When you think about sports betting, bitcoin is probably not the first thing that comes to mind. This cryptocurrency is viewed as an investment, an e-commerce payment tool, and even legal money, as witnessed lately in El Salvador.

When it comes to sports betting and online gambling in general, Bitcoin has the potential to revolutionize both. Software developers, players, and sportsbooks like 22Bet are all trying to get a piece of the Bitcoin gaming action.

Reasons why Bitcoin is popular with sports betting

The popularity of Bitcoin in online gambling is due to a number of factors, and they include:

  • Firstly, the overall popularity of Bitcoin is a key factor. Also, the fact that the online gambling industry is prepared to innovate in ways that other industries are not.
  • There has been an increase in the number of online gamblers who are also cryptocurrency investors over the past several years.
  • eSports are a wonderful illustration of this upward trend. eSports betting was mostly restricted to bets on in-game goods known as “skins” only a decade ago. Today, eSports gambling is legal and accounts for some of the most prominent online gambling marketplaces.
  • The majority of cryptocurrency investors are between the ages of 20 and 50 years old. They have embraced eSports in all of its incarnations since they grew up playing video games. To bet with their money makes perfect sense, which has helped Bitcoin sportsbooks grow in popularity.
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Pros of Bitcoin Sportsbooks

Bitcoin doesn’t face any of the following drawbacks, making it a more appealing option for both gamers and sportsbooks.

  • The fact that Bitcoin payments are made instantaneously is one of the main reasons for their growth. This makes them a better option than most of the current payment options in online casinos.
  • There are fees associated with Pay By Mobile, credit cards, and bank transfers. All of these options, as well as using debit cards, are cumbersome. That’s where bitcoin comes in with its free transaction.
  • PayPal isn’t commonly accepted outside of the United Kingdom because of the numerous terms and conditions that come with it. Also, using Skrill or Neteller may be expensive for casinos. They usually remove them from their payment options because of the transaction/merchant costs.
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Cons of Bitcoin Sportsbook

Bitcoin sportsbooks have a number of advantages, but they also have some drawbacks. These aren’t major issues, and the sites’ growth hasn’t slowed as a result, but it’s worth mentioning.

  • Unlike traditional currencies, the value of a Bitcoin might fall by hundreds or thousands of Euros in a matter of hours or even minutes. Depositing $1,000 in Bitcoin today and leaving it there for a week might see its value decrease. You may meet it at $750 or lower. Note that the difference may be considerably bigger if the markets are highly volatile at the time.
  • Newcomers to Bitcoin may find the process a little more challenging. For those who don’t know how to buy and use cryptocurrencies, the whole process might be a bit overwhelming.
  • PayPal is one of the easiest payment options, so the procedure is quite popular among internet users. This makes it a good choice for online purchases as well as other kinds of online accounts. As for crypto, gamers must sign up for exchanges, download wallets, and enter codes to transfer money.
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Nonetheless, these concerns are plainly minimal, given that the number of Bitcoin gamers is expanding.  This industry is still at the beginning of its journey, so there are much greater things to watch out for in the future

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