Most things in this world revolve around money, that’s no secret. If you’re in the sports gambling industry, you know this applies to you as well; we all want to make some money out of this billion-dollar business, we all want a piece of the cake. However, how you handle this money, when you’re a Bookie, is always a tricky, sensible part of the business.
Up until now, sportsbooks have tried all different types of payment methods; cash, credit cards, bank wires, pre-paid cards, electronic wallets and what not. As a Bookie, there is no doubt about it, the easiest and safest way for you to handle this is with cash. The only downside of this is that you must actually meet with everyone and perform the transaction person to person, an that implies lots of time and logistic, of course. However, if you’re willing to evolve and catch up with technology, there is a new way of dealing with this issue and, in fact, it might be the safest, cleanest way to do it, it’s cryptocurrencies.
What is a Cryptocurrency?
To put it in the simplest way possible, a cryptocurrency is a type of coin, or money, that exists only on the internet, it’s 100% digital. The most important part of this, for you as a Bookie, is that it is not controlled by any type of bank or government, and even more important, it’s completely anonymous. Cryptocurrencies use blockchain technology and cryptographical functions to process financial transactions. This means that you can transfer or receive this currency with just a number, or key, without even having to use a name, and it’s completely untraceable.
The most popular cryptocurrency in the world is Bitcoin; we’re sure you’ve already heard of it. One Bitcoin, today, is worth a little bit over $10,000, but it varies daily. There is a lot to learn about this, and we do recommend you do find out more about it, but the easiest way to put It is, you open an eWallet, you buy Bitcoin, and depending on its value, you lose or win money, like any other type of investment. That’s if you look at it in a long term. In a short term, and looking at it as a Bookie, all you need to do is buy Bitcoin for the amount you need to settle with your player or players, and then do a transaction to send them that amount, in Bitcoin, of course, so that they can cash it out, immediately if they want.
Some other popular cryptocurrencies are:
- Litecoin
- Ethereum
- ZCash
- Dash
- Ripple
- Monero
- Bitcoin Cash
- NEO
- Cardano
- EOS
Make sure you take a look at them and value this option, which could make your life as a Bookie a lot easier. Talk to your players about this and make sure you’re ready to evolve with the business, instead of being left behind. Need some assistance? Give us a call right now and let’s talk about it.
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