Why use Bitcoin for Sports Betting

Why use Bitcoin for Sports Betting

Have you ever felt frustrated because you’re not allowed to use your money to bet on sports? Or do you hate the hassle of having to find a Western Union to send money to fund your betting account? If you have a sportbook account, then chances are that you’re limited, by your government or authorities telling you how you can use your money.

If you’ve ever wondered if there’s a workaround for sending money to place bets on sports, have you heard about Bitcoin? This virtual currency has gained worldwide acceptance and is being used by millions of people today as a useful, secure, and private alternative for funding your online sportsbook account.

The Pros of Sports Betting using Bitcoin

Here are some reasons that make Bitcoin the most useful way for sports bettors to fund their accounts online.

Bitcoin Is Not Governed By Any Bank Or Government

It’s no secret that millions of Americans place bets on their favorite sports. The American Gambling Association estimates the current size of the market on professional and college football betting at $95 billion, including $4 billion bet on the Super Bowl alone.

That’s no small piece of the pie! And, that’s just on football only. You can be sure that billions more are bet on other sports as well.

However, as you’re probably well aware of there are restrictive federal laws on sports betting. Because of the Professional and Amateur Sports Protection Act (PAPSA) of 1992, practically every American wanting to place a bet on sports has few options for finding a legal sportsbook. In fact, only four states can offer legal betting: Nevada, Delaware, Montana, and Oregon. And, only in Nevada will you find sportsbooks that can take single-game bets. You can only bet parlay-based lotteries at the rest.

If you want to place a be from anywhere else, you, along with millions of others, have to turn to offshore sportsbooks such as BetPhoenix.ag. But, even while BetPhoenix.ag will accept deposits from US customers, most banks and other financial institutions won’t let you fund your sportsbook account easily.

This is where Bitcoin comes as a savior. Because it’s a virtual currency and the way it was designed and structured, it solves the problem of funding your account.

If you want to use your credit or debit card that’s tied to your bank account, the transaction must be authorized by a third party. This works for the majority of transactions.

But, if you want to use your card for a sports betting transaction, there’s a strong likelihood that your transaction will be blocked by the bank. Whether the transaction is considered in violation of the provisions of the Unlawful Internet Gambling Enforcement Act of 2006, or it’s simply deemed as “suspicious account activity,” banks and financial institutions will impose strict limitations on deposits and withdrawals to and from online sportsbooks.

With Bitcoin, the transaction is only between the sportsbook and yourself.

Bitcoin Has Low Transaction Fees

If you’ve had a sportsbook account or plan to have one, know this: While you can probably get your deposit transaction fees reimbursed by your sportsbook, you’ll be charged withdrawal fees that can sometimes taxing. The reason is that withdrawing winnings from betting online usually involves paying the middleman.

Bitcoin doesn’t run into that problem because of the way it was designed. There’s no real middleman between the payer and payee, and because of this transactions may not cost anything at all. So even while there might be a transactional difference between amounts, it’s usually lower and used to compensate the Bitcoin miner who added the transaction to the blockchain. Most Bitcoin transactions average a “fee” of cents on the dollar.

With traditional payment methods, you’re usually charged hefty transaction fees used to cover the costs involved in paying the processors for the deposits or withdrawals. Since these processors aren’t needed to make a Bitcoin transaction however, these are usually low cost or even free.

Bitcoin Transactions Are Almost Instantaneous

If you’ve ever waited for days on out to get your winnings from your sportsbook account, you’re going to love Bitcoin. Bitcoin transactions usually take just minutes to process.

Traditional payout methods take anywhere from a few hours to a few days and even weeks in some cases to get to you. And, even when everything seems to be in order, in some circumstances more delays can even trigger an investigation into the transaction.

Bitcoin transactions are usually processed within a 10-minute window, which is what it usually takes to add a block into the blockchain. Once it’s added to the blockchain, the Bitcoin balance is yours to use however you want.

Many sportsbooks prefer to use a six-chain block to approve a fully secured transaction. This means that the maximum wait time to clear a withdrawal is usually one hour. When you contrast the time it takes to process a check or bank wire, there’s reason enough to consider Bitcoin as your first alternative.

Bitcoin Is Among The Most Secure and Fraud-Deterring Payment Methods

Major online sportsbooks have built a reputation for trustworthiness. Having said that, there will always be room for fraudulent shops looking to commit fraud and other types of malicious activity. When sportsbooks don’t take precautions in safeguarding their customer’s information, it opens the doors to hackers, identity thieves and other criminals.

With Bitcoin, there is no exchange of sensitive information. Bitcoin transactions only require your address, along with your private and public keys. Bitcoin is a secure cryptographic currency by design, which means that encryption is essential to how it works. Bitcoin addresses usually look something like this: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX and private keys are even more secure.

Even while a Bitcoin address can be calculated through its private key, it’s practically impossible to do the same in reverse. This makes Bitcoin the safest, most secure, and private currencies available in the world if you’re a bettor looking for a way to fund your sportsbook account without giving away your private information.

 
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