Cryptocurrency News

How Cryptocurrencies will boost the overall sportsbook scene

By January 19, 2021 No Comments

It only seems like yesterday that casinos and also sports betting sites started accepting cryptocurrencies from their players. The new payment method is not offered by many casinos, but it would be a lie for us to see that new betting sites are not emerging daily. The good news is that we have seen ample new Bitcoin betting sites setting up shop online, and also offering a good vast selection of crypto currencies being offered.  Apart from this, many online betting and sports sites also lure players and shower them with rewards and promotions if they deposit and use Bitcoins as their main payment method when playing at the said site. 

If we look back to the history of cryptocurrencies, it definitely did not have a good start. When someone used to mention the term cryptocurrencies, our mind would definitely delve away to illegal sites, the black market and even the dark net. This has all changed with the introduction of sports betting sites that started accepting wagers in cryptocurrencies. These sites started to be referred to as Bitcoin betting sites, where you the player can sign up, choose cryptocurrencies as your main payment methods, wager in and play. If there was a stigma before tied to cryptocurrencies , you can thank both online casinos and sports betting sites for actually and really breaking this stigma. 

Of course, cryptocurrencies also had a bad reputation at times in the gambling scene. Some Bitcoin betting sites used advanced blockchain technologies to start accepting wagers from places that gambling was still deemed as illegal.  If we lookback, we smile and think that we now live in a day and age where you will raise an eyebrow if cryptocurrencies are not accepted by major betting sites that include both casinos

Fact: Sportsbook operators prefer it when you deposit with cryptocurrencies

Did you know that all Bitcon betting sites prefer it when you deposit and play using Bitcoin.  Wondered why? Let us tell you just why. It is a known fact that fees and deposits done via this payment method are not enforced much by regulators. When it comes to you having e-wallets, we all know the frustrations that they pose, the hidden charges to receive and get you money and if you secure a win, a % of that win is taken away by the payment provider. This is not the deal when it comes to cryptocurrencies, and many casinos and sports betting sites have taken full advantage of such measures and laws. When you use an e-wallet at Bitcoin betting sites, you will surely have experienced delays also, something that does not exist in the crypto world. Apart from this privacy plays a massive role, as some e-wallets would also for verification, statements and even a video call to verify you. This is not the norm for Bitcoin betting sites. 

Banking institutions do not have a way or means to regulate crypto transactions, and hence there is no actual enforcement. This fact allows Bitcoin betting sites to freely give you a better return on your deposits. This is how campaigns are formed and how such payment methods can award you better. In the meantime, we all know that some of the most prominent sports betting sites do not accept specific e-wallets, this all stems from inconsistent processes, customer feedback and also high fees that need to be paid. 

With the introduction of cryptocurrencies, the gambling world took a new shape, a way that made gambling more attractive to many players worldwide. It was a new world also for many gambling sites as they morphed into becoming Bitcoin betting sites. There are also some sites that only accept Bitcoins and other cryptocurrencies nowadays, would you believe that?

The Gambling Commission and beyond

We all know that if you hold an MGA or a UKGC license, you would need to declare your annual turnover, and of course you would need to pay a % of the amount you make. The good news is, that if you have cryptocurrency as your main payment provider, you are not regulated by the UKGC. Possibly this is the reason that many Bitci[oin betting sites will give you a better bonus if you deposit using digital currencies. This is the future of online gambling and sports betting, but how long will it be until gambling license institutions will start implementing restrictions and also fees on using such payment methods?

If the world of sports and online casinos continues to flourish the way it is, we will have more Bitcoin casinos and sites soon. Will this be a grey area?  Actually no, and funnily enough you will also find other sites that accept Bitcoins as their main currency. Is this the future of sports and online gambling?