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Betting with Bitcoin in 2018, What Bookies Need to Know.


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The cryptocurrency markets are still booming with ups, downs and new actors entering the scene with a new type of currency, nobody knows where or when this madness is going to end. But one thing for sure is that at least for the gambling industry cryptocurrency are here to stay.

Handling money for a bookie business has been complicated for decades, even for offshore bookies, due restrictions and limitations from different governments that make difficult to pay and collect money from bettors, and even when there are many options available to perform money transactions, they often have more cons than pros, like high commissions.

Bitcoins, for example, it has been established as one of the most stronger and popular options for money transactions between bettors and bookies, because it provides a very quick, secure and anonymous way to interchange money. These way bettors can fund an account on a betting site in almost no time, and start placing bets right away without any delay. This means that bettors can jump right into the action, increasing the probabilities of a good profit for the bookie.

Bitcoin offers other great advantages for bookies, first of all, there is no middleman, for example when you use other payment methods like PayPal, they take a percentage of each transaction. If you sum at the end of the year how much money you spend on PayPal commissions you will be surprised as the amount of money can be of thousands of dollars. With Bitcoin, you don’t have to pay commissions as the money moves from peer to peer, in other words from the player to the bookie directly. Also since there is no middleman, Bitcoin transactions happen at almost in real time, with other payment systems you have to wait from minutes to hours or even days for the middleman to confirm the sender and receiver of the money. 

If you don’t accept Bitcoin payments in your betting site, you better start immediately, even when this method is not massively popular in a matter of years it can become the standard in the gambling industry.

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