We have come a long way from paper slip betting and cash payments. Now, digital dominates the world, and many of the newest waves of technology realize building a relationship together is only beneficial. Two of those technologies are online sports betting and cryptocurrencies.
As popular as cryptocurrencies are, the ability to use them in everyday life is not as far-reaching as credit cards or cash. The adoption and acceptance of Bitcoin is growing every day, though. One of the first adaptors to Bitcoin, and now other cryptocurrencies, are online sportsbooks.
Many of the most regarded online sportsbooks in the world now accept Bitcoin and other multiple cryptocurrencies. There are many benefits to using cryptocurrencies as your payment method, making it the smart way to maximize your money when you bet on sports online. Let’s talk about the history of Bitcoin and online sports betting before diving into the benefits of using it when you bet on sports online.
Online Sportsbooks were Early Adopters to Bitcoin
Online sportsbooks and online casinos were among the first to accept Bitcoin and other cryptocurrencies as a form of payment. Online sportsbooks have always been at the forefront of technology. The advent of live sports betting changed the industry, allowing bettors to jump into the action after the start of the game.
Online sportsbooks saw an opportunity with Bitcoin and seized it. As an early adopter, they became one of the first digital marketplaces you could use Bitcoin for something other than trading. Why online sportsbooks were one of the first places to accept Bitcoin is speculative. The singular value worldwide is one reason many consider. Another is the ability to use them in locations where online sports betting and gambling laws are in a grey area or even outright banned (although it is not recommended to gamble online if it is against the law).
Whatever the reason it is online sportsbooks started accepting Bitcoin and cryptocurrencies, it seems like it is here to stay. And if you have and use one of the many cryptocurrencies accepted by certain online sportsbooks, you stand to benefit. We highlight the biggest ones below.
Bigger Welcome Bonuses
When you sign up for most online sportsbooks, you are eligible for a welcome bonus. A welcome bonus is a match on your first deposit. These bonuses are great but typically are worth between $200 to $300 (or a similar amount in your countries currency) and rarely exceed $500.
Now, that bit about welcome bonuses applies to deposits made with just about every other payment method besides Bitcoin and cryptocurrencies. The best Bitcoin online sportsbooks will offer a higher welcome bonus on your first deposit, often worth up to $1000!
Using Bitcoin and other cryptocurrencies often means additional incentives outside the welcome bonus. A common one is reload bonuses when you make subsequent deposits. Good luck getting that if you use another deposit method. Another benefit is no fees on transactions. Sucks to be the guy dinged for a cash advance credit fee now.
Cryptocurrencies are notorious for speed. That notoriety does not change when you use them when betting online. Once you set up your crypto, wallet deposits are instantaneous, and no other method will pay out your winnings faster.
Backed by blockchain technology, Bitcoin is as secure as anything on the internet. If you are paranoid about hackers trying to still your winnings, consider using Bitcoin to keep your funds extra safe.
Higher Withdrawals and Lower Deposits
Many online sportsbooks cap withdrawals and deposits at a set amount. The limits are set where they have to do with your transaction method, fees, and where you live. Most online sportsbooks allow for larger withdrawals and smaller deposits for users using cryptos.
The Future of Cryptocurrencies and Online Betting
The future seems bright for the partnership between cryptocurrencies and online sports betting. The number of sites accepting cryptocurrencies continues to increase. The value of Bitcoin and other cryptocurrencies has rebounded after dropping at the start of the pandemic.
What happens next is up to the books, but if it is anything like what they are offering currently, we can only expect good things in the future.
The post How Cryptocurrencies Are Changing The Way People Bet Online appeared first on The Cryptonomist.