Will Cryptos Ever Be Given a Sporting Chance?

More people are starting to embrace cryptocurrencies in the past few years… and they have revolutionised many industries, including finance. However, there’s one area that seems to be apparently not too keen on adopting it any time soon – the world of online casinos and sports betting.

You might come across either a sports betting site or a new casino with fresh features online, embracing all the latest technologies – AI, AR, VR etc, but you won’t currently see it embracing the latest financial technology. Crypto. But why? And will it ever be given a sporting chance by the UK gambling industry? 

The UKGC’s Stance on Cryptocurrencies

The United Kingdom Gambling Commission is the UK’s regulatory body, responsible for gambling – including sports betting – and it’s there for many reasons, including protecting players and punters and ensuring financial transparency. It’s for these very reasons that the UKGC has several reservations about whether or not crypto is the way forward:

Traceability

Cryptocurrencies are famous for being transparent and anonymous. However, this also means that it’s also a potential threat to anti-money laundering compliance. The UKGC needs all of its licensees to adhere to the most stringent AML policies – and cryptos would make this a lot harder.

Volatility

The values of cryptocurrency can fluctuate massively within hours – and even minutes, which could create possible discrepancies in deposits, payouts, and how much is in your betting balance. As such, this very much goes against the UKGC’s commitment to fairness, financial transparency, and clarity.

Punter Protection

Cryptocurrencies don’t come with the same levels of consumer safeguards as traditional payment options. So, for example, if your transaction fails or your money is lost, you’ll usually have no recourse – and this conflicts with the UKGC’s mission to look after and protect its punters and players. 

Alternatives to Crypto in Sports Betting

So, it may be that for now, crypto payments are unavailable on UK-licensed sports betting sites and casinos – but that doesn’t mean you’re still stuck with bank transfers, cash and paper cheques. There are still some pretty quick and convenient methods to use as an alternative. 

Debit Cards

They might be an older way to pay, but they are still the most widely used payment methods in the world of online gambling. They’re not necessarily the quickest, but they are easy, comfortable and offer secure transactions… and they’re accepted pretty much everywhere.

E-Wallets

There are also options like PayPal, Skrill, and Neteller which give instant deposits and some of the fastest withdrawals, all while adding that extra layer of security. These are perfect if you want speed, convenience and protection.

Bank Transfers

These may be somewhat slower, but they’re a very reliable choice, especially if you’re making big money transactions. What’s more, there are now advanced systems like Faster Payments that have made them quicker and a little less clumsy than they once were.

Prepaid Cards

You can also try out cards like Paysafecard – which offer anonymity – as they let you deposit money without having to link your bank account. So, they’re great if you prioritise privacy.

Could Crypto Payments Become a Sports Betting Reality?

So, with all that being said, the question remains… “Will UK-licensed sports betting platforms ever accept cryptocurrencies?”  Well, there are some factors that could potentially lead to a change in the future:

1. Changing Regulations
   Governments all over the world are looking at different frameworks to regulate cryptocurrencies effectively. If the UK manages to implement solid crypto regulations that look at AML and consumer protection, the UKGC may think again.
2. More In-Demand
   As it’s becoming more widely accepted across the world, the chances are that it will grow in the UK. If more and more punters start pressing for it, it could pressure sports betting sites to push for the UKGC to change its stance.
3. Technological Advancements
   Innovations like blockchain-based KYC solutions and smart contracts could make cryptos more transparent, secure – and more compatible with the current UKGC regulatory requirements.

It can’t be denied that cryptos really have the potential to change the way we make transactions at online sports betting sites. However, the UKGC has decided that it’s not quite ready for them yet.

So, while it may be that things change in the future, we’re not there yet. You’ll just need to choose and use one of the alternatives – and hope for a change in the future.