When it comes to gambling, most people think of casinos, poker rounds and roulette tables. But also lotto or sports betting belong to this area. And on the Internet, bitcoin sportsbooks are one of the fastest growing areas of the gambling industry.
Online sports betting and cryptocurrencies – two relatively young industries
What is certainly interesting here is the fact that online sports betting on the Internet is still relatively new. Unlike other areas of the gambling industry, internet sports betting providers only came into vogue in a big way a few years ago. The field of cryptocurrencies is just as new. For those interested in new forms of entertainment and innovative financial opportunities, these two areas are thus ideal. So what could be more obvious than combining these two trends?
Well, unfortunately, it’s not quite that simple. If you want to use cryptocurrencies in sports betting, there are a few things you should keep in mind to make sure you don’t get into trouble and lose your bet – or more.
The problems of betting with digital currencies
First of all, it is important to note that there are very few sports betting providers that allow players to pay with cryptocurrencies. The reasons for this are, on the one hand, that the corresponding national and European rules and requirements make it very complex if you want to enable payment with digital currencies as a betting provider on the Internet. On the other hand, the betting stakes are usually rather small, so that the effort is hardly worthwhile for the provider. If a sports betting provider on the Internet does make it possible to pay with cryptos, players can assume that a relatively high minimum stake is necessary.
The problem with trust
As already mentioned, only a few European sports betting providers are willing to offer payments with cryptocurrencies so far. As a result, players with an interest in sports betting are more likely to be able to pay with digital currencies at non-European providers. However, the problem here is often that there is either no license in general or at least not according to European security standards. In the worst case, this means for the players that there are, for example, no fixed odds or a secured payout with regular exchange rates.
Limited choice of currencies and wallets
Investors who have several different cryptocurrencies in their wallet from speculation should also be aware that usually only the most important digital currencies such as Bitcoin and Ethereum are accepted. Likewise, it may well be that only certain wallets are compatible with the respective offer of the sports betting provider on the Internet. In the worst case, the player is therefore forced to deposit his Bitcoins on a new, suitable wallet before depositing.
What players should pay attention to
Players who are interested in sports betting on the Internet and would like to pay with digital currency should therefore choose their provider carefully in advance. A provider with a European license would be particularly important for the security of the wager. It would also be ideal if it accepts the widest possible range of the most popular wallets. Since probably only Bitcoin and Ethereum are accepted, you should pay special attention to the required minimum stake before placing your bets and compare accordingly if possible.
The business of sports betting
Hardly any event in professional soccer today can do without advertising by betting providers. The most famous face is currently Oliver Kahn. But Lukas Podolski also donated his likeness to a sports betting provider. That this is not in vain seems clear to everyone. However, from the point of view of more than 9 billion that bookmakers turned over in Germany alone in 2019, it becomes apparent how big the industry is in the meantime.
Betting provider comparison brings clarity
Those who like to place one or the other sports bet themselves will probably have dealt with a betting provider comparison in advance. After all, among the large number of bookmakers offers a variety of unequal bonuses and offers. In addition, there are the various betting odds on the various sporting events. All the more relevant is a central point where all important information is compiled by professionals. Thus, the betting provider comparison is useful for all those who bet not only on their own “heart club”.
Due to the COVID 19 pandemic, various sporting areas are only accessible to a limited extent or, like the Rhineland Football Association, are completely interrupted. Nevertheless, the major leagues in particular continue to offer match operations and thus odds for interested parties. Every year, young men between the ages of 21 and 25 in particular make independent use of this. Thereby it shows up altogether that a majority of the fans of sport bets are men. Only just over three percent of women have placed a bet once in their lives. For many, the focus is clearly on the prospect of winning money. A view, which the Glücksritter divide by the way with the Buchmachern. For these are profit-oriented companies. Thus, the betting provider comparison is highly recommended for the individual.
Large providers such as Tipico and bwin have long been present in the Bundesliga. FC Bayern Munich, for example, is a pioneer in this respect. Not only does Oliver Kahn lend his face to the bookmaker as an official, but the company can also be found among the club’s platinum partners. The commitment is then reflected accordingly in the advertising expenditure, which flowed as an example in 2018. The sports betting provider spent 162 million on advertising. Tipico was founded in 2004 by three students who, together with a Karlsruhe lawyer, set up the international trading company.
Away from the clean business of the most sports betting provider
Today, the company has more than 1.3 million online customers and employs 1,800 people. The company is based in Malta, as is the case with so many in the industry. Under the management of the Austrian Joachim Baca, Tipico continues its own success story. How the turnover developed across the industry is shown by the increase from just over 3.4 billion euros in 2012 to 9.3 billion in 2019 – and the trend is upwards. By 2024, the sports betting business is expected to grow significantly once again.
Of course, this will not be without side effects. Because where there is a lot of money, criminal energies also show themselves. Prominent examples of this include former referee Robert Hoyzer, who “blew the whistle” on at least eight games, as the saying goes. Borussia Dortmund’s Lukasz Piszczek was also found guilty of match-fixing after reporting himself in 2011. Douglas Costa, current FC Bayern Munich player, had also admitted to losing on purpose in Brazil. The football industry had a difficult time in 2020, for a forecast on 2021 read more at el heraldo de saltillo.
Incidentally, in the context of Robert Hoyzer, the 2004 investigation led to 500 suspects and 680 manipulated matches. According to the news, a “worldwide swamp of manipulation, bribery and fraud” was exposed in the process.