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There are pros and cons for players to use Bitcoin and cryptocurrency in your sportsbook. As an honest online bookie, you must be upfront with players who wish to utilize Bitcoin or some other cryptocurrency.
Keep reading for the advantages and disadvantages. Then, check out all the bonuses of PayPerHead.com and cryptocurrency for online bookie agents.
Get 5% Credit Cash Back Using Bitcoin—Find Out More Here!
Pros of Players Using Cryptocurrency
Anonymity – Bitcoin provides anonymity because there’s no third-party involved. The only individuals who know about the transaction are you, the online bookie, and the player.
Safety – Because cryptocurrencies like Bitcoin are transacted via blockchain technology, it’s difficult for anyone to steal, or hack, the transaction. It can be done, but it doesn’t happen often, and, so far, it’s only happened to Bitcoin type banks, not an individual sportsbook.
Cryptocurrency conversion – Cryptocurrency can be converted safely and easily. It takes a few cents to convert Bitcoin, as an example, into a fiat currency. This means that if a player needs to turn his or her cryptocurrency into cash, he or she can do it quickly.
Cons of Players Using Cryptocurrency
There’s really only a single con: Bitcoin and other cryptocurrencies are volatile. This means that their price goes up and down depending on the market.
The price of a single Bitcoin can go up $700, or down $700, in a single day, or even a single hour.
Is this a huge problem for players? It could be if they decide to keep their winnings and savings in Bitcoin. By not converting their Bitcoin, or any cryptocurrency, into cash players could end up having less money once they do convert their Bitcoin.
The reason is that the Bitcoin itself has value. It’s value is comparable to the U.S. dollar or some other fiat currency. It’s value isn’t intrinsic like gold. Bitcoin also isn’t based on interest rates or inflation.
Bitcoin’s value is based on how much an individual or institution is willing to spend, usually in dollars, to acquire the Bitcoin.
There online bookies have it, pros and cons for their players using Bitcoin or other cryptocurrency. One thing to keep in mind is that the con is easily handled if players convert their cryptocurrency into cash once a week.
Make sure to let your player know that.
One Last Thing…
There’s a pro for online bookies to use cryptocurrency and bitcoin outside of the same ones listed above for your players.
How? PayPerHead.com knows how important cryptocurrency is to bookies. It’s quickly becoming the payment of choice. That’s why they’ve waived transaction fees for online bookies who use cryptocurrency in their sportsbook.
That means online bookies can keep more money in their pocket while still reaping the benefits of Bitcoin, Ethereum, and Litecoin.
If online bookies aren’t a PayPerHead agent already, they can also cash in on a 5% cash back rate when they make their initial deposit in Bitcoin.
That’s 5% credited back into your sportsbook account just for using Bitcoin.
Find out more about the advantage of bitcoin and cryptocurrency at PayPerHead.com
