We have seen a number of industries bring cryptocurrency on board since the inception of Bitcoin back in 2009. This has been even more evident over the past couple of years, and it seems set to rise further.
The estimates suggest that 100 million people around the globe are cryptocurrency users, and they all need somewhere to spend it. Whether its buying and selling online, buying physical goods, or for some, sports betting, there are plenty of options out there.
But in terms of integrity and the laws surrounding sports betting, how does cryptocurrency fit into this, given the big draw of being anonymous if people wish. This is something that betting sites which accept crypto have to deal with, and something the entire betting industry needs to think about and get in order, as the boom continues to grow over the next decade.
How Does Crypto Betting Currently Look?
There is a demand for crypto betting right now, we have had this in place for the past few years, and in the future, the demand looks set to rise. A number of startups have risen to cope with this demand, but that has left us with a strange-looking crypto betting industry.
This is currently running parallel to the betting industry, these operators are sometimes not licensed, or don’t hold licenses to operate in major European nations, or in the USA. They offer a service that people want, but this is deemed illegal in some parts, and now seemingly has the potential to bring sports betting related fraud to the table.
There will be people out there who get legitimate fun out of crypto betting, and only want to use it in the right way. However, there is a door open for fraud that regular betting does not allow, providing the bookmaker in question is licensed and regulated in a proper fashion.
Can Betting be Anonymous?
Over the past few decades, we have seen and heard many claims, some which have been proven to be true, surrounding match fixing. This is something that the betting industry, and sports as a whole, want to stamp out.
There is seemingly a good relationship with bookmakers and sports authorities regarding this, neither want it to take place. Should anything happen, the bookmakers have a wealth of information about the accounts involved, but with crypto betting that is completely different.
This can be anonymous, so if for example, a match is fixed and people win money by betting on this, there is no way that the crypto bookmaker would be able to guarantee they had the information needed to find the culprits.
The best guess surrounding match fixing is that there are a number of people involved, away from the person at the centre and these are the betting account holders who place bets.
They can be identified if betting with a licensed bookmaker, but if they are using a crypto wallet and betting with a crypto bookmaker, they cannot.
Large stakes can be placed on events, a lot of money can be won, and ultimately, we do not know who by.
Crypto Betting with Checks and Documents Needed
With demand for crypto sports betting increasing, but worries surrounding how it is accepted, could we see regulated bookmakers offering it under a different approach in the near future. This should be fine for customers who are happy to be checked and want to play with crypto above board.
This would use data and allow people to make a standard crypto payment into their account, which is anonymous. However, there will then be a check on the person and documents needed to prove who they are.
It may be the bookmaker who does this, but could also be a third-party, and would be like the KYC requirements that we see at the moment, though more focused on crypto rather than anything else.
What this would do is bring crypto betting inside the regulated market and prevent issues of match fixing and anything else associated with it. Should this not happen, and people stay with unregulated crypto only bookmakers, that door remains open.
With more and more people jumping onto crypto, and those who are already involved with it turning to gambling, we are seemingly at a point where something needs to be done. The ideal scenario would be to have a legal route to crypto betting for those who want it, with checks in place to satisfy the regulatory bodies who check up on gambling around the world.
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