Decentralized sports betting - The future of crypto betting

When it comes to governmental control, a Blockchain-driven web3 sports betting platform gives players total control over their assets and bets. Anyone can bet with friends without the need of a bookmaker. You won’t have to worry about regulations or any kind of intervention on web3 sports betting platforms because both assets and betting actions belong to the community.

This also means that you are completely responsible for your assets. You must take good care of them and don’t access strange websites that may ask permission to your wallet. In contrast, you have the traditional Bitcoin bookies. These platforms follow certain betting rules and regulations from governments to ensure people’s safety.

They are the ones who determine the odds and fees for placing a bet.

Decentralized sports betting platforms take smaller fees, known as vig as well, compared to traditional sportsbooks that normally collect around 5% (10% from the losers) averaging the sum of each gamble.

Since the bettors want to lower that percentage, they prefer to go to decentralized gambling platforms, where they can find lower fees.

Generally speaking, these platforms collect around 1% or less from the sum of the betting actions.

In our decentralized sports betting site, fees for withdrawing or depositing are none. This is because we don’t involve the usual sending process to your wallets.

The only thing you have to do is click "withdraw the funds" and the money will go immediately to your wallet with 0% fees.

Traditional crypto betting sites usually block or restrict countries that don't belong to the same territory license due to jurisdiction’s laws where those countries operate.

This means that if a gambling site operates with a license from the UK Gambling Commission, and users from other countries want to bet on it, they probably get restricted.

That is not a pleasant situation for bettors, but it is totally understandable for traditional Bitcoin bookies who only want to comply with the laws of the territory they are operating.

On the contrary, decentralized sports betting platforms do not come with the same regulations because they don't have the usual central operators and also try to avoid restricting any countries.

Beware that you may be located in a country where there is a total restriction for crypto matters. This means that you won’t be able to bet even on these decentralized platforms.

On Crickto, you don’t have to worry about country restrictions. We are open to all countries.

One of the hardest things in crypto for sports betting is finding a trustable traditional platform to gamble.

Let’s be honest, it is kind of hard to trust a platform that you don’t know and is based kilometers away from you. You don’t know if the deposit is going to be completed or if you will be able to withdraw your profits.

Sometimes, even when everything goes well, the website declines your card because your bank thought you were paying on a shady site.

This doesn’t happen with the web3 sports betting platform. Every time you deposit or withdraw you can personally check the crypto address the platform has in an online scanner.

This scanning process will vary according to the cryptocurrency you’re using. For BNB, you use the BscScan.

However, in Crickto we work with smart contracts. This is a contract that is stored on the blockchain and it executes automatically once you comply with certain factors.

This means that everything that was stated will be quickly processed. This includes fair best and instant payouts. It’s a better and improved way to ensure that everything will run as smoothly as possible.

It’s all pre-established so you don’t have to pass through bad situations like not getting your profits.

The advantage of using blockchain technology in the decentralized gambling sector is that you have instant deposits and withdrawals.

Actually, with our web3 sports betting platform, all deposits and withdrawals are made in seconds because you connect your wallet via Walletconnect.

This means that we don’t involve traditional processes that normally other web3 sports betting sites involve, like the usual blockchain confirmations that sometimes take way too long.

You own your money and your transactions are completely anonymous. So banks or countries don’t have any kind of control.

In the case of traditional betting sites, these will have to follow the betting laws of the countries they are registered in. This means that it’s harder to fund your account on these platforms.

Sometimes they may even reject your credit or debit card because of country restrictions.

The best thing about web3 sports betting is that you don’t need to pay taxes in most countries.

For example, Australia, the UK, and Canada are tax-free, whereas in the USA you need to pay Income Tax for Winnings.

Traditional betting sites also have to pay some taxes in case you use regular payment methods such as credit/debit cards, among others.

Thanks to the blockchain, decentralized platforms and sports betting sites have become the best trustworthy and transparent spaces for bettors.

Blockchain is the responsible creator of a new provably fair bet system that allows the players to see the random number generator, making these sites more reliable and transparent.

Instead, there are more chances to find fixed games on traditional Bitcoin betting sites, these being not as reliable as decentralized peer-to-peer gambling.