It’s been interesting to see how quickly Bitcoin has been adopted by online sports bettors. Both the players and the company have taken to the cryptocurrency much faster than some other realms simply because as a payment method (for deposits and withdrawals), it really makes sense.
Almost every single online sportsbook now accepts Bitcoin as a payment method. And we’ve even seen some Bitcoin sportsbooks open up, which are sites that only deal in Bitcoin for all purposes – nothing else.
Let’s take a closer look at why sports bettors have taken a liking to. And explain why Bitcoin will always have a home in the sports betting community.
Sports Bettors Are Not Risk Averse
According to the government in the United States, sports betting is just now becoming an acceptable pastime. Even though countries like Canada or the United Kingdom have allowed sports betting for years either in various forms (lotteries, online, physical shops). The United States is only now just bringing it out into the limelight.
It really feels like it’s taking the same path as marijuana: many people use it, it’s not viewed as such a negative thing anymore in the public spectrum but it’s still not fully legal.
All of this has propelled sports bettors to take risks before to stick with their pastime. It’s not like sports betting just became a popular fad now; it’s always happened but it’s always been done in unique ways. Bettors have used bookies, which is probably the shadiest way to bet.
You bet on credit and you bettor make sure you have the money to pay up if you lose. Then when online sports betting became an option, sports bettors flocked to it even though it meant sending your money offshore to a company that could easily close up shop and walks away with your money.
Of course, as we’ve come to learn, almost all of those offshore books are reputable, normal companies. But just the fact that sports bettors were so open to making that leap shows how far they’re willing to go to find a way to do it.
And we’ve even seen the United States crackdown on some payment methods that send money to offshore books. This has forced players to trust even smaller, lesser-known payment processors but that still hasn’t stopped anything.
One of the biggest hurdles with Bitcoin is simply people feeling it’s too risky or feeling like there’s a learning curve to get into it. With sports bettors, these are not and will never be issued.
They’ve always been comfortable using shaky payment processors and they’ve always taken the time to learn the methods – whether it’s opening new e-wallets or whatever else – so Bitcoin is a breeze for them compared to some other methods.
Harder To Crackdown
One of the main issues with betting on sports online over the last couple of decades is the concern of a crackdown. For the most part, offshore books have been untouchable and rightfully so. They are legal and licensed to operate in countries where they are based.
However, the United States government has often cracked down on the payment methods that bettors use to send their money to the books. They feel like if they cut those off, that’ll stop players from going offshore. So they’ve gone after the credit cards and some online e-wallets and bank transfers. Sports bettors have constantly had to adjust how they get their money in and out of online sportsbooks. That’s why Bitcoin makes so much sense.
At the end of the day, is it possible that someone goes to PayPal – an American company – and says we want you to stop processing payments to a specific country or company? It’s possible.
However, in the case of Bitcoin, that type of scenario really isn’t possible and that gives sports bettors supreme confidence in using it as a method. That’s a big reason why it’s quickly become one of the top options.
Fast, Efficient Payment Method
One of the biggest pain points for online sports bettors is sending and receiving their money. However, Bitcoin has alleviated most of those problems as both players and sportsbooks have welcomed it with open arms.
From a sportsbook’s perspective, they worry less about a crackdown (see: previous section). From a player’s perspective, they can get their money faster and with less fees. Sure, most sportsbooks will send your withdrawal via check but that can take a week or two; Bitcoin withdrawals usually hit your account within 24 hours.
And in terms of fees, books or banks may charge exorbitant amounts to get your money with a bank wire or Western Union; that’s not a big concern with Bitcoin. Sure, there are some fees but they’re minor. When you add in how hassle-free it is, players are more than happy to opt for it.
Will Always Have A Home In Online Sports Betting
Banking methods have always been a challenge for online sports bettors. Because it’s been tough to find methods that always work, are fast, and have low fees. Bitcoin offers all of that and with some privacy too.
The sportsbooks love it for virtually the same reasons, so that’s why adoption has been high in this realm. And given that this will only get more convenient over time. Bitcoin should always have a home in the online sports betting community.