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The US Supreme Court opened the doors to legalizing sports betting across all 50 states this past May, including Louisiana, Missouri and Arkansas providing each state comes up with their own laws. With the current marriage between bitcoin and online gambling, it seems logical that local bookmakers and agents would like to have their clients paid in cryptocurrency as opposed to having to run around carrying pockets full of cash. Bitcoin payments can be made in under an hour.
Louisiana, despite having casinos, essentially rejected the idea of offering legalized sports betting in that state.
A bill to legalize sports betting in 16 locations including riverboats was rejected on a 6-3 vote by the Senate Finance Committee who said they were worried the bill expanded gambling.
“Anybody who thinks that killing my bill is going to stop sports betting, you can go right now on your phone or on your computer and place a bet. We’re just not going to get any of the money from it,” Louisiana Senator Danny Martiny, who sponsored the bill, said.
Nate Steel, a lawyer in Little Rock and former Arkansas State Representative, is now legal counsel for Driving Arkansas Forward, a group trying to promote a ballot initiative to build casinos in Arkansas and legalize sports betting. Current state law prohibits sports betting and Arkansas has long been unfriendly to most forms of gambling with the notable exception of horse racing (i.e. the Arkansas Derby is among the more popular annual races).
“Back when Arkansas created the authorization of electronic games of skill, for example, it was heavily discussed,” Steel recalled. “Of course, it was federally-banned, so there was nothing, really, states could do at that time. Arkansas has a specific statute that outlaws sports betting, even with the change in federal law, so nothing’s going to change under Arkansas law unless or until we either amend the Constitution or pass another statute.”
Arkansas has the option of placing the initative to legalize sports betting on a ballot for the voters to choose. Lawmakers can also opt to make any amendments themselves or they can create a new law to supersede the current state ban.
“I think it’ll be extraordinarily difficult to see the legislature simply change the law,” he argued. “It could be part of a greater scheme, to authorize, say, our state lottery, or some other kind of mechanism. If it’s part of a greater plan, I could see the legislature taking action. But, simply repealing the statute that currently bans sports wagering, I don’t see that happening.”
Missouri has gambling. Lawmakers in the Show Me State reviewed a bill introduced to allow sports wagering but this year's legislative session has already concluded. This means that any decision to legalize the activity would come after Super Bowl 53.
It's also unlikely that any establishments permitted to offer sports betting will offer competitive bonuses and LIVE IN-PLAY WAGERING. Many Pay Per Heads also incorporate a live dealer casino and horse betting platform.
1. Bitcoin and other cryptocurrencies are peer-to-peer
With no middle man involved such as a credit card company facilitating the transaction, they are less penetrable and more private.
2. Sports bettors, all players, are switching to Bitcoin or other cryptocurrency
Over 60% of sports bettors now deposit via Bitcoin.
That number should be closer to 70%, PayPerHead.com suggests.
The reason has nothing to do with gambling laws. What it has to do with is privacy.
3. Over 80% of sports bettors withdraw in Bitcoin
Sports bettors prefer to remain anonymous throughout the betting process. That includes depositing funds and making wagers. It also includes withdrawing funds.
The 80% number is a real number.
When an agent thinks about it, it makes sense. Why would a sports bettor want to receive payouts in a traditional currency?
Traditional currencies are regulated.
4. Eliminating last of the "risk" aspects of bookmaking
Digital currency is transferred across the Net securely. No more carrying around wads of cash and risk being robbed or arrested. While the Pay Per Head previously removed much of the liabilities associated with a bookmaking business (the wire room, records keeping, actual bet taking - all of this is now done by the PPH outside the US), money collection and payout was still primarily the local bookie or agent responsibility. Cryptocurrencies have helped in this regard.
- Aaron Goldstein, Gambling911.com
