5 Things to Know Before You Play at a Bitcoin Sportsbook & Casino
Although earlier this year the price of Bitcoin fell the way everything else did, BTC remains the most popular cryptocurrency in the world. Not only that, but Bitcoin adoption, even at a depressed price, is on the rise.
Online sportsbooks and casinos adopted BTC well before other industries. There is a difference, though, between an online gaming company that accepts bitcoin deposits and one that is a Bitcoin sportsbook and casino.
See below for the top five things to know before you play at a Bitcoin sportsbook and casino.
5 Things to Know Before You Play at a Bitcoin Sportsbook & Casino
1. Your betting account value will fluctuate
This can be an advantage or it can be a disadvantage. The price of Bitcoin fluctuates wildly. In late 2021, the value of a single BTC rose to close to $70,000.
But like everything in 2022, stocks, the price of homes in the U.S., etc., all investments have fallen. But that doesn’t mean it’s a bad idea to join a Bitcoin sportsbook and casino.
In fact, the opposite could be true. The price of Bitcoin could rise. So if you don’t plan on withdrawing your BTC from your betting account until the price rises, you will increase your gambling profits by doing nothing.
2. All casino games are provably fair
Random number generation determines whether you won or lost your casino bet. All online casinos work this way.
Traditional online casinos put the power of random number generation into the hands of casino operators. Because this is the case, players can never be one-hundred percent sure that RNG creation is fair.
Provably fair casino games generate numbers via an algorithm on a blockchain. The ability to see the RNG creation is what makes casino games provably fair.
The chances of winning playing a provably fair casino game are greater than the chances of winning playing a traditional casino game because absolute random numbers only generate on a provably fair game.
3. You can withdraw winnings fast
Because bitcoin transactions are peer-to-peer, players can withdraw BTC much faster. All players require is a digital wallet or something like a Coinbase account. Players can then request a withdrawal.
After the required number of confirmations on a blockchain, the usual number is three, the digital code representing the amount of bitcoin the player withdrew shows up in the player’s wallet.
In most cases, players can keep the winnings in BTC, convert the winnings into a different cryptocurrency like ETH, or sell the bitcoin and deposit the funds into their bank account.
4. Expect sweet bonuses and unique contests
Bitcoin sportsbooks and casinos provide excellent bonuses. Bonuses provided are often much fairer and better than traditional online sportsbooks and casinos.
Bonuses are always in BTC, which can be an added benefit if the price of bitcoin rises. Also, in many cases, rollover requirements like you find in a traditional online sportsbook and casino are much kinder or in some cases even nonexistent.
Contests on Bitcoin sportsbook and casino sites are also different than what you will find on a traditional sportsbook site. Contests reward bitcoin, which in the long run could lead to much higher monetary rewards
5. Bitcoin is ultra-liquid
Unlike traditional fiat cash, Bitcoin is ultra-liquid. Sending and receiving BTC is easier than sending or receiving cash.
When it comes to cash, there is always a middle person. Cash transactions, unless you meet with someone in person, requires a middle entity like a bank, a credit card company, or a bank wire facilitator.
Your bitcoin exists on the Bitcoin blockchain in digital code. You mustn’t meet a person to send or receive BTC, which is why bitcoin is more liquid than actual cash.
- BE Delmer, Gambling911.com
