Bitcoin has had a profound effect on every industry it has come into contact with. It started with the investment and foreign currency market, but it has gone beyond that now when it’s accepted as a currency in almost any industry.
The betting industry, such as placing bets based on NFL stats, NBA stats, or playing slots, was also affected and changed by Bitcoin as a payment method after a while. Using cryptocurrency is especially well suited to the industry and beneficial to both the players and the establishments.
Increase in Interest
Casinos are always looking for new technology improvements and other ways to remain on the cutting edge of the industry. The pandemic has made online gambling more prevalent, and gambling establishments are looking for ways to attract more players.
There’s more interest in investing in and mining Bitcoin in general, which means that more players are willing to bet in Bitcoin. This has made setting up a betting account and connecting it to a Bitcoin wallet that much easier and more common in recent years.
Different Fee Structures
There are much fewer fees when paying in cryptocurrency, which is one reason the players and the casinos are attracted to this option. Since there are no institutions between the player and the gambling establishment, there’s no one to pay the fees to. This isn’t the case when it comes to traditional currencies.
Banks and tax agencies aren’t involved in crypto payments. All that it takes is setting up a crypto wallet and connecting it with your account with a gambling establishment. Remember that the tax policies may change over time, now when using Bitcoin is more mainstream than before.
Payments made with Bitcoin aren’t connected to the real name or any ID of a person making it. That’s rather important in this day and age when most of the transactions we make online are being monitored and recorded. It’s especially important for those who don’t want to make their gambling practices known.
In some parts of the world, gambling isn’t legal yet, and this is where using Bitcoin as a payment method can help you bypass the local regulatory agencies. It can be done as long as the gambling establishment itself is located in an offshore zone, as many are.
There are always some limitations as to how much you can transfer, bet, and win when using traditional currencies. It’s often impossible to bet from a certain location or to transfer funds after a certain time, limiting the ability to bet.
There are no such limits when using Bitcoin as a payment method. You can transfer as much as you want at all times and in both directions (towards your account or towards your cryptocurrency wallet).
The Payments Are Processed Right Away
Processing payments made in Bitcoin is completed instantaneously. That’s a rather important feature if you want to get your earnings right away and use them as you please just as quickly. There are always delays and waiting periods when such payments are made in traditional fiat currencies.
Making the betting process as straightforward for the player as possible has always been the goal of gambling establishments. Using Bitcoin brings the casinos one step closer towards that goal and for no additional cost for the establishment itself since Bitcoin handles the payment process.
A New Type of Player
Using Bitcoin as a payment method for sports betting and gambling attracts a new type of player to these games. Those interested in cryptocurrencies and familiar with the technology and financial processes behind them are now finding their way to the gambling industry.
The younger and more tech-savvy players usually opt for using this payment method. They usually have more to spend, and they enjoy exploring new games, especially those dependent on innovative technology developments. Such players are probably the future of betting and will have a more prominent role in the years to come.