Bitcoin is the payment of choice for most sports bettors for various reasons. However, many players don’t know why it tends to be the best method of making deposits into their sportsbook.
Your players might simply be using Bitcoin because all their friends do, or they collect it and spend some of it when its value increases. As a bookie, tell your players that you accept these deposits and why it’s the best method.
Why Use Bitcoin in Sports Betting
Bitcoin uses the blockchain
Cryptocurrencies use blockchain technology to create payment transactions. That simply means data blocks are distributed in a chain to numerous computers. It’s also referred to as distributed ledger technology (DLT). The information in those blocks can’t be altered. It makes Bitcoin payments safe and secure, and there’s no intermediary. It never goes through a bank to get to its destination.
That’s partially why this will be the way of the future. It will take banks out of the money-transfer equation. No bank will record the movement of the money or take its cut. Bitcoin and all other cryptocurrencies are taking cash to the digital age. No bank or government ever needs to know how you spend your hard-earned money unless it’s for something illegal.
5 Bitcoin Advantages
Why is it a good idea for your players to use Bitcoin to place bets with you? Here are five reasons that Bitcoin sports betting is the best choice.
- Speed – Bitcoin will always be faster than any banking system because no middleman gets to fondle the money before releasing it to its intended destination. But with that said, credit card payments and e-transactions have become faster over the years.
- Lower Fees or No Fees – This is where cash payments are advantageous. There’s never a fee for paying cash. There’s always a fee when making bank-based payments, like credit cards, e-transfers, debit, etc. If there ever is a cost when making a Bitcoin deposit, it’s very minimal.
- Security – The online world has always been vulnerable to theft. But blockchain technology uses a highly safe method of payment transactions that have, so far, been effective. The only thing you have to worry about is your digital wallet.
There have been instances of hacked wallets, so tell your players to keep theirs on something like a thumb drive that they can disconnect from the internet and keep in their pocket. But like cash, the crypto-money is gone for good if they lose their thumb drive or password. There’s no option to click “forgot password” to reset it. That’s because nobody else has your information. No bank. No government. Just you (and maybe your girlfriend or your mother).
- Anonymity – Bitcoin more closely relates to cash in how payments are made. It’s like going to the store to buy your favorite bourbon. If you pay cash, only you and the store know what happened. No bank was part of the deal, so there’s no way to trace who bought the bottle. And there’s no reason to charge someone a transaction fee. The money goes directly from your player’s wallet to yours.
- Convenience –Cash is convenient because you can reach into your pocket and grab it. To pay online, you have to log on, but at least you don’t have to go to a location to hand over the cash. You do get the best of both worlds.
As we age, convenience often trumps all the other reasons – whatever is easiest. Younger players might have their priorities, like speed or anonymity. Whichever reason is best for them, Bitcoin rises to the top as the best method to make deposits and withdraw winnings.
Cryptocurrencies, BossAction, and APS
Not only does BossAction accept Bitcoin, but we also accept many other cryptocurrencies, including Litecoin, Ethereum, and Ripple. We’ve also created our proprietary payment system. It’s called our Agent Payment Solution (APS). You can accept and pay money from inside our pay per head sportsbook. This means it’s even easier to get deposits from your players. Plus, we’ve updated our Bitcoin payout fees. It’s now 0% for both agents and players.
Call 1-800-339-4108 and become one of the top Bitcoin sports betting sites. Join now for only $3 per head. That’s $8 per head off our regular price until April 16th. Become a BossAgent today.