Bitcoin Sportsbooks vs. Traditional Betting Sites: The Differences

There are many differences between a bitcoin sportsbook and a traditional online betting site.

At a traditional online sportsbook, players have to provide identification, a utility bill, possibly even photographs of themselves holding said documents and everything short of their high school year book, depending on if red flags have been triggered.

With a bitcoin betting website, players do not even have to provide their name, let alone ID.

The differences do not stop there.

At a good bitcoin sportsbook, deposits and withdrawals are credited instantly and without fee. At a good online sportsbook, automated payouts are a much tougher task from the aspect that players could have received a sign-up bonus which carries a wagering requirement, and there is the need for the aforementioned Know Your Customer (KYC) protocols to be followed.

What it takes to operate a bitcoin site vs. "real" book
A bitcoin sportsbook can easily function out of a tech geek's basement. An online sportsbook requires a decent sized staff. Bitcoin is anonymous in nature and as such bitcoin sportsbooks are far from being publicly traded companies or even making their identities known, whereas some books in the United Kingdom are listed on the London Stock Exchange.

The differences are plenty, but one thing is true of exclusive bitcoin sportsbooks, and off-shore sportsbooks that offer traditional options as well as bitcoin: Bitcoin payouts need to be relatively fast, in relation to other options.

The reason is simple: If an online sportsbook took several days or longer to pay with bitcoin, sportsbooks could simply wait for the currency to fluctuate and process the payout when the USD cost is low, since at off-shore sportsbooks bitcoin deposits are converted into local currency.

Speed of using Bitcoin
This is also the biggest advantage to using bitcoin for deposits and withdrawals versus other methods such as credit card: Speed of transaction. In an industry littered with random ways of funding accounts - some convenient, some a pain in the dairy air - an easy way to replenish a betting account and to withdraw winnings is vital for player retention.

Bitcoin provides that, but the system relies on all operators following the rules. The industry is still relatively new, and the biggest challenge faced for bitcoin as it relates to online sportsbooks is the average Joe's willingness to do a little reading, open a bitcoin wallet, and realize the proper way to minimize the risks associated with the volatile nature of the currency. With bitcoin, players do not need to keep their sportsbook accounts funded longer than the settlement of a game, and there is no need to bet openers when it means keeping bitcoin in an account for a week. Bitcoin is very much a "fast friend" for online sports bettors, especially those that consider themselves risk averse.

Bitcoin Value Swings from past month

Date Close Price
12/11/2015 453.9
12/10/2015 415.25
12/9/2015 418.04
12/8/2015 418.14
12/7/2015 395.86
12/6/2015 388.46
12/5/2015 388.86
12/4/2015 363.48
12/3/2015 361.31
12/2/2015 359.43
12/1/2015 362.73
11/30/2015 376.91
11/29/2015 371.86
11/28/2015 357.66
11/27/2015 358.18
11/26/2015 353.3
11/25/2015 328.98
11/24/2015 320.16
11/23/2015 323.26
11/22/2015 324.34
11/21/2015 327.17
11/20/2015 321.99
11/19/2015 326.31
11/18/2015 334.97
11/17/2015 335.77
11/16/2015 331.59
11/15/2015 319.93
11/14/2015 333.55
11/13/2015 337.29
11/12/2015 336.86
11/11/2015 312.58

Searching Online Sportsbooks by Feature
Sportsbook Review provides many ways for online sports bettors to find information on sportsbooks, including bitcoin betting sites. Players can easily search sportsbooks by features using the online sportsbooks rating guide, and narrow down sportsbooks that convert bitcoin deposits, and those that keep player balances in bitcoin. Many other features and resources can be found using the sportsbook rating guide, which ranks over 220 sports betting websites.

Sportsbook Review encourages bitcoin bettors with feedback to write to mail@sportsbookreview.com. Alternatively, players can share their thoughts inside of the bitcoin sports betting forum at SBR.

 
 

 


 

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