Bitcoin betting market watch: BTC trades around $230 mark
Bitcoin (BTC) has sat around the $235 mark for the last two weeks.
The crypto-currency has seen better days, but don't count out bitcoin just yet, there are many hundreds of popular industries and millions of users across multiple platforms cheering for BTC to climb back up in value; online sports bettors are one such group.
Why is bitcoin so popular among sports bettors?
As bitcoin.com explains, bitcoin is "legal in most countries around the world. It is perfectly legal to buy/sell and own bitcoins in USA, Canada, Germany, Singapore, China and many other countries". In addition, the relative anonymity afforded by bitcoin and how mind-numbingly confusing it can be to the everyman has a way of convincing some that there are less prying tax authorities or government eyes to lose sleep over.
Are there downsides to funding online sportsbook accounts with bitcoin?
Unfortunately there are. Most significantly, the rapid fluctuations in the value of a single bitcoin has caused some sports bettors to shy away from jumping in with both feet to the bitcoin universe. In one moment your bankroll is sitting pretty with a winning wager or two under your belt, the next minute, without even having placed a bet, your bankroll can be depleted 10%. That's how fast the currency moves.
Take the previous three months alone as an example. The data below comes courtesy of Coindesk.com:
However, sports bettors looking to have their cake and eat it too don't necessarily need to sit on the sidelines. Recently, established sportsbooks from the rating guide have pledged support for bitcoin and incorporated the crypto-currency as a funding option without forcing players to keep their funds in BTC, giving players the best of both worlds.
For sports bettors interested in finding out which online sportsbooks presently accept bitcoin in their cashiers yet store balances in other more major currencies, or bettors looking for bitcoin exclusive websites that store balances in bitcoin, visit the Sportsbook Review bitcoin review guide.