Undoubtedly, cryptocurrency has transformed the way of functioning of various industries. It has empowered the business potential of various sectors as digital cryptocurrencies have provided them with many advantages. By increasing this chain of benefitting sectors, there is recognized a new term that is “Crypto Sports Betting Development”.
We all know that the sports betting industry is known as a multi-billion dollar industry. This sector has countless betting enthusiasts spread worldwide, and the sports market is estimated to enlarge by up to $155 billion by the year 2024. There is an extensive market share of the sports betting sector, and many leading betting software development companies have begun having their interest in the development of cryptocurrency sports betting application.
Even now, there are a plethora of crypto sports betting apps, which permit sports enthusiasts to place their bets via cryptocurrencies as they are now trending and provide various benefits.
With the blend of bitcoin in the sports industry, this sector has become extremely competitive, including various sites. Due to the increased competition, crypto sports betting sites are providing benefits and welcome bonuses to attract players. Cricket With the blend of bitcoin in the sports industry, this sector has become extremely competitive, including various sites. Due to the increased competition, sports betting sites are providing benefits and welcome bonuses to attract players.
What is Cryptocurrency Sports Betting?
The emergence of cryptocurrencies, like Bitcoin in the sports betting industry, has changed the whole scenario. Cryptocurrency sports betting is providing more convenience to users by making the platform much more faster and flexible. Crypto sports betting app offers a broad range of sports to concentrate on and has improved security with every transaction.
In Cryptocurrency eSports Betting, users can purchase bitcoins from a broker and can collect them into their specific bitcoin wallet. And from there, they can make their deposits to the bookmaker.
Importance of Cryptocurrency in Sports Betting
Sports betting refers to the betting in which players place wagers dependent on their predictions on the sports league’s results to win money. Although sports betting is considered legal in various countries. In this sector, the flow of money via betting is helpful for the countries to gather huge revenue amounts as taxes to accelerate the economy of the country.
After the launch of online crypto sports betting platforms, people get to know about their benefits gradually with time. And now, they also realize the importance of cryptocurrency in the sports betting industry. Crypto sports betting sites and apps include plentiful features that make sports betting highly interactive secure and extremely worthwhile.
Below are some of the points that clearly define the significance of sports betting with cryptocurrency as compared to the traditional ways of trading such as debit or credit cards, fiat money, or net banking-
- Sports betting using crypto provides a private platform for transactions. A unique key provided to users has a form of alphabet and numerals, and it helps to differentiate the players from one another.
- Transactions made via cryptocurrency are untraceable by any foreign agency or third party. Therefore, sports betting crypto coin protects the identity of a user safe.
- Cryptocurrency transactions in the sports betting industry include all the records of previously placed transactions. Through this, the placed wagers can be authenticated if there is any discrepancy using these techno currencies.
- Don’t miss a bet as users can also make real-time transactions using cryptocurrency platforms. That means that you don’t have to wait for a long time for transaction reflection in your account and you can ditch the regular money transferring approaches easily.
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Features of Cryptocurrency Sports Betting
The crypto sports betting exchanges offer numerous high-quality features, benefiting sports betting enthusiasts. Take a look at the below-mentioned features-
As per the blockchain protocols, it keeps all its sports betting users anonymous, and also it leaves no trackable money trail like other regular sports betting methods. It also has offer utmost privacy by keeping the bets unidentified and the personal banking details safe from hackers.
This verification procedure adds more security to your online account. Along with signing in with the username or password, it allows you to add your mobile number for an extra layer of security. It decreases the chances of cyber attacks as your personal details are vulnerable to online hackers.
Extra Money Bonuses
Traditional betting bookies and sites started this trend to provide bonuses to users at the time of signing up. By continuing the trend, bitcoin sports betting is providing much higher bonuses and amounts for smaller wagers as well to attract more users.
Betting All Over the World
There are various places where betting is not legalized. As per the market stats, traditional betting is more prone to corruption from hackers and bookies. While cryptocurrency sports betting has provided people with a bigger world to work in and also the freedom to place bets without prosecution.
The use of multiple digital currencies is providing significant advantages to crypto sports betting platform users.
Low Transaction Fees
Efficient and faster withdrawals are the main feature of crypto eSports betting. It provides a better way of submitting and sending cash to offshore bookies. It is faster than you think and includes a straightforward and painless procedure to transfer the funds back to fiat.
Challenges of Cryptocurrency Sports Betting
Despite plentiful benefits, online crypto sports betting has its own share of challenges. Here are some of the common crypto sports betting challenges:
The current price of cryptocurrencies is so high that it can differ up or down with a gap of hundreds of dollars, maybe regularly or in one hour. With the varied prices of cryptocurrencies, Bitcoin is the stand-alone crypto. So, place your winnings very carefully.
Sports Betting app development is not the complete solution for bettors worldwide. To check the compatibility of your crypto sports betting site, you need to visit each element of the specific betting site.
No Refund Policy
No cryptocurrency provides refunds to its users. Once you have submitted the money, there is no going back. This means you will not be able to get a refund in case you lose the bet.
The 7 Best Cryptocurrency Sports Betting Sites
Although there are various famous crypto sports betting sites leveraging c ryptocurrencies, however, not all of them provide the best services. Hence, while looking for the best online Crypto Sports Betting platforms, users must look at the countries and currencies supported. The below table will provide you with information about the best seven cryptocurrency sports betting websites:
|Overview||Sportsbook Rating||Welcome Bonus||Supported Currencies|
|Stake||9.3||VIP Promotions||Bitcoin, Ethereum, Litecoin, and many more.|
|Sportsbet.io||9.0||VIP Promotions||Bitcoin, Ethereum, Litecoin, Tether, Bitcoin Cash, Canadian Dollar, Euro and more|
|Cloudbet||8.9||100% up to 5BTC||Bitcoin, Ethereum, Litecoin, Tether, Bitcoin Cash and more|
|BETONLINE.ag||8.7||50% up to $1,000||Bitcoin, Ethereum, Litecoin, Ripple, Tether, Bitcoin Cash and more|
|1xBit||8.5||Welcome Package up to 7BTC||Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, etc.|
|BetFlip||8.5||555% up to 10,000€||Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, etc.|
|Thunderpick||8.2||Up to 500€||Bitcoin, Ethereum, Litecoin, Ripple, Tether, Bitcoin Cash|
The Development Cost of Cryptocurrency Sports Betting App
When it comes to the estimation of the development cost of a crypto sports betting app, the foremost factor to keep in mind is the nation where it is being developed. Other than that, for developing a sports betting script, you have to choose the platform like Android or iOS, the number of games involved in the app for placing bets, attributes, functionalities, UI & UX design, etc.
Hourly Rates for App Development
- India- $15-$80 per hour
- North America- $50-$250 per hour
- Western Europe- $30-$175 per hour
- Eastern Europe- $20-$150 per hour
- Australia- $50-$100 per hour
Required Team Structure for Development
- Project Manager
- Business Analyst
- Back-end Application developer
- Android or iOS developer
- UI/UX designer
- Bug fixer or quality assurance expert
- Project delivery manager
The development cost of crypto sports betting app with advanced features and functionalities is around $50,000 to $70,000. And ultimately, it depends upon the hired developers or crypto sports betting app development company as only they can tell you the exact figures.
The Future of Cryptocurrency Sports Betting
Sports bettors get lots of benefits from cryptocurrencies, right from free bets, and faster transactions to odds boost on particular sports events. The use of cryptocurrency has changed the whole scenario of the sports betting industry with significant alterations.
All sports enthusiasts are enjoying anonymity and 100% transparency while using cryptocurrency to withdraw or deposit funds. So, by seeing the users’ interest in crypto sports betting, it can be said that its future would be very bright.
There are so many factors through which we can easily predict the future of crypto sports betting such as the availability of users’ favourite leagues, teams, games etc.
Apart from all these reasons, the two below reasons are the most important factors, which define that cryptocurrencies are the future of sports betting-
- Faster Transactions
The disadvantage of the slow speed of depositing and withdrawing funds in traditional payment methods has been improved in cryptocurrency sports betting. Cryptocurrency permits the immediate withdrawals and submission of cash into your account. Unlike traditional methods, cryptocurrency allows users to make transactions without submitting an additional fee.
- Transferring or Withdrawal of Money from Anywhere
Sports betting with crypto is the future of sports betting, and the core reason behind it is the convenience provided to users. It provides anonymity to users and prevents payments from being traced; hence, a user can withdraw or transfer their money from anywhere and at any time.
Moreover, it also provides more security than standard payment methods. People who live in places where betting is illegal can bypass these laws via cryptocurrencies.
We hope you might have got all the necessary information required before investing in the cryptocurrency sports betting development. In this blog, we have covered all the important elements significant for crypto sports betting site development, including features, challenges, development cost estimation, its future, etc.
If you are interested in Sports Betting software development, hire a leading app development company, BR Softech. Dealing with these cryptocurrencies is not easy, and it is rewarding for both the user and service provider, that is why it will be good if you take the services of our experienced and skilled developers.
Cryptocurrency is extremely beneficial for sports betting software development as it offers faster and safer transactions to all bettors worldwide. Unlike the traditional method, crypto sports betting provides a reliable and credible platform that maintains the safety and security of the user’s personal information.
The cost to develop online crypto-based sports betting software is around $50,000 to $70,000. This development cost is not fixed and hence differs depending on different factors such as the location of the developer, level of features, graphics, customer support, testing and marketing.
There are different types of cryptocurrencies used by bettors worldwide. However, the most common crypto for sports betting includes Ethereum, Litecoin, and Bitcoin Cash.
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