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The US Supreme Court opened the doors to legalizing sports betting across all 50 states this past May, including Florida, 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.
A bitcoin wallet used to transfer funds can be connected to many of the top banks located in Florida.
Casinos in the Sunshine State are not expected to begin offering sports betting until 2019 the earliest, and even that is likely a stretch as there is much opposition to gambling expansion, mostly coming from Disney and similar groups.
Likewise, casinos are more prevalent in the Southern part of the state and these are often difficult to get to for most of the population during peak traffic periods.
Bottom line, bookmakers and agents will be in high demand in Florida well after the first sports book sets up shop. The need to offer a top-of-the-line Pay Per Head platform with cryptocurrency options is essential to their growth and prosperity.
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
