How Do Online Bookies Switch Their Bettors to Bitcoin?

Written by:
Guest
Published on:
Mar/08/2018

Most pay per head agents should have already switched to Bitcoin or some other digital currency like Ethereum.

If you are an agent that has switched to Bitcoin, but has had trouble convincing players to switch to Bitcoin or Ethereum, keep reading to find out the top 3 reasons sports bettors should switch to Bitcoin or Ethereum.

Why Should Bettors Switch to Bitcoin or Ethereum?

The key to understanding Bitcoin is to understand block technology. Blockchain technology is pretty much a network of computers that talk to each other to perform transactions of value.

It doesn’t just have to be a digital currency like Bitcoin. It could be a contract that changes hands. It could be anything that can be digitized that represents value.

The reason it’s called block technology is because each time a transaction happens, the transaction is added onto a block that becomes part of the blockchain.

Once a block is set, it’s unalterable. It can’t be changed.

Reason #1 - No credit card fees

A blockchain doesn’t use a centralized system. There’s no hub from which transactions go in, and then from where transactions go out.

For example, when a sports bettor uses his or her credit card to load up his account, the credit card company ingests the transaction request into a centralized system.

The company then determines that it’s a cash transaction. Credit card fees charge for cash transactions.

Because Bitcoin is peer-to-peer, meaning it’s based on blockchain technology, there is no centralized system to call it a cash transaction.

No cash transactions mean no credit card fees.

Reason #2 - Safer deposits with Bitcoin

Since Bitcoin transactions are based on a blockchain (the Bitcoin blockchain), and are also peer-to-peer, it becomes very difficult for anyone to hack the transaction once it begins.

Once the transaction is complete, it’s pretty much impenetrable. Nobody can change the transaction.

That’s why it’s safer than using government backed currencies.

Reason #3 - Bitcoin is anonymous

Peer-to-peer means that the only individuals who know you own certain Bitcoins are the individuals you transact your Bitcoins with.

There isn’t a ledger at the Bitcoin bank that says how much money you have. Each Bitcoin has a specific code. Even an eighth of a Bitcoin has a specific code.

There’s no way to confuse one sports bettor’s Bitcoins with any other sports bettor’s Bitcoins. 

Switch to PayPerHead for Cash Back

PayPerHead.com has been in the sportsbook industry since 1997. They offer industry-leading tools and understand what it takes for an online bookie to succeed.

They also know how important cryptocurrencies, such as Bitcoin and Etherium, is to online bookies and their bettors.That’s why they’ve dropped the transaction fees on cryptocurrency.

Not only that, but online bookies can get 5% cashback on their initial Bitcoin deposits (up to $5,000).

Find out more about online bookie benefits of switching bitcoin here.

And, Keep your money where it belongs-in your pocket.

Business/Financial News

ICYMI—Wins & Losses for Bookies During The World Cup Opening Weekend

The World Cup Opening weekend is a wrap, and online bookies using the right tools should have made it out big. Get the recap and don’t make the same mistakes twice, and make Matchday 2 profitable.

3 Social Media Marketing Tips For Bookies To Grow Their Sportsbooks

Social media marketing can be used to grow sportsbooks, but pay per head agents still must stay discreet. Get the 3 best tips to be social and grow your online business and find out the don’ts too!

Reasons Why You Should Use Bookie Software to Run Your Sportsbook

Today it’s possible to run a world-class sportsbook even if you’re a one-man-show. You can actually rival most online sportsbooks by using bookie software to run every aspect of your operation.

Coolwallet S Hardware Wallet Review

Our friends at Bitcoin.com News this week provided readers with a review of the new Coolwallet S hardware wallet they received.

Report: Ireland Financial Institutions Denying Crypto Companies

Leading cryptocurrency-based companies claim that some of Ireland's major financial institutions have denied them service.

Syndicate