There are so many reasons gambling with cryptocurrency is better than using traditional fiat currency. Even though cryptocurrency and blockchain are such new technologies (they are both only 11 years old), the best part is that there are so many options out there for gambling with Bitcoin and the like, it’s impossible for players not to increase the odds of coming out on top in the long run and beating crypto-friendly casinos.
Read this countdown listing all of the reasons. After doing so, it’ll be crystal clear as to why gambling is the second most popular use case for cryptocurrency outside of peer-to-peer payment processing.
No Need for Third-Party Payment Providers
The number one reason cryptocurrency purists use Bitcoin and other altcoins is because there is no central authority telling users what they can and can’t do with their monetary value. Everything is governed by the blockchain. Blockchain technology makes it possible to facilitate all interactions in a trust-less and fully decentralized manner.
This means no need for sportsbooks and gambling websites to pay fees to services like Visa, Mastercard, Paypal or Skrill. It even means further enabling these websites to avoid drawing the ire of governments, something even most large recognized betting platforms like Bodog have already been doing since online gambling first became popular in the 1990s. The bottom line is, using Bitcoin to accept bets is good for business.
It’s also good for gamblers. Think about it. A penny saved is a penny earned. If a betting website can save money on transaction fees and administrative tasks related to pleasing government agencies, those savings can be passed down to gamblers in the form of better odds and better promotions.
More Privacy for Businesses and Users
Bitcoin isn’t just good for facilitating trust-less transactions, it’s a good way to maintain a higher degree of anonymity. Although using Bitcoin doesn’t guarantee users they will remain 100% anonymous, there are many other cryptocurrencies that have entered the privacy game in the last 10 years that are literally fully anonymous.
The list of cryptocurrency friendly gambling sites that allow users to register, deposit, and withdraw winnings without ever having to reveal their real name or share identification is growing rapidly. This also means that gambling sites may or may not be reporting details on their business dealings to governments. Although that doesn’t necessarily provide a direct benefit to gamblers, the indirect benefit is that gambling businesses are now highly incentivized to make users happy so they can keep making money hand-over-fist, even if the profits come in the form of digital currency.
Better Odds and Promotions
As mentioned, cryptocurrency gambling sites pass down the money they save on administrative costs to users by offering better odds. A good example of this can be found in the world of sportsbooks. The traditional fiat sportsbook Pinnacle for example is known for trying to acquire customers by offering them better odds on sports bets than their fellow traditional competitors (that includes online gambling sites like Bodog, but also brick-and-mortar books in Las Vegas)
While not all Bitcoin-friendly betting sites can beat Pinnacle’s odds, sites like Betcoin.ag and Nitrogen Sports will routinely offer better odds on at least several games daily. Sharp bettors can easily expose these for profit. Promotions in the Bitcoin betting sphere are similarly more competitive for the same reasons.
Houseless Casinos/Peer-to-Peer Betting
Even the savviest Bitcoin gamblers here at BGG probably aren’t in-the-know about predictive markets yet. Predictive markets enable peers to create their own bets and odds. It’s not that easy to set this up from a technical standpoint yet, but most gamblers hungry enough to make money will want to figure this out. This idea completely cuts out the middleman. As much as it sounds like a crazy and new idea, it’s not.
In the early days of brick-and-mortar casinos, the average casino’s cut was a lot smaller than it is today. The focus was on giving gamblers a place to gather and wager against each other. House odds simply weren’t as bad back in the day as they are today. Blockchain technology and predictive markets are changing that.
Some very smart operators are also using predictive markets to create house-less casinos. House-less casinos make money off of transaction fees rather than betting odds. This gives gamblers a way better chance of winning. It also creates a sense of community, because gamblers can shift their focus to competing against each other rather than having to compete against the evil house.
For all these reasons, it’s totally worth it to take the leap into Bitcoin betting. Those already knee deep in the game can really take things to the next level by exploring gambling with crypto-only betting sites (I.E. going beyond Bodog, 5Dimes etc…), predictive markets and house-less blockchain casinos.
In the end cryptocurrency gambling might mean more profit going to you, instead of just the house.