Should You Bet On Sports With Bitcoin

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The world of gambling has started adopting cryptocurrency, especially Bitcoin. However, there is still a lot of skepticism in bettors’ minds. Many are afraid because they do not understand the technology. At the same time, some are borderline adamant against change. 

In that case, there have been some questions raised, like should you bet on sports with Bitcoin? Some people might even be worried that they won’t have access to some resources in specific sports like NFL lines, NBA stats, MLB trends, and the likes. 

Despite the fears, we believe that you should bet on sports with bitcoin if you have the means. To put your mind at rest, we give you reasons why you should use Bitcoin to bet on sports in this post. Keep reading.

#1 Secured and Fast Payment

Using Bitcoin as a payment method is completely secure. The technology it relies on is decentralized, meaning there is no single point of failure. There is rarely a data breach. Also, you do not need to provide your financial details before making payment or withdrawing your funds. 

In addition to that, using bitcoin to deposit or withdraw is almost instant. As long as you do not provide the wrong wallet address, you will not have any issues receiving your funds. 

#2 It’s Easy to Set Up and Use

Once you understand the cryptocurrency, you can easily set up your wallet and buy bitcoin. Fortunately, setting up your wallet is the same as fiat e-wallets, where you register, verify your account, and fund it. 

But with Bitcoin, you will get a wallet address that you can use to receive payment. If you want to deposit, you only have to copy the sportsbook’s bitcoin wallet address into the appropriate field and click send. Your bet account will be credited with the amount you transferred in no time.

#3 Near-Zero Fees

Many sports betting sites might require transfer fees for other fiat payment methods, especially bank transfers and cheques. However, most do not charge any amount to send money to you with bitcoin. And the ones that do ask for smaller amounts compared to other payment options.

As a result, you save more when you bet with bitcoin. If you decide to play at a decentralized betting site, you will enjoy more transfer benefits.

#4 Higher Deposit and Withdrawal Limits

We’ve seen many betting sites have low transfer limits, mainly because the fiat payment options they offer have regulatory issues they are trying to avoid. Fortunately, there is no central regulation to cap how much can be transferred at once. 

In that case, sports betting sites can raise their deposit and withdrawal limits. So, high rollers looking to bet considerable amounts can do so with ease without fearing that their account would be suspended. They can quickly deposit 100s of thousands of dollars in one transaction and withdraw around that range at once with little to no fees and minimal checks.

#5 Bigger Bonuses

Sports betting sites aim to ensure that more players join their platforms and their existing bettors stay as long as possible. In that case, they are looking for ways to ensure that you get a good headstart and an alluring gaming experience. So, they offer different bonuses. 

Thanks to bitcoin, these sites can now offer even bigger bonuses, and if you are a high roller, you will enjoy more. Since the deposit limits are higher, you will receive bigger bonus caps. 

For instance, if you received a 100 percent match bonus up to $1,000, it can be increased to a 100 percent match deposit bonus up to 1BTC, which is higher than $1,000 in current value.

Final Thoughts

There is a lot to enjoy when you decide to bet on sports with bitcoin. 

Technology is shaping the way we bet and the playing experience we are used to. However, since the entire cryptocurrency industry is still in its early phase, you should make sure that you take the time to understand how it works. 

Also, Bitcoin is very volatile, so the value is unpredictable; you might want to be careful how much you put into it.

 

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Hi I'm Paul Koger, an ex-Prop Trader now trading from the comfort of my own home. My area of expertise is swing trading US equities, Although I have a strong interest in anything that is trading related. In case you want to get in touch - try Twitter @paulkogr or traderpaulkoger@gmail.com

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