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Everybody knows what Bitcoin is, but it wasn’t always like that. In the early days of the world’s foremost cryptocurrency, few adopted the notion that Bitcoin was going to change the finance industry.
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Only a few groups adopted the leading crypto. One of the those groups were sports bettors. Keep reading to find out why sports bettors fell in love with Bitcoin.
Why Sports Bettors Fell in Love with Bitcoin
Check out five reasons sports bettors fell in love with BTC.
Bitcoin allows bettors to disengage from credit card companies – Credit card companies are great until they aren’t. Credit card companies love to charge players’ interest, but they don’t want players funding their sports betting accounts.
Any time we use our credit card, the CC company knows almost everything about the transaction, who sent it, where it is going, and how much it costs.
Disengaging from credit companies is a good thing. It gives sports bettors more freedom to do what they wish with their money.
Bitcoin provides sports bettors a safer way to fund their accounts – Any time players use credit cards, write e-checks, or use something like Western Union to fund their accounts, sports bettors must rely on third-parties that can see what the transaction is for, where the transaction is coming from, and where the transaction is going.
Any time sports bettors must rely on a third-party and hand over full visibility, they’re taking the less safer option to fund our accounts. BTC is peer-to-peer.
Not only that, but before Bitcoin transactions finalize, each must go through multiple confirmations.
Funding sports betting accounts with Bitcoin costs less than funding via credit cards – Some online sportsbooks charge up to 9% to fund sports betting accounts with credit cards. 9% digs into a players ability to profit from sports bets.
Also, credit card companies my charge fees for a) international transactions and b) if they view players using cash from their cards as funding their betting accounts.
All fees cut into a players’ ability to turn a profit. Most Bitcoin transaction servicers charge some type of fee. But it’s a fraction of what credit card companies, wire companies, and banks charge.
Bitcoin is anonymous – BTC uses digital code and it’s peer-to-peer. Nobody knows what BTC transactions represent or even who the sender and receiver are except for the facilitator.
Sports bettors not only like anonymity, but in many cases require anonymity. Remaining Anonymous allows sports bettors to prevent inevitable questions from CC service providers, their banks, or other entities.
Nobody wants prying eyes into their finances. Sports bettors, especially, don’t want prying eyes. BTC is the best way to fund sports betting accounts while staying anonymous.
The sportsbook industry has adopted BTC – Bitcoin wouldn’t be the obvious choice for sports bettors to fund their accounts if the sportsbook industry hadn’t adopted BTC as the way to make payouts.
Sportsbooks, by far, prefer to pay out in Bitcoin than sending fiat currency. Industry adoption might be the most important reason sports bettors flooded and continue to use BTC to fund their betting accounts.
