How to Use Bitcoin for Sports Betting
The lighting evolution of digital currencies has changed the way humanity looks at money moving. The crypto tech integration can smoothly replace ‘old-schooled’ cash transactions and remove all the barriers between sellers and buyers. The increase of cashless virtual payments is expected to double within the upcoming years, and it’s just a beginning. The undeniable groundbreaker in this new digitalized era is undoubted ‘His Highness’ – Bitcoin.
BTC has made a revolution in reshaping industries and improving the cash workflow between businesses. Using crypto, people can make international payments with no effort, while most banking services may be unavailable or fail to work 100% accurately. Gartner predicts that around 60% of business areas will adopt the Bitcoin and blockchain solutions and move to virtual funds flow by the end of 2023.
Prospects of Bitcoin in sports betting
Following Bitcoin’s breakthrough in the e-commerce universe, multiple business areas select BTC as a No.1 payment tool. Online sportsbooks also choose not to witness this tech revolution from the sidelines. Currently, the lion’s share of betting operators enables punters to run payments via BTC because they also grasp all the bounties of this top-notch peer-to-peer method.
Bitcoin may become a breath of fresh air for sportsbooks because they are not in high esteem among banking institutions. Punters often complain that banks ban their transactions on betting platforms or force them to wait the eternity to receive a payout. Besides, when customers deposit or withdraw funds via bank transactions or plastic cards, the money movements are visible in their monthly account statements. It might be problematic for bettors who don’t want to unveil their hobby to the third parties. After all, it’s not anyone’s business where a person earns a penny.
With BTC, things work quite the opposite. All money flows run between a sportsbook and bettor. No unrelated parties involved!
How it works
Bitcoin is a genuinely majestic contraption of humanity (found by Satoshi Nakamoto) as it turned our vision of the buyer-seller interaction upside down. While banks store our money in some brick-and-mortar establishments, crypto is not something that we can physically touch. If we consider the Internet as a sky, we can suggest that crypto is stored on a virtual cloud.
BTC transactions are never banned because they are encoded and pass directly from a customer to a betting operator through the blockchain channel. Punters need to provide a one-off key to a bookie to complete a transaction. No more tiresome procedures with the banks and no more lifetime-long withdrawals! Decentralized funds moves are instant, and you won’t make it out to count to five before a transaction completes.
Pros of the sports wagers with BTC
- Speed: Professional bettors, who made sports wagering their primary source of income, know that speedy money drifts play a considerable role in profitable betting. Bitcoin transactions are the fastest way to deposit and withdraw on the sportsbooks’ channels. With any other old-pocket payment method, punters should wait from 48 hours to 5 days to receive their deserved wagering winnings.
- Anonymity: Unlike banks and credit card companies that annoy customers by tons of unnecessary paper bills, Bitcoin is under nobody’s control. All deals between bettors and bookies remain in the house. While fin institutions often place an embargo on wagers, bettors will need to address their banks to resolve them. With Bitcoins, bettors can say farewell to this entire bureaucracy and keep their anonymity. Everything they earn on wagers stores under seven locks, and how much they gain or lose is not uncovered in monthly statements.
- Reasonable charges: Draconian fees and services charges are what punters have to deal with during funds movement via credit cards (similar story with bank transfers). When bettors make serious cash on wagers, they can be sure that banks will grab their share. With Bitcoin, bargain fees are not so stringent. Some sites show even more flexibility in this matter, and punters may not require paying any fee.
- Convenience: As a fully decentralized virtual cryptocurrency, BTC operates on the unique peer-to-peer software, meaning that no third parties will interrupt in the deals between sportsbooks and bettors. Users can cut back on the stress and save treasured time as they can run funds transactions in a couple of mouse clicks when they pick up Bitcoin instead of any other old-schooled alternative. To complete a transaction, they need to provide a one-off key to an operator and voila – money is en route!
Experts predict that the BTC solutions will see an absolute raise in 2020. The global industry goes forward, and it’s paramount for sportsbooks to stay on top and adjust to the crypto tech. Contemporary bettors won’t deal with betting companies that remain ancient. Instead, they will pick up the ones able to satisfy their growing demands. The number of sportsbooks that render Bitcoin solutions to punters keeps growing, signalizing the beginning of the new BTC era in gambling.
This article was written in collaboration with https://worldbookmakers.info/
Featured image: iusport.com