The use of Bitcoin virtual currency started in the year 2009, and continues to gain popularity year after year. Gambling websites are quickly realizing that this new digital currency can be the perfect medium for gambling.
Bitcoin is anonymous, fast and has very low costs compared to traditional deposit methods. Most importantly, bitcoin avoids the headaches associated with other deposit methods like credit cards and Western Union in terms of legal obstacles.
As a result, bitcoin has been added as a cashier option by many online sportsbooks, with many enticing their players to make the switch with attractive bonus offers and free payouts. In fact, every sportsbook on our top 5 list currently offers bitcoin as a payment option – all with an attractive bonus.
Bookmaker.eu, for example, has a bitcoin page that explains everything you will need to know in order to start betting using bitcoin.
Easiest Financial Transactions for the US Online Gambler
Although illegal, betting on sports is a huge business in the U.S. with the vast majority of betting volume going through offshore online sports books, casinos and poker rooms.
Two popular bitcoin exchanges for a lot of U.S. sports bettors are Coinbase.com and Circle.com.
Although officially, neither allows transactions for online gambling, its difficult to restrict these transactions without the user revealing the purpose is for gambling.
Smart users will open a third party bitcoin e-wallet – such as Mycelium, as an in-between buffer to make it even harder for the exchanges to know the real purse of your transactions.
Why Use Bitcoin
Bitcoin gives the privilege of instant transfers both to and from e-wallets. No need to worry about credit card fees or wait for the paper check to clear in one’s bank account.
Not just that, let’s not forget that the transaction charges for the operator of these e-wallets are usually small and affordable. Which means, you won’t have to be subjected to any kind of transfer fees when betting with bitcoins.
Sports Betting Is Also Enjoying Massive Growth
Sports betting is one of the main forms of bitcoin gambling entertainment that has developed at a very fast rate, and there are no signs of stopping yet. There are even a huge number of sports books that are now accepting bitcoin deposits and bets after realizing that it’s what most of their members prefer.
Sports and outcome betting junkies would also love this wonderful growth about betting exchanges. Unlike traditional sports betting where the house automatically places the odds and the players would have to decide whether they are going to take those odds or place a bet, with bitcoin betting exchanges, bettors would have the privilege to enjoy both sides.
The betting exchanges work in a way where they supply a venue for the action players who can place odds themselves or even accept the odds of other players. This only implies that players are allowed to bet against each other, and the bitcoin betting exchange serves as a facilitator of this action.
Having this kind of freedom could either be the backer of the bet or the layer of odds. Both backers and layers could choose the odds they like, and they can also create their own and allow other players to accept them.
What makes the use of bitcoin for sports betting unique is that both sides of the bettors could place bets at odds where they think they’re going to benefit. However, this isn’t the only reason as to why bitcoin exchanges have been highly preferred by sports enthusiasts.
Bitcoin vs Real Money
It’s also because they would be able to save a good amount of cash from bundle on fees. Also, since bitcoin betting exchanges aren’t active participants in the bet, the fees related to wagering are considerably lower than the traditional sports books.
Unlike the usual 5-16% offered by industry standard, bitcoin betting exchanges have a lower rate of 2%. This reflects a remarkable equity gain not only for large players, but even to small players as well– giving everyone the opportunity to enjoy online sports betting.
Even the fantasy sports betting is enjoying a prolonged growth spurt as it is slowly turning into a multi-million dollar industry within a few years.
No Central Authority
You don’t have to rely on big banks with bitcoins. Bitcoin transactions are done via peer to peer. That means they are directly from one user to another, as if they were exchanging money, because you’ll be receiving your bitcoin payout straight to your wallet that it goes directly and immediately to you.
What you have to decide is whether you’re going to buy and sell your coins on the market, or use it for sports betting. It’s completely up to you.
Final Words
Although bitcoin still represents a small percentage of the online sports betting market, there’s no denying that more and more bettors are starting to use this medium. The opportunities and flexibility offered by bitcoin make a bettor’s life less stressful, including fast, immediate payouts.
If you found this article interesting, be sure to also check out “Is it Legal? Offline vs Online Sports Betting.”
