We decided to cover this topic as it relates to a popular subject among investors and sportsbettors around the best methods to deposit and withdrawal funds from your bankroll to one or many online sportsbooks.
Online sportsbooks constantly struggle to find payment processors to bring onboard to help sports investors and bettors to make deposits and withdrawal of their winnings.
The Bitcoin payment solution solves a lot of common pain-points among bettors as it offers ease of use with instant deposits and withdrawls, and provides a provable fairness and transparency of the transactions, and all transactions by the sportsbook.
At IntelligentBettingTips.com, we’ve looked at for its use on our sports predictions, especially around around the demand for NFL picks and soccer picks as sports investors mostly international are always looking for the easiest and securest method to purchase sports predictions, or membership to our sports investing services.
Bitcoin is appealing to sports bettors for a number of reasons as stated above, but also for the simple fact there are no middleman handling the transaction and offers complete transparency. It completely bypasses banks and money transfer services, which means a complete reduction in fees and charges.
And while its still the wild wild west if Bitcoin is a bonafide currency, today there are over a hundred online sportsbooks and gambling sites that allow fund transfers using Bitcoins
What is Bitcoin?
Bitcoin is a micro-payment system, and the first decentralized, digital currency and payment system that allows for immediate, secure and free transactions through the internet. Think immediately purchasing and your NBA picks for tonights game, then depositing your funds and getting your winnings paid out back through Bitcoin in a matter of seconds.
And just when you thought account-to-account payment systems as PayPal or Moneybookers (Skrill) were the next best payment options to use your bankroll to fund your sportsbook account, these money transfer services are centralized payment solutions that still costs the sports bettor or investor to use their services; whether through direct fees, interest or the cost from bank withdrawals to fund your account.
Bitcoin offers no limits on transfer amounts, and charge-backs are impossible. It offers a fixed, predictable and diminishing inflation rate, and yes, unlike the US green back and Euro and the constant inflation on the dollar doesn’t buy what it used to, with Bitcoin there will be a limited amount of Bitcoins offered to market, thus the Federal Reserve can no longer wave the magic wand to induce the markets with more currency based on nothing to back or support it.
Bitcoins are stored in digital wallets, which means you can have your funds on almost any digital device. So where you buy sports picks or deposit funds are your sportsbook, you can do so securely from a your iPhone, desktop, tablet and any other device.
Is it secure? Bitcoin uses ‘miners’ which is a secure the network and earn Bitcoins by processing transactions and releasing new Bitcoins into circulation.
Miners are the ones that produce Bitcoins, which are thousands computers around the world working on a decentralized system, that work together on a network to secure the Bitcoin network, process the transactions and release Bitcoins into the marketplace – securely.
And there is a history of all transactions called within the archiving ledger of Bitcoin, which is coined ‘the Blockchain’.
Why is Bitcoin Important?
- Its open-source
- Its decentralized system – no more banks, no more clearing houses, no more big brother control.
- Huge speed of transfer. No more waiting 3-7 days for Western Union to transfer your funds.
- You become your own bank. You don’t need anyone or party to hold or store your Bitcoins.
- Its free or negligible transfer fees.
- You can access your money anywhere, anytime.
Now while Bitcoin is an appealing option for sports bettors and investors, it also becomes even more valuable to the poker and casino players. Because gambling sites that accept Bitcoin follow the same structure, the player can retrieve their account balance and history through a private URL. Only this information is privy to the player.
Secondly, just as appealing to sportsbooks, Bitcoin offers instant deposits and play, with near instant withdrawals. Just think of betting on an NFL prop of Brady throwing a touchdown both on the 3rd down. You can immediately fund your online sports books account with your Bitcoin deposit in seconds, make the prop bet and if he scores that touchdown – almost immediately your account is funded with the winnings, allowing you to play your winnings on the next play that appeals to your taste.
This is a good example of why more sportsbooks should provide Bitcoin. Its a provably fair system where the investor or sports bettor can quickly play their picks and plays, and immediately get their winnings.
But with all good things the sports bettor may like about Bitcoin, there are those who may criticize its use.
The anonymity of players can have an impact on regulators in your area, determining the legality of sports betting online in your area.
Others argue if Bitcoin is really money and its just a bubble. Time will tell, but as its momentum grows more and more criticism around this concern the bubble concern will diminish, but more concern with regulators and governments will rise.
Others may get turned off from Bitcoin until the technology makes it easier for players to get into the market. Yes, technology can be a hindrance on players.
Lastly – the backlash from banks, payment processors and governments. They tried and failed to tax the internet, but as Bitcoin evolves as a disruptive currency in the market, more heated debates will come from big brother of its legality or provisions.
While some say it will revolutionize the global economy, only time will tell. But if you have tried Bitcoin with an online sportsbook, poker site or casino or any other usage, share your experience below. Will it revolutionize online sports books or gambling?