Bitcoin and other Cryptocurrencies for Online Sports Betting

Bitcoin

Bitcoin has lost 40% of its value since the start of 2018 and it is reeling from its worst ever Q1 performance. Rival cryptocurrencies like ethereum and litecoin have suffered a similar fate amid regulatory fears, investor sell-offs and panic in the markets, leading to plenty of negative coverage following the highs of 2017. But in recent weeks the volatility has largely been stripped out of Bitcoin and that represents good news for sports bettors that wish to use cryptocurrency for wagering purposes. The huge daily fluctuations that defined the start of 2018 have largely fallen by the wayside, and recently Bitcoin has been remarkably stable.

You might ask why anybody would wish to use Bitcoin and other cryptocurrencies for online sports betting. Well, in many ways it represents a return to the golden days of the online sportsbook world, thanks to the speed, anonymity and ease of use it offers. It eradicates many of the concerns that sports fans find most frustrating about online betting, because it drastically shortens the tedious process of sending and receiving money to and from online sportsbooks. When you use Bitcoin blockchain deposits are rapid and withdrawals are pretty much instant. There is no more waiting days or weeks on end to receive the money you won fair and square. You should get paid in hours or less.

Bitcoin transcends nations and boundaries, so it is a truly global currency that is perfect for sports betting. It eliminates the need for banks and other middlemen that take a cut of your earnings. There are specific Bitcoin sportsbooks that take either no fee or only a tiny fee, so you do not have to contend with the usual blend of hidden charges, handling and conversion fees and transaction charges. Cryptocurrencies are designed specifically for online transactions, so you will not see any payments blocked by banks.

Its anonymity offers several advantages, particularly for US sports bettors that have previously lived in fear of authorities busting off-shore sites and seeing their balance withheld. By using cryptocurrency, you can bet without fear of discrimination – which is important for profitable gamblers that do not want to be penalised with sanctions for their success – and identity theft. All the betting site will see is a transaction code, so you do not have to give out your personal details and credit card details on unsecured website forms, which are at the mercy of hackers. This also frees you from the tyranny of annoying ads from third party companies that get hold of your email address.

The blockchains associated with Bitcoin and other cryptocurrencies involve no fees or tiny fees, so bookmakers are able to earn better margins and can afford to offer more attractive odds. Some online bookmakers now only accept cryptocurrencies, while the world’s most celebrated and reliable sportsbooks are making it integral to their businesses. Bookmaker is one of the sportsbooks that accepts bitcoin, check their review and you can see what a positive experience betting in cryptocurrencies can be.

So you get speed, ease, convenience, anonymity and security when betting in cryptocurrencies rather than fiat currencies like dollars and euros. But the downside is the vast fluctuations in Bitcoin’s value, which can quickly erode your margin if it suffers a heavy fall on the day you are betting. That is why is has always paid to bet in Bitcoin and quickly convert your winnings back into dollars before suffering a hit. But that is becoming less of a worry now as Bitcoin moves into a period of relative flatness, free of the wild swings we saw earlier this year. People are now looking at cryptocurrency as a long-term investment, rather than a way to make a quick buck, while increased regulatory measures can actually increase the sense of stability, so it seems that Bitcoin and other cryptocurrencies will only become more widespread and attractive to sports bettors going forwards.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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