Learn about the current market dynamics. Download the exclusive Q3 2017 Cryptocurrency Report

    5 Ways Bitcoin is Redefining the Way Vegas Sportsbooks Do Business

    CoinGecko May 19, 2017 - Posted by CoinGecko on Press Releases

    Sponsored Press Release - The publication of this press release is not an endorsement by CoinGecko. Readers should conduct their own research and due diligence before taking any action. CoinGecko is not liable for the content on this page.

    Bitcoin (BTC), the world’s number cybercurrency, is on the verge of taking over the sports betting industry. SportsbookNation recently reported that dozens of online books, led by TopBet.eu, have made the move over to the new tender, while dozens (if not more) are in the early transformation stages. This industry of early adopters is limiting their acceptance of credit cards (VISA, MC, etc.) to make space for cyberbanked dollars.

    While the online world continues to adjust and make the shift, the city of Las Vegas is already two steps ahead of the game. Bitcoin is now accepted or available at most major casinos and is slowly working its way into the major brick and mortar sportsbooks as well. It’s been a long time coming considering the future of sports betting on the strip could be on the verge of a major overhaul.

    ESPN first reported last October, that a monumental move could be in the works and if that happens, a seamless, quick-natured cryptocurrency would be the answer. Aside from the obvious, though, there are quite a few reasons why the betting public and big books like TopBet have turned to the online tender. Bitcoin has increased ease and decreased costs for both parties; two major incentives listed in our 5 Ways.

    Geographic Reach

    Most sportsbooks require a mailing address as collateral. This is how newsletters, information and withdrawals are sent to your front door. Bitcoin does not require a region to perform its purpose though. It is saved in an online wallet, similar to Pay Pal, and can be accessed from anywhere. A wallet registered in the United States is no different than a wallet posted in Germany or Qatar. This gives sportsbooks a lot more freedom to go outside their set parameters and allows them to take in more bets and more money.

    Easier Deposits

    This another major perk for the player and sportsbook alike. Bettors can place wagers with ease because their deposits no longer have to be reviewed by a third party. While some wallets do require a small fee per transaction, most are free of charge and there is no interference from outside sources. For instance SportsbookNation’s in-depth look at TopBet showed us how BTC adoption has eased the process for deposits, betting and withdrawals.

    Easier Payouts

    The benefits between player and party are mutual when it comes to Bitcoin. TopBet speaks very highly of the added convenience in transferring direct amounts to their players’ BTC wallets online. Meanwhile, the bettor no longer has to wait for a check or wire transfer on the other end.

    Greater ROI on Winnings

    Here is one example where the books won’t be pleased, should you win. However, your patience may pay off for them given how the market fluctuates. You see, Bitcoin’s value is constantly changing. So once a bet is victorious and the new balance is left in that account, it could potentially increase in value before its withdrawal. At the same time, the value could decrease as well, so there’s always that risk. Given the latest surge in price, though, according to CNBC, a withdrawal next week, month or year from a won BTC bet today could be advantageous.

    All Bets are Interest Free

    No sportsbooks charge interest, or perhaps they do but just mask it as a fee or “juice”, nevertheless your Bitcoin wallet can save you money overall. All transactions, while in Las Vegas (or anywhere in the world), will land on your credit card and stay there like a bad habit. If you pay off your balance before the monthly deadline, you are good to go. However, should you choose to take your time, that amount will increase in accordance with your credit or bank’s interest rate.

    Bitcoin has none of the above. Aside from a minimal fee from some wallet sites (as mentioned), your money stays your money. You transfer, deposit and withdraw that exact amount each time.

    These are five key reasons why online sportsbooks are choosing Bitcoin and phasing out the third party. Las Vegas has followed suit and it’s become pretty apparent that anyone walking into (or logging onto) a sportsbook should consider the same.

    Sponsored Press Release - The publication of this press release is not an endorsement by CoinGecko. Readers should conduct their own research and due diligence before taking any action. CoinGecko is not liable for the content on this page.


    CoinGecko
    About CoinGecko — Did you know the gecko also does some writing here? Hope you enjoy his writing. Follow the author on Twitter @coingecko

What is CoinGecko Buzz?

CoinGecko Buzz is a space for lists, guides, and insights article on Bitcoin and other digital currencies (cryptocurrencies).

Let us know what you think about this new section by sending us an email at hello@coingecko.com or tweet us at @coingecko