Benefits of using bitcoins in sports than using traditional currency

Benefits of using bitcoins in sports than using traditional currency

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Benefits of using bitcoins in sports than using traditional currency

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Do you love to bet on various sports? Then, you have to land on the sports betting sites? However, if you are worried about the transactions’ security and want to keep your personal information safe and anonymous, you must land on the bitcoin sports betting sites. The sports betting sites are encouraging the bettors to use bitcoins for deposits and withdrawal of the earnings. The best thing about bitcoin is the movement of funds, which would cost little or no fee. The bitcoin is valuable for the sports betting sites that are operating in non-regulated markets. 

Few of the benefits of using bitcoins in sports betting than the traditional currency include:

Sep 23, 2020; Los Angeles, California, USA; Oakland Athletics shortstop Marcus Semien (10) and right fielder Stephen Piscotty (25) celebrate the aA’s 6-4 win one the Los Angeles Dodgers at Dodger Stadium. Mandatory Credit: Robert Hanashiro-USA TODAY Sports

Deposit and withdrawal is for free of cost

The bitcoin transaction is free of cost. No fee is charged to send the bitcoins from one address to the other address. There would be no overhead cost incurred to the sports betting site or the gambler while doing the transactions. Payment processing is the critical expense that is borne by the sports betting site. 

When bitcoins are used, there is no such cost exists. You do not have to spend a significant amount on the processing expenses, and at the same time, it does not cost you much to pay for the support staff. The site would pay a small fee to the bank for every transaction done, and this could cost millions of dollars for the sports betting sites. 

Speed and convenience

The bitcoin-accepting sports sites would process the payment requests in just a couple of hours. However, this would not be the case when the fiat currencies are used. It takes many business days to complete a transaction, especially if it is a cross-border transaction. You have to wait for a long time to receive your winning amount in the form of a bank check or wire transfer. Also, you have to pay the fee for this transaction. 

There are possible ways to receive the amount of briskly, but this would cost you a lot. Based on the amount you want to transfer, you may have to pay USD 200 per request. The bookmakers have to prepare lengthy documentation to withdraw the amount earned by them if they are using the currency other than bitcoins. It could include bank statements and scanned copy of their debit or credit card. Though these measures are taken to avoid fraudulent transactions, it could not be very pleasant. It also extends the time it takes to withdraw the money.

Sep 20, 2020; Inglewood, California, USA; Kansas City Chiefs kicker Harrison Butker (7) celebrates with teammates after kicking the game-winning 58-yard field goal against the Los Angeles Chargers during overtime at SoFi Stadium. Mandatory Credit: Robert Hanashiro-USA TODAY Sports

Anonymity

The bitcoin usage is anonymous, but you can track every transaction performed on the blockchain. It takes a lot of effort for you to track where the funds are going where. However, practically, no paper trail is left by bitcoins. The sites would need a list of documents to process the withdrawal amount.  To know more you can visit australiantimes.co.uk

When they sign-up, a lot of information must be provided in the phone number, address, email, etc. However, the bitcoin sports betting sites would not ask you for any of this information. Few of the bitcoin bookmakers would ask you to provide the email address, but few won’t ask any details. 

As the address of every bitcoin is unique, it becomes easier for users to send money they would like to bet upon to the address that is provided by the site. If the person wins the wager, the stake would be sent back to the address from where the bitcoin is received. The person also gets the winnings. 

Higher odds and enticing bonuses

When there is a reduction in the operating expenses, the bitcoin sports betting site will offer them highly competitive odds. You would also get free bets and lucrative bonuses. However, this is not just for a single sports betting site, but the industry would offer high bonuses for the people betting on sports online.

Bet on every sport

The number of sports that are listed on the bitcoin betting site would be more. The sports fanatics would find these sports betting sites to be exciting and lucrative. They can virtually bet on every sport sitting at the comfort of the home using bitcoins.

These are a few benefits you can reap using bitcoins for sports betting. 

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