The area of sports has gone through many changes and influences. The process of commercialization has been among the major ones. After it, sports have created numerous industries and professionals. One of them is the sports betting market.
Sports betting is a popular form of entertainment nowadays. Plus, many people see it as a chance to make some money. That is why bookmakers are constantly trying to fix the odds in order to gain more money while sports bettors are trying to beat them.
The legalization of sports betting had not been an easy task, although this depends on your country’s government policy. Namely, some believe that it is just some harmless fun, while others claim that it is going to corrupt sports in general. By definition, sports betting asks you to determine the outcome of a particular game with the help of some previous knowledge.
The progress in advanced technologies has brought new digital currencies to the foreign exchange market. Bitcoins are an example of a cryptocurrency which has appeared only recently. They are quite flexible and can be used in many areas of everyday life. So it’s no surprise that they have managed to find a way into sports betting.
Sports betting is a familiar topic to most people nowadays. Bitcoins are a different story. Their characteristics are still new and unknown, which is why some people are afraid to use them. That is why we have created a list of the most frequent issues which trouble sports bettors when it comes to bitcoin sports betting. Knowledge on this topic could get you a lot of bitcoins and a perception of their value.
What is a bitcoin?
As previously mentioned bitcoins are a cryptocurrency. This means that they do not actually exist in the real world. On the other hand, they are present in the digital world in the form of a digital code which consists of letters and numbers. It is known to be a hybrid asset because of the fact that it is not tangible in our reality, but it still has a certain value.
What are the benefits of betting on sports with bitcoins?
Bitcoins can bring a lot of benefits to their owners. They are digital and unreal as you already know, which is why working with them is so much easier. Their deposits and withdrawals are directly peer-to-peer, which means from one person to another. This has greatly reduced the time to process a single transfer.
The innovation in this case is the lack of a third party like a bank or other financial institution which would regulate the currency flow. This makes the bitcoin sport bets untraceable, which is why many people turn to them. The bookmakers also benefit from these digital coins. They have far less banking expenses which allows them to offer better odds and improve the overall sports betting practice.
Still, the level of freedom which bitcoins provide is controlled by many password and key options in order to include safety in the package.
Which disadvantages could come out of using bitcoins for sports betting?
This is quite a young currency, which is why many people still haven’t heard about it. However, any setbacks and issues can easily be fixed. Their value is a different issue. You can explain it but you definitely cannot change it as easily. This is not completely true because there are all kinds of tactics in practice which help maintain the value of any currency. Anyway, even though the bitcoin’s value has recently witnessed a steady rise, there is always a chance that it might hit bottom and you could lose all the money you have invested.
Do I still get bonuses even though I bet on sports with bitcoins?
You can still use the wide range of bonuses which are offered on the bitcoin sportsbooks you have chosen. Moreover, the number of bitcoin sports betting sites has increased in order to provide you with more selection options. Bettors nowadays are able to use all the benefits and bonuses offered on bitcoin-only sports betting sites as well as on those which offer it as one of the currencies for placing bets.
Are there any fees attached to placing bitcoin sports bets?
There are absolutely no fees for any bitcoin transfers, including deposits and withdrawals for sports betting. This is characteristic for bitcoins due to the fact that their transactions are not processed by any middle institution.
Is there a minimum deposit and maximum payout limit for bitcoin betting?
Betting sites are trying to treat bitcoins as any other currency. That is why they have imposed certain minimum deposit limits, even though they are practically insignificant. A maximum payout is also determined in order to cap the winnings which a single person would be able to get. This upper limit can change from time to time depending on several factors. If you pay enough attention, you should be able to catch the exact moment and win big money with a small and simple wager.
Would I still be able to bet on sports using my mobile device?
There are no obstacles nowadays when it comes to the platforms we use to access our chosen sports betting sites. Nearly all betting sites offer a mobile-friendly version in order to help bettors make a bet wherever they are.
The important thing you should know about bitcoins is that they are kept in e-wallets which act as digital versions of our traditional ones. They are distinguished by their unique address when making any form of bitcoin transfer. In turn, they offer both transparency and safety for all bitcoin bettors. A mobile version is also available in order to give bettors constant access to their digital money.
How do I get some bitcoins?
There are two ways in which you could get some bitcoins to get started with your sports bets. Surely, you are able to purchase them online but that might be a pretty costly investment due to the fact that the bitcoin’s value has been rising for some time now. Still, it is recommendable to get as much as you can because they can be used for currency trading purposes, not just for betting.
Instead of purchasing them, you have another alternative – to mine them. You see, bitcoins don’t really exist. They are practically a mathematical formula, which is why people who have specific mining software and know how to use it should be able to mine quite a lot of bitcoins. You should also know that bitcoins are not infinite. Their creator set a limit of 21 million as the greatest amount of bitcoins which can exist worldwide.
Some choose an even more challenging way by exchanging their e-wallet addresses. All that is required is for someone to solve the mathematic problem in order to crack the address.
How do I know if the bitcoins are OK?
Each bitcoin on the digital market has its own blockchain. This is a specifically encrypted chain of information regarding all its previous locations and transfer details. This means that there is no chance you might end up with a “faulty bitcoin” which has been used for criminal deeds without knowing. The lack of proper regulations and legislature means you can’t report this or be punished for it. As a matter of fact, some simply consider it as a sign of bad luck to own a bitcoin which has been used in some drug deal just moments before it got to your address.
Are my bitcoin winnings taxable?
The lack of proper legislation helps bitcoin owners in this regard as well. There is nothing which the public administrative offices can do about taxing you on your sports winnings using the bitcoin currency. As previously mentioned, e-wallets are identified by their address, which means that no institution would be able to link a particular e-wallet with the relevant sports bettor.
Legal Bitcoin Sports Betting Sites – Yes or No?
Whether sports betting is legal is one thing, but whether it’s legal to bet with something that doesn’t even exist in the real world is completely different. Sports betting has had a rough past due to the fact that some jurisdictions accept it while others disregard it completely.
Bitcoins are still considered to be a grey area when it comes to legislatives. Regardless, many countries have stated their opinion about this recent phenomenon. They either don’t wish to regulate the matter yet or have strictly forbidden the financial transactions which include bitcoins.
The combination of bitcoins and sports betting is quite troublesome, as it is expected. Europe is among the first who attempted to improve the opportunities for such betting sites and certainly aims to pave the way for many more countries to follow suit.
Kate is our resident cryptocurrency expert, she will be guiding you through the rise of new digital coins as well as providing insights of what's to come and what to avoid going forward..
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The area of sports has gone through many changes and influences. The process of commercialization has been among the major ones. After it, sports have created numerous industries and professionals. One of them is the sports betting market.
