Is Bitcoin Sports Trade a Legal Loophole for Online Sports Betting in the US?

By May 8, 2014Bitcoin Business
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Is Bitcoin Sports Trade a Legal Loophole for Online Sports Betting in the US?

Is Bitcoin a Legal Loophole for Online Sports Betting in the US? (PRNewsFoto/Bitcoin Sports Trade)

, /PRNewswire-iReach/ -- TV host had an intriguing segment on his show called 'Want to Bet' recently.

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The Stossel Show, which airs on fox news, brought on Bitcoin Center NYC Policy Associate Naomi Brockwell to talk about how Bitcoin has revolutionized online betting — and made an activity that is illegal in most of accessible to American bettors.

How Bitcoin Opens the Door for US Sports Bettors

Brockwell states, "The way that the ban on internet gaming is enforced is that the government actually targets the intermediary, the financial institutions, that process the payments to the online gaming sites. What's amazing about bitcoin is it is a peer to peer currency so it doesn't actually use any of these financial institutions therefore the bettor can communicate and make payments directly to the casino.

And there's very little that the government can do to stop these transactions. I guess they could try to shut down sites using diplomatic pressure but there such an incredible market for online gaming, 50-60% of all bitcoin transactions are made within gaming sites so there's a huge market.

Furthermore", she added that "Bitcoin is an incredible technology that is facilitating these sites and is actually making gaming a lot safer for the people doing the betting."

Bitcoin Payments are Instantaneous

They are instantaneous but you can go one step further, they're actually irreversible. One of the main concerns that people have with online gaming is charge back fraud and bitcoin completely eliminates the risk of this happening said Brockwell.

"Really, you see, Bitcoin is not just a tool for freedom of speech but for allowing people to spend their money where they want to so the governments can no longer dictate where they can and can't put their money", she adds.

Is Bitcoin the Future of Online Sports Betting?

Online gaming sites are a staple in the world of Bitcoin. As Brockwell stated, up to 60% of all bitcoin transaction come from online casinos. The implications are tremendous and with sports betting particularly popular in , bitcoin sports betting sites like BitcoinSportsTrade are taking advantage. CEO, states, "The emergence of bitcoin has allowed us the opportunity to create an online sports-betting platform that makes it 100% more convenient for US sports bettors in a variety of ways.

Unlike traditional online casinos, which have a tedious process of depositing and withdrawing your cash, with BitcoinSportsTrade making deposits and withdrawals are virtually instantaneous, with zero fees, anonymous, and best of all not illegal."

Wilson also states that, "Bitcoin represents freedom of expression. It inspired us to create a head to head sports betting platform where people can make and take bets between each other exclusively using bitcoins."

The advantages of bitcoin for the US online gaming community are apparent. Will it become the future of online sports betting? Only time will tell.

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SOURCE Bitcoin Sports Trade

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