Betting on sports and receiving funds for those bets has only one point of real security weakness: monetary transactions. That’s where Bitcoin comes in. It’s not a big risk, but any time you give out an account number, fraud is a possibility.
But along with the small risk of fraud is the reality of fees. Because a bank always has to be involved, the bank always wants its cut. It’s how it makes money, and transfers to sportsbooks can be hit particularly hard. When you use a credit card to fund a sportsbook account, banks see dollar signs.
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But using Bitcoin is another way to go, and it is growing in popularity for several very good reasons.
What makes Bitcoin such a secure currency is that your identity is always protected. The only time you use your identity is when buying it. When using it to fund your sportsbook account, your identity is not needed. All of your financial information remains completely private.
You don’t need an address that matches a bank account because you no longer need a bank account. The sportsbook needs less information from you, better protecting your money and identity.
Fees, Minimums, and Maximum Deposits
Even when you never allow a balance to grow on a credit card, you are still subject to fees. Most credit card companies will treat your sportsbook payment as a cash advance, costing you money.
With Bitcoin, you remove third parties from the transaction, eliminating those extra fees. It’s just you and the sportsbook moving money back and forth.
Because banks are removed from the equation, sportsbooks have more flexibility in the rules they set up. Many sportsbooks will lower deposit minimums because of the lack of fees.
This also often means that they will increase their deposit maximums. No money lost in banking fees means they are willing to meet your needs when it comes to deposits.
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Speed and Ease
While some traditional methods of deposit and withdrawal are fast, not all are. Checks are obviously very slow, but even some bank transfers can take up to 24 or 48 hours.
Bitcoin is as close to instantaneous as there is. On average, when you deposit money using Bitcoin, it takes just five minutes. Withdrawals take a little longer, but not by much.
And unlike when using a third party to manage and transfer your money, a Bitcoin transaction is never rejected. It’s your money, and you are in charge.
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Bigger Offered Bonuses
The benefits of using Bitcoin extend beyond the transaction point. Because of the savings to sportsbooks, they want to incentivize Bitcoin’s use.
Deposit bonuses typically max out at $250 to $500. But with Bitcoin, you can see those bonuses reach as much as $1,000.
The same holds true for free-bet bonus amounts, welcome bonus offers, and sports specific free bet bonuses. All of these deposit types can be quite lucrative when using a credit card or bank transfer. But when using Bitcoin, the free money coming your way only increases.
So why wouldn’t you want to use it?