5 of the Biggest Issues You Could Face When Using Crypto for Sports Betting

The iGaming industry has changed dramatically in the last couple of years. In addition to the new options, promos, and features, many sites have introduced cryptocurrencies, which have changed how people can transact. Since these payment methods are so popular, people always talk about the advantages of making crypto payments, and there’s no arguing that there are many of them. Still, there are also different drawbacks that users must be aware of.

Sadly, people often experience different problems when using digital currencies for sports betting transactions. It’s interesting to learn more about everything, so let’s look at some of the information you need.

1. Volatility of Cryptocurrency Prices

Most people interested in using digital currencies for online betting will spend much time finding the optimal site. Many will conduct their own review, but most will rely on the professional analysis of experts. Consequently, people will often go to Nostrabet to find the leading crypto bookmaker because they can read a detailed overview and see the pros and cons of each site, including details about cryptocurrency’s volatility. Sadly, this is one of the big drawbacks that many people tend to forget until it is too late.

The unpredictable value changes mean that the amount you win or lose might change before you can withdraw or convert it. This is especially true if you use some of the digital currencies that are simply not that popular (but it also applies to Bitcoin and Ethereum).

Of course, the volatility can also have the opposite effect because it could mean that you may increase your winnings without doing anything. Remember that most sports betting platforms will not offer immediate conversion to stablecoins, which could expose you to market swings.

2. Limited Regulatory Oversight

The next common issue that cryptocurrency sports bettors should be aware of is limited regulatory oversight. Unfortunately, not all crypto sportsbooks operate legally in a given jurisdiction. Many of them use special kinds of offshore permits that allow them to be in the gray area. While this will enable people to access them, contacting the given regulator when there is a problem could be difficult.

Since not all crypto operators are regulated, there is always a risk of scams. Sadly, many unregulated platforms engage in unethical practices and can even disappear with a given player’s funds. That’s why it is essential to research everything and pick a site that you can trust.

3. Transaction Delays & Network Fees

Despite all the advantages of using cryptocurrencies when betting on sports, there are some drawbacks related to these payment options. Since cryptocurrencies are more popular than ever before, it’s common to encounter something called blockchain congestion. Once that happens, it is possible to have a lot of delayed transactions, which could lead to missed betting opportunities.

Another big issue that not a lot of people talk about is fees. Nowadays, standard bookies and casinos rarely require a given person to pay additional fees when making transactions with regular payment options. However, the situation changes when digital currencies are involved, and transaction fees can be very high, especially when a lot of people are using a given network.

4. Irreversible Transactions

One thing that many people forget when talking about cryptocurrency payments in sports betting is related to the irreversible transactions. Since there are no chargebacks, sending funds to the wrong wallet address means losing that amount permanently. This may not seem common, but we are human and make mistakes, so you should keep it in mind. 

When discussing these types of transactions, we also have to mention the potential fraud risk. In some instances, bookies may refuse to pay out, and if that happens, you won’t be able to reverse the payment itself. This is why it is extremely important to research everything and find a legit operator.

5. Lack of Customer Support and Transparency

Regarding the customer support department, many bookmakers fail to give people what they want. Many use third-party services that do not provide the level of customer support people deserve. What’s more, many companies prioritize anonymity, which means they offer minimal or non-existent customer service.

This may not be an issue for most people, but it will be hard to resolve if you are in a situation where you have a problem. Without having a clear regulatory framework, you will have limited options if something goes wrong. 

As for transparency, not all crypto bookies are transparent when it comes to odds, fees or even bonus conditions. This is why it is crucial to take the time and read the complete Terms and Conditions before playing.