Cryptocurrency is becoming more widespread in our everyday lives. PayPal, Starbucks, and Whole Foods accept it as a payment option for commercial transactions.
The State of Ohio boasts one of the country’s most fervent sports fan bases. As you might think, there are a lot of people here who enjoy betting on their favorite sports teams and players! A lot of notable sports teams consider this state home.
Crypto Sports Betting in Ohio
Will Ohio gamblers be able to utilize cryptocurrency when sports betting opens in less than six months? The simple answer is no.
While legal sports betting will not be available until next year, people of Ohio can bet on their favorite teams through offshore sportsbooks. This post will look at the possibilities of using cryptocurrency to bet on sports in Ohio.
Difficulties of using cryptocurrency
The economic uncertainty of using bitcoin is a big reason operator may be wary of using cryptocurrency in the US. There are also potential barriers to crypto acceptance in US sports betting.
Sports betting regulators may be suspicious about crypto sports betting in Ohio, and it could lead to traditional payment providers expressing concerns about the industry.
Moreover, interstate financial regulatory obstacles could also be a concern.
Use of cryptocurrency offshore
It would make sense to allow crypto sports betting, as legal sports betting competes with offshore betting sites. A few offshore sportsbooks only accept cryptocurrencies.
Which makes it difficult for bettors to check whether these bookies are legal or not.
Some gamblers may feel cryptocurrency is not the same as FIAT currency, which may lead to the misconception that it is acceptable to bet with sportsbooks that are not regulated in the US.
Stake.com, an offshore site that primarily accepts bitcoin, is one of the prominent examples of legal crypto sports betting Ohio.
Sportsbooks that accept crypto deposits
In the US, Barstool sportsbook is the first operator to accept cryptocurrency deposits in Colorado and Virginia.
Users in those states can make deposits using cryptocurrencies such as Bitcoin. For the time being, they must withdraw through traditional ways.
Penn National Gaming, which operates 2 casinos and 2 racinos in Ohio, has a stake in Barstool. That will allow it to function in Ohio after sports betting is legalized.
Players must be in Virginia or Colorado to use crypto betting at Barstool. They have to upload their official ID for formal verification. After legal confirmation, they will be allowed to wager with their crypto. The company plans to expand crypto betting in other states of America.
People who want to bet on crypto sports have a few options. They can use an illegal betting site. Or bet on legal sites with dollars.
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PayPal and cryptocurrency
The online payment platform PayPal announced its official entry into the crypto market in June. Users can deposit, withdraw, and use cryptocurrencies like any other cash in their accounts. Furthermore, PayPal will convert any used bitcoin to US dollars for free.
Crypto is still not utilized to transact directly in all cases. The crypto is exchanged for dollars and deposited with the sportsbook.
PayPal is a proper way to finance sports betting accounts in different states of the United States. Players in such states can have PayPal convert their cryptocurrency into deposit funds.
Sports betting is getting more cryptocurrency friendly. Although PayPal is not the long-term option, it may offer a clear roadmap.
Will Ohio bettors be able to use cryptocurrencies when sports betting becomes available? Right now, it is unlikely that the people of Ohio State will have cryptocurrency options from the beginning.
But with significant sports betting companies accepting cryptocurrency, it is likely to become an option at some stage in the near future.
Started my interest in sports at a young age by attending the Cincinnati Bengal’s home games. Now an accomplished writer for OH Gamblers