Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.
Casino Game Fairness
Although it’s impossible for blockchain technology to help provide live sporting event fairness, if the ref blows a call, only replay can overturn it, blockchain tech does provide casino fairness. By fairness, we mean crypto casino games provide provably fair mechanisms. In other words, when casino players bet on crypto platforms, the players can prove that the outcomes are fair. This is untrue when we play on a traditional online casino platform.
Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.
Thank you for at least putting a few pieces down for people to understand and appreciate cryptocurrency and its relationship with betting. But still, these are not without some faults, although it is obvious that you are trying to appraise the crypto-casinos but we should not misplace facts by doing so.
To avoid writing an epistle, let me take it one after the other but in a summary note;
1. KYC/Regulation: This was particularly true when crypto casino was newly introduced and it was even partly introduced for that purpose. But regulation has taken over now, so I do not see how this makes it better than fiat in this regard. And if you say that some casinos are still providing a no-KYC service, a few fiat casinos are doing that too. So what?
2. Casino Game Fairness: This is not unique as it is not peculiar to crypto casinos, fiat casinos are providing provably fair service as well.
2. Fast and Cheap Transactions: Well, this is a good remark and it is so true if it is a cross-border deposit we are looking at. But if it is a local casino we are dealing with, a local bank transfer is the fastest and cheapest and it's in fiat.
However, this is not to counter or antagonise you but just remarks to prove that those statements are not just unique to crypto-casino since fiat services can also do them.