Why Trust Web3Bet
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People ask first of all in chat rooms this question: “Why should I go on purchasing lottery tickets from a store where I have to queue up, scratch the film, and get my rewards, while I can do all what is needed via crypto prediction markets or Web3 casinos right from my phone in two minutes and not having to prove my identity?”
First of all, people ask in chat rooms this question: “Why should I go on purchasing lottery tickets from a store where I have to queue up, scratch the film, and receive my money, while I can do everything that is needed via crypto prediction markets or Web3 casinos right from my phone in two minutes and not show my passport?”
When television appeared, everyone thought that theaters would one day disappear, but they didn’t.
Let us go a little bit deeper…
First, what are we actually comparing?
Regulated gambling sites like Bet365, William Hill, DraftKings, and Pinnacle. They are all regulated and licensed. They hold your funds in fiat currency. They have your personal information. You can get help from them. Absolutely, there are some legal obligations on them.
Web3 gambling platforms: 1win, Rollbit, Cloudbet, Betfury, Stake, and any other gambling sites using blockchain technology in their transactions. Some of them make their transactions using smart contracts. Some of them rely on provably fair transaction technology. They accept payments made in cryptocurrency. And in some cases, transactions are conducted using smart contracts, hence no gambling site will ever hold your funds.
The custody problem nobody talks about enough
For instance, if you choose to make a deposit of $500 at any Web2 casino, your money is stored in the casino’s system. Your dashboard will show you the amount you have deposited, and you will assume that everything is fine.
Most often, it is. Nonetheless, this trust is based on:
- Regulatory;
- Banking terms & conditions;
- Legal recourse if something goes wrong
The system runs smoothly until it fails. Just ask participants of games whose established bookies all of a sudden refuse to pay out, keeping winnings on hold for weeks.
Web3 bookies do it differently. In a full-fledged blockchain-based ecosystem, placing a bet creates a smart contract. The result comes automatically; there’s nobody to approve your withdrawal from the winnings or to make the process difficult for you.
It is true that there’s a slim chance a Web3 gambling platform could be hacked. Also, you may not be able to complain anywhere, since there’s no regulatory body to turn to. But still, things are heading in the right direction.
Odds and margins: where the money actually lives
So, let’s move on to betting margins:
For example, a traditional bookmaker sets margins somewhere between 4% and 10%, depending on the sport and market. In popular markets like the NFL and Premier League, match results are lower. In lesser-known markets like triathlon, they can be very high.
As concerns margin levels, Web3 betting operators differ greatly. On the one hand, some betting platforms set higher margins than traditional betting sites, since their clients are less experienced and more interested in placing bets in cryptocurrency than in making money from it. At the same time, some betting websites aimed at experienced gamblers have started setting smaller margins, or margins equal to those of traditional betting services.
Very interesting example of an extreme case: betting services that operate on the principle of prediction markets, where odds are determined not by the operator but by market demand and supply. The gambler will gain an advantage only if he knows something other gamblers do not know. In this case, betting sites resemble a betting exchange service; however, the differences between the two are vague indeed.
To sum up: as far as margin levels go, for a gambler who wants to get better odds, it all depends on choosing the betting site with the most favorable margins.
KYC, anonymity, and the “banned winner” problem
What’s really driving many players to Web3? Account restrictions and mandatory KYC requirements, of course.
The fact remains that some casinos operate under such practices: they do not mind taking money from both losers and winners. After winning several rounds with a certain strategy (which was mentioned earlier), based on the value of wins, your accounts will be immediately blocked.
It goes without saying that Web3 services, and particularly decentralized ones, do not block you. If we talk about an account in the traditional sense of the word, you will not find one here either; all you will have is a wallet (which will also serve as identification data for your account).
In other words, you connect your wallet, make a bet, win, and receive your rewards. The smart contract does not care whether it is your 47th win in a row.
This issue is critical for professionals. It is not only about having anonymous accounts; you can use them to maximize the profit you can get.
Anonymity is crucial in this regard as well. There are plenty of people who do business in jurisdictions where the law governing online gaming is uncertain. Cryptocurrency deposits enable you to bypass all complications linked with bank accounts.
Downside: If the Web3 platform is compromised, collapses, or even vanishes into thin air, there won’t be anyone for you to complain to because there isn’t any regulatory body involved. There’s nothing like an insurance policy for your money. It’s just you and the developers’ trustworthiness, the security protocols, and the smart contract’s honesty.
Withdrawal speed: not even a debate
Here, things are even simpler. At traditional casinos, your winnings can be processed within 1-5 business days. Sometimes, it takes much longer due to additional checks by the platform’s security services, banks, and other agencies.
Crypto withdrawals on Web3 platforms take minutes. Sometimes, seconds, if the platform uses a second-layer blockchain or instant settlements.
For those who have their funds delayed on weekends because the compliance department does not operate on Saturdays, this is indeed a big issue. Frozen funds mean non-functioning funds.
Tip: If your chosen Web3 platform requires manual verification for large withdrawals, you’ve already lost your advantage. It is always important to confirm the withdrawal process first.
Casino & Web3 Bonuses: Who actually wins here?
Another equally important category for comparison is bonuses, specifically how they are used.
Traditional platforms: aggressively use bonuses to attract new customers: freerolls, deposit bonuses, and increased odds. While some platforms actually deliver on these promises, others seek to do the opposite, preventing users from making any profits. Under the hood, they hide wagering requirements that make it difficult to actually profit. A 100% deposit bonus with a 10x wagering requirement sounds tempting until you actually do the math.
Web3 bookmakers: often use token-based loyalty programs, staking rewards, and so on. These can be truly valuable, especially if the platform’s native token is appreciated. But they can also prove worthless if the token’s value declines. Cryptocurrency bonuses are more volatile, but sometimes they are more profitable to cash in on.
Some Web3 platforms have virtually no wagering requirements for bonuses. This is a significant advantage for bonus hunters who know what they’re doing.
So, what’s actually better?
It all depends on what suits you best and where you usually play:
- If you’re an experienced player who consistently makes a profit and constantly faces restrictions at traditional casinos, then you should definitely at least try Web3 betting platforms. The lack of KYC (check this) and instant withdrawals to your crypto wallet may appeal to you more.
- If you bet for fun, primarily on major sports, want to get a user-friendly interface, and aren’t particularly interested in cryptocurrency, traditional casinos still win in terms of ease of use and market depth.
- If you are situated in a region where it’s hard to find the usual bookmakers, Web3 makes it possible for you to do what you couldn’t do otherwise. It’s also important to remember that the absence of KYC is one of the main distinguishing features here.
If you need to use both, it’s advisable to consider a trusted casino such as 1Win.
Final words
The industry is moving toward a hybrid model, whether current players like it or not.
In two or three years, the most accurate comparison may not be “Web3 vs. traditional casinos,” but “which hybrid platform has found the right balance.”
Right now, it’s wiser not to take an ideological stance. It’s important to understand what each model does well, match it with your betting style, and use the right tool in the right situation.
The market is transforming: both casinos and players. And only you can decide which method is best for you.
