Why Bitcoin is Not Going Away & Why Sports Bettors Should Care
Bitcoin is a digital currency that has not only taken the tech industry by storm, but that has become a staple among the online sports betting community for its ability to make transactions easier and more painless at betting sites.
As of now, there are a total of fifty bookmakers in the online sportsbooks rating guide offering bitcoin.
Bitcoin has spread through the sportsbook industry like an uncontrollable wildfire given the lack of a better alternative. Much in the same way that Neteller or Skrill (then Moneybookers) dominated transaction count at sportsbooks a decade ago, bitcoin has become the defacto eWallet and enabled players to stay at home when sending or receiving funds.
Its only drawback is perhaps its biggest source of interest in the first place: the volatile nature of digital currency itself, which is a digital token on a decentranlized network far removed from the fingerprints of men with badges and the IRS. Due to the fact that bitcoin can grow or drop overnight, a new possibility enters the equation for a bettor who just wants to enjoy his favorite pastime with a wager — even with a winning sports bet, the deposit put in could be worth significantly less during the payout phase.
To mitigate this factor, savvy players have opted to use bitcoin but at sportsbooks that convert the digital coin into their native currency; a rating guide filter exists for this purpose. This solves the problem as the only degree of fluctuation a player is affected by is the movement during the minutes it takes to make a transaction, which is most of the time negligible.
Bitcoin is growing not only in popularity but its armor has become stronger from the type of market challenges that previously sent its price into a tailspin: earlier this month, one of the world's largest bitcoin exchanges in Bitfinex was hacked and lost over $65m in customer assets, forcing a distributed loss scenario which saw all accounts accept a 36% haircut. The mainstream media was for the most part responsible with its coverage of the incident, attributing the blame where it belonged (BitFinex withdrawal procedure and their shaky implementation of BitGo technology) and because of this the market quickly recovered from a short-term panic window.
Sports bettors in the United States are clearly better off with bitcoin than without, though for the market to truly flourish and for bettors who have been on the sideline to jump in the huddle, sportsbooks need to do their part to streamline their implementation of bitcoin and offer the same type of consistent payout experience found at the industry's top sportsbooks.