Most of the top Pay Per Head online sports betting software providers are starting to accept Bitcoin for the weekly price per head fees a private bookie pays for each of their active betting customers. While this method of payment is relatively new to world of online sports betting with the rapid growth of the digital currency industry, Bitcoin has proven to be the safest and most secure form of payment in a business where privacy and discretion are high priorities for everyone involved.
The basic premise behind Bitcoin is a form of currency that is not tied to any central financial institution. All the information surrounding the use of digital currency for payments is kept private as a person-to-person transfer. If you employ a service such as Coinbase as your exchange for bitcoin transactions, there may be a small transfer fee, but these amounts are usually much lower than some of the fees that other money transfer services charge.
If you can use bitcoin currency to pay for your weekly PPH services, then you can also accept bitcoin currency for payment from your players. This keeps things as seamless as possible for the financial aspect of running and managing your own independent sportsbook.
One of the biggest reasons why making and accepting payments with a digital currency such as Bitcoins is growing in popularity is safety. Stealing a credit card number or using someone’s social security number to access personal information are two very common ways hackers can commit internet fraud. Digital currencies such as Bitcoin are recorded on computer drives with no personal information attached to the account. As long as you take the proper measures to safeguard your digital currency, such as the use of an external drive that can be secured, they become virtually impossible to steal.
Another big reason why private bookies should seriously consider conducting all of your financial transactions with Bitcoin or some other form of digital currency is the need for discretion in both yours and your player’s online sports betting activities. Some credit card companies frown upon processing transactions that involve any form of gambling if legal issues come into question. Using an digital currency exchange such as Coinbase does not record what or how the money is used. It simple processes the transaction on an account-to-account basis.
When it comes to some of the other benefits of using bitcoins for payments to your Pay Per Head site or accepting them from your sports betting customers, one of the biggest is speed. Most digital currency transactions are instantaneous. Time is no longer a factor when you are waiting to get paid or when you need to make a payment.
While the recent rise and fall of the value of Bitcoin from highs near $20,000 at the end of last year to its current trading value between $6000 and $7000 have made investors a bit nervous about the overall future of digital currencies, it is the constant advances in blockchain technology that is driving this industry. There are going to be some roadblocks along the way, but the commitment to making Bitcoin and other forms of digital currency much more mainstream is as strong as ever.
Depending on the average age of your sports betting customer base, there may be some resistance to using Bitcoin as a preferred method for payments and withdrawals. If you are committed to moving your bookie business in this direction, then you can always offer a free bet bonus to your customers for moving forward with digital currency transactions as well.