Why Are Bitcoins Better for Online Gambling?
Bitcoin is revolutionizing the online gambling industry. Bitcoin is an online, virtual currency that is flipping upside down what gamblers currently expect from online gambling websites – it is fast, legal and perhaps most importantly, completely anonymous. Read on for the reasons we believe Bitcoins are the future of online gambling and why all bettors should (and will) turn to Bitcoin sportsbooks.
Deposits and Withdrawals Simplified
Anybody that has deposited money into an online sportsbook is aware of the hoops you need to jump through to get money in and out of a book.
Traditional sportsbook offer deposit options of Visa, Western Union, Moneygram or less than reputable e-wallets. Visa transactions run through fake merchants and raise eyebrows with your credit card’s fraud department. Western Union and Moneygram transactions take hours to process and come with hefty fees. This is not to mention the withdrawal process – after submitting various forms and photocopies of your credit cards and driver’s license, you may be approved for one of limited withdrawal options in which it may take weeks for you to finally receive your money.
With Bitcoin sportsbooks, moving money in and out of a book is reduced to one step. Deposits simply require you to send bitcoins to a bitcoin address. Withdrawals simply require you to provide a Bitcoin address and most are processed immediately or within a few hours.
Due to the nature of the currency, Bitcoin transactions are anonymous. This anonymity translates to sportsbooks and is an incredible benefit for the players. Sign ups at most sportsbooks do not even require an email address – some do not even require an account!
Players no longer have to give up hordes of personal information to move money in and out of sportsbooks. Because transactions are anonymous and the currency is decentralized, governments and banks can’t (and will never be able to) directly impose restrictions on the currency. As a result, Bitcoin sportsbooks will never be restricted by a player’s country and the roundabout ways by which they have to move money to and from their players.
The current growth of Bitcoin is an incredibly advantageous development for the Internet gambler. As it continues to grow, sportsbooks are slowly able to offer the same benefits and selections that bettors are accustomed to from traditional sportsbooks, and the nature of the currency neutralizes the worst aspects of the current Internet betting experience.