Once you have completed the ‘bureaucratics’ of the digital currency, then you are in fact ready to place your bets using bitcoin.
The use of cryptocurrencies for sports betting is getting bigger and bigger in the Philippines, as the country grows stronger and stronger in the rankings of economic development. In fact, the Philippines is now the third largest Asian economy and the thirty sixth economy worldwide. What is really staggering is that despite the country’s relatively small size, there is an impressive ICTs’ infrastructure development and overall digitization, which have brought it to the forefront of the fastest-growing nations both economically-wise and digitally-wise. This accounts for the strong penetration of cryptocurrencies in the Philippines and the growing adoption and use of bitcoins.
Cryptocurrencies are largely used in the online gambling industry, as an increasing number of sportsbooks accept bitcoin payments. You can get up-to-date information about Philippine bookmakers and their crypto-status by going through reviews and so get an idea where you can use bitcoin for sports betting. But before we get into details on that matter, let’s look at the general crypto market in the country and its dynamics.
The Philippines: the next cryptocurrency hub
Cryptocurrency adoption is growing at record rates in the Philippines. In fact, the country is becoming the next cryptocurrency hub, making huge leaps in the crypto adoption rankings. It now ranks in the 2nd place according to the 2022 Global Crypto Adoption Index, based on the percentage share of money people put into digital assets.
On top of that, it is estimated that nearly 12million Filipinos, which is approximately 10% of the total population, owns and uses cryptocurrencies, while the total digital assets’ transactions grew by 71% in value and an impressive 362% in volume in the first half of 2021 compared to the previous year according to the Bangko Sentral ng Pilipinas (BSP).
Cryptocurrencies and sports betting in the Philippines
Filipinos generally like to gamble and sports betting is one of the main types of gambling preferred by punters in the country. With the use of cryptocurrencies and the ongoing transformation of the Philippines into a crypto hub, bitcoin sports betting has gone on the rise and online bookmakers are either transforming their sites into crypto-friendly platforms or go exclusively for bitcoin transactions.
How to use bitcoin for sports betting
So, if you are into crypto gambling then you can certainly enjoy sports betting at Philippine bookmakers. But first, you need to get an idea of how to use bitcoin for sports betting and this is exactly what we present to you in the following brief, yet important analysis of the basic steps on how to use bitcoin for sports betting.
Bitcoin can be used for sports betting, as long as the betting site accepts crypto payments. So, initially you need to subscribe to such a site and create a new account. Then you need to use either the wallet offered by the online sportsbook or create your own wallet, where bitcoin is going to be stored.
If you already own bitcoin then it is pretty straightforward. If you don’t, you need to purchase cryptocurrency and this can be done at a crypto exchange or through another viable means of buying bitcoin. After purchasing it, you have to link it with your wallet and send it to your wallet and essentially have this wallet as the intermediary between you and the online sportsbooks.
Once you have completed the ‘bureaucratics’ of the digital currency, then you are in fact ready to place your bets using bitcoin. But first you should make a bitcoin deposit to the online bookmaker.
Then the whole world of crypto sports betting is now opened up to you and you can enjoy wagering with digital currencies, gaining a totally new experience as punters.
