As bitcoin settles in around the $630 range after falling to $500 earlier this year, the benefits of using sportsbooks who deal only in bitcoin once again is spotlighted. Players with accounts at bitcoin sportsbooks like Betcoin.ag reaped the rewards of the price rise. Players who bet at fiat-based books reaped nothing at all.
The reasons are simple. Fiat-based sportsbooks accepting bitcoin immediately convert that coin into dollars at the market price and force the customer to bet in fiat currency. When cashing out, the book will convert the winnings back to bitcoin, again at the current market price, and send that bitcoin to the customer.
What this means is the player is vulnerable to the bitcoin market price. A customer who sent in four bitcoin to a fiat sportsbook when the price was $500 received $2000 into his account. If the customer, after breaking even in his bets, wanted to cash out that $2000 when the bitcoin price was $630, he would have suffered a loss. Instead of receiving four bitcoins when cashing out, he would have received just 3.17 bitcoins.
Such an example highlights the pros and cons of using books like 5Dimes and Bookmaker as your main outs. Not only are you gambling on the games, you are gambling on the price of bitcoins. A price rise after you deposit bitcoin will hurt you. A price decline will help. It’s nice to sell $600 of bitcoin to a sportsbook when you can buy one back for $500 after the price falls. But it adds an element to sports betting that most players would prefer to avoid.
Enter the bitcoin only sportsbooks like Betcoin.ag. Betcoin.ag only accepts and pays out in bitcoin. When you send in one bitcoin, you get 1,000 credits into your account. When you try to cash out those 1,000 credits, you get one bitcoin back, regardless of the price of bitcoin.
There are also other benefits to Betcoin.ag vs. other sportsbooks. Betcoin.ag offers reduced juice to most football games. Laying 107 to win 100 adds up when compared to 110 to win 100 like Bookmaker and 5Dimes charge. Betcoin.ag also doesn’t require any personal information from its customers. You send in your money, you start playing. You can remain anonymous if you choose to do so, no longer having to send in copies of your electric bill or driver’s license if you want to withdraw your money.
Betcoin.ag offers a wide range of games for its players. In addition to sports betting, you can also play poker or a variety of casino games. And when you win, you get paid quickly. Bitcoin users have long been spoiled with quick transactions and demand nothing less from their sportsbooks. Sportsbooks like Betcoin.ag, part of the bitcoin culture, understand this. They know quick payouts, in hours not days, are needed to be successful in the bitcoin world. Fiat bookmakers like Bookmaker and 5Dimes, after years of using third parties to handle payouts, are incapable of thinking that way. A quick payout to those books is one day, not one hour.