Cryptocurrency, Notably Bitcoin, Is the Easiest Payment Method
When you utilize a pay-per-head (PPH) service to run your online sportsbook you’re still responsible for dealing with all of the money. PPH shops don’t act as a cashier for your business.
With that being said, it’s important to determine how you’re going to collect money before you start a sportsbook. In this article, I’m going to explain why bitcoins are the most convenient method.
Why Bitcoins (BTC) Are the Most Convenient Way to Collect/Payout
There are multiple ways to collect of your players. If you’re a local bookie, accepting cash is likely your best option because you can simply meet up with your players once a week/month.
However, once you start accepting players from other cities or even countries, you need to find a way to accept deposits and payout withdrawals. As a bookie, it’s not a good idea to accept some payment methods depending upon where you live and whether or not it’s legal in your country.
Having a paper trail from a bunch of deposits/withdrawals from your bank is not a good idea. Not only can the transactions become suspicious to your bank and you risk having your bank closed, but it makes it simple for a rogue client who owes you money to go to law enforcement.
Bitcoins are Becoming More Popular
With that in mind, here’s why Bitcoins (BTC) are the most convenient payment method for a bookie.
• Nearly Anonymous: While it’s not completely anonymous, there are steps you can take to ensure your identity is basically anonymous. This is important, as in most cases you don’t want your clients to know everything about you, such as your full name and address.
• Fast Transactions: Deposits and withdrawals will be nearly instant using BTC. Your players can send you money instantly and start betting with the money rather than having to wait multiple days for a payment to be processed using some alternatives like bank transfers.
• Low Fees: You may not know, but it costs a lot of money in fees to send/receive money as a bookie. That’s an expense many new bookies don’t consider. However, if you strictly offer banking through Bitcoin the fees will be miniscule and you’ll help your bottom line.
• Global: You can send Bitcoin anywhere in the world to anyone. As long as the person has a Bitcoin wallet, you can send them money. This isn’t possible with any other payment method.
There’s really no downside to using Bitcoin except potentially the volatility. However, you can easily avoid the volatility in the cryptocurrency by turning your BTC into cash regularly. You can do this on one of the many Bitcoin exchanges online or you can even potentially sell BTC locally for cash.
It should be noted, you shouldn’t use a regulated BTC exchange like CoinBase to accept deposits and payout withdrawals to your players. CoinBase has closed accounts used for betting and they definitely won’t want you processing gambling payouts using their service.
You should read more into the topic prior to using Bitcoin, but there’s no other payment method that offers the convenience and benefits offered by this cryptocurrency.