How Bitcoin is Shaping the Betting Industry

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It is fair to say that Bitcoin has had an impact all over the globe on many industries. Some of the impact has been small, while in other areas we have seen a big change.
A decade ago, some businesses and industries decided to take the plunge and accept Bitcoin, while others sat back and waited to see how things developed. That isn’t a criticism, but it showed who had more confidence in the Bitcoin industry in its infancy.
One area that has backed Bitcoin all the way so far has been the betting industry.
This has developed in a big way and there are many bookmakers that accept Bitcoin from their players. Offers such as bet £10 get a £30 free bet are popular now, but will we see these changed into Bitcoin offers in the future?
Not everyone is on board yet, and that includes some of the bigger names who are still waiting. However, the feeling is that when one of the bigger bookmakers finally gives in and begins to accept Bitcoin, the remaining dominoes will fall and almost every bookmaker will offer this to their players.

Placing Bets with Bitcoin
The fact that people are able to bet with Bitcoin is a big deal and something that should not be underestimated. The world of cryptocurrency relies on trust and the value of the currency being dealt.
With bookmakers happy to accept it, and punters happy to both spend it and be paid out in it, we are seeing both sides show trust in the latest Bitcoin prices.
This was available back in the early days of Bitcoin, when the market was volatile, which made it not ideal for betting. That was always a good sign, and now things are far more stable, betting with Bitcoin has only moved one way, and that is forward.
There has always been a confidence warning around Bitcoin, and the way to get rid of that is to show people and companies using it in a confident way. There are fewer better ways to show this than with the betting industry doing what it is at the moment.

Why Bitcoin Betting is Important
Alongside the confidence issue that we have just mentioned, that are other reasons for Bitcoin betting being so important.
The betting industry has been around for many years and has always been seen as a cash-based industry. Even now, you can go to some of the biggest racecourse in the world such as Cheltenham Racecourse, and you will see betting taking place and cash changing hands.
The fact that an industry so focused around cash is willing to take on Bitcoin is an incredibly big deal, and shouldn’t be underestimated. Yes, betting has seen a move away from cash betting due to online betting, but it is still ingrained into the traditional roots that this industry follows.
Another reason why Bitcoin betting is important is the size of the betting industry, and the potential amount of Bitcoin that could eventually move around. Many countries have multi-billion dollar betting industries, collectively there is a huge amount of money transferring hands in this industry.
If only a small percentage of the bets placed in each country eventually change to Bitcoin, that is a huge amount of Bitcoin being moved around, and a lot of people putting trust into Bitcoin.

The Advantages of Betting with Bitcoin
There are many advantages to people betting with Bitcoin, which should help us to see a number of new players turn to this method of pay.
The first is that betting is becoming more and more of a worldwide pastime. There are bookmakers who currently offer their services to parts of the world, but don’t offer that currency as a payment option.
This means those betting there have to bet in another currency, usually dollars, so have confusion regarding deposit amounts, bet totals and much more.
As a worldwide currency, Bitcoin takes away all of that, and as well as this, it also ensures that there will be no transfer fees, which you may incur if you are betting in a different currency when you are making your deposits and withdrawals.
Bitcoin also has advantages when it comes to secure payments due to using blockchain technology, and the speed of those payments.
Some of the more traditional options with bookmakers take days to complete, not with Bitcoin, these can be moved instantly once approved.

What Does the Future Hold?
The future of Bitcoin betting is likely to be decided by what we have just said above, if and when one of the big bookmakers decides now is the time to start accepting Bitcoin off players.
Prior to that happening, we can expect to see Bitcoin betting grow further, though the chances of a big boost are quite slim, this will only be small growth.
The future still looks bright, even if it takes time for the biggest bookmakers to move over and accept Bitcoin. There are many advantages though, and in the competitive betting market we see right now, things could change rapidly.

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Jennifer Evans
President, @B2BNewsnetwork (launched Nov 2014). Content, community and analytics obsessed. Inventor @squeezecmm. Past chair, @itac_online @whiteribbon