What is Tether betting, and how can gamers use it?

Cryptocurrency has garnered significant attention in the financial industry over the last 18 months. As it continues to gain a larger presence in traditional financial circles, there is no shortage of casino companies seeking to offer a route for players to wager with their crypto assets.

This is not a new development in the world of casino gaming. In fact, the casino industry was among the first industries to recognize the potential of both blockchain and cryptocurrency, with some of the first crypto casinos dating back over a decade. However, it wasn’t until the industry underwent several bull runs and gradually gained acceptance in traditional finance that its full potential began to emerge.

Exploring the appeal of Tether (USDT)

In the modern casino gaming industry, there are dozens of cryptocurrency payment options you can choose from, and hundreds of providers willing to offer you a route to do so. Today’s focus is on Tether, also known as USDT. It’s a stablecoin that maintains parity with the US dollar, making it a sought-after cryptocurrency for gamers looking to bridge their funds.

The concept of USDT is relatively simple—the best way to remember it is as a digital version of the dollar. Unlike Bitcoin, Ethereum, and other altcoins that can experience major volatility, the idea of USDT is to constantly peg to the dollar—ensuring that if you sell your Bitcoin or other assets in times of volatility, you’re able to use the USDT as a place to sideline yourself without your assets depreciating.

Betting with Tether—a simple guide

As is the case with other cryptocurrencies, the first step is to set up a cryptocurrency wallet and acquire some Tether. Now, Tether is one of the most well-established digital assets, having been in the industry for over a decade and handling billions of dollars’ worth of transactions every day.

Once you have it in your wallet, such as Coinbase, MetaMask, or Trust Wallet, the next step is to deposit it. You can also purchase USDT from a centralized exchange such as Binance or Coinbase and then send it to your wallet manually.

As is the case with conventional platforms, Tether betting will provide you with the odds in a format you are used to—the only difference is that you are using your USDT to place the bet. Tether sports betting offers a near-identical experience to conventional betting sites, but instead of going through the red tape, payment delays, and occasional fees that can slow down conventional sites, Tether betting aims to expedite the process.

Advantages of Tether betting

By honing in on the advances of the cryptography and blockchain that have made cryptocurrency betting platforms such an in-demand niche in the world of casino gaming, Tether betting sites have the additional advantage of parity to the dollar, deep liquidity, and a shield from the volatility of the market, which can sometimes see over a trillion dollars added or wiped from the market in any given 24 hour period.

Many cryptocurrency platforms hold their assets within their own wallet. In the event of a breach, fraudsters, or criminals attempting to gain access to the system, they will often target the wallet rather than the customer data stored on file. In conventional betting, sites hold large amounts of identifiable information, ranging from photo IDs to sensitive credit card information.

However, due to the dynamics of crypto betting sites and those gambling operators that use Tether, they’re considered less of a target for criminals. However, ideally, any casino you use should have the security to ensure your information remains safe, regardless.

Ultimately, as long as you know how to access a crypto wallet and a centralized exchange, and you understand financial terms like parity and liquidity, there’s not much else you need to know before you start accessing Tether betting sites.

Responsible gambling

Cryptocurrency has brought a new level of transparency into the world of betting. If you use Tether for all your betting, there will be a record of all these payments on the blockchain. Those bettors who can keep their betting within a safe and manageable limit should be able to set time and deposit limits for themselves and stick to them.

However, if you are unable to stick to these limits and you have to use other tools to shield yourself from problem gambling, such as time-out periods or filling out self-exclusion requests, it doesn’t matter what payment method you use.

Those bettors who cannot stick within the confines of the limits they initially set, chase losses, or gamble with money they can’t afford to lose need to seek out the assistance of a professional or a problem gambling charity before it spirals into a problem that becomes incredibly difficult to manage.

Final thoughts

As casino gaming companies continually search for innovative ideas to attract a new wave of customers, cryptocurrency remains one of the most promising concepts that draws new people into the industry.

The advantage of Tether is that it remains closely tied to traditional finance. Yes, it is a digital dollar, and it relies on the blockchain, but due to its parity and the fact that it is pegged to the dollar, it offers a middle ground for those bettors who do not have a strong grasp of the broader industry.

Now, you should have a strong understanding of cryptocurrency before you begin using it to play at a casino site. However, for those who are making their first inroads into the market, USDT does provide some form of familiarity.

Once you acclimate to how it works and how casino companies integrate it into their sites, this opens the door to exploring other forms of crypto casino gaming as well.

You might opt for altcoins like Litecoin or Ethereum, or stick to the trusted stalwarts of digital assets, such as Bitcoin, but not only does USDT offer some respite for those who don’t want to dive head-first into crypto casino gaming, but it also offers an insight into how finance is becoming digital, and how the future of casino gaming could end up being on the blockchain.