Over the last decade or so, the fortunes of the sports betting industry and the cryptocurrency sector have been on similarly skyward trajectories. The former was valued at almost $200 billion in 2021, with more than 25,000 businesses operating in the space, while the latter has gone from a single currency (Bitcoin) to thousands of pretenders to its $330 billion market capitalization throne.
In the last couple of years, these two booming sectors have enjoyed an exciting crossover, as certain online casino operators began accepting Bitcoin. The new phenomenon has witnessed immense popularity – and it’s not difficult to see why, since betting with Bitcoin carries a range of advantages that benefit both the user experience and their bottom line. Here are some of the main pros of placing a wager with Bitcoin.
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With casinos that deal exclusively in fiat currencies, it’s necessary to go through an exhaustive registration rigmarole, which will involve submitting a laundry list of personal details (such as name, address, contact information and banking data), then verifying your identity by taking photos and uploading documents. Not only is this time-consuming and tedious, but it’s an infringement on your privacy. With Bitcoin casinos, no such demands are placed on the customer, making sign-up simple, stress-free and, above all, anonymous.
You might be forgiven for thinking that because you don’t have to go through a stringent sign-up process, the site itself is somehow dodgy or open to infiltration by cyber criminals. However, the very fact that you haven’t shared your sensitive info means there is nothing for them to steal. As for the financial transactions of depositing and withdrawing your Bitcoin, the sophisticated blockchain technology which underpins the cryptocurrency ensures that no funds can be hijacked or misappropriated. Quite simply, it’s a watertight way of doing business.
Speaking of transactions, sports betting in Bitcoin is much faster and more efficient than traditional alternatives. That’s because casino operators and sportsbooks which deal in cryptocurrencies are not beholden to banks, credit card companies or other third-party payment services when conducting transactions. This means that there are no middlemen in the way to slow down the process of putting through a deposit or withdrawal, so your assets will be with you in matter of minutes rather than hours or even days.
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Another advantage of dispensing with middlemen is that they are prevented from taking a cut of the earnings. This means that site owners which accept cryptocurrency payments can slash their outgoings and, in most cases, they’ll pass these savings onto their consumers in the form of attractive offers and promotions. Of course, this is common practice across the entire gambling sector these days, since competition is so rife that operators must try and attract new customers onto their domain in any way they can – but crypto casinos and sportsbooks invariably offer better deals.
Due to the advantages of anonymity, security, efficiency and profitability, betting in Bitcoin instead of with fiat currencies is a no-brainer in today’s modern world.