Five Ways Bitcoin is Changing the Sports Betting Game

[nitrobetting]

Funding fees with bitcoin are lower than traditional funding methods

When we use our credit cards to fund our sports betting accounts, we often must pay a close to 10% fee. The 10% funding fee comes from our sportsbooks.

To be fair, most online sportsbooks that primarily accept fiat currency are passing on costs to us, to their players. So the 10% isn’t always sportsbook operators gouging their customers.

However, 10% is a lot. Not only that, but our credit card companies might charge a fee on top of the 10%. Fees we pay to fund our sportsbook accounts are transaction fees from where we keep our wallets, Coinbase

, Cash App, etc. There is no true middle entity like Visa or Mastercard when it comes to bitcoin transactions.

2. Bitcoin sportsbooks allow players to keep their privacy

Keeping one’s privacy, especially today, is tantamount to maintaining one’s individual and digital life sovereignty.

Bitcoin sportsbooks, true BTC books like Nitrobetting, ask for a single piece of info, an email address. Since all transactions are done in bitcoin, which means they’re peer-to-peer and anonymous, there’s no reason for a BTC book to ask for more of your personal info.

3. Withdrawing winnings in bitcoin is usually faster than withdrawing fiat currency

Withdrawing in fiat currency has to go through numerous checks and balances before we can get our winnings. This makes sense because fiat currency involves centralized banks.

Bitcoin is decentralized. So withdrawals happen much faster.

4. Bitcoin sportsbooks provide fairer odds

Because bitcoin only sportsbooks don’t charge deposit or withdrawal fees, they can offer fairer odds. The house edge is often lower for a BTC book.

Money lines are often fairer. Handicap lines in soccer, the Asian handicap, are almost always more fair. As sports handicappers, the best we can do is ask for a fair line.

In a lot of ways, that’s all we can do. Fair lines allows us to use our handicapping skills to find winning plays.

Keep reading→ https://n2g.io/03a8562

[ralle14]

The first part is tough to say because some exchanges charge way bigger fees than other exchanges so you'll sometimes be surprised at how much you'll have to pay after buying BTC from some of these popular exchanges.

The fourth way is only accurate for a couple of crypto sportsbooks. Lower or free withdrawal fees on crypto sportsbooks won't always encourage them to reduce the juice or house edge on their lines overall. They would even start to juice their lines compared to before because of how big they are and no one would mention it.

[Yatsan]

I do agree with anonymity, but with others, it would be hard for me to say yes as well. I've been betting using fiat and crypto but things are somewhat the same except for anonymity and avoiding taxes. But with speed, in my area I'd say both paymebt options are somewhat the same. With fiat  there is a traffic with 'orders' becaude each payments are being sent to your mobile banking but with crypto is thru exchanges. With odds, I think it is because of the volume of bettors which are obviously larger with fiat which creates differences on it. Let's be real; using crypto in online gambling has its own advantages and so do fiat sinply because there's a huge difference with overall adoption of these two. But if it is jist by concept then for sure betting through Bitcoin and other cryptos would be better however it is not as widely being used yet which creates limitations into it as well.

[Wiwo]

When we talk about fees and ease of depositing,  I must say that traditional casinos still remain my best choice since in most cases I pay zero fees to deposit into my traditional casinos,  but I know that depends on the payment system I use or the location,  so in your own case your region banks are charging high fees to make deposits into a betting account.

The Privacy you mentioned is the highest advantage of the Bitcoin casinos since one can play,  win withdraw without any third-party involvement such as banks or any other payment system that collects your information

[Hispo]

...

The Privacy you mentioned is the highest advantage of the Bitcoin casinos since one can play,  win withdraw without any third-party involvement such as banks or any other payment system that collects your information

Though, I would not be surprised if in the future regulators demand crypto casinos to keep a record of their clients withdrawal addresses and tie all of them with the information provided during the Know your Client process, so in theory with enough time and technology to run an extensive analysis on the blockchain, a tendency like that could become relatively widespread, hopefully not; but if it is something which is likely happening within the structure of the biggest exchanges, then regulators won't rule out the gambling industry.


Whether we like it or not, gambling using Bitcoin in the future wont be as private as it once was before this industry started to get in the mainstream.

[Kemarit]

2. Bitcoin sportsbooks allow players to keep their privacy

- Not really sure though, I mean it's no longer just a bitcoin address for deposits and withdrawals, there are emails and worst players are being asked for personal information specially if the amount to withdraw is huge

3. Withdrawing winnings in bitcoin is usually faster than withdrawing fiat currency

- Again, this is debatable, I mean withdraws could take up hours and not instant though. As compare to fiat which can happen very fast.

4. Bitcoin sportsbooks provide fairer odds

- Isn't though that both fiat based and crypto based sport bookies have almost the same odds? It's because they could have the same handicappers from Las Vegas sports. And they need to be almost the same odds otherwise there could be players going to exploit it.

[letteredhub]

Funding fees with bitcoin are lower than traditional funding methods

When we use our credit cards to fund our sports betting accounts, we often must pay a close to 10% fee. The 10% funding fee comes from our sportsbooks.

To be fair, most online sportsbooks that primarily accept fiat currency are passing on costs to us, to their players. So the 10% isn’t always sportsbook operators gouging their customers.

However, 10% is a lot. Not only that, but our credit card companies might charge a fee on top of the 10%. Fees we pay to fund our sportsbook accounts are transaction fees from where we keep our wallets, Coinbase

, Cash App, etc. There is no true middle entity like Visa or Mastercard when it comes to bitcoin transactions.

2. Bitcoin sportsbooks allow players to keep their privacy

Keeping one’s privacy, especially today, is tantamount to maintaining one’s individual and digital life sovereignty.

Bitcoin sportsbooks, true BTC books like Nitrobetting, ask for a single piece of info, an email address. Since all transactions are done in bitcoin, which means they’re peer-to-peer and anonymous, there’s no reason for a BTC book to ask for more of your personal info.

3. Withdrawing winnings in bitcoin is usually faster than withdrawing fiat currency

Withdrawing in fiat currency has to go through numerous checks and balances before we can get our winnings. This makes sense because fiat currency involves centralized banks.

Bitcoin is decentralized. So withdrawals happen much faster.

4. Bitcoin sportsbooks provide fairer odds

Because bitcoin only sportsbooks don’t charge deposit or withdrawal fees, they can offer fairer odds. The house edge is often lower for a BTC book.

Money lines are often fairer. Handicap lines in soccer, the Asian handicap, are almost always more fair. As sports handicappers, the best we can do is ask for a fair line.

In a lot of ways, that’s all we can do. Fair lines allows us to use our handicapping skills to find winning plays.

Keep reading→ https://n2g.io/03a8562

Bitcoin and cryptocurrency in general has pervade through and revolutionized the sport betting to an appreciable altitude unlike how rigorous both the depositing and withdrawal procedures were with fiat where sometimes we get to battle with network issues delaying credited deposit completion into an account while the time for a particular sport game the gambler wants to bet on is a few minutes about to start.  And with a plausible privacy experience into gambling it makes the whole fiat gambling system more discouraging to engage with. But on the side of fairer odds in bitcoin sportbooks it's not always the case, there has been occasions where odds/games have been proven not to be provably fair among some crypto online sportbooks.

[passwordnow]

Bitcoin has played a major role in this change that has been happening and it actually had changed a lot before these comparisons have been made. For years, when Bitcoin wasn't yet known the mainstream thought that it was nothing but a scam. The sportsbooks that have made their business out of it were the first to benefit from it. Yes, the factor of making one safe with their privacy is one major thing before but this has also changed. And well, it's your take whether to think about it positively or negatively because even it's a Bitcoin bookie, you will eventually asked for your kyc based on the rule that they've got.

[Casdinyard]

The first part is tough to say because some exchanges charge way bigger fees than other exchanges so you'll sometimes be surprised at how much you'll have to pay after buying BTC from some of these popular exchanges.

The fourth way is only accurate for a couple of crypto sportsbooks. Lower or free withdrawal fees on crypto sportsbooks won't always encourage them to reduce the juice or house edge on their lines overall. They would even start to juice their lines compared to before because of how big they are and no one would mention it.

In paper, it's definitely way cheaper processing payments and fund transfers through bitcoin than any other cryptocurrency on the market. The only thing that really breaks this is the fact that there are crunch times that causes bitcoin's transaction fees to drive up. But for the most part, and I can say this with 100% certainty, you'd get the fastest and cheapest rates on bitcoin than with other forms of payment channels, so OP's first statement stands by a long shot.

The fourth reason is also plausible. For the most part bitcoin casinos are provably fair, so they are very reliable and trustworthy when it comes to game outcomes and processing of eventualities. And while provably fair could be cheated with, it's so hard to do so that you might as well just use the model fair and square instead.

[Ulven]

Your arguments are convincing and offer a clear understanding of the benefits of adopting Bitcoin for sports betting. Indeed, the advantages you've listed, such reduced fees, increased anonymity, quicker withdrawals, and more equitable odds, strongly support the worth of Bitcoin in the context of sports betting. It's clear that you've given the characteristics that distinguish Bitcoin as the best choice for this particular activity careful thought.

[OgNasty]

I’m not sure how true all of those ways are changing the game. For example, I’m not sure that using Bitcoin gives people any more privacy than before. Sure, maybe you have an easier chance of submitting fake documents or something because you don’t have to connect a bank to make deposits, but KYC is still a very real thing.

[dothebeats]

I have a hard emphasis on number 3. I have been playing on fiat and crypto casinos for a while now, and all I can say is that crypto casinos have done withdrawals right, with a focus on efficiency and speed. Fiat casinos take quite some time to confirm withdrawals to your bank account or e-wallet, and the releasing of funds are also dependent on interbank agreement on whether the funds will be made available immediately or after x amount of business days. Honestly a lot better to get your funds available immediately than wait another day to use those funds for something else.

[alastantiger]

Another way that bitcoin is changing the sport betting game is convenience of withdrawing my winnings at any time whether on holidays or weekends is one of the biggest flexes for Bitcoin  over our fiat. If I were withdrawing cash I would have to do it during the week days.

[goinmerry]

When we use our credit cards to fund our sports betting accounts, we often must pay a close to 10% fee. The 10% funding fee comes from our sportsbooks.

To be fair, most online sportsbooks that primarily accept fiat currency are passing on costs to us, to their players. So the 10% isn’t always sportsbook operators gouging their customers.

First of all, credit cards are not accepted at most fiat sports betting sites. It was subject to decline by most banks.

Besides isn't it just usual and common that any credit card purchases in general do have associated fees? How come you won't face any fees when using credit cards? It's "credit". Can you name fiat sportsbooks that do have fees when depositing? Maybe on global sportsbook but there are lots of local fiat sportsbooks where the payment is 1:1. There's even a bonus on a specific payment method used.

I'm with Bitcoin sportsbook overall but the comparison of fees between fiat sportsbook seems not appropriate to me.

[maydna]

The use of crypto/bitcoin has indeed changed the gambling business today, where there are many benefits provided to its users. Yes, gamblers can gamble anonymously, don't have to pay high transaction fees, deposit and withdraw their money quickly, and much more.

Many traditional gamblers have switched to using crypto instead of fiat because they see the many features provided by crypto rather than fiat. Those who have used crypto to gamble for a long time still like crypto because they can keep their gambling activities secret from other people.

Unfortunately, the anonymous feature is now starting to decrease because casinos will gradually ask their users to do KYC. This is what crypto gamblers often complain about, so they keep looking for crypto casinos that can provide anonymity to these gamblers.

[Westinhome]

I do agree with anonymity, but with others, it would be hard for me to say yes as well. I've been betting using fiat and crypto but things are somewhat the same except for anonymity and avoiding taxes. But with speed, in my area I'd say both paymebt options are somewhat the same. With fiat  there is a traffic with 'orders' becaude each payments are being sent to your mobile banking but with crypto is thru exchanges. With odds, I think it is because of the volume of bettors which are obviously larger with fiat which creates differences on it. Let's be real; using crypto in online gambling has its own advantages and so do fiat sinply because there's a huge difference with overall adoption of these two. But if it is jist by concept then for sure betting through Bitcoin and other cryptos would be better however it is not as widely being used yet which creates limitations into it as well.

Betting using the fiat or crypto is based on the gamblers opinion.No one can have a control towards the others opinion.If you use the fiat,you mostly pay the taxes.Because the bank will monitor the deposit and withdrew of the fund from the gambling sites to your bank account.If you play the crypto based casino,you had control over the deposit or withdrew of crypto to your own wallet.The transaction of the crypto was never found,So you can deposit the money and hold on the wallet.And use the money,whenever you need for the needs.If the withdrew volume from the fait into the bank,you get easy captured by the bank.Then the bank will report to the income tax department.So the fiat based casino will force you to pay taxes sometimes.

[Synchronice]

Funding fees with bitcoin are lower than traditional funding methods

When we use our credit cards to fund our sports betting accounts, we often must pay a close to 10% fee. The 10% funding fee comes from our sportsbooks.

To be fair, most online sportsbooks that primarily accept fiat currency are passing on costs to us, to their players. So the 10% isn’t always sportsbook operators gouging their customers.

Wait, wait, which casino charges you up to 10% for deposits? If anything, casinos try to make you deposit, so, which casino would set 10% fee, even if it has to pay that fee, to its users? 10% fee will definitely scare absolutely every customer to ever deposit on that particular website.

2. Bitcoin sportsbooks allow players to keep their privacy

Keeping one’s privacy, especially today, is tantamount to maintaining one’s individual and digital life sovereignty.

Bitcoin sportsbooks, true BTC books like Nitrobetting, ask for a single piece of info, an email address. Since all transactions are done in bitcoin, which means they’re peer-to-peer and anonymous, there’s no reason for a BTC book to ask for more of your personal info.

Bitcoin doesn't bring privacy on its own if you don't know how to achieve it. If you use lightweight wallet like Electrum, you should connect it to Tor or VPN before you send any funds from your wallet in order to protect your IP address from getting leaked. Then, you should coinjoin your coins to protect your anonymity or convert your Bitcoins into Monero and deposit them on your casino account that way. if you simply send coins anywhere you wish from your main address, then you shouldn't think that you are acting privately.

[Slow death]

It's very strange to see this topic, I have the impression that I've already seen this topic being posted by you but weeks or months ago, I could be wrong, I didn't look at your historical post to confirm, but leaving that aside, bitcoin just makes it easier for people to play at home in online casinos, because online fiat casinos have a lot of bureaucracy and absurd fees every time people deposit money using their debit cards and when withdrawing the fees are high and banks can also create obstacles because they know that the money is coming from an online casino, it could be that the bank asks the customer for KYC and in cases where the government has banned gambling, then the person is in a very bad situation, they will call the police and they could be arrested

while when using bitcoin people only pay a fee when withdrawing, there is lighter kyc compared to the bank's kyc, but there is kyc, thinking that there is no kyc is not true, nowadays almost all casinos ask for kyc because The casino license provider mandates this, but casino KYC is not as hard as real-world bank KYC. this is the only thing that I see as an advantage of bitcoin in online casinos, the rest is the same as casinos that only offer fiat, I'm talking about games for example, and everything the same, this thing that sports betting in bitcoin maintains privacy doesn't exist, it doesn't there is more privacy in the world of cryptocurrencies

[tabas]

There is no doubt that withdrawing in Bitcoin than fiat is much faster than transactions that are being done through fiat or direct to the bank. As much as possible, avoid transacting from your casino account to your bank account and vice versa. There are rules in the banks that they might have changed without prior notice like knowing where's the source of your withdrawal. You don't want another headache on it, when they've traced the transaction and it tends out that it came from a casino or from gambling source. Suddenly, you might be questioned or even suspected that you're doing money laundering since there were cases that casinos were used to launder money and that's what you're trying to avoid. Because if that happens, you'll be asked to comply with possible various documents that you may even not be able to provide.

[ralle14]

The fourth reason is also plausible. For the most part bitcoin casinos are provably fair, so they are very reliable and trustworthy when it comes to game outcomes and processing of eventualities. And while provably fair could be cheated with, it's so hard to do so that you might as well just use the model fair and square instead.

I'd agree if it's for crypto casinos, but this topic is pointing at crypto sportsbooks, and even if they have low fees, you rarely see them offer competitive odds than the fiat sportsbooks. You'll notice the difference once you start shopping between several crypto sportsbooks.

The betting exchanges still have the best odds available for sports betting, and one of the crypto betting exchanges (fairlay) still charges one of the highest withdrawal fees for Bitcoin. The fees don't stop them from offering the lowest juice.