Bitcoin (BTC) has been a hot topic in the news all year long. Most of the attention has come from investors in the world’s biggest cryptocurrency. However, bitcoin sportsbooks are also making some major inroads in the legal US sports betting industry.
Intro To Crypto Sports Betting
Cryptocurrency for sports betting is much more prevalent on an international level. However, more and more legal US-based sportsbooks are looking for ways to expand their banking options with Bitcoin.
Bitcoin is the clear market leader compared to other crypto. However, there are several different cryptocurrencies that could impact the online sports betting marketplace.
The easiest way to describe cryptos such as Bitcoin is as a decentralized currency. It does not have any ties to governmental or financial institutions. Value is determined on an open exchange between buyers and sellers.
With regards to sports betting, cryptos can be an efficient banking option. These currencies can be used to easily move funds in and out of an online sports betting account.
Most Trusted Bitcoin Sportsbooks
The existing market for bitcoin sports betting in the legal US market is limited at this time. The biggest potential for growth and expansion should take place in the coming months and years.
This is because more and more mainstream US books are actively looking for ways to use cryptocurrency as a viable banking option. Improved customer service is driving this effort. Another driving force is easier and faster processing times with cryptos.
A few of the biggest US gaming companies behind the push towards Bitcoin and other cryptos have strong ties to the casino industry.
Bitcoin sportsbooks are sure to follow in the footsteps of iGaming efforts to add crypto banking options to the list.
How To Bet On Sports With Bitcoin
Betting sites offering Bitcoin as a banking option have simplified the process. Most of these sites offer a comprehensive tutorial on how to convert fiat cash into digital cash such as Bitcoin. Once converted to cryptocurrencies, it can be easily used to place bets on sports and sporting events.
Sports bettors can feel safe and secure with the use of cryptos as a way to bet on sports. Actual real money wagers are still made in US dollars at US-based books so there is no impact on the betting amount.
US dollars can be converted to crypto as part of the deposit process. Cryptos can then be converted back into US dollars when making a withdrawal request from an online sportsbook betting account.
Best of all, most crypto currency transactions can be completed without any added fees. This is a major plus for active sports bettors.
Multiple transfer fees over the course of a year can add up to quite a bit of money. These are funds that are continually drained from an online betting account through traditional banking options.
Best DFS Apps That Accept Bitcoin
Certain daily fantasy sports sites have also taken the lead to add Bitcoin and other cryptos to their banking options.
Why is Crypto Better?
These three reasons top the list as to why crypto is better for sports betting. However, there are other practical reasons to add to the list.
The biggest roadblock crypto sports betting faces is a steeper learning curve. Avid sports bettors do not need to fully understand all the technical aspects of Bitcoin sports betting. Rather, they can focus on the main benefits.
As the largest crypto in the world, Bitcoin has already proven that it’s safe and easy to use. The overall growth in value the past year or so is another strong selling point.
Bitcoin Sports Betting FAQ
Can I Bet With Bitcoin?
With most legal US-based sportsbooks, betting with BTC is a work in progress. All the major US operators are exploring ways to move in this direction.
What is The Best Crypto Sportsbook?
As more and more US-based sportsbook operators move towards bitcoin sports betting, this list will expand. For now, the use of crypto in the legal US marketplace is rather limited.
What Sites Accept Bitcoin?
More and more iGaming sites are adding options to use bitcoin and other cryptos as a banking option. At this point in time, the best course of action is to consult the banking or cashier section of the actual online gaming site.
Crypto Sports Betting Conclusion
Bitcoin sportsbooks with crypto sports betting are coming to the legal US market. The only uncertain aspect of this process is the timeline to go live.
Progressive operators such as BetMGM, Caesars Sportsbook and WynnBET will continue to push this movement. Sports bettors can expect these US operators to have a quicker route to market than other sites.
With FanDuel moving into crypto deposits for DFS contests, DraftKings cannot be that far behind. These are the two biggest legal US sportsbook operators in the country. Adding crypto banking options for mobile sports betting remains a top priority for each company.