Bitcoin is trading at $228 near the end of the day Wednesday, June 10.
A positive for sports bettors still considering whether or not to start making deposits using BTC is that the value has been consistent overall in the last two months.
This consistency will help reassure bettors that their bankrolls won't be worth significantly less if they don't bother to cash out for a week or two, and may even be worth more.
Sportsbook Review published a bitcoin review guide for choosing a bitcoin sportsbook last fall. At the same time, SBR introduced a bitcoin exclusive website (Nitrogen Sports) to the sportsbook rating guide for the first time.
Why is bitcoin so popular for sports betting?
#1. The transactions are often free, and always free at a bitcoin exclusive betting website.
#2. No fear of prying government eyes or the tax man when making bitcoin transactions.
#3. Payouts are often processed instantly or within minutes, allowing players to move funds without taking trips to convenience stores, dealing with bank fees, or mailing a cheque which can take days to be delivered or even get lost in the post.
If bitcoin is so great, why doesn't every online sportsbook offer BTC?
#1. Any time a currency can swing from being worth over $1,000 to $228, an online sports bettor isn't going to feel comfortable leaving his funds in an account for too long. A guy who simply wants to put funds somewhere for the duration of an entire NFL season isn't going to want to be bothered with constantly moving BTC around.
#2. Some players have reservations about depositing with bitcoin exclusive websites, since they have not been online as long as established, reputable sportsbooks.
#3. It's kind of confusing for everyman to wrap his or her head around. Some of us can barely turn our computers on and off.
The following chart lists the daily closing price of bitcoin over the previous quarter of 2015 (data courtesy of Coindesk.com):
|Date||Close Price||Date||Close Price|
Sportsbook Review will keep readers updated on how the anonymous crypto-currency performs during the second half of 2015.