Introduction
Despite the risks involved, more people choose bookmakers online and offline every day. Sports betting options provide an easy way for sports enthusiasts to monetize their passion. With the right set of information in hand, sports betting could be the perfect way to hit the jackpot. Yet, the betting environment is not what it used to be 10 years ago, and the current advancements have drastically impacted the framework of betting sites. This article intends to introduce Bitcoin sports betting and illustrate how it differs from traditional or regular betting sites.
What is Regular Sports Betting?
Before going into Bitcoin sports betting, we will briefly introduce regular betting. Sports betting is predicting the outcomes of sports events and betting on the most likely outcome of all. In Regular sports betting, a bettor uses either physical money or transfers the funds directly from the bank account to place the bet on their preferred sports event—for example, Horse Racing, Football, Cricket, etc. Regular sports betting is done either offline, in one of the bricks and mortar betting houses, or online, through a betting website.
What is Bitcoin Sports Betting?
Bitcoin sports betting is the latest installment in the domain of sports betting, which emerged parallelly with cryptocurrencies. In Bitcoin sports betting, a bettor can place bets using Bitcoins or any altcoins accepted by the bookmaker. The growing interest in Bitcoin betting is due to the enhancements to the betting atmosphere compared to regular sports betting. Unlike regular sports betting, a bettor creates a wallet to deposit their Bitcoins in Bitcoin betting. The bitcoin gives increased mobility of funds without any additional charges while also protecting the privacy of the bettor.
Benefits of Bitcoin Sports Betting Over Regular Sports Betting
- Bitcoin sports betting is exclusively an online hustle. So, the users do not have to visit any betting houses in person to place their bets.
- The number of bookmakers accepting cryptocurrencies is also rapidly increasing as recent events have laid bare the benefits of cryptocurrencies.
- Bitcoins allow even users from countries without adequate banking facilities and countries where sports betting lacks a healthy structure to place their bets in sites located overseas.
- As the number of bettors is getting bigger, it also reflects in the overall stake providing a better prospect for those who put in their money.
- Many people out there follow the “win in silence” motto. So, their obvious choice to keep anonymity is by making their transactions, including sports betting, in Bitcoins. Yes, Bitcoins allow the bettors to hold back their identity during transactions.
- Bitcoins also help the bettors avoid losing a large amount in tax.
- Betting bonuses are one of the most rewarding aspects of Bitcoin betting. The users can earn bonuses by completing the milestones given by the bookmaker, such as deposit, reload, referral, and more.
Bitcoin Sports Betting Vs. Traditional Sports Betting
| Bitcoin Sports Betting | Traditional Sports Betting |
| A simplified, fast and secure way to make bets through wallets. | Payments are made either with physical money or direct bank transfer. |
| The general regulations regarding fiat currencies are not applicable. | The bettors need to follow all the federally drawn regulations. |
| Enhanced options for the bettors desiring to be anonymous. | Anonymity is not an option. |
| The global network of blockchain allows easy transfers across nations. | The overseas transfer is expensive and not as easy. |
| Not always taxed. | Always taxed. |
| Transfer of funds would be processed in a few minutes at maximum. | Transferring funds might even take a few days. |
What Future will bring for Bitcoin Sports Betting?
Looking at the growth rate of cryptocurrencies, we can see that the future of Bitcoins in sports betting looks promising. Bitcoins, or any altcoins for that matter, are being rewritten, improved, and modified to make them more accessible and reliable. Even though Bitcoins currently look far from being a mode of transaction for everyday use, online gambling and betting platforms have utilized cryptocurrency to enhance their prospects and operations. We can hope that Bitcoins betting will reach optimal heights in the future with the number of casinos and betting sites accepting Bitcoins increasing every day.
Conclusion
Although the advantages of Bitcoin sports betting outweigh the disadvantages, we must still be cautious while using Bitcoins because Bitcoins are not regulated currency like fiat currencies and are subject to market fluctuations. The betting houses that accept Bitcoins are comparatively young and, at times, unreliable. Bitcoin trading or betting has no pre-drawn universal boundaries. The perspectives on it change geographically, so the bettors must know the local regulations on Bitcoins to have a safe betting experience.
