Bitcoin Sports Betting: The Pros and Cons

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Bitcoin has opened the day trading at $235; down $11 from where April 2015 opened.

Sportsbook Review has covered bitcoin extensively since launching a bitcoin betting page September of 2014.

The demand from sports bettors has been high for all things bitcoin, particularly due to the difficulty of making transactions in certain parts of the world. With bitcoin, much of those concerns are alleviated.

The other selling point for bitcoin has been the relative anonymity afforded by transactions made with the crypto-currency. There is a perception that activity with bitcoin is conducted without prying government eyes.

The Cons
The major hurdle for bitcoin to overcome before the currency can truly become mainstream to online sports bettors is the rapid shifts in value. In one moment a bitcoin is worth $X, and at the conclusion of a day's games, the fluctuations could negate (or add to) your winnings; making it unattractive to the risk-averse.

Bitcoin might have a ways to go, but it appears that it isn't going anywhere.

Sportsbook Review assessed the first ever bitcoin exclusive sportsbook with a rating last year in Nitrogen Sports. At the time of that publication, a single bitcoin was worth $422.92: a dramatic 45% drop-off.

Based on the data at the bottom of this page, this much is clear: Unlike with other currency, players should consider not storing their sportsbook funds for long with bitcoin. Where a player might deposit at the start of a sports season intent on leaving his funds in his betting account for the duration of a season, if you had done so at the start of the football season in 2014 with bitcoin and made a withdrawal today, and you had been playing at a shop which credits balances in bitcoin vs. standard currencies, you'd have 45% less than you started with regardless of your profits or losses. That would be a substantial kick in the rear for any sports bettor, recreational or professional.

The Pros
Still, those who treat bitcoin like a hot potato definitely have their advantages. Quick and easy transactions, most of the time free, and the ability to freely navigate around sportsbooks for different betting offers at the drop of a hat. It is reminiscent to the days of funding by eWallet easily for those in North America, and for many online sports bettors, those were the golden days.

The below chart shows the last two months of Bitcoin's daily closing value. The data supplied was generated at Coindesk.com

Date Close Date Close
4/20/2015 224.31 3/22/2015 267.80
4/19/2015 221.69 3/21/2015 259.62
4/18/2015 222.84 3/20/2015 260.84
4/17/2015 222.23 3/19/2015 259.74
4/16/2015 228.11 3/18/2015 255.37
4/15/2015 223.57 3/17/2015 284.46
4/14/2015 218.27 3/16/2015 290.38
4/13/2015 223.41 3/15/2015 285.34
4/12/2015 235.64 3/14/2015 281.36
4/11/2015 236.12 3/13/2015 284.28
4/10/2015 235.22 3/12/2015 293.87
4/9/2015 243.26 3/11/2015 295.83
4/8/2015 244.36 3/10/2015 290.51
4/7/2015 252.80 3/9/2015 288.52
4/6/2015 254.52 3/8/2015 274.48
4/5/2015 259.95 3/7/2015 275.89
4/4/2015 253.12 3/6/2015 272.21
4/3/2015 253.54 3/5/2015 274.87
4/2/2015 252.26 3/4/2015 271.92
4/1/2015 246.55 3/3/2015 281.45
3/31/2015 243.39 3/2/2015 271.35
3/30/2015 246.85 3/1/2015 258.74
3/29/2015 242.02 2/28/2015 253.53
3/28/2015 252.25 2/27/2015 252.51
3/27/2015 246.58 2/26/2015 236.10
3/26/2015 247.65 2/25/2015 237.25
3/25/2015 246.13 2/24/2015 238.76
3/24/2015 245.44 2/23/2015 238.08
3/23/2015 265.94 2/22/2015 235.53

If you're a player reading this is who has a complaint with an online betting site, or feedback on bitcoin wagering to share, submit a sportsbook complaint with SBR.

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