The proliferation of betting websites that accept cryptocurrencies has modernized and completely transformed the landscape of online betting. Bitcoin, as the pioneering cryptocurrency, has emerged as the favorite for sports betting, and the trend is clear: an increasing number of people are adopting cryptographic currencies to enhance and diversify their gaming experience. In this article, we will cover the key aspects of this revolution in betting in Brazil.
Privacy and Security of Cryptocurrencies
Cryptocurrencies offer, according to the Apostas Guide website, a notable level of privacy and security compared to traditional payment methods where personal and banking information is required. Betting platforms that accept cryptocurrencies allow players to place bets almost anonymously.
By using cryptocurrencies for betting transactions, players can enjoy near-perfect anonymity. Unlike conventional bank accounts or e-wallets, cryptocurrencies do not require the disclosure of personal information, making betting more private.
Betting with cryptocurrencies in Brazil represents an exciting evolution in the online betting industry. They provide privacy, security, and convenience, making them an attractive choice for players seeking a more discreet and flexible gaming experience. The impressive growth in the volume of crypto bets demonstrates that this trend is here to stay.
Growth
A recent analysis by Softswiss, one of the leading providers of cryptocurrency iGaming software solutions for managing online betting platforms, provided impressive data on the growth of crypto betting. Comparing the first nine months of 2023 to the same period in 2022, a remarkable monetary growth of 18.7% in crypto bets was observed.
Furthermore, the number of crypto bets increased by an impressive 66.4% since 2022. What is even more notable is that, despite the substantial increase in the volume of crypto bets, the share of cryptocurrencies in the Total Betting Amount experienced a slight decrease of 4.3 percentage points, finally settling at 28.5%.
How it works
To begin using cryptocurrencies on sports betting websites, you need to follow a set of simple steps. According to Gazeta Esportiva, you should first register with a sports betting platform that accepts Bitcoin or other cryptocurrencies. Then, acquire Bitcoins through a reliable exchange and store them in a secure cryptocurrency wallet.
From that point, the bettor can make deposits into their betting account directly from their cryptocurrency wallet. The ease and speed of these transactions are fundamental reasons for the growing popularity of cryptocurrencies among bettors.
The legality of cryptocurrency betting in Brazil
The legality of cryptocurrency betting in Brazil is a topic that has sparked many discussions and debates. While sports betting itself is regulated and allowed in Brazil, the use of cryptocurrencies introduces a new layer of complexity.
This betting model received specific legal treatment in the country with the approval of Law No. 13,756/18. This law established the legal framework for conducting sports betting in Brazil. However, there are detailed rules to ensure that the activity is conducted within national guidelines, increasing state control over betting operations.
Regarding cryptocurrencies, the landscape is even more recent. The regulation of crypto assets was sanctioned in December 2022 through a Bill signed by former President Jair Bolsonaro. This legal framework introduced provisions in the Penal Code to deal with cryptocurrency-related fraud and established regulations for exchanges, which are the cryptocurrency trading platforms.
The legal framework for cryptocurrencies is evolving and may result in new rules and regulations in the future. Therefore, it is essential for players and betting platform operators to stay updated on the latest changes in legislation and comply with the ever-evolving legal requirements.
Source: Juristas (with information from Apostas Guide, Gazeta Esportiva, and Softswiss)
