What Bitcoin's Price Increase Means for Sports Bettors

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Bitcoin hit a 23 month high this morning as the digital currency soared past $918 at Bitstamp.

The upward movement generated quite the response at SBR Forum, where sports bettors mostly celebrated the news as a sign of things to come, especially after President-elect Donald Trump appointed long-time bitcoin supporter and South Carolina congressman Mick Mulvaney to his cabinet to run the Office of Management and Budget.

SBR Forum members have postulated that this may have positive implications down the line for the future of the cryptocurrency, as well as the fact that a former casino owner is set to take the nation’s highest office. To discuss bitcoin with like-minded sports bettors, visit the bitcoin sports betting message board at SBR Forum.

The lateral chart movement of bitcoin means that there will be an infusion of new sports gamblers willing to take the plunge and start transacting using BTC. The consensus is that money's being made by bettors willing to keep part of their bankroll stored in bitcoin or in use at bitcoin exclusive sportsbooks, where bitcoin appreciates while stored. Risk-averse bettors have long shied away from using bitcoin only betting sites due to the volatility of the currency, opting instead to use sportsbooks that convert their deposits to fiat. Bettors can compare both types of sportsbooks using the rating guide.

There’s no law against operating multiple sportsbook accounts, so you can simply divide your bankroll among each type of gaming shop relative to your risk tolerance. At the end of the day, the advantage of using bitcoin to fund sportsbooks is clear, especially for North Americans — little to no fees, same day payouts, and more privacy than most other casher options. No other sportsbook deposit option comes close to appreciating overnight, giving you the chance to win all without placing a single bet.

Sportsbook Review released an updated tutorial educating bettors on how to use bitcoin for sports betting starting from square one. Surprisingly, one doesn't need to know much of anything about bitcoin to get started, but there is a plethora of information out there for those who care about what's under the hood of the digital currency.

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