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Cryptocurrency

Crypto Sports Betting: The Future, Features & Development Cost in 2021

written by Saloni Agrawal | Dec 03, 2020
Crypto Sports Betting

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 software development companies have begun having their interest in the development of sports betting apps or sites. 

Even now, there are a plethora of Sports Betting apps that permit sports enthusiasts to have their bet via cryptocurrencies as these are trending and providing 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, online sports betting sites are providing benefits and welcome bonuses to attract the players. 

crypto graph

What is Crypto Sports Betting?

The emergence of cryptocurrencies, like Bitcoin in the sports betting industry, has changed the whole scenario. Crypto sports betting is providing more convenience to users as it is fast and flexible. Bettors now have a broad range of sports to concentrate on and have improved security with every transaction. 

In Crypto 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. 

Needs 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 some states, it is still illegal. 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. 

Read More: How Blockchain Can Change The Future Of Sports Betting? 

Since the launch of cryptocurrency, people get to know about its benefits gradually with time. And now, they also realize the importance of cryptocurrency in the sports betting industry. It includes so many features that make it worth for sports betting. 

Below are some of the points that clearly defines the need for cryptocurrency in sports betting over 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 alphabets and numerals, and it helps to differentiate the players from one another.

Read More: How Blockchain in Sports Betting will overtake the entire Gambling Industry 

  • Users and transactions made via cryptocurrency are untraceable by any foreign agency or third-party. Therefore, it keeps 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.    

Features of crypto Sports Betting

There are now available various crypto sports betting exchanges that are having numerous features to provide benefits to sports betting enthusiasts. Take a look at these below features-

Blockchain Anonymity

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 privacy afforded that refers to that bets are not traceable by keeping the bets unidentified and keeps the personal banking details safe from hackers. 

Two-factor Authentication

This verification procedure adds more security to your online account. Along with the signing in with the username or password, it also makes you add your mobile number for the extra layer of security. It decreases the chances if, by any chance, your 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. Even because of this, traditional betting has been afflicted with corruption from hackers and bookies. At the same time, cryptocurrency has provided people with a bigger world to work in and also the freedom to place bets without prosecution.

What-is-Sports-Betting

The use of different digital currencies is providing more significant advantages to 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 has a straightforward and painless procedure to transfer the funds back to fiat. 

Challenges of Crypto Sports Betting

However, crypto sports betting has provided us with various features, but still, it has some challenges as well that are yet to be overcome. Here are they as following-

Cryptocurrency Volatility

The current price of cryptocurrencies is so high that it can differ up or down with the 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.

Site Navigation

Sports Betting app development still has not improved the online experiences provided by it. To check it, you have to visit each element of that specific betting site, and that is not possible every time without becoming a user via a registration form. 

No Refund Policy

No cryptocurrency provides refunds to their users. Once you have submitted the money, whether you win it or it is gone, it doesn’t refund back in any situation. 

The 7 Best Crypto Sports Betting Sites    

7-Best-Crypto-Sports-Betting-Sites    

Although there are various famous sports betting websites leveraging cryptocurrencies, 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. Below table will provide you information about the best seven crypto sports betting websites, take a look-

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 Crypto Sports Betting App

 

Costing of Crypto Sports Betting

When it is about estimation of the forming 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 or both, 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

call to action blockchain

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

By combining all the online crypto sports betting advantages, features, sports games, and advanced things if you want, we can say that a rough estimate of developing a crypto sports betting will be up to $50,000 to $70,000. And ultimately, it depends upon the hired developers or development company as only they can tell you the exact figures.  

The Future of Crypto Sports Betting

Sports bettors are getting lots of benefits from cryptocurrencies, right from free bets to faster transactions to odds boost on particular sports events, for making it appropriate to submit into a betting amount. Use of cryptocurrency has changed the whole scenario of the sports betting industry with significant alterations.

All the sports enthusiasts are enjoying anonymity and 100% transparency while using cryptocurrency to withdraw or deposit the funds. So, by seeing the users’ interest in Crypto Sports Betting, it can be said that its future would be very bright. 

Read More : 10 Reasons Why Tech Companies Hire Blockchain Developers From India?

There are so many other reasons as well, and based on that, we can easily predict the future of crypto sports betting such as availability of user’s favourite leagues, teams, and games.

Apart from all these reasons, these two below reasons are the most important that 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 crypto sports betting. Cryptocurrency permits the immediate withdrawals and submission of cash into your account. Also, traditional methods have charges on transferring the money, but cryptocurrency transactions don’t come with an additional fee.

  • Transferring or Withdrawal of Money from Anywhere

Sports bet with crypto is the future of sports betting, and the reason behind it is a 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 anytime from one region to another. 

It doesn’t only provide anonymity to users but also provides more security than standard payment methods. People who live in places where betting is illegal can bypass these laws via cryptocurrencies. 

Final Verdict

By going through this article, you must have got the needed information if you are thinking of investing in the crypto sports betting development. We have provided all the necessary details of sports betting, including its features, challenges, development cost estimation, its future, etc.

If you are interested in Sports Betting software development, hire 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.

We will provide you with a platform that will bring more users to you by providing them with anonymity and a faster speed of transactions. So, get in touch with us, and we will assure you to provide an appropriate solution at a reasonable price. 

Saloni Agrawal

I am a passionate and full-time writer with experience in academic writing and blogs related to the IT sector, High-tech, and lifestyle. I’ve grown my skills of content writing with the time and have keen interest in learning and exploring new things.

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