What are you looking for in a Bitcoin Sportsbook?

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Bitcoin sportsbooks have exploded in popularity in the last year and this has been made clear by the now more than handful of established online sportsbooks to add BTC to their cashiers.

While the value of a bitcoin has fluctuated more than some weighing scales in recent times, that hasn't stopped the tidal wave of interest among sports bettors looking for an easy way to fund their accounts.

Bitcoin might be confusing for the everyman to wrap his head around, but there is a very clear advantage of using the currency for players residing in certain markets where it is simply too hard and cumbersome to make a deposit.

If you do not have the benefit of Skrill or Neteller servicing your area, or you have no credit cards with which to deposit, and all you've got is a bank account, bitcoin could be the perfect fit. With bitcoin, you do not have to go to Walmart and waste your time or pay outrageous transaction fees. Funds are applied instantly and at some betting sites withdrawals are even paid instantly.

Transactions are mostly free.

What's not to like?
The primary hurdle to overcome is changing your betting patterns. With a conventional deposit through your usual currency - be it USD, EUR,  GBP, or other, it is customary to leave a sizable amount of funds in an account to prevent having to deposit more than once per sports season.

You absolutely do not want to do that with bitcoin, at least until the market stabilizes. Bitcoin is worth $260 one night, and the next it could be $240, while all currencies have their own issues and may decline in value slowly over long periods of time, those differences occur nightly with bitcoin. Remember that there was a time when bitcoins were commanding more than $1,000 per.

The following chart shows the movements of bitcoin over the last three plus months:

Date Close Price Date Close Price Date Close Price
4/6/2015 258.14 3/8/2015 274.48 2/5/2015 216.77
4/5/2015 259.95 3/7/2015 275.89 2/4/2015 226.73
4/4/2015 253.12 3/6/2015 272.21 2/3/2015 226.96
4/3/2015 253.54 3/5/2015 274.86 2/2/2015 237.54
4/2/2015 252.26 3/4/2015 271.92 2/1/2015 226.4
4/1/2015 246.55 3/3/2015 281.45 1/31/2015 216.91
3/31/2015 243.39 3/2/2015 271.35 1/30/2015 226.5
3/30/2015 246.85 3/1/2015 258.74 1/29/2015 232.4
3/29/2015 242.02 2/28/2015 253.53 1/28/2015 233.21
3/28/2015 252.25 2/27/2015 252.51 1/27/2015 262.06
3/27/2015 246.58 2/26/2015 236.1 1/26/2015 271.95
3/26/2015 247.65 2/25/2015 237.25 1/25/2015 254.51
3/25/2015 246.13 2/24/2015 238.76 1/24/2015 247.99
3/24/2015 245.44 2/23/2015 238.08 1/23/2015 232.97
3/23/2015 265.94 2/22/2015 235.53 1/22/2015 232.66
3/22/2015 267.8 2/21/2015 244.26 1/21/2015 225.98
3/21/2015 259.62 2/20/2015 243.78 1/20/2015 210.48
3/20/2015 260.84 2/19/2015 239.83 1/19/2015 213.98
3/19/2015 259.74 2/18/2015 236.21 1/18/2015 209.93
3/18/2015 255.37 2/17/2015 243.6 1/17/2015 199.62
3/17/2015 284.46 2/16/2015 233.56 1/16/2015 207.22
3/16/2015 290.38 2/15/2015 234.33 1/15/2015 210.46
3/15/2015 285.34 2/14/2015 257.47 1/14/2015 177.28
3/14/2015 281.36 2/13/2015 235.79 1/13/2015 226.98
3/13/2015 284.28 2/12/2015 221.85 1/12/2015 267.09
3/12/2015 293.87 2/11/2015 219.49 1/11/2015 265.37
3/11/2015 295.83 2/10/2015 220.08 1/10/2015 274.07
3/10/2015 290.51 2/9/2015 220.17 1/9/2015 288.84
3/9/2015 288.52 2/8/2015 222.87 1/8/2015 283.25

By analyzing this data, the objective is clear: Deposit for one or few games at a time, and trade in your bitcoins before the market turns against you. Of course, the more willing you are to deal with risk, you might be rewarded for keeping your bitcoins tucked away in your online trading accounts. In fact, if you are playing with a sportsbook that does not convert your bitcoin balance to another currency, you would not even necessarily need to return the funds to your bitcoin wallet all of the time. If the market turns in your favor, you get rewarded.

Sportsbook Review wants to hear from bitcoin players and those who may be on the fence or even opposed to using bitcoin for their sports bets. First, SBR recommends players take a look at the bitcoin sportsbooks guide, which shows different company background and transaction information.

Players with feedback can write to mail@sportsbookreview.com.

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