Bitcoin Sportsbooks: Fad or here to stay?
Bitcoins have soared in value and popularity since being put on the map by a research paper in 2008 under the name Satoshi Nakamoto. The cryptocurrency is traded in peer-to-peer fashion absent a central repository or overseer; the US Treasury has described bitcoin as a decentralized virtual currency. While users appreciate bitcoin for the low fees and relative anonymity behind online purchases, regulatory bodies are quick to point to the potential of money laundering and other evils associated with virtual currency. A crop of bitcoin ATMs have surfaced worldwide as bitcoin becomes increasingly mainstream: Bitcoin is recognized as a payment option among major online retailers such as Overstock.com and others; the negative press from black market sites like The Silk Road fading as the value of bitcoin climbs. As of this publication a single bitcoin (BTC) is worth $514.43.
Online sportsbooks & Bitcoin
There is plenty of technical mumbo-jumbo to get lost in when researching bitcoin, but one area of relevance to Sportsbook Review readers is the ease which bitcoin can be traded and used to deposit to betting sites. In an online sportsbook industry where processing costs are more exorbitant by the day, a low-cost option that allows clients to deposit without a trip to the local convenience store is welcomed with open arms. Still, there remain technical hurdles to properly implement bitcoin into online cashiers, as well as the fact that your average Joe may not even understand what a bitcoin is yet, and these areas still must be overcome for bitcoin to truly become commonplace in the online sportsbook industry. 5Dimes Sportsbook is the first major company to officially support bitcoin following the conclusion of a closed beta test between staff and players.
Creation of Bitcoin Sportsbooks review guide
Sportsbook Review has established a bitcoin sportsbooks guide which lists all known betting sites to offer bitcoin. The list is being updated daily as new websites surface, and only sportsbooks which have proven to be legitimate will carry an SBR Rating. SBR welcomes feedback from players on the categories which are important to them when choosing a bitcoin sportsbook. The first version of the bitcoin sportsbooks guide includes categories such as date established, server location, minimum and maximum payouts, as well as screenshots of each platform. The bitcoin sportsbook guide also features a real-time updating widget which shows the current BTC price in USD. Sportsbook Review news host Natalie Rydstrom introduces the bitcoin guide in a video released this morning, which can be found in this report's inner page.
It hasn't been all sunshine and rainbows with bitcoin sportsbooks, either. Sportsbook Review reported on scam sportsbook StakeBTC closing up shop without paying all of their players in February 2014. The following month saw Bitbook.biz close after a series of DDoS attacks disrupted their business. Players should not be quick to invest with unknown bitcoin accepting sportsbooks that have questionable financial standing and do not allow SBR mediation. Sportsbook Review operates a free dispute resolution service for complaints against any sportsbook or casino, including those that primarily deal in bitcoin.
Bitcoin sportsbook players with feedback, questions, or complaints should write to firstname.lastname@example.org.