Advocates of bitcoin (BTC) have much reason to celebrate at the Sportsbook Review bitcoin betting forum: Bitcoin is having an impressive October, up $60 since SBR's last market watch update on the 5th of October.
One bitcoin is presently trading for $286 and is trending toward a possible $300 in time for Halloween.
35 online sportsbooks presently accept bitcoin for player deposits and withdrawals, a number that is likely to be 50% higher next year.
Most reputable offshore online sportsbooks offer bitcoin. It is likely that international focused bookmakers will move to support the currency next because certain eWallets like Skrill and Neteller no longer service Canadian bettors with gambling transactions.
More consistency, the better
In a nutshell, the more consistent bitcoin performs, the more likely it is that more online sportsbooks will diversify their cashiers and add bitcoin. If bitcoin tanked in value, online sportsbooks might feel that players will be reluctant to use the digital currency and focus instead on traditional cashier options, which not all players can enjoy. Ultimately, making a bitcoin transaction is a lot simpler, quicker, painless, and cheaper than dealing with credit card companies, financial institutions, or the local convenience store.
Additionally, if bitcoin becomes a fixture at online sportsbooks, betting sites will continue to reduce payout processing time to remain competitive with one another, and move toward a more automated solution of payment such as that of bitcoin exclusive website Nitrogen Sports (SBR rating B).
Back a few years ago, online sportsbooks delivered some of the best value to players by attempting to one-up with another by offering creative reduced juice promotions, better bonuses with less rollovers, and cheaper payouts. This was prior to the mess of the UIGEA and online sportsbooks exiting select market.
Bitcoin has the potential to restore those glory days of the industry, and sports bettors know it.
The below chart shows the recent fluctuations in bitcoin value from the previous month, the data is courtesy of Coindesk.com, a bitcoin monitoring website.