Until very recently, if you wanted to place a bet or visit an online casino all transactions were done exclusively with regular money, such as dollars, euros or pounds. However, the last few years has seen a surge in the number of betting sites and online casinos who accept, and even target, people who want to gamble with cryptocurrencies like Bitcoin.
This huge growth in crypto gambling is driven by these 6 reasons:
1) Privacy and Low Fees
There is no need to share your financial information (e.g. bank account) with a bookmaker. Additionally, bookies usually charge cryptocurrency users between 0-2% on withdrawals. A much lower rate than traditional payment methods.
2) Faster Deposits & Withdrawals
One of the biggest advantages of betting with cryptocurrency is the speed of deposits and withdrawals to and from your online Sportsbook. Once you’ve got Bitcoin in your wallet, depositing to your Casino or Sportsbook account is much faster than with traditional payment methods. And withdrawing is also much faster. Instead of waiting days or weeks for your money to arrive, Bitcoin transactions can be processed in a matter of minutes. This can depend on the load (the number of transactions) in the Bitcoin network and from operator to operator, but Bitcoin is almost always faster than traditional payment methods.
3) Big Bonuses
Are one of the top reasons to choose an online crypto gaming site. Bonuses come in many different forms, such as Welcome Bonuses, Free Bets, Cashback and Loyalty Programs. You will want to look for Sportsbooks offering special bonuses for using Bitcoin or other cryptocurrencies, which can include multiple Deposit Bonuses and Crypto Reload Bonuses. You can find great Loyalty Reward Programs and tailor-made VIP Programs too.
4) Fair Technology
Cryptocurrencies provide total transparency by verifying that bet outcomes are correct and fair. Casinos send bet transactions as bits of data that are unbreakable. When the player makes a bet this data is accepted and verified. There is no way that a casino can change a winning bet or mess with the odds after it is placed, eliminating the possibility of software providers or casinos cheating a player.
Bitcoin transactions are discrete. While you can see a transaction is linked to a specific wallet, it is not possible to see who the owner of that wallet is. Bitcoin is not truly anonymous though because all transactions are recorded on a public ledger, but wallets can be located anywhere in the world and owned by anyone.
6) Better Odds Margins
Sportbetting, Casinos and Poker rooms all have a margin on their transactions. These costs are the house profits. Fiat betting companies have to pay bank fees for deposits and withdrawals. They also constantly suffer chargebacks and other fraudulent activities.
When you place a bet where there are only 2 outcomes, a perfectly fair system would give you odds of evens on both outcomes. Bookmakers cannot offer this as they need to make a profit, many of them take a margin upwards of 6%. When you bet on multiples, they take 6% per leg, offering far lower odds than you might expect.
Bitcoin Sportbetting sites and casinos have lower fees, lower transaction risks, no physical security costs, and no transaction fees.
This means that any Bitcoin bookmaker should be able to provide much fairer odds, giving you much more money from winning bets.