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While gambling may be a controversial activity, it certainly isn’t new a one. In fact, as far back as 5000bc, a Greek poet named Sophocles claims that a man invented dice during the siege of Troy. After all, why should anyone let a simple siege stand in the way of a good game of craps?
Of course, gambling has come along since the time of the ancient Greeks and Trojans. These days, folks aren’t sitting around in togas, rolling dice on marble steps. Instead, modern wagerers can often be found sitting in front of their computers, placing a bet on one of the many (legal) online gambling sites.
In recent years, several popular betting websites have even begun to accept cryptocurrency – particularly Bitcoin. For better or worse, gambling can most definitely be counted among the use cases for Bitcoin and other digital currencies.
Today, we are going to take a look at some well-known betting sites that are either accepting crypto as payment or offering it as a reward.
Disclaimer: Blockchain WTF does not endorse gambling or any of the sites listed below. The purpose of this article is to illustrate a use case for cryptocurrency.
OddsShark is a popular online betting destination whose stated goal is to become the global authority for online betting odds. The site offers sports betting, casino games, and more.
In recent years OddsShark has begun accepting Bitcoin and even referred to the cryptocurrency as “the most effective financial tool for sports bettors who conduct business online.”
OddsShark goes into detail when explaining the advantages of using Bitcoin. In their own words,
“Every online sports bettor knows the score: you can almost always deposit to a site free of charge, but withdrawing your winnings usually incurs a hefty fee. That’s because collecting your winnings from an online sports bet typically involves paying off the middleman.
However, a lack of fees is an extension of the Bitcoin blockchain’s fundamental design. With no middlemen standing between the payer and the payee, blockchain transactions don’t cost anything at all. It’s true that many transactions do involve a fractional difference between amounts, but this is usually used to compensate the Bitcoin miner who successfully solved the transaction block and added it to the chain.
In the end, most Bitcoin transactions average a “fee” of just $0.04.”
A spin-off of the popular site Bodog; Bovada is another online sportsbook that now accepts Bitcoin. The site even offers bonuses for new users who are looking to place wagers with the popular digital currency.
Moreover, Bovada also offers an entire “FAQ” section that covers a variety of Bitcoin-related topics. In this section, they explain what Bitcoin is, how to withdraw it from the site, and even recommends wallets.
However, Bitcoin isn’t the only type of cryptocurrency accepted on Bovada – users can also gamble with Bitcoin Cash. Much like their rival Bitcoin, there is also info on Bitcoin Cash, located on the frequently asked questions page.
The site even states, “for lower network fees and faster confirmation times, we recommend using Bitcoin Cash to deposit and withdraw on Bovada.”
Originally founded back in 2009; FanDuel is one of the most popular daily fantasy sports providers. In fact, the New York-based company is second-largest DFS service – behind only Draft Kings.
Unlike the previously mentioned sites, FanDuel doesn’t accept cryptocurrency from users at this time. However, that didn’t stop them from making headlines last January when they announced the Bitcoin Bowl.
The Bitcoin Bowl, which lasted the duration of the NFL playoffs last season, offered users a chance to win bitcoins by merely playing fantasy football.
As FanDuel’s CFO Andy Giancamilli explained,
“In awarding Bitcoin, we’re recognizing that most of our users are early adopters of technology and have a significant interest in cryptocurrency. Our fans love the prizing aspect of playing on our site, and we think this will be a reward that they truly appreciate.”
The site offered a free play version of the Bowl, in which the winner received 1 Bitcoin (worth around $15,000 at the time). For $3 user could enter a tournament for a chance to win 2 Bitcoins.
At press time, there has been no word yet on whether or not FanDuel will be hosting Bitcoin Bowl II this coming NFL playoff season.