Bitcoin Sports Betting Boosted With Bitcoin’s Rise
November 8, 2016
Bitcoin has become a major part of the online gambling industry and it is still going strong. Bitcoin sports betting is just one part of the Bitcoin gambling boom, as more and more sites have adopted the cryptocurrency. Right now, there are hundreds of online gambling sites popping up like mushrooms, and they all use Bitcoin as their main business model.
Not only sports betting
Bitcoin gambling has become a major industry in a way that no one ever expected. The industry is already responsible for millions of Bitcoin transactions every day, ranging from small micro transactions to larger ones.
It all started with dice sites like Satoshi Dice breaking into the Bitcoin consciousness. People like to gamble and dice sites gave them an easy outlet. However, that sparked it. Very soon, copycats were everywhere and people were realizing how useful Bitcoin was when it came to gambling. Today, the Bitcoin gambling industry is thriving with activity. From the smallest dice sites to the largest sportsbooks, Bitcoin is becoming an accepted way to make transactions.
In fact, the gambling industry has become one of Bitcoin’s biggest supporters. Even now, casinos are expanding and accepting many other cryptocurrencies like Litecoin and more. The acceptance of the virtual currency means that its value will increase. This will then makes it even more lucrative for online gaming and betting sites. The more valuable the currency is, the more profitable an online betting site will be. The gambling industry sees this and is already harnessing the full potential of digital currency.
There are several reasons Bitcoin is so popular among the gambling industry. One part of it is the unregulated nature of Bitcoin. One of the main obstacles in international payments is the regulations that often limit them. These include KYC laws and AML regulations. They make it difficult for quick and easy transactions resulting in days being required for people’s payments and winnings to be received.
Second, unlike other payment platforms such as PayPal and other checkout processors that charge merchants upward of five percent per transaction and some fees, Bitcoin only charges merchants one percent of their transactions. Consumers, on the other hand, do not have to pay any fees at all. This means that players get maximum winnings, while operators get more profit.
With two of these advantages, Bitcoin has become an attractive option to operators who want maximum convenience for their customers while getting better profits. It is not surprising then that sports betting sites have taken a liking to it.