Sports betting is a sport in which you place bets on different sports and make predictions. If your prediction turns out to be true, you win the money or vice versa. There are several online sports betting websites that have started accepting bitcoins. So, now you can enjoy sports betting with bitcoins, but there are numerous platforms that make it difficult to choose the best one. There are some websites that you can follow to get the latest bitphone news from all over the world. So, if you want to make the right decision, you must learn about the different types of bitcoin sports betting websites mentioned below.
Which are the different types of bitcoin sportsbooks?
Bitcoin sports betting is quite popular, and there are several online platforms where you can enjoy sports betting with bitcoins. There are two types of sportsbooks on which you can place bets, and they are as follows;
The traditional and most commonly used bitcoin sportsbooks are the offshore sportsbooks. These are traditional sportsbooks that have now started accepting bitcoin payments. It deals with traditional currency only as when you place a bet with bitcoins, it converts it into USD. So, when you want to withdraw your winnings, it again converts them from USD to bitcoins. It has pros as well as drawbacks which you can read below.
Your bitcoins are converted into USD by the platform, which minimizes the currency risk. Bitcoin is a volatile currency as its price keeps on changing, but when it is converted into USD, any price fluctuation will not have an impact on your bet amount.
These sportsbooks are in the market for a long time and have a good reputation among users. So, if you use them for bitcoin sports betting, the risk of any fraud or exit scam is minimum.
Most of the offshore sportsbooks offer 24×7 custom support through chat which is highly convenient. If you face any issues while betting on the platform, you can get them resolved quickly.
The biggest issue with offshore sportsbooks is that they don’t have any security features such as two-factor authentication or any other feature. The withdrawal process of bitcoin is quite complex and lengthy as you need to request a withdrawal, and it will take over 48 for it to be approved.
The minimum-security features and complex withdrawal process increase the risk of losing your funds. You cannot withdraw instantly as it takes a certain amount of time, and if there is any technical issue with the platform, you may lose your funds forever.
Pure bitcoin sportsbooks
Pure bitcoin sportsbooks are the latest and highly popular types of sportsbooks that only deal in bitcoins. These betting platforms don’t have any fiat currency as all the best are to be placed with bitcoins. If you only want to use bitcoins for sports betting, it is the perfect platform for you. There is no currency conversion feature like the offshore sportsbooks.
One of the most incredible benefits offered by pure bitcoin sportsbooks is that they allow the users to make quick withdrawals. You can withdraw the funds almost instantly, as all you need to have the password or the 2FA code. It is highly convenient and saves a lot of time.
With these bitcoin sports betting platforms, you need not reveal any of your personal or financial information. There is no need to complete the KYC, which allows users to enjoy an excellent level of privacy.
As you know, bitcoin has a massive market value, and its price is going to rise a lot in the future. So, if you bet with bitcoins, it allows you to take advantage of the high price of bitcoin and make higher profits.
One of the most significant issues with the sportsbooks dealing only in bitcoins is the fluctuating price of bitcoin. Bitcoin’s value is highly unpredictable, which increases the risk of losing your money. For instance, if you have acquired bitcoins at a certain price and their price falls, the difference will be your loss.
These bitcoin sportsbooks don’t offer efficient customer support services. The customer care service is quite slow and inf efficient. If you face any issues, you may have to struggle a lot to reach out to the customer support official and get it resolved.