According to the Bitcoin Market Journal, there are nearly 22 million bitcoin wallets set up around the world. A survey from Cambridge University found there are around 5.8 million active bitcoin users. The study shows there is a large number of cryptocurrency owners and it is growing every day. Due to the number of cryptocurrency users increasing, sports betting websites have seen growth in digital currencies being used on their websites.
Cryptocurrencies have changed the way sportsbooks, such as Heart Bingo, think about how they offer their products. There are numerous advantages to wagering with a cryptocurrency that bettors won’t find with traditional sports wagering. Digital currency allows for bettors to gain an ‘edge’.
In the same way that online betting or new technologies changed the face of sports gambling, digital currencies are once again changing the game. Soon, many of the top sportsbooks will be taking cryptocurrencies – if they aren’t already – and bettors will enjoy the benefits.
Cryptocurrencies allow bettors from restricted areas, such as the United States, to wager on sports without the typical regulations that prevents them from betting. In many countries, there are laws that prohibit sports betting. However, digital currencies are a way around the restrictive laws. Users can wager with an offshore sportsbook freely and easily using digital currencies to bet on African Champion’s League if they want to.
Traditional betting with offshore sportsbooks means punters have to jump through a number of hoops to make deposits or withdrawals from their bookie. Depositing money with an offshore sportsbook can be unnerving as bettors may get ripped off. In addition, there have been times the authorities have cracked down on individuals when receiving their winnings. Digital currencies prevent these problems from occurring. According to widespread reports, every sportsbook that accepts American bettors allows digital currencies to be used.
Low transaction fees and quick deposit/withdrawals
Some sportsbooks, especially offshore bookies, charge a fee when customers withdraw their funds. It isn’t unusual for a bettor to be charged a large fee to get their winnings. It seems unfair and it really is. By using digital currencies, punters remove the transaction fee that these sportsbooks charge. The money is then transferred quickly and easily to the bettor’s e-wallet.
Depositing money with a sportsbook can be a hassle. Using the example of an offshore sportsbook, an individual may have to send a check or money transfer to the bookie. This could take days or weeks to process. Cryptocurrency deposits can be completed in seconds and punters can be wagering on their favourite sports in no time. Some deposits could take a few minutes to go through.
The same goes for withdrawing funds. Punters don’t have to worry about their winnings not coming through or taking long periods of time to arrive. Bitcoin withdrawals take a short time to be processed. In no time, a bettor’s e-wallet will contain the funds.
Digital currency bonuses
More and more sports betting websites are popping up with digital currency bonuses. Traditional sportsbooks and the top bookies continue to give sign-up bonuses and insignificant offers when bettors wager hundreds of pounds, dollars, or euros. Websites, especially more new sportsbooks, are offering users great bonuses that traditional sportsbooks don’t.
There are some sportsbooks that offer 100 percent match bonuses for up to a $1,000 deposit. Traditional sportsbooks often top out at $100 when it comes to matching a deposit. Getting bonuses that go up to $1,000 can allow bettors to win far more than with tradition sportsbook deposit bonuses.
Near anonymous transactions
Nearly all digital currency transactions are anonymous thanks to the technology. A user’s transaction will appear on the blockchain ledger, but other than that it will be nearly impossible for anyone to track.
Using traditional sportsbooks to deposit money leaves a trail. Whether an individual uses their credit card, wire transfer, or a cheque, the money can be traced. Sports bettors may not want to leave such a trail when wagering on sports. Cryptocurrencies allow for bettors to have privacy like never before. In addition, using a digital currency is secure and a sportsbook user’s details won’t be compromised. Fraud issues can be common with a number of sportsbooks and users can have their details stolen and used all over the Internet.
Due to sportsbooks containing a wealth of banking information, they are targets for hackers looking to get rich quick. Thanks to digital currencies like bitcoin, there is no way a user’s details will get hacked.
Multiple digital currencies
Bitcoin and Ethereum are the two main digital currencies today. However, there are more than 1,000 cryptocurrencies. This list is growing each month. The number of cryptocurrencies means bettors will have a large selection of possible currencies to use. Currently, bitcoin is the most widely accepted, however, users can easily exchange their cryptocurrencies prior to betting. With sportsbooks accepting new cryptocurrencies, more users will be able to bet with their preferred digital currency in the future.
From banking to buying coffee to wagering on sports, cryptocurrencies are changing the way the world works. It may not be too long before cryptocurrencies are the only way to wager.