- The sports betting market has given cryptocurrencies like Bitcoin a major boom in business.
- Gamblers and sports bettors alike have taken up over half of all transactions done through Bitcoin.
- Without the market for gambling on sporting events, cryptocurrency companies could have potentially died out as the need for their services began to wane.
LOS ANGELES – The sports betting market plays a huge factor in the amount of business that Bitcoin acquires. Many sportsbooks offer the cryptocurrency as an accepted method of payment by sports bettors on their sites.
Due to a number of reasons, Bitcoin is a preferred form of funding for accounts on various sports betting websites.
Sports Betting And Bitcoin
On a global scale, cryptocurrencies are available for a number of internet sites when it comes time to pay for products or services. According to a recent article published this week by Coinspeaker, over 60% of Bitcoin’s activity and subsequent profiting is from the online gambling industry in all of its forms. As the sports betting market continues to grow, the use of Bitcoin among sportsbooks does as well.
Why is Bitcoin such a popular choice among gamblers placing bets through internet sportsbooks? In a word – anonymity. Many people engaging in such activity would rather do so on an anonymous basis.
Other forms of payment require personal information from bettors such as their name and address. With Bitcoin, no names are used. Instead, a number is given to users that they need to provide as their form of ID for online sportsbooks. That number is from the user’s Bitcoin wallet.
Not only is the privacy aspect appealing but Bitcoin offers some of the highest maximum payouts and deposits without any transaction fees. They are also the fastest when it comes to deposits and withdrawals in comparison to other methods. While it would seem that sportsbooks are the operators gaining business from allowing Bitcoin on their sites, it’s the other way around.
Bitcoin needs the sports betting industry in order to thrive. With over half of their business coming from gambling on sporting events and gambling in general, the cryptocurrency company could no longer survive without it.
While the market for betting on sports has skyrocketed, so has the number of people that have joined Bitcoin. That is not a coincidence.
It’s true that cryptocurrency on its own has been a prosperous business through the years. But sports betting has allowed it to flourish in such a way that online and mobile sportsbooks are now a vital part of the success of Bitcoin and companies like it. Cryptocurrency is a sports bettor’s dream, outside of winning their bets.
Most gamblers like to gamble privately. Betting with Bitcoin provides that privacy factor for them. So, while other industries give Bitcoin business, making a purchase on a random site doesn’t usually have the type of customer looking for privacy the way sportsbooks do. It’s for this reason that sports betting and other forms of gambling will be center for the future successes of Bitcoin and companies like it.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.