When talking about sports betting, sportsbooks are always the first to be thought of by people–but not for long. Bitcoin betting exchange is here and users are blown away by it. What makes it captivating is that it gives bettors more control. Of course, understanding first what is Bitcoin is important in learning about this betting exchange. Just like a sportsbook, it is a sports betting website that permits users to bet on different sports events using Bitcoin. It differs in a sense that bettors compete against other bettors while in a sportsbook, a bettor places wager and the bookmaker is the facilitator.
Here is how it works: A bettor will have to set up an event and set the conditions. He will have to put down his wager while other bettors take him up on his wager. This process may seem easy but it only happens in the virtual world. Having an international audience, the audience is bigger and the software behind an exchange makes sure that everything goes smoothly. With Bitcoin, it works even better because transactions worldwide have become quick and seamless.
With Bitcoin betting exchange, you can “Back’ and “Lay”. Backing is betting for an outcome to happen, while Laying is betting for an outcome not to happen. When Laying, you are betting against the backers. Unlike traditional sportsbooks, these platforms won’t mind if you win. The outcome of a bet doesn’t affect the exchange.
More betting options
Because of this new sports betting website, there are a lot of options for sports bettors worldwide. The invention of it is brilliant because people would bet on anything, from sports events to political news. It allows different bets that bookmakers don’t normally allow. A popular betting exchange is Betfair. But because people can’t get enough of it, a lot of other exchanges have appeared all over the internet. Knowing what is Bitcoin is one thing, but if you’re getting tired of using it on sportsbooks, try Bitcoin betting exchange now.