Sports betting has, over the years, become one of the fastest growing online services. The global sports market is expected to reach $155.49 billion by 2024 primarily fuelled by easy access to the internet. Mobile sports betting has also contributed to this rise in sports betting.
To meet new demands of sports betting fans, the industry has had to adopt new technologies and ideas. Over the last few years, there has been a notable increase in the number of gambling platforms accepting cryptocurrencies.
Crypto sports betting sites are the norm today as the industry seeks to harness the power of digital currencies. The biggest online bookmakers now include bitcoin and other cryptocurrencies among their payment options to attract new players and offer more convenience. You can take a look at the best sportbooks that accept Bitcoin here and get involved.
This adoption of cryptocurrencies in sports betting is not a gimmick but a smart strategy. Bitcoin and other cryptocurrencies offer unique benefits to the sports betting fraternity.
Bitcoin betting solves some of the biggest problems with payments in online sports betting, including the speed of transactions, security, and privacy.
Here you’ll find these and more advantages of bitcoin in sports betting in detail.
Improved Security in Sports Betting
One of the gravest concerns in the digital marketing landscape is security of financial transactions. Millions of people lose money every year through online fraud. This discourages some consumers from leveraging the convenience of online services. Bitcoin betting comes in handy here as all transactions are encrypted.
When using bitcoin to bet, you don’t provide any personal details. Instead, transactions between your bitcoin wallet and the sportsbook require only an address, public and private keys. At no point will you share your credit card details, location, or other details that can reveal your identity.
Eliminating Third Parties in Transactions
There’s a good reason a sports bettor might not want third-party involvement in their transactions. Internet users have many reasons to stay anonymous when using sports betting platforms or other websites.
It could be that sports betting is not legal in your country, or there are stringent conditions to start playing. In some countries, there are only a few legal sportsbooks available, and this forces bettors to look for offshore sportsbooks.
When third parties are regulatory authorities, they create barriers for bettors in countries where gambling laws are stringent. Any transactions using ordinary banking methods can be tracked, leading to legal problems for players.
While these sportsbooks will allow players from any country to sign up, accepting deposits and approving withdrawals might become a problem due to oversight by regulatory authorities. Payments to any sites using bank transfers or paying using credit or debit cards will come under scrutiny by the government for taxation and other purposes.
Bitcoin offers a timely solution by eliminating third parties in sports betting transactions. There are no restrictions in the transfer of bitcoins, and you will thus enjoy a more seamless betting experience at your favourite website. Once you load bitcoins into your wallet and open a sportsbook account, it is easy to transfer crypto coins to deposit or cash your winnings.
There’s another advantage to this in that bitcoin transactions are faster. You don’t have to wait for days when depositing or withdrawing money from your sports betting account.
The reliability of bitcoin is also an important advantage as many of the traditional payment methods are declined on online sportsbooks. By removing the barrier of third-party payment processors, you can deposit your digital currency into your account seamlessly and quickly.
All these advantages arise from the fact that bitcoin is decentralized, and there’s no regulatory authority poring over every transaction you make.
Avoiding Hefty Transactions Charges in Sports Betting
If there’s one thing sports bettors detest, it is the fees that come with the withdrawal of winnings. It diminishes the thrill of winning as a large chunk of the winnings go to clearing the charges. While some cheaper withdrawal options such as eWallets have emerged, they haven’t made a significant impact on the withdrawal charges.
Bitcoin has revolutionised sports betting by wiping out the transaction fees that are unfair to bettors. With no third-party in the transactions, you can now access your winnings intact or with minimal transaction charges.
The removal of transaction charges is one of the underpinnings of blockchain technology that powers bitcoin. By making transactions seamless between two parties and making registering of the transaction automatic on the ledger, the bitcoin blockchain eliminates transaction or reduces it to a negligible amount.
Bitcoin is the future of sports betting, and it’s no wonder many sportsbooks now accept this mode of payment.