Two of the major industries where Bitcoin has made an impact throughout the years come in the form of online gambling and sports betting. Using traditional payment methods for either service can be done as well, but deposits and withdrawals take longer to clear, and there are higher fees involved. The question is: will this trend continue, or have we reached the growth peak already?
Also read: Bitpesa Resumes Services In Kenya After Partnering With Airtel Money
More Gambling Sites To Embrace Bitcoin Payments?
It is pretty clear for anyone to see why Bitcoin payments are far superior compared to traditional options. Even though credit cards, bank transfers, and PayPal are convenient t most users, they are are also bound by local regulation and taxation. No one likes to pay up to 3.5% in fees per card transaction, especially not if that applies to both deposits and withdrawals.
Banks transfers are subject to high costs as well, but they suffer from another drawback that makes this option far less favorable for all parties involved. Sending and receiving bank transfers takes days, or even weeks, and waiting for funds to clear is a time-consuming hassle that people would rather not deal with.
PayPal unifies both of these payment tools into one solution, yet faces inherent problems of its own. There is no other payment method based on credit cards that has such high fraud and chargeback rates as PayPal. Their internal checks randomly freeze accounts for certain transactions that may look suspicious, and online gambling or sports betting has always been a bit of a grey area.
Bitcoin solves all of these problems, as digital currency payments are subject to far lower fees. On top of that. Bitcoin transactions complete in a matter of minutes, making them more favorable compared to bank transfers. Furthermore, there are no chargebacks with Bitcoin transaction, making them superior to credit card transactions.
It should come as no surprise to find out various gambling websites are accepting Bitcoin payments already, simply because of these reasons. However, more and more people are becoming aware of the benefits of Bitcoin for their business, and it only seems to be a matter of time until more gambling websites accept digital currency payments.
Online Sports Betting Is An Emerging Trend
On the other hand, online sports betting is gaining a lot of popularity as well in recent months. Depending on which country or state the business operates in, sports betting may or may not be frowned upon. Accepting Bitcoin payments is a must for any sites operating within the legal framework of their location in this industry, as it will allow them to accept customers from all over the world.
Up until this point, very few sports betting sites accept Bitcoin payments, but that number is expected to increase over the next few years as well. Because Bitcoin can be used as a global currency, there is no reason for sports betting website operators not to look into the payment method. Plus, lower fees are always a nice bonus.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
No Responses