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The US Supreme Court opened the doors to legalizing sports betting across all 50 states this past May, including Mississippi, providing each state comes up with their own laws. With the current marriage between bitcoin and online gambling, it seems logical that local bookmakers and agents would like to have their clients paid in cryptocurrency as opposed to having to run around carrying pockets full of cash. Bitcoin payments can be made in under an hour.
Mississippi's situation on the surface might seem bad for the bookies.
They are among the first states to legalized sports betting and the demand has been rather high based on the inquiries coming throughout the Southeast to the Gambling911.com website.
Here's the kicker. Mississippi will only allow sports betting in its casinos, and they do not anticipate offering online access any time soon.
Local bookies will also benefit by having a growing number of sports bettors inconvenienced traveling to Tunica or Biloxi.
It's also unlikely that the casinos here will offer competitive bonuses and LIVE IN-PLAY WAGERING. Many Pay Per Heads also incorporate a live dealer casino and horse betting platform.
Bookies and agents alike will probably be making their way over to Tunica in an effort to build up new clientele from out of state.
1. Bitcoin and other cryptocurrencies are peer-to-peer
With no middle man involved such as a credit card company facilitating the transaction, they are less penetrable and more private.
2. Sports bettors, all players, are switching to Bitcoin or other cryptocurrency
Over 60% of sports bettors now deposit via Bitcoin.
That number should be closer to 70%, PayPerHead.com suggests.
The reason has nothing to do with gambling laws. What it has to do with is privacy.
3. Over 80% of sports bettors withdraw in Bitcoin
Sports bettors prefer to remain anonymous throughout the betting process. That includes depositing funds and making wagers. It also includes withdrawing funds.
The 80% number is a real number.
When an agent thinks about it, it makes sense. Why would a sports bettor want to receive payouts in a traditional currency?
Traditional currencies are regulated.
4. Eliminating last of the "risk" aspects of bookmaking
Digital currency is transferred across the Net securely. No more carrying around wads of cash and risk being robbed or arrested. While the Pay Per Head previously removed much of the liabilities associated with a bookmaking business (the wire room, records keeping, actual bet taking - all of this is now done by the PPH outside the US), money collection and payout was still primarily the local bookie or agent responsibility. Cryptocurrencies have helped in this regard.
- Aaron Goldstein, Gambling911.com
