More of those who follow various sports or athletes are using Bitcoin and other cryptocurrencies for placing wagers on the outcome of a game or event.
Crypto has become prominent in a lot of places in our financial lives, but sports gambling is one area where Bitcoin can really shine.
By understanding more about how cryptocurrency is used, players can unlock some pretty amazing opportunities in terms of online sports betting.
History of Bitcoin Gambling
It wasn’t too many years ago that Bitcoin was a brand-new digital asset. Most people didn’t know what it was or use it at all, and it certainly wasn’t integrated into a lot of online financial platforms.
Eventually, though, people realized that using Bitcoin made a lot of sense for digital gambling and online casinos, and really, for any interaction that happens over the Internet.
For example, even non-financial transactions are enhanced by using cryptocurrency (often Ethereum for its smart contract handling) in some cases, but as a way to transfer money from one party to another, Bitcoin serves online gambling sites really well. It also has name recognition, which helps with onboarding greater numbers of individual players.
Sports Betting with Crypto
It didn’t seem to be too hard for gaming operators to integrate cryptocurrency into the online platforms where they set up digital bookie’s parlors.
In a lot of ways, online sports gambling took the baton from somebody operating out of a local bar or some other common geographic spot. They had to reckon with their own regulations and rules, and not all U.S. states allow sports betting even today, but the online platforms soon found they could utilize Bitcoin and other coins in a good way, to streamline a lot of what gets done, and even to contemplate better compliance standards.
Benefits of Using Bitcoin and Sports Betting with Crypto
First, using Bitcoin or another coin for sports betting means both parties benefit from a frictionless transaction.
One way to explain this is that Bitcoin transactions don’t need traditional bank verification. They are inherently verified through Bitcoin’s consensus-based verification method. So that takes a lot of work out of the equation. That’s one reason that Bitcoin is increasingly part of new payment systems.
As a result, Bitcoin sports betting transactions can be cheaper and faster than they would otherwise be with dollars.
Players also don’t have a lot of red tape in order to place their bets, because of the way the blockchain maintains a transparent and immutable ledger. The cherry on top is that as a cryptocurrency, Bitcoin is also immune to changes characterized as fallout from the machinations of the Federal reserve banking system.
Also, for people who are using Bitcoin as both an investment vehicle and a payment medium, sports betting with Bitcoin can be incredibly convenient. With thousands of Bitcoin ATMs on American streets, it’s also easy to convert dollars to Bitcoin and vice versa.
Best Sites at which to Bet with Crypto
Some of the best sites for crypto sports betting also include something called provably fair gaming, where an algorithm shows that gaming results are tracked randomly and not slanted in a given party’s favor.
FortuneJack is a modern crypto gaming platform where participants can place sports bets. These types of online platforms usually offer different kinds of video, for example, of games in play or historic sports moments, along with online statistics and all of those other tools and features to accommodate informed sports betting.
You can also try platforms like Stake or Betflip that innovate UX in their own ways.
Try online crypto sports betting to see how well this model works for modern gambling purposes.