Impact of Bitcoin on Betting in the UK
Sports betting has grown to be one of the most popular activities in most countries including the UK.
15:41 14 April 2021
While there existed a huge prevalence of offline betting booths and other local gambling venues, there came a wave of online sports betting. Players have been joining online betting sites that have since grown in number in the UK, make quick deposits, enjoy bonuses such as this sign-up offer, and bet on their popular sports.
But there have been further advancements and technology incorporation in the industry. A rise of features such as live betting, live streaming, and mobile sports betting via tailored apps have come up. While these features have been received well, other technological developments have come up especially in the banking section where block chain technology has been adopted. Players can now carry out transactions on some UK sportsbooks via bitcoins among other cryptocurrencies.
The impact has been huge thanks to this new dimension introduced to the betting world. Here are some of the impacts of bitcoin on betting in the UK.
- High-level privacy
One of the major highlights about the crypto world is that the level of security is at an all-time high. As opposed to the normal sportsbooks where loads of details such as personal, contact, and account information will be required to create an account and process payments, Bitcoin sportsbooks will not require some of these details.
All that will be needed on a transaction is a specified address where funds will be deposited. This negates the need of requiring one’s banking information.
- Almost zero fees
As opposed to the normal sportsbooks that will have fees charged on several transactions including the remitting of taxes from the winnings, Bitcoin sportsbooks are different.
Players in the UK will expect little to no fees since these operators are not regulated by any payment services. And with the cost of transacting low, more preference is on the Bitcoin sportsbooks.
- High-value bonuses
This is a catching point that has attracted most UK players. While the normal online sportsbooks offer an average-value bonus, mostly doubling your deposit, Bitcoin sportsbooks offer massive bonuses. Some offer bonuses in the range of 1 BTC to 5 BTC. Currently, 1 BTC equals £42,700.
- Speedy Payments
Talking of speeds, Bitcoin has to be in the discussion. Players are now enjoying instantaneous deposits and withdrawals and the best part is that there exists no middleman or intermediary in between. This ensures that security in the payments is well-guaranteed which is a major score.
- Bitcoin value on the rise
Finally, as the laws of demand and supply state, when the demand is high, the value of the product is expected to follow suit. Currently, Bitcoin has been on the rise thanks to its demand globally that has seen its value hit insane numbers. This goes on to give players who play at Bitcoin sportsbooks an upper hand. They can opt to withdraw at the current rate or hold on to their winning as the value increases further before they can exchange the winnings with fiat currency.