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Learn how “Pay per head” business model work and how to use it to manage your business more efficiently.

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How have mobile technologies affected sportsbook operators and bookmakers as they fight to catch up with technological advances? Find out more on our most recent post

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A new gold rush on the gambling and sports betting industry has rise due to recent regulations passed in the United States. Learn what is expected in the upcoming years when gambling operators compete to establish operations in different areas of the States.

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How Digital Currencies Shape Sports book Operators and Bookmakers

The advent of digital currencies have seen an explosion worldwide and has changed the way people think about money. These digital currencies are here to stay and the ripples they will cause in the sports betting market (and in the economy at large) are yet to be fully seen.

Why are digital currencies popular in sports betting markets

There are several benefits that digital currencies (usually known as cryptocurrencies) bring to the table. The quickness in which transactions are processed and the close-to-zero fees involved in the transactions are both benefits which are sought after sports bettors around the world.

The fact is that cryptocurrencies are here to stay and its meteoric rise is testament of this. Digital currencies also work on a peer-to-peer level, that is the transactions flow from one user to another, without the interference of a central banking system, makes them specially useful for sports betting purposes where this market still hold a gray area as the United States is still in the process to regulating sports betting independently across states.

The rise of cryptocurrencies in gambling markets

There is no doubt of the recent rise of cryptocurrency in the gambling industry alongside mobile markets which consequently now has almost every offshore sportsbooks accepting digital currencies for desktop and mobile players as a cashier method. Even though initially these establishment were reluctant to do so, the digital currency euphoria pushed them to understand the demand for this new type of solutions on the current digital era.

One of the major advantages that digital currencies bring to the table when dealing in the sports betting market is removal of the fear of funds been frozen by banking institutions. Additionally the transactions fees are much cheaper and the processing is much more straightforward when compared to other forms of payments such as money transfers or bank wires.

Accepted Digital Currencies

There are several digital currencies out there. Bitcoin is currently ahead of the pack in terms of popularity. This is by far the most commonly accepted form of cryptocurrency on offshore sportsbook and even local bookies which use offshore pay per head solutions to run their business hassle free.

When it comes to the acceptance of other types of digital currencies it really depends on the particular sports book or bookie software. Litecoin is another popular choice. It’s basically a different version of bitcoin which brings a boost in speed and it’s also less expensive to use. Etherium is another crypto that is gaining popularity, this is because in terms of technology is ahead of most other cryptocurrencies out there. Is expected to continue to rise as Bitcoin reaches its peak.

Low transaction costs

The major benefit that digital currencies allow is the low transaction costs. Even if planning to send or receive 5 figures it’s usually less than a dollar to apply such transaction. Also most sportsbook and offshore bookie software companies do not charge a penny to fund your account with them when using the payment method.

When compared to other payment and funding methods such as checks, bank wires, and money transfers, these all involve a transaction fee that starts with $50 per transaction upwards.

Fast processing times

Crypto currencies also are the quickest of all transaction methods out there Sportsbooks and offshore bookie service providers usually process Bitcoin either instanly or within a 48 hours window.

When compared to other payment methods the speed of delivery is night and day. A single check can take up to 3 to 4 days to reach the customer, but usually the waiting periods are a lot longer.

Cryptocurrency Price variations

Digital currencies considerably new in the market. Because of this prices have not reached a level of stability favored by users. Since it’s a new technology nobody knows how it will behave in the future. This level of unpredictability even for sports bettors tend to be to big to swallow.

There is a workaround to this though. Multiple sports books and offshore bookie services convert the received cryptocurrency into U.S. dollars instantly. Because of this the deposit is to affected by fluctuations in the market, however this is not across the board and the user will need to ask the provider directly how they choose to manage deposits on arrival.

Conclusion

The advent of digital currencies have changed the way we think about money transaction in the digital world. With the upcoming propagation expected to be seen in the sports gambling market in the U.S. it’s only expected to continue.

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