TMCnet Feature
March 24, 2021

The Usage of Bitcoin in Sports Betting

The sports betting industry continues to grow and evolve, and one of the areas that have seen the most change is in the banking process. Credit/debit card payments used to be the most commonly used deposit methods, but that is no longer the case.



Cryptocurrency is now the preferred method of deposit at most sportsbooks in the industry, and it has several real advantages for the bettor. While there are a number of different types of cryptocurrency payments available, bitcoin is the most popular. 

Not everyone has got on board with the bitcoin trend yet, but this is something that anyone that bets online should consider. There are some key advantages to using bitcoin as a payment method, and those advantages will be explained on this page. 

You aren’t required to use bitcoin when you do your betting online, but using it could make a ton of difference. If you have bitcoin in your cryptocurrency wallet, then use this next time you go to deposit at a sportsbook.

Advantages of Using Bitcoin

Bitcoin is new to the sports betting industry, but it hasn’t taken long for some real advantages to be noticed. Sportsbooks are starting to prefer bitcoin as a payment method, and bettors that use it have raved about how simple it is. 

There are four main advantages to using bitcoin in the sports betting industry, but more will emerge as time goes on. If you still aren’t convinced to use bitcoin yet, perhaps you will be after reading about all of the advantages it offers. 

Faster Banking Process

The banking process can be slow and take days to complete with traditional payment methods, but not with bitcoin. Once the bitcoin units are inside of your crypto wallet, then those units can easily be transferred to your sports betting account.

You might not notice this as much when making a deposit, but you will when trying to make a withdrawal. Bitcoin withdrawals can be processed in seconds, rather than having to wait a few days or even weeks to get your winnings. 

Huge Bonuses

Sportsbooks want to get away from traditional payment methods as well, and they are willing to offer you some considerable bonuses to do so. Getting away from other payment forms will remove the third-party, and the sportsbook won’t have to pay fees to process your deposits and withdrawals.

This money will be paid back to you in bonuses, and there are some hefty offers currently out there in the industry. Switching to bitcoin will make things easier on yourself, and you will also get a nice reward for doing so. 

No Price Volatility

If you currently have some bitcoin in your crypto wallet then you know that the price jumps around quite a bit. The bitcoin market goes up and down a ton, but you can protect yourself from this price volatility by using bitcoin to fund your accounts.

Once those bitcoin units are deposited into your sports betting account then they will automatically be converted into US dollars. At that point, the price can never change for you, and all of that money is yours to bet with. 

Reliable

Perhaps the most important role that bitcoin plays in sports betting is that it is a reliable payment source. It’s hard to explain exactly how bitcoin works, but there is no doubt that it does.

Bettors are running into many different snags or hassles when trying to use traditional payment options, but that is no longer the case with bitcoin. There is no third-party involved when you use bitcoin to refund your account, and that same thing is true when you are looking to receive a payout.

This is one of the biggest reasons to make the switch to using bitcoin today. It could save you plenty of headaches in the future.

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