Trend

If you ask iGaming specialists about the latest trends in the world of online gambling, most would agree that it is crypto betting. But what is this new phenomenon, and how does it contribute to the evolution of gambling as we know it?

In essence, crypto betting is a blockchain-based approach to traditional gambling, which allows players to make financial transactions using cryptocurrency. It offers several advantages, such as higher security and faster transactions. This article aims to help you understand the new iGaming trend in crypto betting.

Betting Anonymously

There are two main ways to bet with crypto: through a bookmaker that accepts cryptocurrencies or via a DeFi sports betting platform. This begs the question of what their differences are.

The difference between sites compatible with crypto and DeFi platforms is that the latter allows anonymous betting online. Therefore, bettors do not need an account to bet they just need to connect their wallet, such as Metamask, for instance.

Betting anonymously provides several advantages over classic online sports wagering. Since you are not sharing your personal information, there is no risk of having your data leaked or your account compromised. Additionally, the transactions are automatically approved.Betting anonymously provides several advantages over classic online sports wagering. Since you are not sharing your personal information, there is no risk of having your data leaked or your account compromised. Additionally, the transactions are automatically approved.

Blockchain-Based Security

Think of the blockchain as a public database, but unlike a traditional database it does not operate with a central authority or server. The network is kept running by a series of computers called "nodes."

Each cryptocurrency has an underlying blockchain, although some networks can support multiple currencies. One of the best examples of this is Ethereum. Cryptocurrencies used in this system are created through the ERC20 protocol.

What makes the blockchain secure is its immutability. The data recorded in the network cannot be manipulated, rendering it highly secure. In addition, the network is secured by a cryptographic algorithm that assigns a unique identifier to each data block and wallet.

Higher Transparency

DeFi betting platforms are also transparent since their financials can be verified through the blockchain. Bettors do not have to rely on a third-party auditor to check the legitimacy of a crypto bookmaker. They can simply copy the site’s wallet address and paste it into a blockchain explorer to verify all transactions.

Development of Native Tokens

Many betting sites that utilize blockchain technology have developed crypto tokens. The advantage of native tokens is that they are fully automated through smart contracts, a blockchain program that runs once certain conditions are met.

A smart contract can be used by a crypto betting platform to reward players once they complete a task. This can range from betting a specific number of times or wagering on a determined event. In short, native tokens are a new way to provide bettors with bonuses.

Although relatively new, crypto-based bookmakers are already making great strides in iGaming. Yet, the lack of regulation for betting sites in the blockchain is still an obstacle.