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How bitcoin is transforming sports betting

bitcoin sports betting

Gambling has in the past years become a more accepted form of entertainment and companies are growing to take advantage of it. With the emergence of cryptocurrencies, gambling with bitcoin has been gaining traction in the past five or so years with more people opting to use this funding method for various reasons. One main reason is that there are no rules and regulation from a governing body such as a central bank or the government itself, allowing for people to transact as they wish.

There is still a stigma around gambling from a cultural and religious perspective, so the idea of anonymity is something that attracts gamblers worldwide to use bitcoins instead. The idea of getting tracked is virtually non-existence, leaving most to enjoy the luxury of gambling on public platforms privately. Coupled with the fact that one can gamble in the comfort of their home (or phone) using platforms like Bitcoin Dice, it makes the allure of gambling even more.

Apart from betting, one of the things that cryptocurrencies have over traditional currencies is the near-instant nature of transactions. For physical currencies, one knows that it takes anywhere from a few hours to days to complete a deposit or withdrawal. However, with bitcoin, one knows that if it takes longer than a few minutes, then one should perhaps check their internet connection. It is, therefore, cheaper in the long haul to make bets using bitcoins.

The setup process is perhaps as cumbersome as with more traditional methods, but once a person has their account running, they are set for the next while. The only challenge would perhaps come in when someone needs to change their coins to local currency. However, if a person already uses bitcoins to transact with other entities, then it becomes a convenient payment method as is seen with MasterCard or PayPal when making purchases.

Online betting sportsbooks dealing with bitcoin offer the same variety of games and tournaments as other sites, albeit the growth has been slower, reflecting the market growth. However, one aspect differs from more mainstream betting sites, and that is that a person can play both sides. That means playing against them and for the house and sharing their earnings with the betting company. How that works is that a person can place odds or accept odds from other players. In such a scenario, the betting company acts as an intermediary as players engage in the action among themselves.

In the same way, the rates a lower with bitcoin as the sportsbook overall spends less when it comes to running costs. Instead of charging fees as high as 15%, Bitcoin attracts a rate of at most 2%, leaving the player to enjoy more of their profits. Given that there is no government interference, no one has to pay tax seeing as bitcoin is a global currency. With these few aspects, it is not wondering that bitcoin betting is growing exponentially.

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