Bitcoin Betting using Offshore Sportsbooks Increasing in Popularity
Bitcoin has been called the “new currency for online bettors”, and by the rise in the digital currency's popularity in the last few years, it is difficult to disagree.
It isn't just your typical sportsbooks and sparkling new trendy betting websites that have adopted the crypto-currency as its newest way to do business.
Offshore betting and sportsbooks have turned to bitcoin when taking bets and paying out winnings. It is quickly becoming the offshore bookies preferred way to take and settle wagers. Bitcoin betting isn't going away anytime soon, and more and more offshoring betting websites will be adding the payment service in the future – if they don't already.
Bitcoin betting – What is it?
The digital currency has been around since 2009 and in recent years it has become a major news headline grabber.
Part of the reason for its popularity lies in its ability to challenge our conventional fiat currency system.
There is no central bank, which causes many to worry about bitcoin's – and other digital currencies' – volatility.
The digital currency can be worth a lot of money one day and nearly crash the next.
The best part about Bitcoin sports betting is that the digital currency is universal. Anyone, not matter which country they are in, can use bitcoin to make purchases.
There are no money currency conversions, and users can purchase products, or even wager on sports, across the globe without losing out on money through conversions.
Think of bitcoin as poker chips or the chips you would win at a casino. They are all worth the same once you have them in your hand. It doesn't matter which currency you used to purchase them – dollars, euros, pounds, rubles.
By using bitcoin, everyone now has the same currency.
The only difference between bitcoin and cold hard cash is you don't see it and it stays in your e-wallet.
Think of it like your credit card. You don't see the credit, it isn't physical, but you can still use it to make purchase or wager on sports.
Bitcoin betting – Rise in popularity
Offshore betting and other online sportsbooks have been quick to adopt bitcoin. Although bitcoin was created in 2009, it took around eight years to get strong positioning in the betting industry.
In 2017, it was reported that Bovada – a premier sports betting website for United States' gamblers – received 42% of customer deposits in bitcoin or other digital currencies.
The amount of withdrawals using bitcoin betting was even more astonishing as that number more than doubled.
Compared to 2015, the bitcoin betting popularity was a mere 10%. The 22% spike is just the tip of the iceberg when it comes to offshore betting using digital currency.
By the end of 2018, some industry experts expect all business done by sportsbooks like Bovada to be done via bitcoin.
Bitcoin betting – Why are punters using digital currency?
The main reason most U.S. punters have adopted bitcoin betting is due to the anonymity of it.
The use of digital currency allows American-based gamblers to tiptoe around the laws that govern sports betting in the country.
Compared to the United Kingdom, Australia and Europe, the U.S. has strict sports gaming laws. Outside of Las Vegas, Nevada – the Mecca of U.S. gambling culture – sports betting is prohibited.
By using bitcoin betting and wagering with offshore betting websites, punters can bypass the laws and enjoy what many of the other countries in the world do every day.
Through the laws enacted by the U.S. government, credit card payments cannot be accepted by gambling websites. However, bitcoin can be accepted and the person using the digital currency cannot be traced, like when you use a credit card or check.
Bitcoin betting – You won Bitcoins, Now what?
Hopefully, once you began wagering on offshore betting websites using bitcoin, you won.
Now, you want to withdraw your winnings. After withdrawing your winnings, they move into your e-wallet. You can now use the bitcoins on websites to buy goods and services.
This is a simple way to use your winnings from bitcoin betting. Depending on how many bitcoins you have won and how wealthy you are, you may make large purchases.
This is when you must be careful. Depending on the purchase you make – CNBC.com states over 100,000 businesses accept bitcoin currently – you may have to report your purchases to the IRS.
This could cause unwanted eyes to peer into your offshore betting lifestyle. Not all purchases will be big, but there are some who have used their bitcoins for large purchases like houses, cars and even investing in real estate.
There may be a good chance you don't want to use your bitcoins for goods and services.
Maybe you want to withdraw it and save it. Perhaps you want to turn it into cold hard U.S. dollars.
You can do this. You will need to open an account with a bitcoin exchange.
There are several out there now and they let you sell your bitcoins to them – with a small fee – and they will give you cash.
You can then withdraw it to your bank account. Again, large transactions and activity on your bank statements could draw the attention of the IRS. So, you may need to look at reporting your winnings and paying taxes.
Bitcoin betting – Volatility
Bitcoin betting is great for offshore betting websites, but it is important that you remember the digital currency's volatility.
It is claimed that the wealth you have accumulated in bitcoin decreases every day. Your bitcoins could lose value overnight and be worth very little after a month in your e-wallet.
Conversely, the volatility could make them worth far more.
Bitcoin experts suggest cashing out or selling your bitcoin, rather than hording it.
Yes, you may think saving the digital currency could be a good thing, but in actuality, it could cause you to lose the winnings you have made.
It is important to be aware that a number of companies are sprouting up around crypto-currency. These are offering investors digital currency if they invest in their companies.
They also hope to be the next bitcoin. Offshore betting using bitcoin betting is a great way for U.S. gamblers to wager on sports.
However, knowing what to do with your winnings when it is time to withdraw your money could save you a lot of time, headaches and cash.
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