Bitcoin Sports Betting – Legal Sports Betting Sites That Accept Bitcoin
The area of sports has gone through many changes and influences. The process of commercialization has been among the major ones. After it, sports have created numerous industries and professionals. One of them is the sports betting market.
Sports betting is a popular form of entertainment nowadays. Plus, many people see it as a chance to make some money. That is why bookmakers are constantly trying to fix the odds in order to gain more money while sports bettors are trying to beat them.
The legalization of sports betting had not been an easy task, although this depends on your country’s government policy. Namely, some believe that it is just some harmless fun, while others claim that it is going to corrupt sports in general. By definition, sports betting asks you to determine the outcome of a particular game with the help of some previous knowledge.
The progress in advanced technologies has brought new digital currencies to the foreign exchange market. Bitcoins are an example of a cryptocurrency which has appeared only recently. They are quite flexible and can be used in many areas of everyday life. So it’s no surprise that they have managed to find a way into sports betting.
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Frequently Asked Questions
Sports betting is a familiar topic to most people nowadays. Bitcoins are a different story. Their characteristics are still new and unknown, which is why some people are afraid to use them. That is why we have created a list of the most frequent issues which trouble sports bettors when it comes to bitcoin sports betting. Knowledge on this topic could get you a lot of bitcoins and a perception of their value.
What is a bitcoin?
What are the benefits of betting on sports with bitcoins?
The innovation in this case is the lack of a third party like a bank or other financial institution which would regulate the currency flow. This makes the bitcoin sport bets untraceable, which is why many people turn to them. The bookmakers also benefit from these digital coins. They have far less banking expenses which allows them to offer better odds and improve the overall sports betting practice.
Still, the level of freedom which bitcoins provide is controlled by many password and key options in order to include safety in the package.
Which disadvantages could come out of using bitcoins for sports betting?
Do I still get bonuses even though I bet on sports with bitcoins?
Are there any fees attached to placing bitcoin sports bets?
Is there a minimum deposit and maximum payout limit for bitcoin betting?
Would I still be able to bet on sports using my mobile device?
The important thing you should know about bitcoins is that they are kept in e-wallets which act as digital versions of our traditional ones. They are distinguished by their unique address when making any form of bitcoin transfer. In turn, they offer both transparency and safety for all bitcoin bettors. A mobile version is also available in order to give bettors constant access to their digital money.
How do I get some bitcoins?
Instead of purchasing them, you have another alternative – to mine them. You see, bitcoins don’t really exist. They are practically a mathematical formula, which is why people who have specific mining software and know how to use it should be able to mine quite a lot of bitcoins. You should also know that bitcoins are not infinite. Their creator set a limit of 21 million as the greatest amount of bitcoins which can exist worldwide.
Some choose an even more challenging way by exchanging their e-wallet addresses. All that is required is for someone to solve the mathematic problem in order to crack the address.
How do I know if the bitcoins are OK?
Are my bitcoin winnings taxable?
Legal Bitcoin Sports Betting Sites – Yes or No?
- Recommended Sports Betting Sites accepting Bitcoin
- Frequently Asked Questions
- What is a bitcoin?
- What are the benefits of betting on sports with bitcoins?
- Which disadvantages could come out of using bitcoins for sports betting?
- Do I still get bonuses even though I bet on sports with bitcoins?
- Are there any fees attached to placing bitcoin sports bets?
- Is there a minimum deposit and maximum payout limit for bitcoin betting?
- Would I still be able to bet on sports using my mobile device?
- How do I get some bitcoins?
- How do I know if the bitcoins are OK?
- Are my bitcoin winnings taxable?
- Legal Bitcoin Sports Betting Sites – Yes or No?
Whether sports betting is legal is one thing, but whether it’s legal to bet with something that doesn’t even exist in the real world is completely different. Sports betting has had a rough past due to the fact that some jurisdictions accept it while others disregard it completely.
Bitcoins are still considered to be a grey area when it comes to legislatives. Regardless, many countries have stated their opinion about this recent phenomenon. They either don’t wish to regulate the matter yet or have strictly forbidden the financial transactions which include bitcoins.
The combination of bitcoins and sports betting is quite troublesome, as it is expected. Europe is among the first who attempted to improve the opportunities for such betting sites and certainly aims to pave the way for many more countries to follow suit.