It’s a question that you might not know how to answer unless you’ve been paying attention to the rapid innovation in today’s gambling and wagering industry.
Bitcoin can be used for all sorts of betting these days, and that includes sports betting. Individuals in many U.S. states are able to use Bitcoin sports betting sites to engage in betting on their favorite teams.
How does this work? Well, as a top decentralized cryptocurrency, Bitcoin provides verified transactions and an open ledger, which makes it an appealing way to place bets online. Where people might otherwise have concerns about fiat currencies being manipulated, the blockchain ledger system behind Bitcoin (and other cryptocurrencies) means that certain kinds of things are always on the record.
Benefits of Bitcoin Sports Betting
One of the big reasons that gamblers might participate in using Bitcoin for sports betting is related to the safe and secure transactions it provides.
For those who remember visiting back-alley bookies to make sports bets in the 1980s, this is worlds apart from that kind of experience. Part of it is the decriminalization of sports betting in general that has gone on across the U.S. and elsewhere, but other parts of this trend have to do with the innovations that Bitcoin offers. Crypto has simply provided a unique tool to make these processes much easier and clearer, taking away a lot of the laborious work of traditional verification. That, plus the many new Bitcoin on-ramps at places like Paypal and Starbucks, will likely be part of a bigger revolution in finance in the coming years, as these various payment and transaction opportunities complement each other.
Privacy for Wagering
Although Bitcoin does use an open ledger system, it also provides complete anonymity for these asset holders who are using their crypto capital to bet on sports.
One of the downsides of Bitcoin, for some of its detractors, is the potential for the decentralized coin to be used anonymously by criminals – that’s what’s behind modern KYC/AML rules. However, in the gambling world, this is often a net positive, because legitimate asset holders can, as players, sign on and leverage their Bitcoin for sports betting in an orderly and verified way, and be confident about the results.
Live and Virtual Sports
Today’s bettors also have a variety of choices that traditional sports gambling enthusiasts never enjoyed.
In addition to betting on live football, soccer, tennis, or other sports, Bitcoin holders can also use crypto sports betting websites to bet on virtual sports.
What are virtual sports? Essentially, they are computer simulations. Sports betting sites will typically have video streams of these simulations up on the site, with player information and other data prominent. Virtual sports can be authenticated by provably fair gaming algorithms so that everyone knows results are being generated fairly.
More About Provably Fair Gaming
Some of the best Bitcoin sports betting sites and casinos out there use modern provably fair gaming algorithms to make everyone confident about unbiased outcomes.
The idea here is that the algorithm itself provides a transparent explanation of how virtual sports and gambling outcomes are decided. That way, everyone knows that there is no one behind the curtain pulling the strings.
An excellent example of an established Bitcoin gambling site is Fortunejack, with its own sports betting corner called Sportsbook. Visit and you’ll see the range of live and virtual sports offerings available and how this works for Bitcoin holders. The range of options, paired with PFG operation, appeals to a widening community of gaming enthusiasts who won’t settle for less than full transparency. It’s one of the biggest new trends in using Bitcoin for a more diverse set of financial uses.