Cryptocurrency has had the kind of impact in the 2010s, what Internet had way back in the early 2000s. With minimal governance and increased flexibility, Crypto is undoubtedly the future of currency in this fast-paced technology-oriented world.
More and more nations have been legalizing the acceptance of cryptocurrency for goods and services lately. With that being said, the rage of the digital currency was always going to reach the pinnacle of the gambling industry – Sports betting.
The market of sports gambling is estimated to reach around $155.49 billion by 2024. As the world progresses towards a non-paper economy, there is always a scope for newer markets opening in the electronic betting industry as well.
The Cryptocurrency mining generation might have introduced almost hundreds of other digital currencies, but Bitcoin still remains the undisputed king in the space. Moreover, it is also the most frequently pegged e-currency with other counterparts like Etherium, Ripple and Litecoin.
While sports gambling is as old as the invention of the telephone, Bitcoin sports betting, commonly known as Bitcoin Sportsbooks, is something which has recently come to light. But the native gamblers and the big players have welcomed the change with open arms.
Reports suggest that 60% of the native gamblers have shifted from traditional mechanisms to Bitcoin sports betting. Experts from the cryptocurrency space have also suggested that we could see the numbers rise to two-fold by the end of 2020.
With the popularity as well as the demand of Bitcoin Sportsbooks rising with every passing day in this economy, knowledge regarding this new era of sports betting is the need of the hour. Keeping that in mind, we take a look at a compact guide to Bitcoin Sportsbooks, what makes a Crypto Sportsbook the most ideal choice and lastly, taking a look at the top three Bitcoin Sportsbooks operating in the world currently.
What to look for in the perfect Bitcoin Sportsbook?
As the concept of Bitcoin Sportsbooks is fairly new, considering the fact that it was introduced only a couple of years back on a worldwide range, the early days are still being ruled by the big players in the industry.
There has been a lot of talk about the ‘perfect’ Bitcoin Sportsbook, but with newer entrants into the space and a lot of promotional bonuses floating around, there is always a room for improvement for each of the websites catering to Crypto sports betting.
Considering all pros and cons, we have designed some criteria which is a must, for choosing your ideal Bitcoin Sportsbook and getting your hands dirty in this industry:
- Reliability: The Internet security is a field which has grown tremendously in the last few years owing to the simultaneous increase in the number of online scams in the world. So, reliability or safety becomes a big aspect while choosing the right Bitcoin Sportsbook, and probably the most important one.
- Speed of operations: With a lot of betters around the globe trying their hand out in predicting sporting events, the ticker for each bet moves a lot faster within a blink of an eye. This makes it utmost important for the user-interface of a Bitcoin Sportsbook to be absolutely fast in order to process the millions of payment, withdrawal and ticket requests 24/7.
- Support for various cryptocurrencies: With almost hundreds of cryptocurrencies being traded over the counter in the world right now, there is a persistent need for the Sportsbooks to support all kinds of digital currencies so that they can be ready to cater to all kinds of customers in the market.
- Maximum number of live events: Though Crypto is the base of the discussion here, the final destination still remains betting on the sporting events worldwide. It is utmost important to select a Bitcoin Sportsbook which deals in a minimum of 10,000 live events monthly to offer a variety of games to bet in.
- Anonymous accounts: In a world where cryptocurrencies are safe from the taxation hinges, it is really important for the user data to be secure with the Sportsbook enterprise. Moreover, it is preferable if the Bitcoin Sportsbook doesn’t require a lot of personal data, which makes it easy for information to be tracked worldwide.
Although each Bitcoin Sportsbook has its own range of pros and cons, it is important to choose a service provider which ensures that the basic facilities are being provided and that each bettor is on the same page when initiating a transaction – this makes the portal more transparent.
A big question that usually occurs in a better’s mind regarding the involvement of digital currency in sports betting and whether it is legal. One of the leading betting tips portal, MightyTips.com have answered some frequently asked questions related to Bitcoin Sports Betting and Cryptocurrency Sportsbooks in general, which may provide better clarity on these commonly faced matters.
Top 3 Bitcoin Sportsbooks in the market
While a majority of the existing names in the sports betting industry have tied up with payment gateways to involve digital currency payments and withdrawals, this space is still being dominated by few Sportsbooks which were incorporated with the sole idea of Bitcoin Sports Betting.
Here is a list of the top 3 Bitcoin Sportsbooks currently live and serving millions of betters worldwide:
Most of the Bitcoin Sportsbooks are restricted to the European and Asian markets, to save them the hassle of the vague laws in the United States and both the American continents on a whole. This is where BetOnline.AG steps in and changes the game.
BetOnline.AG is the best and one of the rare Bitcoin Sportsbooks in the market currently which caters to all the regions worldwide. It complies with the entire set of the US Casino regulations, thus making it entirely legal in the American gambling scene.
Another important advantage of betting with BetOnline.AG is the fact that they offer a welcome bonus in addition to multiple bonuses while betting with Bitcoin and other cryptocurrencies. They have one of the strongest live support facilities in the world right now which can cater to your queries at any time of the day.
The only drawback of the Sportsbook, rather an unimportant one, remains it’s non user-friendly portal which makes it a bit difficult for new users to navigate. This has been the main reason for them not exploding the gambling industry, yet.
Stake might just be the fan favourite Bitcoin Sportsbook available and online right now. Though it does not cater to the audience from the United States and Australia, it is accessible from any other region in this world.
It’s key pros include their registration procedure which is the simplest amongst all the portals worldwide. Users can literally start betting within seconds after making their profile using their email address. Stake also offers the most variety of sports for betters to try their hands on and with a user-friendly interface, it is on its way to becoming the pioneer in this space.
The only disadvantage of Stake is that they do not offer a welcome bonus, something which is pretty unusual considering the fact that almost 99% of the betting sites worldwide try to attract newer audience with an upfront registration bonus.
Sportsbet is the closest that Bitcoin Sports betters can get to a combination of Stake and BetOnline. Sportsbet has the best legal standpoint amongst all its competitors in the industry, as it actually complies with the casino regulations of most of the nations in which it operates in.
Their unique and game-changing advantage is their open-minded attitude to improving on customer suggestions. They run frequent surveys and promotions to actually know what their users want from their online portal and update their website monthly to provide the gambling community with the best of facilities.
There is very less to point a finger at, regarding Sportsbet, apart from the fact that it has still not been able to get its hands on the US gambling industry.
With many of the financial experts around the globe commenting on cryptocurrency being the future of the economic era, there is no shadow of a doubt that Bitcoin Sportsbooks or any Cryptocurrency Sportsbooks are the future of the betting industry too.
There is a lot of specific information available on Sports betting as well as the use of cryptocurrencies in the betting field on Vadims Mikelevics blog, for all those who want to take a deeper dive into the subject.
Nevertheless, the ultimate motto still remains the same, Gamble Responsibly.