Today, many sportsbooks are now accepting bitcoin because they have realized that it’s highly secure and it assists you to protect your identity. Therefore, if you have started placing bets at the sportsbooks using Bitcoin, then you may already have begun seeing the benefits. If you’re not, you need to know that Bitcoin sports betting is the wave of the future.
The good news is that sportsbooks are usually the first adopters of significant innovation when it comes to retail financial technology. No wonder, they are also using Bitcoin for deposits and withdrawals. This article explains the benefits of Bitcoin sports betting.
Bitcoin Deposits Attract Bigger Bonuses
Bitcoin sports betting provides benefits to both your sportsbook and bettors. This is because sportsbook doesn’t deal with third-party entities, such as banks and their high fees.
So to attract you to use Bitcoin deposits, sportsbooks provide more appealing bonuses than the conventional currency. In most cases, Bitcoin bonuses can be twice bigger, and you can receive them when you sign up for the Bitcoin sportsbook.
Once you sign up and deposit through conventional methods, such as bank transfer, credit card, PayPal, and many more, your sportsbook may likely cap your bonus that matches a portion of your deposit. But if you deposit with Bitcoins, there is a maximum limit that is usually higher and the sportsbook can match 100% of the deposited funds.
Besides a sizeable initial deposit bonus, you can find several sportsbooks that offer Bitcoin-specific reload bonuses. These Bitcoin reload bonuses usually come with a higher match-percentage than using the conventional currency.
Also, you can find Bitcoin reload bonuses every time you need to re-up, and not seasonally or intermittently like traditional deposit methods. If you intend to try it, then click for bitcoin sports betting.
Deposits are Never Rejected
If you like sports betting and you have been doing it for a while, perhaps you may have experienced a deposit or withdrawal that was rejected by a third-party.
Unfortunately, it’s within their rights for a third-party to oversee the money and even restrict your transactions. If you deal with an intermediary, they can have the right to block some transactions with any online bookmakers.
However, credit card companies don’t like dealing with sportsbooks. Most sportsbooks also have their centers of operation overseas and keep their bettors’ money in several banks across the globe. Details of these operations can raise questions with any reputable financial institution, so this is where Bitcoins with their decentralized system comes in handy.
There is no single party that can control Bitcoin transactions. As a result, Bitcoin transactions don’t need to go through any third-parties. The authorization of the transactions like withdrawals, purchases, or deposits requires only mathematical proof of the blockchain.
It means arbitrary restrictions that are imposed by a credit card company or bank can never affect Bitcoin transactions. Therefore, you can get, hold, and use Bitcoins in whatever way you see it fit. Even better, there is a guarantee of anonymity which is a great benefit you can’t get with traditional payment methods.
There is an Excellent Security
Another good thing about Bitcoin is that it’s engineered with the best financial security in mind. It has built-in protections against fraud, identity theft, and many other malicious third-party infringements.
The only time you can give away your identity is when you buy Bitcoins at an exchange. But when you send Bitcoins to the sportsbooks, the sportsbook doesn’t get any of your financial details.
Therefore, if you have ever been worried about giving a sportsbook personal information, such as a driver’s license or a copy of the utility bill, perhaps Bitcoin is the best choice for you. sportsbooks will not need you to verify the personal information to compare to your bank account when you utilize Bitcoin.
This is because all that you require is a unique Bitcoin address as well as a private key. This means there is no phoning your bank or credit card company. With Bitcoin, you just need to give the sportsbook some randomized pieces of the cryptographic protocol.
Remember that financial criminals usually target online locations where there is an exchange of money like sportsbooks. This is the reason why bank and credit card information can be exploited when it gets into the wrong hands. With Bitcoin, you don’t send sensitive information on the web, so hackers can’t access a Bitcoin transaction.
Lower Transaction Fees
Credit cards and traditional banking fees can take a good chunk of your money. Currency conversion fees, handling fees, escrow fees, transfer fees, and many other hidden costs are part of dealing with third-party intermediaries. As mentioned earlier, Bitcoin has a decentralized system, so you don’t have to deal or pay for third-parties oversight. You only need to pay one fee which is a miner’s fee.
Miners are people who keep the Bitcoin network working, so they get an economic incentive from every transaction, and this incentive is called a miner’s fee. It’s worth noting that no miner gets any part of the personal information. The blockchain usually divides up this mining fee automatically among several unrelated parties.
The Bitcoin sender is responsible for this miner’s fee and usually gets to choose how much it’s going to be. Ideally, the higher the miner’s fee, then the faster is the transaction process.
Hence, when you send Bitcoins to the sportsbook, you are responsible for covering this fee. The sportsbook can absorb the fee once you withdraw the sports betting winnings. Remember that these fees are minimal and they can be less than those related to the conventional currency.
As you are now aware, there are no traditional banking costs or third-party involvement when it comes to Bitcoin sports betting. This allows sportsbooks to offer some flexibility in both their minimum and maximum deposits and withdrawals. When you use Bitcoin, your sportsbook doesn’t need to pay a fee on the deposit, regardless of whether it’s small or large.