Digital Marketing

How Bitcoin revolutionized the Betting industry

3 Mins read

The betting industry changes faster than perhaps any other sector. Few other areas have been affected quite as much by the rise of the internet as the world of betting, after all.

Online betting has only been around for a relatively short amount of time, but it is now a way of life. Indeed, with a lot of bricks and mortar casinos having to close down this year, it seems likely that the future of the industry will lie in online betting.

New trends are often seen in the sector and one of the biggest ones right now is the widespread adoption of cryptocurrencies such as Bitcoin as new payment methods on these sites.

This guide of online casinos that take Bitcoin will help anyone considering signing up for a new account to gamble online, but how did cryptocurrencies help to revolutionise the industry?

Payment methods always being changed

People who have been using online casinos for a long time will have noticed that payment methods offered by these sites change on a regular basis.

While some of the banking options stay the same, there are always new ones being added to the list. One of the reasons for this is to keep giving people more options to make deposits into their accounts and to take money out by withdrawing funds when they have had lucky wins.

It was relatively recently that debit and credit cards were some of the only payment methods at online casinos, so there has been a lot of changes in this department over recent years.

Now, for example, people using online casinos can take advantage of an e-wallet like PayPal to make deposits. The benefit of this is that withdrawals can be processed a lot faster, meaning people who win get their hands on their winnings quicker when they use an e-wallet.

Some payment methods for online betting sites come in and out of fashion. If an operator adds a banking option to their list and it does not prove to be popular, they take it off again.

As it has always been the case that online betting payment methods change regularly, it should not come as a surprise that Bitcoin has helped to revolutionise the industry.

Cryptocurrencies becoming more popular at online betting sites

While cryptocurrencies can have a mixed reputation with the public, it is clear that many people out there want to be able to pay for goods and services with Bitcoin these days.

Indeed, it has been claimed that Bitcoin could represent the future of mobile payments, with companies such as those in the online betting industry scrambling to keep up as a result.

People like to use Bitcoin and other cryptocurrencies to gamble online for a wide range of reasons. Key in the list of benefits is that the use of Bitcoin online can be anonymous.

What this means in practice is a person can sign up to an online casino site and use Bitcoin to make a deposit without having to hand over any of their personal or financial information.

While most online casinos are safe and secure to use, they are frequently targeted by criminal hackers so avoiding giving any financial details could prove to be a smart move in the long run.

As more people demand the chance to use Bitcoin to gamble online, more and more sites will have to add this option into their list of payment methods.

It could be the case that within a few months, cryptocurrencies like Bitcoin – which has seen its price surge again of late – will be a firm fixture in places such as online casino websites.

Ethereum transactions are on the rise too, so it is not just Bitcoin that is a cryptocurrency being used more and more.

But it has been Bitcoin that is the ambassador for cryptocurrencies in the online betting industry, helping to push through changes to payment methods that are a revolution.

It was Bitcoin’s popularity that pushed open the door for online betting operators to allow the use of cryptocurrencies to make deposits, with various other cryptocurrencies now offered.

Benefits of using Bitcoin for online betting

Along with the security benefits of cryptocurrencies revolutionising the betting sector, there are many other advantages to using Bitcoin.

For example, cryptocurrencies tend to be the fastest way to move money online. While deposits to online casinos and other betting sites are usually instant regardless of the payment method used, this is certainly not the case when it comes to withdrawals.

It is not uncommon for it to take a week or even more for withdrawals to reach a bank account when a payment like a debit card has been used.

But with Bitcoin, the transaction can be processed much faster than people would ever imagine, meaning they can get their hands on their winnings a lot quicker. Bitcoin has revolutionized the betting industry – and it will continue to do so in the future.

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