How Crypto simplified the online betting business in India

Team Udayavani, Aug 25, 2022, 5:43 PM IST

Image for representation

Cryptocurrencies are digital currencies that can be used to buy goods and services in the same way that other currencies can. The introduction of cryptocurrencies started with Bitcoin in 2009. Since its introduction in the financial sector it has started gaining popularity. In just a few years crypto became a popular choice of payment on betting sites and online casinos.

As of today, more than 1,500 virtual currencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Matic, are being exchanged throughout the world. Since COVID India saw quite an increase in the amount of money invested in and traded in cryptocurrencies. According to industry estimates, “India has 15-20 million crypto investors with $6 billion in holdings.”

However, since its introduction cryptocurrencies have always been in the grey zone since they operate without the need of any intermediaries such as banks, financial organisations, or central agencies.

However, in its Budget 2022 Indian government announced a flat 30% tax on income from the transfer of virtual digital assets (VDAs), including cryptocurrencies. However, it does not give the industry a direct legitimacy but still this decision was considered to be relieving for the Indian crypto community.

Advent of Crypto in World of Betting

Crypto payment was introduced to online casinos in 2012 and the trend has only risen since then. Lots of betting sites allow people to make payments and wager with their crypto assets.

There is no difference between regular and crypto sports betting except the transaction type. So, when you make a deposit on betting sites with free registration bonus in India you simply have to sign  up and transfer funds directly from your crypto wallet.

This not only enhances user experience but also makes things easier for the user. Cryptocurrencies basically make the betting experience easier, simpler, faster, and better.

The fact that there is no interference of an intermediary body acts as a big advantage. This directly makes the transaction processing time shorter thus a win win for both the user and online crypto sports betting and esport sites.

Advantages of Using Crypto on Betting Sites

• Speed

The fact that using cryptocurrencies makes the processing times for transactions really quick as compared to the traditional payment methods has taken the users by a sway.Using Bitcoin and other notable cryptocurrencies gives punters a good edge with transaction processing speed.

• Ease of use

You can do a transaction from anywhere in the world. Cryptocurrencies are not restricted by geographical location which makes it easier for the user to make transactions at any time.

• Anonymity

Another great concern for any punter can be exposing their financial and personal information. But with cryptocurrencies no financial details are exposed to hackers.So you can do your transactions without worrying about anything.

• Cost effective

Cryptocurrencies do not levy any transaction charges on the punter making it the cheapest and most cost-effective way of payment. Using traditional means like cards can incur additional fees for transactions.

• Secure

Security is a prime concern for any user over the internet these days. Security comes as a built-in highly secured feature, with most crypto platforms making them an excellent choice for transaction processing on betting sites.

Future of the Crypto Payments on Betting Sites

The Future of the Crypto Payments on Betting Sites seems really bright since the use of crypto has gained very wide popularity. Considering all the advantages it offers, GenZ and the millennials are shifting to the option of crypto already. The punters can enjoy more transparency, anonymity, and security using crypto platforms.

However, the legal and regulatory concerns with cryptocurrencies can be somewhat of a hurdle but the increasing traction towards crypto will catch the attention of the government sooner or later. And it might help escalate the fact that there is a need for change.

Disclaimer: Online gaming involves an element of financial risk and may be addictive. Please play responsibly and at your own risk.