Important Elements to Look for in a Crypto Sports Betting Site

As crypto gambling became more competitive among online casinos, several remote gambling operators made a difference by offering crypto sports betting as well. In recent years, the number of bookmakers offering crypto sports betting have also increased, giving sports bettors the ability to discriminate and look for elements that will optimize the use of their digital money for betting.

Choosing Between Full or Partial Anonymity in Crypto Gambling

Crypto Gambling in some sportsbooks, allows the anonymity concept to apply completely by keeping all transactions, from deposits, to wagers and withdrawals, denominated only in cryptomoney. That way, all transactions will appear only in decentralized blockchain ledgers. Many prefer this type of sports betting sites since the operators do not require presentation of identifications documents and impose other ID verification methods.

While such a setup seems appealing, be in the know that it is not how duly licensed sportsbooks work. In jurisdictions that allow crypto gambling, transparency of gambling transactions is a must. Licensed remote gambling operators are required to comply with Anti Money Laundering (AML) laws and tax regulations, to which the most basic requirements include submission of gaming revenue reports, breakdown of winnings paid to bettors, as well as the taxes withheld from those winnings.

Here the anonymity aspect applies only to a customer’s ownership of crypto assets, but not on his or her winnings. After all, the licensing jurisdiction must also benefit from the operations of the remote gambling operator.

Moreover, licensed operators have to comply with the most fundamental AML policy, which is to Know-Your-Customer by applying due diligence in verifying identities. Additionally, all licensed gambling operators have to submit Suspicious Activity Reports pertaining to unusual deposit and withdrawal transactions of their customers.

Otherwise, if any customer has been found guilty of illicit activities that involve money laundering, failure to report the suspicious activity of the customer will implicate the gambling operator as an accessory to that customer’s wrongdoings. Customers’ crypto deposits and other pending claims will be frozen, if the bookmaker gets entangled in any criminal proceedings.

To stay on the safe and less risky side, it’s alway best to choose only a licensed sports betting site.

Other Elements to Consider When Choosing a Crypto Sports Betting Site

Aside from licensing as an indication of trustworthiness, other elements that crypto sports bettors look into when choosing a sportsbook include the following:

1.  Fast and hassle-free processing of deposits and requests for withdrawals.

2.  Low fees; while some operators do not require payment of fees, this is not likely the case when using ethereum as gambling money. Ethereum transactions are taken up and confirmed by way of decentralized Ethereum Virtual Machines (EVNs) to which ETH miners collect GAS fees as a condition to the processing ETH transactions.

3.  Wider range of cryptocurrencies offered as mode of payment. Stake Sports Betting and Bitcoin Casino for one, also accepts ETH, BCH, DOGE, EOS, LTC, TRX and XRP as alternative to BTC.

4.  Larger selection of betting markets and lines.

5.  Bonus offers and exclusive perks, including cashback opportunities;

6.  Untarnished reputation, which denotes that the sportsbook operator is rarely the subject of complaints. Complaints, if any are quickly threshed out and resolved instead of ignored. Reputable sportsbooks have live, 24/7 customer support that follows a dedicated system for addressing issues and problems encountered by customers.