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The sports betting industry is one of the fastest-growing industries globally, and this growth is not going to stop anytime soon. The use of cryptocurrency in the sports betting industry has helped this growth, especially when making payments.
Cryptocurrency comes in many forms, but Bitcoin is the most popular in the sports betting industry. If you have Bitcoin in your cryptocurrency wallet, using it in the sports betting industry is an excellent investment.
People have enjoyed the ability to use cryptocurrency at sportsbooks, and sportsbooks prefer this type of payment. This is not some fad that will go away soon as cryptocurrency will be a part of the online sports betting industry going forward.
Bitcoin and other cryptocurrencies will continue to gain traction, especially in the online gaming industry. If you are wondering, “How do I use Bitcoin for sports betting?” this article will explain and point out what sites accept bitcoin as a form of payment.
Why Do People Love Crypto Sports Betting?
The biggest question is, “Why do people love crypto sports betting?” and that can be a complicated answer. There is still a large percentage of bettors that have not yet started to use cryptocurrency, but that number will continue to get smaller in the coming years.
One of the biggest reasons that people love crypto sports betting is that there is no government interference in some markets. Any government agency does not regulate cryptocurrency, and therefore it is easy to use as a payment option.
Online sportsbooks are starting to promote the use of cryptocurrency, and bettors will often be rewarded for using this as a payment option. Many sportsbooks offer crypto-specific bonuses or promotions for depositing with cryptocurrencies. Some sportsbooks only accept deposits in cryptocurrencies.
It is also far cheaper to process than credit or debit card transactions and bank transfers or electronic checks. Betting sites can process payments with cryptocurrencies, such as Bitcoin, at a fraction of the cost.
Using cryptocurrency can also make the sports betting process quicker, and bettors are always looking for ways to place bets or make payments in a faster way. No need to wait a week for a check or bank transfer. Get your crypto payout in 1-2 business days or a matter of hours.
If you have not yet used crypto in sports betting, now is a great time to make the switch. You can see for yourself why so many people love crypto sports betting.
Is It Safe To Bet With Cryptocurrency?
Now that you have a better understanding of how cryptocurrency works in the sports betting industry, there is an important question to answer. People want to know, “Is it safe to bet with cryptocurrency?”
In short, the answer is that it is safe to bet with cryptocurrency, but there are some advantages and disadvantages to using this payment option.
One of the biggest advantages to using cryptocurrency is that new sportsbooks are making this their preferred payment option, and you can get rewarded for doing so.
Another advantage is that blockchain technology adds a layer of protection and transparency for bettors, as it is a much more secure form of payment. There is no third-party involved in the payment process, and this can also make this process happen much quicker.
One of the disadvantages of betting with cryptocurrency is that not all sportsbooks have started to accept this is a payment option. This could limit your choice of sportsbooks, but all of the top sites will have this as an option.
Cryptocurrency also changes in value all of the time, and that is another disadvantage of using cryptocurrency in sports betting. You want to make a deposit when the price of crypto is high so that you take advantage of the exchange rate.
Top-Rated Cryptocurrency Sportsbooks
Finding the best bitcoin sportsbooks is not as hard as you might think as we have reviewed all of the available options in the industry. BetNow and MyBookie are two of the top cryptocurrency sportsbooks, and they offer terrific sign-up bonuses as well.
BetNow
BetNow offers a sign-up bonus of 100% up to $1,000 on the first deposit made at the site. Bitcoin is the preferred payment option offered a bet now, but there are minimum and maximum deposit and payout requirements.
For deposits, BetNow requires a minimum of $20, with a maximum of $40,000. When looking to receive a payout, BetNow requires a $5 minimum payout, with a maximum withdrawal of $20,000.
MyBookie
MyBookie is another bitcoin betting site offering a 100% first deposit bonus up to $1,000. Bitcoin deposits will be made without one hour, and bitcoin payouts will be completed in 1-2 days.
At MyBookie, there is a $25 minimum Bitcoin deposit and a maximum Bitcoin deposit set at $10,000. When requesting a payout, there is a $50 minimum and a $10,000 maximum requirement.
Most Used Cryptos For Sports Gambling
There are many different forms of cryptocurrency available, but four main types are used for sports betting. Bitcoin and Ethereum are the two most commonly used forms, but exploring all four of these cryptos will give you additional payment options and expand your cryptocurrency wallet.
Bitcoin
Bitcoin, introduced in 2008, is the most popular form of cryptocurrency, and it is also extremely valuable. All of the bitcoin transactions are recorded using blockchain technology, and this is basically like an internet banking system using peer-to-peer payments.
In total, just 21 million bitcoins can be mined, and that is why this form of cryptocurrency is extremely valuable to have. If you have bitcoin in your cryptocurrency wallet, you will want to find betting sites that accept bitcoin.
Ethereum
Ethereum was launched in 2013 by Vitalik Buterin, and it is an open-source, blockchain computing platform. Users of Ethereum can conduct business directly without getting a third-party involved.
A supercomputer is used to keep track of all of the Ethereum transactions made around the world.
Dash
Dash is short for digital cash, and you can spend it anywhere that this form of cryptocurrency is accepted. This type of cryptocurrency was founded in 2014, and it is a form of altcoin.
There are two different ways to send payments using Dash, and InstantSend is the type of transaction that will be used at sports betting sites.
Litecoin
Litecoin was initially launched in 2011 as a spinoff to Bitcoin. Litecoin is able to produce a much larger number of coins, and the transactions tend to be much faster.
This also means that the value of Litecoin is much less than what a Bitcoin is worth.
The Future of Sports Betting
The future of sports betting will include cryptocurrency as one of the top payment options, and it’s best to jump on board now. Finding a bitcoin sportsbook will continue to get easier as more operators accept cryptocurrency as a payment option.
Crypto technology can make the payment process more secure, and it adds an extra layer of protection to the bettor. Sportsbooks also prefer this as a payment method because it eliminates the need for a third party to be involved.
The entire sports betting industry continues to grow throughout the world, and crypto technology helps aid growth. Crypto gambling sites are the new wave, and they are set to transform how the sports betting industry operates forever.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.