Betting With Cryptocurrency
One of the latest trends to come into the world of finance over the few last years have been cryptocurrencies. Cryptocurrency is a form of currency which acts as a medium of exchange between two or more parties on digital platforms. When Bitcoin began solidly emerging in the mid-2010s, there was plenty of both concern and excitement over what this would mean to the way we as people viewed money in the future.
The possibilities of the exciting new currencies are now starting to be realized, especially in the world of sports betting.
At the beginning, cryptos were used simply because they could not be traced by governments. This was helpful for players placing bets in illegal areas and using offshore bookmakers. However, as their use in sports betting started to rise, the advantages of cryptocurrencies also became more well-known. Today, many bookmakers will gladly accept bitcoin as a method of payment, including most of the bookmakers who cater to Americans.
We will go through some of the main advantages and some disadvantages of cryptocurrencies when applied to sports betting.
One of the best reasons to use cryptos in general, it gets even better when using it to wager on sports. The currency’s main selling point is the lack of fees attached when sending or receiving money. When trading with it, the fees are usually less than a dollar, even on transactions that exceed five figures. When trying to withdraw money from bookmakers, the player will be hit with fees on most of the methods available for withdrawals.
They can also include minimum and maximum amounts that the player can withdraw at once. Wire transfers are known to be subject to extremely high fees. If you are using a third party service as a middle man, then it is possible that you are hit with fees from both the bookmaker and the payment app, which can start to add up quickly.
Going to cash out at the casino also has the transportation fees as well as taking time out of your day to make the trip. However, with cryptocurrencies there is almost never a fee associated with withdrawals.
The minimum on this type of transfer will also be lower than the other options. There are also no conversion fees associated with the transactions. This means that no third party will be dipping their hands into your bankroll. With sports betting, every single cent counts. You will spend a lot of time finding the best odds to make as much profit as you can, so the last thing you want is some company or more taking commissions on your winnings.
With cryptos, there is no need to worry. By cutting out the middle man, you are also cutting out a good chunk of the fees you would accumulate with other withdrawal methods. Add in the fact that most sports betting sites will not charge the player for withdrawing using cryptos and you are now returning all of your profits instead of just a lower percentage.
Safer, Quicker, Better?
Cryptos like Bitcoin actually became popular for punters because they were extremely useful for betting with offshore bookmakers. This was because they did not pass through any banking institutions and were almost impossible to trace. For players betting on sports in illegal areas, this was the ideal method of refilling and withdrawing from their accounts.
However, the currency remains popular for much of the same reason, that it is safer to use than other options.
Using currencies like Bitcoin requires only a user ID and password. This is much different than being forced to give all of your information to a financial institution. They are also moved through very secure web portals. Some of these sites even offer bets or poker games themselves and will directly send winnings to the player’s online wallet.
This normally takes no time at all, just a matter of seconds in most cases, which is incredible when compared to various other methods and waiting times. Most of the withdrawal options will take at least a couple of days to reach you, while some like checks can take up to 15 days.
When trying to withdrawal your winnings, you can’t beat the fastest and quickest option. Before taking this route, the player must first make sure to choose the base site correctly. When doing this, look at reviews of the site to see what other bettors think about it. Doing this will give you a good idea about the content they display and the overall safety of the site.
Bet Around the Law; Look Good Doing So
We of course advise everyone to follow the laws given to them in regards to not only sports betting and life. Having said that, cryptocurrencies and sports betting were a match made in heaven especially for players living in areas that do not allow the practice. This is what made the currency popular with punters in the first place after all.
This is still popular in the United States as many of the states have yet to legalize sports betting. Asian countries such as China and Thailand are also benefiting from currencies like Bitcoin and Zcash. As mentioned before, your service will usually ask for a simple user id and password instead of a long drawn out page of your personal information, making the transactions completely anonymous.
There are also no institutions tracking you purchases or withdrawals as well. This is helpful when it comes to banks, who will keep track all of your transactions including gambling if you use a credit or debit card. A little-known fact is that when applying for loans potential lenders can deny you if your bank history shows any signs of sports gambling. This can be absolute and extremely strict.
In some extreme cases you could risk being denied a home loan just for placing $15 on a bet. With cryptocurrencies, you can bypass these worries as there will be no trace of your betting history. Keeping your credit in check, your information personal and the ability of being able to bet anywhere (not advised!) are great benefits of using the cryptos for betting.
Even though the above-listed benefits are very real and a huge advantage to players, there are still some downsides to using cryptocurrencies to make online bets. One of the biggest problems with using digital money is the fluctuation in its price, or exchange rate. The prices of these currencies fluctuate wildly.
They are not backed by any legitimate institution, so the people are in charge of determining the values making them less stable. As a bettor, you are basically making sports bets as well as investing in stocks at the same time. The value of your bitcoin money could quickly go down and eat away at your profits, or it could go up and negate any recent losses.
The point is that you are taking added risk, which is not always appealing on top of an already risky practice in sports betting. Another problem is that although there are usually no fees on single withdrawals or from middle men, there will almost always be a fee when covering the cryptocurrency back into a regulated currency.
Depending how much risk you want to take with the cryptos, this could lead to the player converting into cash monthly, or even weekly.
These fees can vary depending on a lot of different factors. Some transactions can be done for as little as $0.15, whereas some take up to $25. However, there are quite a few different options for conversion so the player has chances to minimize the fees.
Cryptocurrencies are a very exciting phenomenon that will likely see more use as the time goes by. Sports betting and online gambling in general were always going to be a perfect place for these new forms of currency. The proof is already there, as many advantages exist to a player placing wagers using them. As long as you can avoid a complete market collapse then you should be able to enjoy using cryptocurrencies for sports betting, as well as the advantages that come with them. With this in mind, do not be afraid to look into working with finances like Bitcoin a little more closely.