Bitcoin has rapidly entered the online betting industry and recently, more and more bookmakers and casinos have started embracing the best-known cryptocurrency as a deposit/withdrawal method. As a matter of fact, many operators have placed bitcoin at the forefront of their business models for the future as it looks that this trend is here to stay.
Pros and Cons
Gambling with bitcoins has become an obvious choice for a considerable number of punters due to the numerous advantages it offers compared to wagering with traditional fiat-based money. Placing wagers with digital currencies has several pros which far outweigh its cons.
Bitcoin a decentralized currency, meaning that it is immune to government seizures and no one can ever freeze your account or impose any limitations on it. It is run on a blockchain system and transactions fees are virtually eliminated as there is no middleman involved between the payer and the payee. Another massive plus is that bitcoin transactions are close to instantaneous.
Betting with bitcoins is very secure. You are not required to submit any personal data when depositing or withdrawing to and from your gaming account, hence the chance to have your identity stolen is reduced to a minimum. The process is almost anonymous which can be particularly useful to players from areas with imposed restrictions on online gambling such as the USA. The number of bookmakers that accept Bitcoin increases rapidly. According to azBookmakers there are more than 110 betting sites that offer Bitcoin as a payment option.
Maybe the biggest minus of bitcoin is that it is exposed to the fluctuations of global markets and it can be extremely volatile, resulting in loses and scary prospects for bettors. On the other hand, it can inflate its value and you can notch up a double win.
Crypto betting in Europe
Very soon bitcoin betting in casinos and sportsbooks will be officially legalized and regulated across most parts of Europe. The pioneer of internet gambling on the continent - Malta has announced that aims to develop a sustainable blockchain strategy in order to benefit from an early adoption of the technology.
The Maltese government has already awarded a gambling license to the eSports company Unikrn and the platform can now offer its encrypted UnikoinGold crypto token for real-money wagering in licensed jurisdictions.