Betting with Bitcoin – Is It The Future?

Betting companies and casinos are often at the very forefront of technology. They’re quick to adopt the latest trends or security features and are always looking for new ways to offer a better service for their customers.

Take the likes of Betfair, their exchange has long been at the forefront of the industry, allowing punters to bet with each other, breaking away from the traditional format. What’s more, offers such as being able to get a Risk Free £20 Exchange bet at Betfair Exchange is also breaking the mould with new ways to attract customers.

It’s the same with brands like bet365, who have enough live sport to stream that they can almost rival Sky. So why is it so few of the big guns are yet to welcome cryptocurrency as a method of deposit and withdrawal?

It’s been a slow start for the likes of Bitcoin being accepted in the gaming community with only a handful of lesser known brands having adopted the technology.

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In some cases that’s a case of regulation. For example, in countries such as Japan gambling is heavily regulated and using this method of payment is against the legislation in the country.

However, in the likes of Belgium, Poland, Greece, Italy, Holland and the UK, they all have legislation in place for crypto gambling.

The UK Gambling Commission has approved Bitcoin as a method of payment in the country, but they do also warn customers to approach with caution.

Which is part of the problem. At present cryptocurrency needs to build that element of trust with the public, and once it does it is likely that big brands will start to accept it as a viable form of payment.

NetBet are one brand who have accepted Bitcoin, becoming the very first in the UK to do so. Their stance was that they are at the forefront of a payment revolution and will offer customers new levels of security.

A spokesperson for the brand said, “In addition to the transaction speed, using Bitcoin will reduce the risk of fraudulent activity and players will be able to preserve their anonymity, considering just an email address is required to process a Bitcoin payment.”

When it comes to transaction speed, that will prove a huge benefit should it be rolled out across more betting sites. At present, eWallets such as PayPal offer the quickest transaction speeds, with withdrawals taking a few hours. With cryptocurrency the transaction speed would be instant, allowing customers to withdraw their winnings at the click of a button with no waiting time.

That alone would prove a revolutionary move. The air of caution from brands to adopt cryptocurrency is clear though. Should NetBet prove a big success with it, then expect more to follow and as cryptocurrency continues to become more commonplace in society we can perhaps expect it to be a permanent fixture in our sportsbooks and casinos too. The benefits are there for all to see.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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