Bitcoin Is Taking the Sports Betting Industry by Storm

bitcoin

Martin Green

Tuesday, May 30, 2017 3:34 PM GMT

Tuesday, May. 30, 2017 3:34 PM GMT

You have probably heard how important crypto-currency Bitcoin is becoming, but you may not realize exactly why that is. In this article, we explore why Bitcoin is something the sports bettor simply cannot afford to be without.  

  

Bitcoin is taking the sports betting industry by storm and has become essential to the modern sports bettor due to the speed, convenience, security and anonymity it offers. This crypto-currency is getting embedded deeper and deeper into sports betting with every passing day. The world’s top sportsbooks are putting it at the center of their offerings, while new and exciting sportsbooks only accept Bitcoin.

In one fell swoop, switching to Bitcoin can eliminate everything that is frustrating about online sports betting. U.S. players sick and tired of going through the tedious process of sending and receiving money to and from sportsbooks, with all the annoying fees and mind-numbing waiting times that involves, can rejoice. Bitcoin deposits are quick and withdrawals are instant. No more waiting for weeks on end to receive your money. You get it within hours or less. Bitcoin sportsbooks require either no fees or a tiny fee so no more seeing your margins eroded by middlemen due to hidden fees, handling fees, conversion fees or transaction fees. 

This is because Bitcoin is specifically designed for online transactions. It transcends international borders and the entire model of its blockchain is based on a lack of fees with no pesky middlemen taking a cut. There is no need whatsoever for third-party involvement. There is no way deposits will be blocked by a bank because banks are out. It is a transaction between you and the sportsbook, and nobody else is involved.  

Bitcoin is totally anonymous and this comes with several advantages.

First, US players do not have to worry about authorities busting offshore sites and withholding your money. There is no fear of discrimination. Second, identity theft is not a problem because all the sportsbook will see from you is a transaction code. You do not have to provide personal information. You will not be putting your credit card details, expiration date or security code on unsecured website forms. You just give an address and highly encoded personal and private keys that are secure, and you get paid out in a similarly anonymous and secure fashion. This lack of personal details also means sportsbooks cannot ban or limit you for being successful, a major frustration for several players. It also means they cannot bombard you with irritating marketing materials because you do not provide an email address or phone number.  

Because the Bitcoin blockchain requires little or nothing in the way of fees, sportsbooks can make better margins and can, therefore, offer bettors more attractive odds. Speed, convenience, ease, anonymity, security and taking back control of your own money are the greatest advantages Bitcoin offers you.  

Essentially, Bitcoin makes the sports bettor's life much simpler. It lessens your reliance on Skrill or Neteller or PayPal. Bitcoin and online sports betting were basically made for each other. Sportsbooks have realized this and made Bitcoin paramount to their strategies going forwards. 5Dimes, Bovada, Intertops, Bookmaker, BetOnline and more all take Bitcoin. These are trusted, established sportsbooks with strong ratings, they all operate with fair technology and you can use them with confidence. At Bovada, for instance, the process of depositing Bitcoin is very smooth, validation is complete within minutes and you are not charged for deposits or withdrawals. There are also sportsbooks set up and streamlined specifically for Bitcoin, such as Nitrogen. They are aware of what a lucrative market it is and are keen to offer attractive bonuses. Because of Nitrogen's ability to trade currency in this manner, they offer odds that compete with Vegas giants such as Westgate. 

There is only one downside that some bettors have feared, but this is easily sidestepped and will not pose a problem. Bitcoin has a history as a volatile currency. It is a global currency and therefore subject to the vagaries of the international economy. Regulatory problems in the Chinese market saw its value drop 40% over 10 days in January 2017. Its value can drop 5% in a day, so winnings of $100 would be cut to $95. Of course, it could go the other way and the currency grows in value, so your $100 becomes $105 – and long-term Bitcoin is very much on an upward trend. Fears of volatility are easily circumvented. You can be paid out rapidly using Bitcoin, so all you need to do is convert the exact amount of money you want to deposit into Bitcoin, place your bet, withdraw your winnings immediately and change it back to a more stable fiat currency like dollars or euros on that day. This protects you from fluctuations.  

Bitcoin is absolutely essential for the modern sports bettor. The speed of Bitcoin transactions makes it a much safer option. The anonymity makes it a much more secure option. The lack of fees – you can pay a nominal fee to move your Bitcoin exchange up the qeue – means you are retaining your winnings and not giving a chunk of them to banks that have done little or nothing to earn their cut. You have your money back in your control quickly and safely. Bitcoin basically heralds a return to the golden age of sports betting and allows you to focus 100% on beating the books and not worrying about the tedious side of things, like moving money around. You simply cannot afford to ignore this amazingly positive development that gives so much power back to the sports bettors. 

Check Out SBR's Top Sportsbooks That Accept Bitcoin
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