South Africa has one of the strongest economies globally. It ranks second in the African continent and 33rd in the world. It has significant regional influence and includes the most UNESCO Heritage Sites in the continent. It is also ranked as a developing country with enormous potential.
Many industries are well developed in the rainbow nation, but in the recent period, one particular industry has managed to make a significant impact – the online sports betting industry.
Let’s take a look at how online betting became so popular.
Even though the South African government historically has a very negative approach towards the online betting industry, the residents are fond of accessing these sites and betting on games, which is why in 2004, the government was forced to relax the laws. With the 2004 National Gambling Act, online betting was made legal and this activity became an instant success.
In the past couple of years, the connectivity to the internet has increased significantly and the number of online sportsbooks that are licensed to operate in the country is rising. Hence, these days, the industry is booming and very profitable.
South Africans are massive fans of sports and are more than willing to register on these sites and place bets on sports events and matches.
Online sportsbooks have numerous advantages over land-based betting shops. They are far easier to access, offer tons of payment methods, provide registered punters with frequent bonuses and promotions, and most importantly, they feature tons of sports categories.
In the recent period, eSports has managed to grow a lot and many operators feature this category as well.
The Relationship Between Online Betting and Cryptocurrencies
Not only are these two industries extremely profitable in South Africa, but they also form a very handy partnership.
Many online sportsbooks are familiar with the advantages that come with using cryptocurrencies as a payment method, especially when it comes to Bitcoin, which is why they have integrated them as a payment method.
After all, we mentioned that one of the best features that online sportsbooks have is the fact that they have tons of accepted payment methods and cryptocurrencies are a great addition to the available payment options. If you use crypto for transacting then you will be provided with instant deposits and withdrawals.
Another advantage of using cryptocurrency for online betting is that you will not be required to pay any additional fees. As you may know, certain payment methods, especially e-wallets like Neteller and Skrill, come with fees on withdrawals. That is not the case with cryptocurrencies.
Since cryptocurrencies provide you with a certain level of anonymity, your online security is at a very high level so it becomes one of the most secure mode of payments for online betting.
