South Africa has one of the best economies globally. It ranks second in the African continent and 33rd in the world. Not only that, but it has significant regional influence and includes the most UNESCO Heritage Sites in the continent. It is ranked as a developing country with enormous potential.
Many industries are well-developed in this country, but in the recent period, two industries that have managed to make a significant impact are cryptocurrencies and online sportsbooks. We will be taking look at both of these cases and see how they became so popular.
Cryptocurrencies haven’t just affected South Africa – they have had a massive impact on the whole world, especially in 2021. This year has been extremely productive for all cryptocurrencies, especially Bitcoin. Research has shown that South Africans are trading as much as $2.5 million per month with Bitcoins.
In recent years, Internet connectivity has also been on the rise in the country, many traders in this country even decided to use online trading platforms to sell their Bitcoins or other cryptocurrencies.
Each trading platform has specific strengths. Some are more suitable for novice traders, while some are more suitable for experienced traders. Not only that, but the accepted payment methods, fees, and the number of accepted cryptocurrencies vary from one trading site to another. That is why you must do proper research and find the best cryptocurrency trading platform in South Africa; one that will suit your individual needs.
Once you do that, all it takes is to register, deposit, and start trading. The process of registration is very fast and simple. You supply the chosen trading platform with some basic information about yourself, then choose the selected payment method, deposit, and start trading.
Even though the South African government historically has a very negative approach towards the online gambling industry, the residents are fond of accessing these sites and playing games, which is why in 2004, the government was forced to loosen the laws. With the 2004 National Gambling Act, online betting was made legal and this activity became instantly popular.
In the past couple of years, the connectivity to the Internet increased and the number of sportsbook operators that are licensed by the provinces was high. Hence, these days, the industry is booming and it is very profitable.
South Africans are massive fans of sports and are more than willing to register at these sites and wager on sports events. 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 Sportsbooks and Cryptocurrencies
Not only are these two industries very profitable in South Africa, but they also form a 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 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 cool addition to the available options. By using them, punters will be provided with instant deposits and withdrawals.
Not only that, but they won’t have to pay any added 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.
Finally, since cryptocurrencies provide you with a certain level of anonymity, your online security is at a very high level.