Why Sports Bettors Are Turning to Bitcoin

It’s been a while since sports betting became a mainstream pastime for many, and it has changed plenty from its early days. It has gotten this far due to the introduction of the internet, mobile phones after that, and lately it has been progressing by means of cryptocurrencies. With Bitcoin being the most stable of all crypto it has taken on the main stage as far as sports betting goes. For some time digital currencies were only discussed between tech bros, but now your average sports bettor knows a thing or two about BTC.

In fact, many bettors are only using Bitcoin to place their wagers all over the globe as the number of reputable online casinos and sportsbooks is growing by the day. There’re many reasons why folks decide to do a bit of Bitcoin gamble, and it’s mostly due to the clear benefits doing it via crypto has. If you keep on reading we’re going to provide you with a couple clear benefits that make BTC and other crypto ideal choices for casual sports betting adventure.

Fast Deposits & Withdrawals

Sports bettors love to do things quickly especially when they’re eager to wager on live events. This is one of the main reasons why so many switched to BTC. Traditional payment methods work fine, yes. Yet, they depend a lot on banks and payment processors involved. It is not rare that when you go with traditional payment methods that you hit a wall of delays, both when depositing and withdrawing funds. In some instances a bank transfer can take up to a few days especially on weekends. We can’t tell whether it’s worse when this happens during a deposit or when you want to withdraw your winnings.

With Bitcoin, the matters take a turn on the positive side. This one, and other crypto have taken out the need for a middleman. With BTC you send your funds directly from your wallet onto your wagering account. The only confirmation you need is from the blockchain network, and in the mere moments you receive it, you can start wagering at will. The same goes for withdrawals. They’re instant and the moment you decide to withdraw the funds, they’re immediately transferred back to your wallet. The only delay that can happen falls on the issue your sportsbook might have in their system. The faster the funds move the less frustration is present, and more focus can be put on events in front of you.

Fewer Rejected or Blocked Payments

Those bettors who want to waste little to no time on matters outside sports betting quickly recognized this major benefit BTC brings to the table compared to traditional payment methods.

Fewer Rejected or Blocked Payments

Rejected or blocked payments are an issue everyone who has an online sports betting account for years has encountered. It is a massive cause of frustration when you do everything right from the card number to amount deposited, to the last piece of details necessary and yet the payment fails. In some instances it is a bank that blocks the money transfer. Other times it is the payment provider. It can be up to the sportsbook, or, and this is the worst case scenario, that there’s no explanation for the issues.

Bitcoin eliminates these issues almost with 100% certainty. There are no banks or intermediaries involved. With no cards or payment processors deciding whether the transaction in question is risky there is almost no risk of a failed payment or a withdrawal. When you make a deposit via BTC it is just a mere transfer of crypto between two wallets and we’re talking about transactions that occur in a matter of moments. For bettors who want to wager online in countries where there are set limitations, Bitcoin crosses all borders with ease. It doesn’t make betting legal in places where it is not, but as far as payment related blockades it solves a lot of issues.

Enhanced Privacy

Privacy online matters. Wagering online while keeping a closed door on your privacy means a lot to a lot of bettors. Using a credit card, bank transfers, or an e-wallet to make your deposit leaves a visible trace back to you as it is tied to your own personal financial data. This way, banks can see where you transfer your money to, without too many difficulties. Also, different payment processors, either reliable or not, need to create a payment log. There are cases when all this data is recorded and stored for years, and in some cases even shared with third parties.

With BTC you can take one step away from sharing too much of your data. When you send the crypto to a sportsbook there’s no need to share credit card number, or any other bank details. All funds are transferred directly from your wallet address. Bitcoin transactions remain written on the blockchain and they belong to the public domain, but it is not possible for anyone to tie any transaction to your name. For bettors from all over the world this amount of privacy is more than welcomed.

Lower Fees Involved

When you’re a sports bettor and have your eyes on the big prize, small fees mean little on the big scale of things. Yet, over time, when your losses pile up, so do the associated fees tied to banking transfers. Most card payments have processing fees. When you do international transfers these fees become substantial. E-wallets are not without hidden costs either.

With BTC, things are a tad bit different. The size of your bet does not determine the fee. The size of the BTC you move does. Yet, for the same value of dollars compared to Bitcoin you pay less in fees for BTC. When it comes to moving crypto internationally, it is definitely the cheaper option when compared to any other method of transferring funds. Lastly, you will not further lose money on crypto as there are no conversion fees. Crypto remains crypto. There’s no conversion between cryptocurrencies as you wager crypto and you deposit it and withdraw it all the same.

Access to Crypto only Sportsbooks

Online sportsbooks that work only on cryptocurrencies differ a lot from those that use only standard payment methods. For one, many of the crypto only sportsbooks do not use banks at all. They focus on digital currencies and blockchain payments and they stick to that. By doing this they provide their business with speed and simplicity which are traits that are highly valued in the gambling community.

Crypto online sportsbooks have perks such as instant withdrawals, less verification steps, and better international access. The best part is their system of games that are provably fair. Not only that provably fair games guarantee the fairness of their end results, but you also can check out each of the outcomes you’ve had during the gaming session. Of course, the positive sides of online crypto casinos and sportsbooks are numerous, but a careful approach is advised nonetheless. Some crypto websites are created with a goal to be deceiving, and should be avoided. If this is your first time trying out a crypto sportsbook, you need to verify whether they’re the real deal.

Better Bankroll Control

Using a bank, means that you have joint custody of your funds. It’s between you and your bank, and the bank has more control over your funds than you. It’s up to the bank whether they will go through with your transaction, delay it, freeze the account, or even do a reverse payment. When gambling is involved these issues pop out more frequently than they don’t.

Bitcoin allows you to have full control over your wallet. It is up to you to decide when and where to move your funds without anyone having a say in it. Once you create a transaction it cannot be moved or reversed by a third party. While this removes plenty of risks, it also creates a few new ones down the road. Bettors who do not want anyone to interfere with their bets find this type of control through BTC quite appealing. On the other hand, it takes some of the brakes off. When you make a mistake there are no refunds with BTC. Once moved, it is moved. With Bitcoin players get plenty of freedom, but responsibility needs to be present too.

No Borders

Betting in international waters can be complicated via traditional banking methods. Let’s just put fees, currencies, and transfer time on the table. It can turn into a mess real fast. There are instances when banks put a blockage on international wagering. Even if online gambling is legal in your country, but you want to play with an offshore sportsbook, banks can become your main obstacle to do so.

For Bitcoin there are no states, borders, locations, or governments. Yet, it is not a lawless currency. With a clear set of rules for using it, Bitcoin is just an easy way out to doing international money transfers without an intermediary. Cut the middle man. Bitcoin is ideal for sending funds from one part of the world to another. With it, you cut off the exchange rates, hidden fees, and any kind of international banking rules.

For bettors who travel the world, or simply wager from different locations, using Bitcoin is an ideal way to make their favorite pastime borderless. Having your wallet always on you, and being able to transfer funds almost without any limitations is a perk that sports bettors took to their hearts, and haven’t let go of BTC since acquiring it.

Less Impact on Your Personal Banking Activity

It is no secret that frequent gambling activity, when you use a bank for money transfers, can cause issues with the said bank. When you deposit or withdraw funds on a regular basis will trigger reviews within banks which could potentially lead to limits on how much you can deposit or withdraw, and eventually even lead to your account being frozen or closed. Using Bitcoin for gambling, depositing, and withdrawing via your crypto wallet can leave no traces on your bank activity.

When you move funds from your wallet to your sportsbook does not require involving any of the traditional financial institutions. When banks have nothing to stress about, they will not cause issues to you or your account, but only in a case you keep them separated. Banks do not have any issues with you gambling but only if you’re doing it without their support. There’s no need to be under any banking scrutiny for a few rounds of live betting. So, use BTC instead.

A Few Drawbacks to Consider

While BTC has plenty of benefits for online gambling it is far from being perfect. Also, it is not everyone’s cup of tea. One thing to have in mind is that the price of BTC fluctuates a lot. It is not as steady as some fiat currencies. While its volatility can lead to your wins getting bigger, it can also make your losses larger. This is what makes BTC wagering extra risky. Also, when you win, but the Bitcoin market drops, your win can be less than expected. These are just some of the factors to have in mind.

What else you need to think about is the irreversibility of BTC transactions. If it happens that you send your funds to a wrong network, there’s no going back. When you use crypto everything needs to be double checked. Also, have in mind that if you’re not using a crypto online casino there’s a chance that many online sportsbooks will not accept BTC, so make your partner a wise decision.

Bottom Line

Bitcoin hasn’t revolutionized online sports betting, but it solved many big problems sports bettors from all over the world have had with online gambling. Payments have become faster, the borders have been erased, and privacy has been elevated to a whole new level. Also banks have been sidelined to the joy of many. These are enough reasons for many bettors to use crypto nowadays, and the number will grow as more time passes.