When people place sports bets, they usually go for sportsbooks. This is the most accessible form of wagering on sporting events out there. However, there is a new kid on the block: Bitcoin betting exchanges. The main allure of participating in a Bitcoin betting exchange is that is can give a bettor more control on what is going on, but it would help to know what is Bitcoin first. Here is some background on this new gambling phenomenon.
How Bitcoin betting exchanges work
The way a betting exchange works is that it allows sports bettors to make bets against each other. This may seem no different from traditional sportsbooks. But when you bet at a sportsbook, it is more like you are betting against the bookmaker. With a betting exchange, the bettors themselves act as the bookies.
In a sportsbook, the risk is shared between the bookie and the bettors, but with an exchange all of the risk is with the bettors. The operator of the exchange gets a small cut of the winnings as the facilitator of the exchange. It is smaller than they would get as a full bookie, but the revenue is consistent.
Here’s how a betting exchange usually works. A bettor sets up an event and sets the conditions. For example, they may say they think the Orioles are going to win the World Series or the next game. They then put down their wager. People can then take them up on their wager.
This sounds simple in practice, but it is only in the online world that it is possible. With an international audience, there is a wider audience and the software behind an exchange ensures that everything runs smoothly. It works even better with Bitcoin, since it allows for seamless transactions worldwide in a prompt manner.
Wider betting options
Bitcoin betting exchanges have given sports bettors a wider range of betting options. This stems from the fact that some bettors will set up a bet on anything, ranging from sporting events to political news. It also allows for bets that no ordinary bookmaker would pick up. It also lets people actually bet on who will lose, since betting exchanges allow for any conditions to be set on a wager.
One of the biggest Bitcoin betting exchanges is Betfair. However, with its success, a lot of other exchanges are popping up. Each of them offers something new to those who are interested. If you’re tired of the same old formulas at sportsbooks, try out Bitcoin betting exchanges today.