Sports betting, as it’s currently known, emanated from horse racing in the United Kingdom during the 18th century. By the 19th century, U.S., New Zealand and Canada had created organized gambling structures and laws governing it. Towards the end of the 20th century, the creation of the internet brought online gambling casinos and sportsbooks.
These online gambling sites became a more viable option for players who could not be present at physical casinos. There are now more than 800 online casinos and sportsbooks in existence, catering to the ever-growing gambling population.
Online sports betting is a lucrative activity in an industry that continues to evolve with technology. Valued at almost $38 billion, the U.S. sports betting market has turned out billions of dollars of gross gaming yields since the 90s.
Now, sports betting has become the largest vertical in the online gaming industry, with the casinos as a close second. It’s evident in its history that this industry is enthusiastic about embracing new technologies and its venture is the use of Bitcoin in online casinos and sportsbooks.
What are Bitcoins?
Bitcoins are a form of virtual currency that can be used as a store of value for trading, investment and in the case of sports betting, place bets. It’s secured through complex encryptions that ensure it functions properly and can be traced and verified.
These encryptions are also used to generate new currency units that are allocated to users on its network. One of the major reasons why people use this digital currency is because it’s decentralized and is not controlled by a single central authority. This gives users complete autonomy over their funds.
All transactions carried out using Bitcoin are recorded on a public digital ledger known as a blockchain. The supporting technology is immutable, so its records can be trusted as authentic. Due to this quality, it has been substituted for money in various situations which now include online gaming. Several Bitcoin casinos are currently in existence, allowing users to place bets as well as receive their earnings in BTC.
Unlike traditional money, Bitcoins are not stored in bank accounts, instead, they are stored in independent wallets either online, on a desktop, on a mobile device or a specific hardware device. This means that users who deal with Bitcoin do not pay bank fees or deal with third-party involvement. In fact, the use of Bitcoin allows players to remain completely anonymous even though their transactions can easily be verified on a blockchain.
How Do Bitcoin Sportsbooks Work?
Since there are a significant number of casinos that now operate using Bitcoin, sports betting has become a lot easier than in the past. Most Bitcoin casinos have sportsbooks on their sites to cater to the sports betting crowd. Although they run based on Bitcoin transactions, these sportsbooks are not very different from their traditional counterparts.
The general idea behind sports betting is to sign up on the site, choose which games to bet on as well as the amount to wager and finally place a bet. Bitcoin sportsbooks follow the same pattern, the only difference being the anonymity of the players.
Traditional online casinos and sportsbooks require a lot of personal information during the account creation process. They ask for Identification details, location and even photos to verify the identity of a player. Usually, these are for security purposes since the bulk of the task of securing transactions falls solely on the casino.
Bitcoin sportsbooks, on the other hand, do not require such information. Usually, players are asked for an email address, username, password and Bitcoin wallet address. Since transactions can be verified on the Bitcoin blockchain, part of the task of securing them is lifted from the casino.
This allows players to remain anonymous, a good thing in the age of cybercriminals and Bitcoin theft. Winning bets can make players targets of theft and fraud if their identities are known. Ultimately, anonymity creates a safer gambling environment for all relevant stakeholders.
Where to Find Bitcoin Sportsbooks?
Bitcoin sportsbooks are becoming increasingly popular, but there are still some fraudulent ones and players must be careful. It’s important to carry out research concerning these sportsbooks before creating an account on any of them.
Websites like BitcoinCasinoPro, Askgamblers, and Bitcoincasinos reviews feature ratings and relevant information from a professional perspective. This is helpful for beginners who are not familiar with the terrain as well as pros who would like to explore more options. Most of these casinos have sportsbooks that are also covered in the reviews. Users should decide based on reliability, security, and the nature of the Bitcoin sports welcome bonus.
A welcome bonus is a reward given to new players on a site after they sign up or make their first deposit. They are typically in the form of loyalty points, monetary credits or free bet lines that are redeemable after certain conditions have been met.
Some sites offer welcome bonuses up to the third or fourth deposits while some continue to offer bonuses and rewards continuously as the player uses the site. It’s important to choose a sportsbook with a great bonus package that will help players accumulate Bitcoins as they continue to play.
How Secure are Bitcoin Sportsbooks?
Bitcoin guarantees that transactions on its network are completely secure through the use of private keys. Its decentralized nature also contributes to this by recording authentic transactions and rejecting those that are not.
Since all transactions are recorded on the blockchain, the sportsbook has no need to store a player’s data. So even if it’s hacked, the only data on it’s a username and password.
What are the Benefits of Bitcoin Sportsbooks?
The use of Bitcoin in sportsbooks has several benefits to both players and operators. They include:
- Allowing players to multiply their Bitcoin holdings without putting it into the highly volatile and unstable cryptocurrency markets. For seasoned players, this is a great way to accumulate a huge amount of Bitcoins quickly.
- Giving new investors who cannot afford to buy a lot of BTC an opportunity to earn some, especially with their sports welcome bonuses.
- Ensuring efficient transactions. Since Bitcoin is not stored in banks, transfers between players and the sportsbooks are carried out in a seamless way. This means that players do not have to wait for a long time to be credited when they withdraw their Bitcoins. Since there are no credit card companies or clearinghouses involved, transaction fees are solely determined by the Bitcoin network. These fees are usually small, compared to normal payment systems.
- Making the gambling environment safer for players since they are anonymous and their data is not stored anywhere on the sportsbook.
Sportsbooks have worked well over the years, however, there is room for improvement and that is exactly what Bitcoin brings to the table. The fact that users can earn digital currency that can be verified easily while they remain anonymous would have been described as impossible 50 years ago.
Like any other industry involving Bitcoin and blockchain technology, these sportsbooks are optimized for ease of use, efficiency, speed, convenience, and privacy. Although they are already quite popular, there is room for further adoption. The future of Bitcoin sports betting may involve casinos building on the existing technology in a way that maximizes their profits while making the process convenient enough to attract players.