Bitcoin and other cryptocurrencies are fresh currencies with exceptional potential, and more on the sports betting.
The most popular cryptocurrency in the world is, without any doubt, Bitcoin.
We already wrote on our portal the article about the history and rise of Bitcoin and other cryptocurrencies. And it is clear that cryptocurrencies are here to stay.
Gambling and Betting industries are those who accept and widely use Bitcoin. There are many benefits to using cryptocurrencies like Bitcoin, Litecoin, Bitcoin Cash over traditional currencies, and in this article, we will talk about some of the most obvious benefits.
Bitcoin has gained popularity in the betting industry in the past few years. And today the virtual betting world is populated with a massive number of reputable and quality crypto sportsbooks.
So, without further ado, we will start talking about the benefits of crypto sportsbooks, over more traditional operators.
More Privacy with Crypto Betting
Firstly, the most important thing about Bitcoin and other cryptocurrencies is that BTC operates on a fully decentralized blockchain, and all crypto transactions are entirely anonymous, secure, and fast.
Also, crypto is completely independent and not beholden to the central bank, or any other third parties.
Every traditional land-based and online sportsbooks require that their potential customers provide sensitive personal and financial information upon the registration process.
That way, operators ensure that their customers are legally old enough to gamble. And they ask from potential customers to provide copies of ID documents, passports, drivers licenses, utility bills, bank statements, etc.
All of that information is collected and used by sportsbooks, and that is a serious security issue.
Just remember the 2016 Facebook scandal, when many personal details were shared with third-party companies and used for US elections.
Also, if it comes to hacker’s attacks, customer’s personal information may be stolen, and they can become a victim of identity theft, or something worse.
That’s why it is much safer to use Bitcoin or other cryptocurrencies. When you make a crypto deposit into your selected sportsbook, you don’t need to use your real name, address, or bank account.
You can use non-traceable email addresses, keep a low profile, and enjoy maximum privacy while betting with Bitcoin or other cryptocurrencies.
Better and more Unique Bonuses
In order to lure more players into registering at their websites, the sportsbooks and online casinos offer potential customers a wide range of exciting bonuses and promotions.
Quality and variety of bonuses and promotions is often the main reason why somebody decided to register at the specific sportsbook.
For the players that prefer to make their deposits and withdrawals in Bitcoin, the situation is even better at the moment.
The sportsbooks and online casinos reward players for using Bitcoin and other cryptocurrencies, and let’s be honest; the opportunity to receive a Bitcoin bonus to your bankroll is something you shouldn’t pass.
Forget About Geolocation Restrictions
Many excellent sportsbooks don’t have specific licenses, and they can’t accept players from certain countries. These regulations can be really annoying from time to time.
As bettors need to continually look for the sportsbooks that accept players from their country.
With cryptocurrencies, the situation is completely different! As Bitcoin sportsbooks are not regulated by any government and can avoid all the regulatory constraints.
In other words, if you decide to play at any reputable Bitcoin sportsbook, you will be able to place your bets from anywhere in the world! With minimal fees and fast transaction times.
Lightning Fast Transactions
We already said that all cryptocurrencies are decentralized, so there are no banks or third parties to slow down the system. Also, every transaction is processed on the internet in real-time.
Every deposit and withdrawal is processed in a matter of minutes, through safe connections and without any transaction fees.
This is a very important feature of any Bitcoin sportsbook as in regular online sportsbooks, transaction times are much longer. If you use bank transfer or cheques, it will take 5-10 working days for your withdrawal application to be processed. Which can be quite frustrating for bettors.
Conclusion
In conclusion, these are just some reasons why crypto and Bitcoin sports betting is so popular nowadays.
We have no doubts that this way of betting will just continue to evolve and that in the next few years, we will see even better features for Bitcoin bettors in the sports betting industry.
FAQ
The current legal situation in most states doesn’t stipulate that BTC or crypto betting in online sportsbooks is illegal. To be more precise, it is illegal for sportsbooks to accept wagers from players, but it is not illegal for players to place wagers. That is the main reason why all bitcoin sportsbooks are based outside the US territory.
Buying and selling Bitcoin and other cryptocurrencies is a way of investing. It is similar to any other investment; just Bitcoin is a digital currency that has no central authority. So buying and selling BTC and other cryptocurrencies can be risky like gambling, but it is not considered gambling in the traditional way.
Every day, Bitcoin is becoming more and more popular deposit method for sports bettors. Many sportsbooks accept BTC and other cryptocurrencies as a deposit method. This deposit method has a lot of advantages, like fast processing time, low fees, and high security.