Ways Crypto is Impacting Sports Betting

Thu, Jan 25, 2024
by CapperTek

Cryptocurrencies and blockchain technology are changing many industries, and sports betting is no exception. Crypto is making sports betting faster, and more accessible, and opening up new betting markets, such as sports betting. Thanks to loosening regulations in the US, sports betting is really taking off, and crypto can be right at the centre of it. It’s not unusual to see people in bars watching the game, and checking the latest in Chainlink price. So what will this world of combined sports betting and digital currency look like? In this guide, we explore the ways crypto is impacting sports betting.

What is crypto?  

A big question that a lot of people are wondering is what is crypto? crypto refers to cryptocurrencies, which are digital or virtual currencies that use cryptography to secure and verify transactions. The peer-to-peer technology of cryptocurrencies makes it possible for anybody, anywhere, to give and receive money. Digital entries to an online database detailing individual transactions are the only thing that cryptocurrency payments are made with, as opposed to the actual money that is carried and exchanged in the real world. Public ledgers keep records of all cryptocurrency transactions that occur when money is transferred, and cryptocurrencies are usually stored in crypto wallets. 

The fact that cryptocurrency uses encryption to confirm transactions is how it got its name. This indicates that the storage and transmission of Bitcoin data between wallets and public ledgers require sophisticated coding. The encryption is used to make things safe and secure. 

Sports Betting  

Sports betting is always fun and exciting when joining, there is a thrill in the chance of winning big or small. There are a wide variety of forms and sizes for sports betting as it can be for everyone above 18. Sports betting is essentially placing money on a result that you choose and receiving payment if that result comes to pass. Both new and experienced gamblers have numerous reasons to wager on sports. Above all, it's a simple method to make your viewing experience more exciting by providing you with something more to cheer for. That's satisfying in and of itself, no matter what happens. 

Faster, Cheaper Payments   

One major impact is the faster and cheaper payments enabled by cryptocurrencies. Traditional sportsbooks often have slow withdrawal times and charge high fees for payments. With crypto, deposits and payouts are fast and cheap no matter where you are located. This improves user experience and reduces costs for bettors. Have you ever been to a live sports betting area? Sometimes traditional sportsbooks often charge high fees for deposits and withdrawals. While wire transfers or credit card payments can take days to process and cost bettors a significant percentage of their transactions which means it can be slightly cheaper and simpler to use. 

With cryptocurrencies, transactions happen instantly so bettors can deposit funds into a crypto sportsbook and start wagering within minutes.  it works out better as payouts are similarly fast when cashing out winnings. Sportsbooks themselves also benefit from lower processing costs when using crypto as these savings get passed on to customers through reduced juice and better odds. 

Anonymity and Privacy  

Crypto transactions using wallets can be written under a false name, only requiring a wallet address rather than personal information. This allows bettors to maintain their privacy and anonymity more than traditional sports betting requires sharing private data like bank accounts. The privacy of crypto appeals to sports bettors as you can play without anything being tracked back to you. This is one of several reasons why crypto use is popular and still growing.  


The global, decentralized nature of cryptocurrencies provides accessibility to anyone with an internet connection. This opens up sports betting to parts of the world that previously didn’t have access due to banking restrictions or lack of betting options. Crypto can be used worldwide meaning the sports betting industry is more accessible, grows the betting market and can even connect people through their passion for betting. 

Better Odds and Rewards  

Crypto-based sportsbooks try to encourage betting in crypto by offering reduced juice or unique rewards programs. These improved odds and payouts make crypto-sportsbooks more attractive to bettors than traditional books. Since crypto is still evolving and improving, there is more from crypto that is new and slowly gaining attention. Decentralized sports betting exchanges are also emerging, which provide a peer-to-peer betting experience using crypto and smart contracts rather than traditional bookmakers.  

What is also relatively new is that cryptocurrencies enable micro-betting, allowing bettors to wager tiny amounts on instant outcomes like the result of a single at-bat or the next play in a football game. 

New Betting Markets  

Instead of only betting on the result, smart contracts allow bets to be placed directly on player props, game events, or metrics. There are countless opportunities for new betting markets thanks to this trust-less execution. A major factor driving these new marketplaces is cryptocurrency, this shows that the use of crypto is still being developed but could be a major form of currency that connects people worldwide.  


The impacts of crypto on sports betting are wide-ranging. Faster payments, increased privacy, better rewards, and new markets are captivating rewards for bettors. As crypto adoption grows and evolves, you should expect these impacts to increase and change sports betting forever.