The FIFA World Cup 2018 in Russia is most likely the World Cup during which more bets have been placed using bitcoin (BTC) than at any major sporting event ever before. Bitcoin acceptance by online gambling companies dates back to the early years of bitcoin but, in the last 12 to 18 months, the bitcoin gambling market has exploded as an increasing number of gambling platforms are looking to benefit from growing cryptocurrency adoption and the increased security that decentralized digital currencies can provide.
One of the newest cryptocurrency-embracing online gambling providers is Betcoin.com, which offers its customers the ability to bet on the World Cup 2018 using bitcoin.
Betting with Bitcoin on Betcoin.com
Betcoin is a Malta-based gambling provider that enables bitcoin users to bet on a wide range of sporting events, partake in poker tournaments, try their luck in its live online casino and play a wide range of digital slot machines.
Betcoin.com differs from the majority of other bitcoin gambling platforms in that it offers a wide array of sports betting options, which makes it particularly appealing for sports betting enthusiasts.
For football fans, the platform’s World Cup bets are currently the most interesting and relevant. The platform provides all the popular World Cup bets, such as who will win their group or lift the trophy at the end of the competition, as well as specialist bets such as whether a team will be given more or less than 7.5 goal kicks in a specific game.
To place World Cup bets on betcoin.com, users simply sign up with a username and password. After confirming their email address, users then need to deposit funds into their account before placing their first bet.
Depositing funds using bitcoin is straightforward and involves nothing more than accessing the deposit section, adding the amount of money you want to deposit (in fiat currency denomination) and clicking “Deposit” to then send BTC to the given address for your account.
Initially, the Betcoin user interface takes some time to get used to – mainly due to the sheer amount of betting options available – but once you have gotten accustomed, you will quickly recognize that the platform suits most sports gambling needs.
Betcoin accepts bitcoin (BTC) through the payments provider Cubits. Currently, the platform only supports the pioneer cryptocurrency, but they are also looking into accepting other digital currencies in the future. Betcoin’s Ali Bagheri told BTCManager:
“We will gradually add other major cryptocurrencies, such as Bitcoin Cash, Ethereum, and Litecoin to the platform. To be able to do this, we have discussions with payment solutions companies such as Cubits, to try to push for more reliable and trusted companies to expand in the crypto-world.”
Next to bitcoin, the platform also accepts traditional fiat currency payments options, such as credits cards, Skrill, and Neteller, among others. To withdraw your winnings, you will have to go through a standard KYC process.
Why Online Gambling Companies Are Adopting Bitcoin
If you follow blockchain media, you will have noticed that in the last few years more and more online betting companies have started to offer bitcoin as a payment method.
Gambling companies are not only adopting bitcoin to promote their platforms in the growing cryptocurrency community but also because there are several benefits for betting companies that accept bitcoin.
Firstly, bitcoin transactions incur lower costs than traditional payment methods such as credit cards and Skrill, which enables gambling platforms to save money on transactions costs.
Secondly, by enabling bitcoin as a payment method, gambling companies can reach a broader potential customer base as not everyone has access to a credit card or a Skrill account. This is especially valuable as it allows gambling providers to attract new customers from emerging markets.
Thirdly, the potential for chargeback fraud is eliminated as bitcoin transactions cannot be reversed without both parties agreeing on the transaction. Since chargeback fraud is a significant issue for the online gambling industry, bitcoin is a welcomed sight for companies in this sector. On the benefits of accepting bitcoin as an online betting operator, Ghamsary told BTCManager:
“Thanks to bitcoin we can accept clients from developing markets where fiat payment methods/credit cards are not widely used. Another benefit is the low transaction costs which everyone benefits from. Now that bitcoin is more mainstream, we can also offer a reliable platform that is working under a license that takes responsibility, something we know is lacking with other companies in the crypto-world.”
While facilitating online gambling may not be quite what bitcoin creator Satoshi Nakatomo had in mind when he developed the world’s first decentralized digital currency that empowers users to “be their own bank,” he did manage to create a global payment system that a wide range of industries are benefiting from, with the online gambling sector being one of the primary benefactors.