What the Bitcoin Halving Could Mean for Sports Bettors

Approximately 25 hours until the bitcoin halving takes place, bitcoin is trading at $650.

Online sports bettors have expressed keen interest in all things bitcoin given how the digital currency enables them to easily deposit and withdraw from sports betting sites.

Sportsbook Review created a bitcoin sports betting forum to house player discussions on bitcoin.

The bitcoin halving will essentially reward bitcoin miners 12.5 BTC instead of 25 BTC for mining new blocks. Industry followers believe this might increase interest and the supply and demand of the digital currency.

What is of most concern to bettors, particularly those who are not overly fond with the idea of withdrawing their balances after every single sports bet, is that bitcoin value will become more erratic immediately post the halving. Even if a player is diligent about immediately converting bitcoin to cash, there is vital time in-between that would be subject to pricing changes.

However, it is very possible that the opposite could happen and that the value of bitcoin could rise post-halving, which would be an extra little bonus beyond the profits generated from making sports bets.

There is a third possibility that the price of bitcoin remains fairly steady at the mid $600 range. The below chart, courtesy of Coindesk.com, shows the bitcoin value swings over the last three months.

Date Close Price
7/7/2016 639.76
7/6/2016 676.11
7/5/2016 668.09
7/4/2016 681.63
7/3/2016 659.69
7/2/2016 703.69
7/1/2016 676.52
6/30/2016 672.48
6/29/2016 639.08
6/28/2016 646.3
6/27/2016 658.4
6/26/2016 630.25
6/25/2016 665.33
6/24/2016 665.16
6/23/2016 625.49
6/22/2016 602.89
6/21/2016 665.88
6/20/2016 727.95
6/19/2016 764.04
6/18/2016 755.68
6/17/2016 747.55
6/16/2016 768.24
6/15/2016 696.32
6/14/2016 685.99
6/13/2016 705.62
6/12/2016 675.34
6/11/2016 611.78
6/10/2016 579.13
6/9/2016 576.45
6/8/2016 583.1
6/7/2016 577.86
6/6/2016 585.53
6/5/2016 574.11
6/4/2016 573.45
6/3/2016 570.47
6/2/2016 538.14
6/1/2016 536.42
5/31/2016 531.8
5/30/2016 532.59
5/29/2016 524.08
5/28/2016 525.43
5/27/2016 473.47
5/26/2016 453.82
5/25/2016 449.23
5/24/2016 445.13
5/23/2016 443.73
5/22/2016 438.77
5/21/2016 443.13
5/20/2016 442.95
5/19/2016 436.73
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
4/17/2016 427.86
4/16/2016 430.84
4/15/2016 429.98
4/14/2016 425.11
4/13/2016 424.4
4/12/2016 425.99
4/11/2016 422.99
4/10/2016 421.11
4/9/2016 418.42
4/8/2016 418.09

Stay tuned for bitcoin sportsbook news at Sportsbook Review.com.

 
 

 


 

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