- American sportsbooks are hesitant to accept Bitcoin and other cryptocurrencies because of their fluctuating value.
- Bitcoin users will often see their payouts go up or down depending on the value of BTC at the end of an event so their winnings are not straight up as they would be with other payment methods.
NEW YORK – People across the globe love to use Bitcoin (BTC) as a form of currency on the internet to make purchases but when will sportsbooks in the United States embrace the cryptocurrency favorite as a valid payment option?
Sports betting platforms in the United States accept a vast array of financial choices from their players to fund accounts but Bitcoin and others like it are seldom seen as one of those choices; why? The short answer is simple, Bitcoin is not as straightforward when it comes to placing a bet and winning a bet and that in itself can become an unnecessary headache for US sportsbook operators.
What does that mean exactly? One dollar, be it from a credit card, money order, debit card or the like will always have the worth of one dollar but that is not the case with Bitcoin. The cryptocurrency’s value goes up and down with the market.
Does The United States Want Bitcoin At Their Sportsbooks?
The US is constantly modernizing and the sports wagering industry is no stranger to modernizations as software and technology are an ever-evolving sector for online sportsbooks to use to their advantage. American sports betting applications are in constant competition with legal online sportsbooks as they are used across nations with the added bonus of offering their members an option to use Bitcoin.
BTC is used often by gamblers because of the fast turnaround it allows for deposits and withdrawals. It also comes with high-security measures that let players remain anonymous and zero transaction fees whereas using a credit card or other methods of payment result in different fees per transaction and that grows tiresome for players as they’re essentially taking a small loss on any action occurring with through their sports betting activity.
If Bitcoin and cryptocurrency stay as prevalent in the financial world as they are right now and prove to be something that is “here to stay”, US sportsbooks will be more open to using them.
Technology will continue to change and help ease any issue that legal sports betting operators in the nation may run into when dealing with the fluctuating valued currency of BTC. Outside of this issue, there is nothing but benefits for players that could be conducive to drawing in more sports bettors and causing an influx in market activity for sportsbooks across the country.
It’s a safe bet that if American operators are given a better way to deal with any BTC problems involving wagers and their end payout values, players will soon be seeing this option offered to them in the future using legal sportsbooks in the United States.
News tags: American sportsbooks | Bitcoin | BTC | coinbase | Cryptocurrency | US sportsbooks
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.