More and more gamblers are choosing bitcoin casinos and Bitcoin sportsbooks over traditional gaming sites. Why? There are several reasons. All of the reasons however point to the same underlying benefit. The fact that players have a better chance of beating the house. That’s with the name of the game and the gambling life is all about.
Since the invention of Bitcoin in 2008, gambling has proved to be one of cryptocurrency’s most compelling use cases. Let’s dive deeper into how this came to be and why more and more gamblers will continue choosing Bitcoin-friendly platforms whenever they are in the mood to press their luck.
The #1 Reason More Gamblers Choose Bitcoin Casinos
The same desire that feeds a gambler’s willingness to drop lots of money on one roll of the dice or spit of the wheel is the same desire that is driving more and more players to gamble using Bitcoin and other digital currencies. That’s the desire to win and win big. There are many reasons Bitcoin-friendly gambling sites can offer this, and at the end of the day, the fact that the average player has a better chance of winning is the biggest benefit.
Rather than talk about the fact that the odds of winning and promotions are better on crypto gaming sites, it’s probably better to illustrate the advantage of using a simple sports betting example.
Let’s say that on January 17, 2020, the NBA’s Toronto Raptors are hosting the Washington Wizards. The Raptors come into the game I have the favorite after winning their previous match-up against the Oklahoma City Thunder where the team saw the return of center Marc Gasol and witnessed two more top notch performances from the likes of Pascal Siakam and Norman Powell.
Consider the moneyline odds for the matchup on a website like Bodog (IE. One that accepts bitcoin but is still predominately known as a traditional fiat currency sportsbook.
- Washington Wizards +415
- Toronto Raptors -630
Now consider the odds on a crypto-only betting site like Nitrogen Sports.eu.
Nitrogen Sports Odds
- Washington Wizards +451
- Toronto Raptors -625
In the above real-world example, choosing the Washington Wizards through Nitrogen Sports provides 8% more on the payout.
The only thing a gambler has to do to take advantage of this 8% difference is use Bitcoin.
How a sportsbook can offer an 8% increase in the payout and still be profitable as a reflection of the other reasons gamblers are using Bitcoin casinos and sportsbooks.
Transaction Costs and Speed
Confirming a Bitcoin transaction on the network’s public ledger costs fractions of what traditional sportsbooks payout to third party payment providers like Visa, MasterCard, PayPal and the like. In fact, most third-party providers charge a percentage of each transaction. At scale, percentages always compound. So when a traditional sportsbook is taking more and more bets, it ends up paying out an astronomical amount in fees. These fees are a cost of doing business but they ultimately have to be passed down to players in the form of lesser odds and promotions.
How to players know they’re getting better odds? Shopping around at sportsbooks is only one way to find out.
Provably Fair Gaming
Most Bitcoin casinos offer provably fair gaming. Pretty much all of them. Provably fair gaming means that every outcome on a table game is recorded. The outcomes of the wages placed on those outcomes are publicly available for viewing by every player. This means players can literally comb through every result and see that they’re being treated fairly. Traditional online casinos would never do this, because they need a significant house edge in order to remain profitable. While the results of games are public, users can remain private.
Gamblers no longer have to explain to their significant others why they lost a bit of their savings last week. Bitcoin gambling sites don’t require users to complete Know Your Client verification to deposit or withdraw crypto. This means not only can users keep their gambling desires private, the gambling sites don’t need a KYC (Know Your Customer) team in place to comb through identification. Lowering the cost of doing business means offering more competitive odds to players and ultimately earning more profit.
Building a Sense of Community
The world of digital currencies has a way of bringing people together. Anybody who’s really into Bitcoin and the like has a certain distaste for centralized authority figures. In a traditional casino it’s all about bringing down the house. In a Bitcoin casino it’s about being fair to everybody, or at least fairer than the traditional industry standard says things should be.
It’s for all these reasons that more and more gamblers are choosing to use Bitcoin casinos and sportsbooks over traditional websites. It’s the way gambling should be!