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Advantages of using bitcoin for sports betting

Bitcoin bookies are truly revolutionising the present-day sports betting world. Their openness to bitcoin transactions enables these sports books to process the withdrawal and deposit request of punters in a very quick manner. Hence, there is no need of waiting for weeks to see the money in your account.

When you indulge in online betting with bitcoin, the banking also happens almost free of cost, implying that you get to keep more of your winnings in your account. Additionally, bitcoin sports betting portals give you an opportunity to wager money on almost every major sports league of the US, Europe, Asia, UK and Australia, including the likes of English Premier league, AFL, NBA, NFL and more. Let’s learn how using bitcoin for sports betting gives you plenty of advantages.

No third-party oversight

Even though sports betting was legalized by the US Supreme Court in May 2018, there are many states that are yet to take desired steps to complete legalize the activity in their jurisdictions. Considering the highly restrictive laws, there aren’t many choices available to US-based sports bettors when it comes to betting with legal sports books. Owing to the paucity of options, these punters have no choice but to place wagers through offshore bookies. 

Although these online bookmakers don’t have any problems accepting deposits from the US based customers, majority of banking establishments are not too cool about it. That’s where a cryptocurrency like bitcoin comes into the picture. The structure and design of bitcoin is best-suited for solving a problem like this. Using bitcoin, you avoid third-party oversight in entirety, and the exchange involves no one else apart from the online bookie and you.

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Almost zero transaction fees

It’s common knowledge in the online sports betting industry that you can normally make deposits to an online betting portal completely free of charge. However, when it comes to withdrawals, you will normally need to pay a hefty fee. This is because transferring winnings from the online bookmaker to your bank account involves charges paid to a middleman.

Bitcoin is based on the block chain technology whose fundamental design is such that there is no middleman involved, and hence no such transaction fees needs to be paid. The absence of such middleman means that the majority of the bitcoin transactions involve a very nominal fee in the vicinity of $ 0.04.

Quicker fund transfers

When you cash out your winnings through bitcoin, the transaction not only happens with minimum fee, the bitcoin gets transferred to your wallet in a matter of only few minutes!

Prevention against fraud and identity theft

Rather than making you enter your credit card number, its security code and expiry date, into some random web form, the bitcoin transactions involve providing only your address to the other party, apart from your public and private keys. Bitcoin being a cryptographic currency means that the encoded data constitutes an essential part of the transfer process. Furthermore, although you can calculate a bitcoin’s address using its corresponding private key, it’s almost impossible to reverse the exchange process.

This makes bitcoin transactions extremely safe for people who prefer funding their online bookmaker accounts without the need of providing any private information.

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