Figure 1 Betting with bitcoin has become increasingly popular
Online sports betting laws and been changing at quite a rate in America and Canada since the US Supreme overturned PASPA in 2018. Much more people have been able to legally gamble and that has meant the appearance of many new sites offering betting markets to potential customers.
Bitcoin may have been around for around a decade now but it is only recently that online sports betting sites have begun to accept cryptocurrencies as a payment method for deposits and withdrawals. Some sites accept quite a range of these digital currencies – but bitcoin betting is by far the most popular. But what are the benefits to sports bettors?
One of the main reasons why we have seen a rise in the use of bitcoin betting is also one of the main factors behind the popularity of cryptocurrencies in the first place. Privacy can be a very important factor for people using bitcoin – and that is especially true when it comes to betting.
It may be because gambling is either not allowed, or is frowned upon, in a location. Or it might be that the bettor just doesn’t want people to know about their business. Either way, the absence of personal information when it comes to digital wallets is a huge draw for people who prefer to stay anonymous.
There have been thousands of scare stories about financial and identity theft connected to online transactions. The very fact that no personal information is submitted when it comes to bitcoin transactions, means that there is no way that anyone with a different agenda can steal your information.
The online betting sites themselves are more than happy to accept bitcoin and other cryptocurrencies as the transaction is so secure that there is no way that anything can go wrong once it has been made. That means that your bet is secure as it can be online – and everyone is happy.
Although online betting – and online purchases in general – are generally a fairly speedy way to conduct your business, there is still some criticism of the time it takes for sportsbooks to process transactions. Withdrawals, in particular, can take a few days because of banking and security regulations and laws.
But using a digital wallet to fund your bets means that all these transactions go through in a much quicker way. The speed of international bitcoin transactions is almost instantaneous and that becomes even more important when you are talking about quick live betting.
Figure 2 Bitcoin tends to attract fewer transaction fees than other payment methods
Lower Transaction Fees
Bitcoin transactions are completely decentralized, which means that there are no middlemen to take into consideration. No middlemen mean no extra fees on your betting transactions. This saving can then be put onto the odds offered, which makes crypto betting potentially even more profitable.
It should be noted that there are sometimes fees incurred for having faster transactions – or for converting your bitcoin into other more regulated currencies. But, in general, bitcoin users should find that there are fewer fees charged for many of their transactions.
Many online sportsbooks offer higher limits for cryptocurrency users – and that is obviously an advantage for the high rollers out there. But even a bettor staking lower amounts might be in line for bigger bonuses and offers. Betting sites love promotions and will offer free bets or deposit matches to attract customers.
It may be because a sportsbook wants to capitalize on the use of bitcoin as a new market, or it might be because using crypto as a currency benefits their own profit margins. But, whatever the reason, bitcoin bettors tend to get bigger bonuses and that is just another reason why this sector of the gambling industry continues to grow.