The Exposure of Cryptocurrencies to African Betting Scene

Bitcoin is a growing phenomenon in the Africa gambling market. Only a few sites are available that accept bitcoin as a medium exchange. The growth of bitcoin gambling depends on the legality of gambling and laws surrounding bitcoin in a country.

Some countries where gambling is legal do not have a problem using cryptocurrencies. Other countries are still skeptical about accepting bitcoin in their economy.

Bitcoin gambling is still in the grey area and is not as popular as in western countries such as France, Canada, Australia, UK, and the US. African countries that have accepted bitcoin and crypto betting online sites like South Africa and Nigeria enjoy the benefit of cryptocurrencies. There is a lot of bitcoin betting sites in the African market that are safe as the classic betting sites. However, they are a few which are not legit.

How are Crypocurrency Bookies Different?

Bookies who accept cryptocurrencies have a different model from those who do not accept cryptocurrencies. The crypto betting sites were generally designed to fit this business model. Bookies who use this business model are relatively new to the gambling market, hence, African bettors are enticed with high betting limits and sleek promotions and offer to select them as their primary betting account.
African punters can bet on all sports and races using crypto coins like football, horse race, cricket, tennis, and basketball. Sporting and racing events happening around the world are covered by crypto bookmarkers, whereby players never lack a game to bet.

Advantages of Betting With Cryptocurrencies

African bettors who bet with cryptocurrencies enjoy several undoubtful advantages over the traditional betting sites. Some of the advantages of betting with cryptocurrencies are explained in this article.

Safe and Secure

During the transactions between your e-wallet and betting account, you will remain anonymous. Transactions are completely private—there is no need for verification on the address, ID, or names when opening a crypto e-wallet, it only needs a working email address, nickname, and password. A bitcoin e-wallet does not display your personal information. Thus, you might not end up as a victim of an identity thief.

Fast Processing Time

Deposits and withdrawals are made instantly compared to traditional payment methods. Traditional sportsbooks take time to transfer funds across your accounts when using the bank methods. A crypto bettor enjoys the benefit of instant cash transfers when the funds are deposited in and out of the betting account. The only waiting time involved is waiting for the bookie to approve the transaction that is also done instantly. More so, no middleman involved ensuring a fast and secure payment.

No Fees

Cryptocurrency betting offers free deposits depending on the betting sites, a bettor will not be charged on the conversion rate. But, if the crypto betting site is registered in another foreign country a small fee will incur usually less than the usual conversion fees.

Anonymity

African bettors prefer using Bitcoin because it allows them to be anonymous. A crypto bettor remains anonymous when depositing funds to his betting account no names, account details, and address will not be featured. Only financial information on funds will be featured.

Drawbacks of Using Cryptocurrencies

Crypto betting firms have a downside too. They can collapse any time since they are a digital currency and new to the African market. Just like any other financial market, bitcoins are volatile. As a crypto bettor, you are always looking at the crypto market. On how they are doing on the financial side as well as the technological side. A new crypto bettor should have a bit of an understanding of how the crypto market works before registering in a crypto bookie site. There are tons of material available to help you understand how cryptocurrencies intermarry with finance, technology, and betting.

Lastly, you will need to take precautionary measures when selecting a crypto betting site. Some of these sites are not registered and you might lose your hard-earned money when they collapse or become non-existent. Bet only on reputable sites.

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