Figure 1 More sportsbooks now accept digital currencies
There are many areas of business that have wholeheartedly accepted Bitcoin, cryptocurrencies and blockchain technology in the last few years. But none have been quite as eager to embrace the digital world as much as online sports betting.
Gambling has changed dramatically in that time, of course. The US Supreme Court revoked the Professional and Amateur Sports Protection Act (PASPA) in 2018 and ever since state after state has legalized betting on sports. Now over half the country is able to bet legally, with more in the works. All the Vegas betting sites have looked for new markets to exploit to gain more customers – and cryptocurrency is playing its part in that.
Betting with Bitcoin and other cryptocurrencies has really taken off recently and there are even digital-specific sportsbooks cropping up now. If you are reading this you will already know at least the basics of using crypto – but take a look at our factors to consider when it comes to sports betting with these currencies to give yourself the best chance of picking a few winners.
Create a Customer Account
You will probably already have a digital wallet and ways to acquire cryptocurrency. But to be able to use it to bet on sports you will need to sign up for a customer account with an online sportsbook. You should have no problem finding a sportsbook that accepts cryptocurrency these days.Â
Betting firms have been very quick to embrace digital currency as it obviously feels like a win-win process for them. Their customers are able to enjoy faster transactions and use a revolutionary new way of paying for financial services and the sportsbooks themselves can escape paying transaction fees.
Look for Bitcoin Deals
Although you will have a good choice of online sportsbooks to choose from, you should take your time selecting which one you are going to register with. Almost all betting sites will offer some kind of welcome bonus for new customers – and crypto users may be able to find even more attractive promotions to take advantage of.
We have already mentioned that sportsbooks are very happy to accept crypto, but the vast majority of customer account holders will still use fiat currencies. That has resulted in the sites sometimes offering even better deals for anyone keen to go digital. Make sure you search around for the best bonus.
Making Money by Using Crypto
When it comes to betting on sports the thing to remember is that nothing at all is guaranteed. You can do your research – and you definitely should – and use your knowledge to inform your selections, but anything can happen when you bet on sports events.
In that sense, using digital currencies such as Bitcoin will not help you become a successful gambler. But you can make better deals with the details and escape charges and fees. You can also use the volatility of the cryptocurrency markets to your advantage and make money on better value winnings. The actual sports betting will be more of a case of good luck.
Figure 2 Crypto can easily be used to bet on sports
The Future of Bitcoin Betting
As we mentioned, the gambling industry was quick to accept crypto – and there doesn’t seem to be any change in that trend in the near future. Digital currencies have become a part of the mainstream and online sports betting will continue to be a part of that.
Lower fees for the sportsbooks do mean that the profit can be pushed onto the customer though. With fewer overheads, sportsbooks can offer better odds and a lower edge. This is good news for gamblers and will surely attract more customers to the sportsbooks that accept crypto.
Sports betting and casino gambling could become more decentralized, allowing for more transparency in what has sometimes been a murky industry. So that’s good news as well. There could be more regulation as well though. Governments in many countries are keen to introduce stricter regulation, so crypto users will have to accept that. It will be interesting to see how that move is taken, considering the reasons why many people turn to digital.Â
The one thing that seems sure is that Bitcoin betting is here to stay.
