Why Bitcoin isn't going anywhere for sports bettors

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The current price of one bitcoin (BTC) is $237.90. One day ago, the anonymous cryptocurrency closed at $243.26.

If you're a $5 bettor and are holding a balance in a bitcoin sportsbook, this equals a wager loss even if you're playing with a reduced juice bitcoin sportsbook.

For this reason, the established online sportsbooks that have recently added bitcoin to their cashiers do not presently allow player balances to be stored in BTC.

The likes of Heritage Sports, WagerWeb, 5Dimes, BetOnline, and Bookmaker are among the reputable betting sites to offer bitcoin to their players. As such, they are ranked at the top of the bitcoin sportsbook guide, despite having some differences from bitcoin exclusive sites including the popular Nitrogen Sports that burst on the scene to capitalise off the bitcoin craze.

Sports bettors willing to deal with the swings of the currency may figure that while it's true their bankroll may be worth slightly less one day, the logic holds the other way, too.

Those who are risk averse simply need to alter the frequency of their deposits and withdrawals if they are that concerned.

What bitcoin brings to the table - and part of the reason the big boys of the industry have now adopted the currency - is transaction ease in markets that badly need it.

The passage of the UIGEA among other obstacles have made it difficult, costly, and plain annoying to fund accounts for stateside players. Bitcoin is one way that players can deposit simpler, quicker, and without the feeling that they are flouting law in some easy to identify manner.

Until legislation catches up with the times, bitcoin helps plug an important void in certain sectors, and because of that if nothing else, for sports bettors it is likely here to stay.

The below chart shows the last month of bitcoin value data, per Coindesk.com:

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