The rise of cryptocurrency has revolutionized the world of gambling. Since gambling requires the exchange of money for a product or service, the use of cryptocurrency (i.e. Bitcoin) has made it easier to both buy and sell services. Gambling can be broadly broken down into a few categories: sports betting, poker, casino games, and lottery games. The most common form of gambling is online sports betting. Online sports betting is the practice of placing bets on sports via websites. Today, most gambling takes place through online sportsbooks and traditional casinos.
As of now, most crypto gambling is conducted with fiat currencies. However, crypto has become an increasingly popular alternative. Gambling with cryptocurrency is the use of crypto to conduct online or offline transactions. Instead of the use of a credit or debit card, individuals and businesses now use blockchain-based cryptocurrencies to transfer their funds.
Types of Gambling
The various types of gambling are:
Sports betting. Sports betting is the practice of placing bets on which team or athlete will win a particular game or competition. The most common type of sports betting is online sports betting. Online sports betting allows individuals and businesses to place bets on a variety of sporting events, including:
Horse racing. Horse racing is the practice of placing bets on the winning race horse.
Poker. Poker is the practice of betting on the outcome of a hand of cards. The most popular form of poker is online poker.
Roulette. Roulette is the practice of placing bets on the outcome of a spinning ball.
Lottery. The purpose of a lottery is to raise money. Instead of using fiat money, the lottery organizers use crypto to transfer funds. Lottery organizers use digital currencies to transfer their funds through exchange platforms, such as Bittrex, Poloniex, and Binance.
Traditional Casinos. Casinos are an older form of gambling. Most casinos are found in the United States. Casinos are most popular in Nevada, California, and Atlantic City. Casinos are still used by a significant percentage of the adult population. However, cryptocurrency has become more popular as an alternative method of gambling. Some of the newest casinos in the United States are run through ICO’s (Initial Coin Offerings). As of now, the most commonly used cryptocurrency for traditional casinos is Bitcoin.
Crypto Sportsbooks. Instead of using fiat currency, crypto has become an increasingly popular method of gambling. Crypto sportsbooks are one of the fastest growing markets in the gambling industry. Crypto sportsbooks allow individuals to place wagers on sports online. The most popular sportsbooks are www.betcoins.com, www.bwin.ag, and www.bet365.ag.
Crypto casinos. Crypto casinos are one of the newest segments of the gambling industry. Crypto casinos are operated by private individuals. Crypto casinos operate by converting traditional casino games into cryptocurrency. Most crypto casinos are run on platforms such as Coinmama and Bitlox.