You’ve heard of Bitcoin (BTC) and may have even used it...
However, did you know that there are 2000+ cryptocurrencies available to purchase?
While many of them are essentially worthless, a number of cryptocurrencies have been able to build up a huge market cap. Several have also become popular among online gamblers.
Sending payouts and receiving deposits through cryptos is growing in popularity among bookies, especially when the bookmaker wants to remain as anonymous as possible.
Why Bookies Need to Explore Popular Cryptocurrencies
Here’s why bookies need to become familiar with cryptocurrencies:
• Decentralized: The majority of cryptocurrencies are decentralized. At the very least, this will allow a bookie to mask where his money originates from. In some cases, it’s possible to be completely anonymous, but that involves selling your cryptos for cash locally.
• Marketing Opportunities: You can market to a new loyal base of cryptocurrency adopters when you add additional cryptos as banking methods for your online sportsbook.
• Low Fees / Speed: Transferring cryptocurrencies is fast and inexpensive. Transaction fees are low across the board on average with cryptos and transferring money takes minutes.
A lot of online gamblers in the USA and other countries where online gambling is still restricted in most jurisdictions use cryptocurrencies and you need to adopt what your players are using.
Most Popular Cryptocurrencies Used By Online Gamblers
We explored Bitcoin in-depth in Lesson #1, but today, we’re exploring other popular cryptos.
These are the other cryptocurrencies you should explore and familiarize yourself with:
• Ethereum (Ether): With a market cap of $25,000,000,000+, Ethereum is regarded as the #2 cryptocurrency behind BTC. Ether is widely accepted by online gambling sites.
• Bitcoin Cash: Bitcoin Cash (BCH) was created after a hard fork from BTC in 2018. The goal was to increase the block size (1MB to 32MB), which increases transaction speed.
• Ripple: Ripple (XRP) was developed to provide instant transactions with no chargebacks and that’s a great feature for bookies. XRP tokens are now widely accepted by bookmakers.
• Tether: Tether is backed by the US Dollar ($USD), so 1 Tether is worth $1. If you don’t want to worry about volatility, but you want to use cryptocurrencies, Tether is the best option.
• Litecoin: Similar to BTC, Litecoin (LTC) is based on the same model, but it’s faster. LTC is popular among gamblers, but don’t hold too many, as this crypto can be volatile.
• Dogecoin: Elon Musk is a fan of Dogecoin. Thousands of gamblers use Dogecoin and it’s easy to trade Dogecoin for another less volatile cryptocurrency using exchanges.
• Monero: This cryptocurrency gained popularity for offering enhanced privacy. Monero (XMR) is a great way to transact anonymously with your betting sheet.
• TRON: TRON is similar to Ehtereum and a platform you should explore. A lot of casinos build games on TRON through decentralized apps (Dapps), which means a lot of gamblers use it.
You may assume that maintaining balances for all these cryptocurrencies would be difficult, but that’s not the case. Some cryptocurrency wallets allow you to hold all of these coins.
We’re going to discuss cryptocurrency wallets and exchanges more in-depth in Lesson #3.
The more cryptocurrencies you accept, the more potential players you can market to. It’s easy to trade between cryptocurrencies as well. For instance, you can receive Dogecoin from one of your players and then instantly trade those for a more stable coin, such as Tether.
The offshore gambling industry has been shifting towards cryptocurrencies for several years now and some of the biggest US-centric bookies are only accepting cryptos now.
In order to succeed as a bookie, it’s important you learn about the popular cryptocurrencies.
This lesson taught you about the best cryptocurrencies for online gambling, but now it’s your job to do some homework and explore each of these cryptos to gain a better understanding of them.