Pros and Cons of Bitcoin Sports Betting
What Is Bitcoin Sports Betting?
With the expansion of cryptocurrencies, especially Bitcoin, most sports betting sites offer Bitcoin sports betting. These Bitcoin sportsbooks work just like traditional sportsbooks. The only difference is that the Bitcoin sportsbooks accept Bitcoin to bet. Bitcoin has completely changed the online sports betting face in recent years. Using Bitcoin for sports betting is safer and more convenient than the general methods. In this article, let’s discuss the pros and cons of using Bitcoin for sports betting.
Pros and Cons of Bitcoin Sports Betting
Like any aspect of any mode of payment, whether it is a credit card or eCash, Bitcoin also has its own pros and cons. Consider all of them before making a decision:
Pros of Using Bitcoin in Sports Betting
If you are looking to have an edge over other sports bettors, you can do so by using Bitcoin. There are many benefits of using Bitcoin in sports betting, including:
Get Great Bonuses on Deposit of Bitcoins on Sportsbooks
Sports betting using Bitcoin is beneficial both for bettors and sportsbooks. Hence, sportsbooks also offer attractive bonuses when you deposit using Bitcoins instead of traditional currencies. It can be in the form of an initial deposit bonus or a Bitcoin reload bonus. With these bonuses, you are getting rewarded for utilizing Bitcoin over any traditional currency.
Speedy Deposits and Withdrawals
Speed is the main factor when sports betting using Bitcoin. After you have bought bitcoin units and they are there in your cryptocurrency wallet, depositing them in a sportsbook account is speedier than the traditional payment methods. Even the withdrawals are faster. The speed of Bitcoin transactions is lightning fast. This may differ based on operator to operator and the load on the Bitcoin networks, but Bitcoin is faster compared to the traditional methods of payment.
High Anonymity Levels
Based on your preferences, you may not want to show your betting transaction on your e-wallet or credit card statements. This is where using Bitcoin for sports betting can be advantageous. Bitcoin offers great anonymity than average banking options. While using Bitcoin for sports betting, you are recognized by the wallet address only. Thus, no one will come to know when you withdraw or deposit from an online betting site.
Lower Payout Fees
A few banking options have higher fees resulting in a cut in your bankroll. Though Bitcoin is not feeless, you need to pay only a small fee to cover the expenses of the miners that facilitate your transactions.
Get Access to More Sportsbooks
Most online sportsbooks that work in unregulated betting markets are now turning to Bitcoin. So, if you want to use Bitcoin for sports betting, you will find many options when it comes to selecting a sportsbook. Click here to find the best Bitcoin sports betting sites.
No Involvement of Third Parties
With the traditional methods of banking, third parties are always involved. These third parties or the banks can reject your payments to sportsbooks. However, this is not the case with Bitcoin since there is no involvement of third parties. No government or bank controls Bitcoin. This peer-to-peer network involves you and the payment recipient only. That being said, nobody is there to reject your transaction for any reason.
Cons of Using Bitcoin in Sports Betting
Though there are so many benefits of using Bitcoin for sports betting, there are a few cons as well:
You cannot reverse your call with Bitcoin transactions. So, make sure to look at your transactions twice before you confirm a bet or deposit.
Bitcoin Conversion is Difficult
Crypto exchanges let you purchase Bitcoin up to numerous decimals. Hence, it can be difficult to perform the maths and decide on the units involved.
Another issue with Bitcoin is its value fluctuation. There have been many cases of price crashes and rebounds. While a price crash can affect your earning, a surge can be advantageous.
For most sports bettors, the pros of sports betting using Bitcoin will outweigh the cons. Its ease of use, speed, anonymity, and safety heralds the return of online sports betting golden days. Moreover, it’s good to see the pioneering sportsbooks embrace Bitcoin as a deposit method. Using Bitcoin will let you shift your money promptly and bet on sportsbooks offering the best and most attractive odds, most promising bonuses, and the most enticing lines.
Paula has recently joined the family of FinanceWhile News. She holds a master degree in Economics and holds vast experience in dealing with different types of content for print as well as digital media. When Paula is off work, you will find her engrossed in books and music.