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Cryptocurrencies have now firmly found their way in the online gambling industry, especially Bitcoin. Many casinos, sportsbooks, and betting sites support BTC nowadays.
But why are so many people turning to Bitcoin when gambling online? The short answer would be fast payouts, bigger bonuses, higher limits, and lower minimum deposits. Let’s dig a bit deeper, so you understand better.
Fast Payouts
Bitcoin can be sent anywhere on the planet, 24/7, and transactions settle every 10 minutes. As a result, most gambling sites that accept BTC offer faster payouts when you use it.
Whereas it could take several working days to receive bank wires and card payouts, and up to 30 days to receive checks, BTC withdrawals are often processed the same day. In the worst-case scenario, it’ll take 48 hours, which is still a big improvement over fiat payment methods.
Bitcoin is the fastest payment method for online gambling sites. Most sites also waive fees when you use it, so you’ll only pay $1 or so for the miners to process your transaction.
Bigger Bonuses and Rewards
Faster, cheaper payouts are certainly a benefit to players, but they also benefit online gambling sites. Behind the scenes, things like chargebacks, fees, and other problems associated with traditional payment methods drive up costs and increase friction in online payments.
Bitcoin solves these problems, so gambling sites want to encourage players to use it. One way they do so is by offering bigger bonuses and promotions for players who use BTC.
You can often see offers that are 25%, 50%, or even 100% bigger for deposits with Bitcoin. That’s plenty of extra cash and could make a huge difference in the long run.
High Deposit and Withdrawal Limits
Most online gambling sites that accept both Bitcoin and fiat currencies have larger transaction limits on BTC deposits and withdrawals. Again, this is down to the reduced costs and extra freedom that comes with using electronic cash over third-party payment systems.
Transactions with more traditional banking methods are usually limited to a few thousand dollars per week, but some gambling sites have no limits for crypto.
That’s especially useful for high rollers who like to play big. Moving your money can be very inconvenient with fiat, but Bitcoin solves the issue.
Lower Minimum Deposits
On the other end of the spectrum, Bitcoin gambling sites often have lower deposit limits. While you can deposit and withdraw more, you can also deposit less.
Whereas some gambling sites often have $50 minimums when you use credit cards or bank transfers (they can be as high as $150 depending on the payment method), you can usually deposit only $10 or $20 with BTC.
Again, this is possible thanks to the cost savings that come with using a low-fee electronic cash system. Bitcoin truly has revolutionized payments for online gamblers.
No Payout Fees
Every online gambler’s biggest bugbear is payout fees. While the percentages are often small (1-3%), they add up, and when withdrawing big wins, even small percentages can be a substantial amount of money.
Most legit online gambling sites don’t charge fees when it comes to BTC transactions. The only fees are the fixed ones charged by Bitcoin miners to process transactions. These can fluctuate, and they can be more than $10 when the network is extremely busy, but they’re usually under $1.
To be clear, whether you’re withdrawing $500 or $500k, you’ll only pay a one-time flat fee of $1 or so when you withdraw using BTC. This is very convenient and much better than many fiat currencies.
