Sports betting, particularly on the beautiful game of football, is one of the most popular ways for people to spend their time.
Statistics from Statista.com show that the total global sports betting gross win was in fact 11.5 billion euros in 2012, and this number is set to grow and grow. In fact, sports betting in 2012 dominated the online gambling industry, with the next biggest gambling sector being casino at 5.5 billion euros.
However, the world of sports betting is changing, with new technologies being introduced on a day to day basis. One of the headline stealers over the past few months has been the Bitcoin, and here, we’re taking a look at what Bitcoins actually are, and how they can be used in sports betting.
What are Bitcoins?
Bitcoin is a form of digital currency, also known as a crypto currency, which can be used to purchase items, invest, trade and place bets.
This type of digital currency uses encryption techniques, which are then used to generate different currency units. The technology behind Bitcoin is also used to then verify any fund transfers in order to help ensure the currency goes where it is supposed to go.
One of the major benefits of Bitcoin is the fact that it is decentralised which means governments cannot seize the funds unless they have strong evidence of illegal activity and access to the private and public keys that will verify access.
This also helps to keep the Bitcoin a pseudo-anonymous form of digital currency, as the identity of the user cannot be linked back to the Bitcoin – although the entire life of a Bitcoin transaction can indeed be tracked.
Bitcoins are stored in what’s known as Bitcoin wallets, which can be either online, offline or on a piece of hardware, and users will need a public key to put money into another Bitcoin wallet, and a private key which allows users to move money out of the Bitcoin wallet.
Bitcoins are a totally virtual form of currency, and once you own them they possess value and can trade as if they were a piece of gold. These can be used to purchase any good s or services, and are ‘mined’ in order to be created.
How do Bitcoin sportsbooks work?
One of the most popular ways to use Bitcoins is through online gambling and betting.
Sports betting is one of the most popular forms of online betting and there are a huge number of online casinos that offer Bitcoin gambling as part of their site, and also sole Bitcoin sportsbooks, that run solely off of Bitcoin.
The idea behind placing bets on a Bitcoin site is the same as if you were placing a bet on any other form of online sportsbook. You sign up, choose which football tournaments and matches to put your bets on, choose how much you want to wager and then place your bet. There are a just a small number of differences between regular sportsbooks and Bitcoin sportsbooks, aside from the currency that is used.
When signing up for a regular sportsbook when you’re placing bets online normally means you have to provide a series of personal information so the site can verify that it is you looking to withdraw or deposit funds from an account. Bitcoin sportsbooks on the other hand, do not this kind of information stored on their site, as a public and private key is needed for any funds to be deposited or withdrawn, meaning verification is taken care of that way.
This helps to protect the bettor from any kind of data breach, creating a safer gambling environment for them. This is extremely important to a number of gamblers, which is why a huge number of them are switching to Bitcoin sportsbooks as opposed to regular sportsbooks.
How to find Bitcoin sportsbooks
The market for Bitcoin sportsbooks is larger than ever, and there are a huge number of different ways that you can find them. Firstly, you can turn to legitimate review sites that offer reputable and real reviews such as Bitcoin Casino Pro.
These kind of sites provide all of the information beginners to Bitcoin sportsbooks and experienced Bitcoin players are able to use in order to help them make a correct decision about where to place their bets.
These kind of review sites will give information about bonuses, the different games available on the site, the ease of transactions (both withdrawals and deposits) and all of the other information players need to know about the Bitcoin sportsbook.
This is an easy way to determine where the best Bitcoin sportsbooks are, which are the most trusted, and which ones are available in the country you are betting from.
Are Bitcoin Sportsbooks secure?
As mentioned above, due to all of the additional security measures that are included because of the decentralised nature of the Bitcoin currency, you can be certain that your currency will be totally secured.
With no data being stored on the Bitcoin sportsbook itself, and the only required information for signing up is a login and password (and occasionally an email as a back-up if you forget your password), Bitcoin sportsbooks provide a totally new, and secure way to place football bets on your favourite teams and competitions.
Some Bitcoin sportsbooks may even provide all of the latest football news all in one place depending on how in-depth the sportsbook goes.
The Benefits of Bitcoin Sportsbooks
Bitcoin sportsbooks are providing a revolutionary way for people to place bets on their favourite football teams and all of the competitions, in a secure and safe way. There are a number of benefits when it comes to Bitcoin sportsbooks, and to give you an idea of just how fantastic these could be, particularly for the future, we’ve put together a quick list.
Firstly, Bitcoin sportsbooks provide instant withdrawals, and minimal fees for using Bitcoin (if any at all). One of the biggest drawbacks to a number of online casinos and betting sites is the fact that withdrawals and deposits can take a number of day (if not a number of weeks!) for cash to be verified and be transferred in and out of the accounts.
Because Bitcoin sportsbooks aren’t dealing with banks and credit cards, your balance can be updated almost immediately. In addition to this, because there aren’t any fees involved for the sites to support things like credit card transactions, the fees are minimal for Bitcoin users. You only have to pay a small amount if anything, and this goes directly to supporting the miners. This way, you’re saving a lot of money.
Another major benefit of using Bitcoin sportsbooks is because of its anonymity.
While the Bitcoin transactions can be traced, the identities of the owners of the Bitcoin wallets are totally anonymous, and with you not having to submit any kind of personal documents the entire process is made far simpler, and far more confidential.
This means that even those in heavily restricted areas that are looking to use Bitcoin sportsbooks may be able to without fear of any form of discrimination.