If we look at the Google trends over the past one decade, people’s interest in sports betting on the Internet has been growing at a slow yet consistent rate. The same can be said about the adoption of cryptocurrencies for such activities. It doesn’t come as a surprise that more and more crypto sports betting portals are emerging on the Internet these days.
Furthermore, a large number of reputed online bookmakers have added bitcoin as amongst their preferred deposit methods. In fact, some of the betting portals have been created exclusively for cryptocurrency-fuelled sports betting. However, this trend isn’t only because of the growth witnessed in both these industries; there are some actual advantages of sports betting with bitcoin.
The privacy and security benefits offered by bitcoin make this cryptocurrency an ideal option for processing sensitive financial transactions, for instance, depositing/withdrawing money to/from an online bookmaking account. To give you an idea who all allow bitcoin-based betting these days, here are some of the top-rated bitcoin betting sites that offer a comprehensive range of sports betting markets to the interested punters. Let’s now tell you about a few of the important advantages offered by bitcoin with regard to sports betting.
Almost No Transaction Fees
It’s common knowledge that you can deposit money to your account with an online sports book almost free of charge. However, withdrawing winnings normally involves a hefty fee. The reason behind this is the existence of middleman, who must be paid a small percentage of the withdrawals.
The absence of any transaction fees is actually an integral feature of bitcoin block chain. As there is no middleman involved between the payee and the payer, processing of bitcoin transactions doesn’t involve any major charge. In most cases, bitcoin transactions involve a fee in the vicinity of $ 0.04!
No Third-Party Involvement
Sports bettors from US have very few choices of legal sports books in their country because of the restrictions posed by the federal laws. Despite the landmark sports betting related Supreme Court judgement in May 2018, many US states are yet to legalise sports betting in their respective jurisdictions. Owing to the paucity of options in these states, sports betting enthusiasts place wagers with offshore sports books instead. Although these sports books don’t have any problems accepting deposits from U.S.-based punters, most of the banking establishments restrict fund transfers to these accounts.
That’s where usage of bitcoin can be of great help. By depositing money in the form of bitcoin at these online sports books, you can do away with any third party involvement and deal directly with the online sports book.
Better security
Processing bitcoin transactions requires nothing more than your address combined with public and private keys. There is no need of entering any credit card details, security code etc. into some unsecured web form. As bitcoin is essentially a cryptographic currency, all the data gets encoded as a part of the exchange process. Even though one can calculate the bitcoin address with the help of the corresponding private key, there is no way that the process can be reversed. As a result, bitcoin is the safest payment option for sports bettors to fund their online betting accounts, without compromising on any private data.
Last but not the least, bitcoin transactions take no more than a few minutes for completion, and thus you can cash out your winnings in no time!
