SBR Forum: Why Don't International Sportsbooks Use Bitcoin?

A trending topic at SBR Forum poses the question — why don't international facing online sportsbooks offer bitcoin?

Bitcoin sportsbooks have exploded in popularity in 2015 with more than 30 betting sites adding bitcoin to their cashiers for player deposits and withdrawals.

However, most of these sportsbooks focus on the North American market, which offers a reduced variety of ways for online sports bettors to send and receive money, thanks to the UIGEA of 2006.

The fact remains that bitcoin's popularity has piqued the interest of not only stateside sports gamblers, but their international peers who recognize that bitcoin is as much of an investment opportunity as a method to fund betting accounts or make online purchases.

Bitcoin ATMs are popping up in not only the United States but across the globe.

The old familiar: Change is Scary
A majority of online sports bettors accustomed to using the likes of Skrill, Neteller, debit card, or electronic cheque are in no hurry to move to bitcoin when they can already very quickly, easily, and cheaply make transactions with sportsbooks without their governments pressuring local financial institutions to block activity that could be related to online gambling.

The other factor that might slow the growth of bitcoin for betting across the pond is the fact that companies may be gun-shy on dealing with the added risk of currency fluctuations, whereas in other markets it is simply a risk that has to be taken.

The below table shows the daily pricing fluctuations of bitcoin from the previous month. The data is supplied by Coindesk.com.

Date Close Price
5/18/2016 453.38
5/17/2016 452.75
5/16/2016 453.41
5/15/2016 457.85
5/14/2016 455.75
5/13/2016 455.73
5/12/2016 454.82
5/11/2016 452.11
5/10/2016 450.99
5/9/2016 461.49
5/8/2016 459.44
5/7/2016 459.46
5/6/2016 460.37
5/5/2016 448.53
5/4/2016 446.96
5/3/2016 450.27
5/2/2016 444.51
5/1/2016 453.04
4/30/2016 449.33
4/29/2016 456.35
4/28/2016 449.86
4/27/2016 445.01
4/26/2016 467.8
4/25/2016 462.51
4/24/2016 460.33
4/23/2016 452.58
4/22/2016 447.64
4/21/2016 451.1
4/20/2016 442.16
4/19/2016 436.1
4/18/2016 429.05

Sportsbook Review conducted a four-part bitcoin webinar covering the basics, how to purchase and get paid with bitcoin, the risks and rewards, and more. These videos can be found in the bitcoin sports betting forum.

 
 

 


 

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