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How Did Bitcoin Get Into the Betting Business

The most popular type of gambling is sports betting. In ancient Rome, betting on the victory of gladiators, and gamblers are trying to predict the outcome of matches and championships in today’s world. Now more and more often it’s not dollars or euro, but digital money.

In the summer of 2018 at the World Cup, one fan, whose name is not disclosed, put 38 bitcoins for the Russian national team to reach the semifinals. After this case, cryptocurrencies became even more popular among gamblers. Digital coins attract users decentralized, anonymous, speed of transactions, and lack of generous commissions.

Today there are many betting offices, which take crypto; however, almost all of them illegal. Sports betting is allowed, but only in licensed companies. All betting offices are restricted, which do not have documents for the right to accept interactive rates on the Internet and all firms that do not contribute taxes to the budget.

Cryptocurrency bookmakers can be divided into three groups. The first group will be those companies that allow you to replenish your account, make bets, and withdraw profits in digital coins. In the second, there will be offices where they accept crypto, but immediately convert it into fiat, and all calculations are already in dollars, euros or rubles. It is also worth noting the blockchain-platform of bitcoin to PayPal exchange.

The first group includes an illegal platform, 1xbet. The service accepts more than 15 cryptocurrencies, including bitcoin, Ethereum, Dogecoin, Nem, Zcash. However, according to the service, more than 80% of all cryptocurrency bets are made in bitcoin.

The CloudBet betting service accepts bitcoin and bitcoin cash. Fans of computer games and eSports can bet BTC and Ethereum on the Loot Bet platform. The services of Anonibet and Nitrogen Sport from the crypt currency accept only the main digital coin. Places such as GGBet and Rivalo belong to the second group, and when the crypt currency is credited to the account, the services automatically convert digital coins into fiat.

By placing bets, gamblers can not only predict the match’s outcome, lose a large sum, but also face several other problems. For example, with geographical restrictions on payments and the dishonesty of platform owners, who can falsify the results or keep the winnings. Recently, various betting services have started to appear on the block-keeper, which allows partially solving the problems stated above.

The BetMatch decentralized betting platform is based on a private blockbuster. The service has its own XBM token. Users of the platform bet on sports and political competitions, weather, and other events. Blockchain processes all bets on the platform; with every hundred blocks, all information about the system is hashed and entered into a public Ethereum blockchain to ensure that all transactions are visible to customers.

Crypto Sportz, the gaming blockchain platform, offers to place bets in the crypt currency for eSports. The service has its digital coin called CSPN. Recently appeared and a betting service called Wagger, which uses Waves blockchain and its tokens WGR.

Bets on Bitcoin

The abrupt jump in the first cryptocurrency rate attracted gamblers who began to predict the behavior of the main digital coin and earn money on it. There are several betting services, which sometimes take bets on the rise or fall of bitcoin and altcoins. All bets are at the discretion of bookmakers, so to earn on the forecast of the course, you need to track offers in such bookmaker offices as 1xbet, Parimatch, Nutsbet.

Cryptocurrencies have given the bookmaker business a considerable number of new gambling clients, who, once received digital coins, decided to try their luck in sports betting. Blockchain increased competition in betting and forced large companies to adapt to new technologies and master the digital industry.

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