5 Advantages of Using Bitcoin at Online Sportsbooks
The most successful sports bettors ascended by finding an ‘edge’ over their bookmakers. The ‘sharps’ calculate spreads with proprietary formulas, divide up their bets with mathematical precision, some even calibrate the bounce that a basketball gets off a specific arena’s floorboards. If you’re looking for a simple way to get an ‘edge,’ look no further than betting with Bitcoin. With Bitcoin, you’ll have financial flexibility, security, privacy, and best of all, much lower fees in comparison to betting with traditional dollars and cents.
Read on the learn more about the many advantages of Bitcoin, the digital currency that is disrupting everything from the financial industry to your sportsbook’s cashier. With Bitcoin, you can be the beneficiary of a revolutionary new financial technology, and gain the edge over everyone else who is still stuck having to go through a bank to make their sports bets!
1. Bitcoin transactions will not be rejected
No single entity controls Bitcoin; by its nature, Bitcoin operates on a decentralized, open ledger on which every user holds equal clout. Consequently, Bitcoin transactions are not subject to or guaranteed by any third party. The authorization of Bitcoin purchases, withdrawals, and deposits is secured by a set of infallible mathematical proofs on the blockchain, not by the arbitrary judgment of a credit card company or bank.
Consequently, it is easy to purchase and move Bitcoin as you see fit, with no oversight. Other third-party guarantors do not afford their users this anonymity, and this can occasionally present some problems for sports bettors.
In our history placing bets through online bookmakers, we’ve encountered times when third parties have blocked both deposits and withdrawals to and from sportsbooks. It is unfortunately relatively commonplace for some banks to prevent, block, or freeze payments to and from gambling sites. Further, when you entrust these third-party guarantors with your money, it is wholly within their right to restrict your transactions; this is part and parcel of the agreement you enter with these intermediaries.
This is where Bitcoin comes in. With the digital currency, you are free to send your Bitcoin to whatever business, entity, or person you like without any third-party oversight whatsoever. Your Bitcoin passes directly from your wallet to your sportsbook’s wallet; this transaction is confirmed on the blockchain and guaranteed by the infallible logic of cryptography, which is a fancy way of saying your transaction is safe! (More on this below.)
The advantages of Bitcoin’s anonymized, decentralized nature don’t end there. If you’ve ever felt uncomfortable scanning a copy of your utility bill alongside a photo of your driver’s license and sending it over the internet to your sportsbook, then Bitcoin is hugely beneficial for you. You need to provide your Bitcoin address and private key, and that is it! No pain, no phoning a customer service department to check the status of your deposit, no calls to your bank or credit card, no hassle!
With its built-in guards against identity theft, fraud, and third-party infringement, Bitcoin is a perfect vehicle for your sports bets. Your surest bet to having your deposit and withdrawal proceed without a hitch is undoubtedly Bitcoin.
2. Bitcoin’s security is like Fort Knox
All of the sites we recommend are top-notch; they are reliable, efficient, and safe. However, you never know what is transpiring internally at a sportsbook, and in the past, we have had to blacklist sportsbooks for failing to uphold our rigorous standards of customer care, service, and protection. As with any business, security breaches can happen at sportsbooks and your information could be exposed. Hackers target any online location where money passes hands, and sportsbooks are no exception to this.
Instead of entering your credit card or bank credentials, which can be exploited if they fall into the wrong hands, with Bitcoin you are only required to enter your Bitcoin address, alongside the requisite private and public keys.
Think that hackers might be able to guess an address, and then a private key? Think again.
Here is a sample address: 1BoatSLRHtKNngkdXEeobR76b53LETtpyT
Here’s a sample private key: 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf
As you might be able to tell, these random cryptographic sequences are a hacker’s nightmare, no matter how sophisticated and determined they might be.
Even better, all Bitcoin transactions are irreversible; it is impossible to manipulate transactions in any way once they are confirmed on the blockchain.
Don’t want to risk exposure of your sensitive personal and financial details on the internet? Welcome to the world of Bitcoin betting, where you only provide randomized, encoded, and cryptic data.
3. Bitcoin’s structure means no traditional banking fees
With Bitcoin, you’ll never have to pay any of the traditional banking fees; say goodbye to hidden fees, handling fees, conversion fees, transfer fees, escrow fees, the whole lot of annoying expenses! As discussed above, the decentralized structure and lack of third-party oversight mean that you do not have to pay overseers a fee for their services. Instead, the cryptographic blockchain mathematically confirms your transactions on an open ledger; an algorithm powered by computing power does the work that banks traditionally accomplish.
That said, there are still fees for sending Bitcoin transactions, and they are called “miner’s fees.” Miners are the bedrock of the blockchain and Bitcoin, itself. They operate computers that verify and sign off on transactions, as well as record them on the blockchain’s publicly visible ledger. They solve the mathematic equations that underlie the blockchain’s security; in essence, they act as the ‘security’ of the blockchain. Without the massive amount of computing power that miners around the world provide, Bitcoin would be unusable.
These miner’s fees are minimal and, to some extent, up to you; the bigger fee you send, the sooner your transaction is confirmed. It is important to note that no miners are privy to any of your personal information, and the blockchain algorithm automatically divides your mining fee into tiny portions and distributes it to a vast number of unrelated miners.
Some sportsbooks pay this mining fee for you and absorb the cost, while others will require you to decide for yourself how big of a fee you want to send, thus dictating the speed of your Bitcoin transfer. If sportsbooks require you to make this decision on the miner’s fee, you will make the payment through your Bitcoin wallet, not the sportsbook itself.
The lack of traditional banking fees also gives sports bettors more flexibility in terms of minimum and maximum deposits compared to traditional currency. Your sportsbook doesn’t have to pay any fees on your deposit, so they let you deposit both smaller AND larger amounts.
Despite the fact that there are no banking or third-party fees inherent to Bitcoin, some sportsbooks are known to charge a flat withdrawal fee, regardless of what currency you select. If you are charged a withdrawal fee, know that it is nothing to do with Bitcoin itself, and everything to do with the sportsbook! Withdrawal fees usually sit between 1%-2%, but this varies depending on the specifics of the sports-betting site you use.
The lack of banking fees also pays off in bigger bonuses, but more on that later on!
4. Bitcoin transactions are given priority
If you’re trying to withdraw or deposit traditional currency from a sportsbook, many factors can slow the process down. If you’re requesting or sending a cheque or a wire transfer, problems can emerge on either end. You could be incorrectly flagged for fraud; there could be internal issues at your bank; or there could be a backup at your sportsbook. This process can take up to two whole weeks, in either direction!
Cue Bitcoin. Gone are anachronistic bank transfers, cheques, slips, drafts, paper money, and coins. Digital currency is here, with no mess and nearly instantaneous deposits and payouts.
We’ve used Bitcoin on a ton of sports betting sites, and we found that the average time for our Bitcoin deposit to reach a sportsbook and be available to bet with was around 4-6 minutes. Most sites let you bet with Bitcoin before your transaction has been fully confirmed on the blockchain, while other sites offer miners additional Bitcoin (at no cost to you) to verify transactions exceptionally quickly; the bottom line is this process is incredibly fast and highly practical.
The longest it took to deposit with Bitcoin in our trials was 40 minutes, which is still exponentially quicker than using any other deposit method that involves a third party.
Withdrawals are not quite as fast, but they are still significantly faster than conventional methods. Based on the results from our test runs, withdrawals can range from anywhere from 1-48 hours; most commonly, we saw a 4-hour waiting time for making a withdrawal with Bitcoin. With traditional banking, this process can take over 300 hours (nearly two weeks)!
5. Bonuses on Bitcoin deposits are extra-enticing
The advantages we’ve discussed above, as much as they directly benefit the sports bettor, are reciprocal to your sportsbook; low fees, lack of oversight, quick payout times, and high security each save sportsbooks money by making their business more streamlined and efficient. So with all this extra money saved, what are sportsbooks doing? Allocating their savings towards bigger and more frequent bonuses for their clientele!
We have put together a list of the best Bitcoin bonuses, but in short, deposit bonuses, reload bonuses, and all other types of bonuses are not only bigger with Bitcoin (on average), but they pop-up more frequently. It is not unusual for a sportsbook to offer a welcome bonus with Bitcoin on your first two deposits, instead of the usual single welcome bonus; many sportsbooks also offer you a reload bonus on every Bitcoin deposit you make, in essence, a permanent promotion.