December 3rd, 2018

Sports betting with Bitcoin. Why is it important?

Sports betting with Bitcoin. Why is it important?

December 3rd, 2018

Sports betting is not just a gambling hobby for fans, but a whole industry with its own rules. For a long time, all bets went through bookmakers and specialized exchanges, and a relatively small group of people were better. However, digital technology development has brought online rates to a new level.

Today, betting platforms work with different cryptocurrencies. However, Bitcoin remains the primary mean of payment.

According to data from one of the largest gambling sites 1xBit, more than 80% of all cryptocurrency rates are made in Bitcoin, only 6% in Ethereum, and 4% in Litecoin. The remaining 9% is distributed between Bitcoin Cash, Dogecoin, anonymous Dash, Monero, ZCash, and other digital assets that platform works with.

Bitcoin has some advantages that play a huge role in sports betting. These include anonymity, security, and speed of processing. It is not surprising that many bookmakers have already added bitcoin to their cash registers. Now, cryptocurrency stands confidently next to other payment methods.

Some companies have gone even further, like bookmakers, specializing in bitcoins. They work solely with cryptocurrency, accepting payments made only with its help.

Why is it important?

If you ask bookmaker services users what they are most disappointed in, there will be several important points — for example, annoying payment processing. If you can always refill your account in one click, withdrawal takes several days or even a week. Besides, payments are usually associated with commissions. Such commissions are often “biting,” reaching up to 10%!

Well, in the Bitcoin era, these unpleasant moments must become a thing of the past. Bitcoin transfers are carried out instantly, and transactions are not subject to fees, even minimal ones. It means that the winnings can be converted to real money in a matter of minutes. Sounds good, would you agree? No more tedious expectations, identity confirmation, sending of a passport scan, etc.

Bitcoins were developed specifically for online transactions. The whole model of cryptocurrency is built in a way that the parties do not have to pay commission. Consequently, there will be no intermediaries that profit at the expense of users. Also, banks that often block payments from gambling operators will not be able to intervene. This issue is especially relevant in Russia. For example, it has become challenging to withdraw money to the Sberbank card lately.

This is just one of many Bitcoin in gambling advantages. So let’s continue. Anonymity is the most crucial factor. Even if the authorities decide to restrict access to gambling sites, they will not be able to freeze the player’s account. Cryptocurrency is entirely anonymous, and it is impossible to withdraw it.

Since bitcoins are anonymous, there is no risk associated with the possible fraud. It is not a secret that many players get separate cards for settlements with bookmakers. They are afraid to enter the data of the main card, overprotecting their funds. In general, this approach is not devoid of meaning. Indeed, in theory, hackers can break into a game account, access the card data and use it for online payments. In the case of cryptocurrency, there is no such risk. A player doesn’t have to leave the card number, expiration date, or anything like that. When it comes to Bitcoin only encrypted information is indicated. Besides, not leaving their contact information, plater eliminates spam.

Working with cryptocurrency is also beneficial for gambling companies. Due to lower costs (compared to traditional payment systems), bookmakers can offer their customers more favorable conditions. For example, increased ratios.

Why depend on commissions and processing speed of Webmoney, Skrill, PayPal, and other systems when you can choose a more convenient and fast means of payment?

Who accepts bitcoins?

A few years ago, only a couple sites accepted bitcoin payments. But today there is no shortage of players on this market. Moreover, some companies have made cryptocurrency the primary choice and the basis of their development strategy. Today such famous bookmakers as Bovada, Intertops, BetOnline, 5Dimes accept bitcoins. All these sites are on the list of reliable bookmakers with the appropriate rating. There you can bet without fear for the safety of your funds. Let’s not forget BetCoin and Nitrogen bookmakers. They were explicitly established to work with bitcoins.

Some risks

As a rule, when you are told about advantages but nothing about the risks, suspect a blatant deception. That being said, we shall not deceive you. Of course, there are some risks when working with bitcoins. The main one is the fluctuation of the cryptocurrency rate. Economists are still arguing about how durable the Bitcoin is. Well, the price does fluctuate – in recent years, it has grown several thousand times and vice versa.

Bitcoin as a mean of payment among other digital assets in sports betting has certain advantages due to its clear leadership among betters. However, one should not neglect the risks that can be faced by any player who has not studied enough the nature of digital currencies and the market as a whole. And in this world of interest rates is quite similar to the cryptocurrency world – both require analytical skills from their participants, involvement in ongoing processes and, of course, real interest in this area.