Bitcoin Fantasy Sports
Bitcoin Fantasy Sports is the latest development in a craze that has grown exponentially and become a multi-billion dollar industry in recent years. If you’re one of the few who is not familiar with this activity, fantasy sports is a game generally played by spectators of a professional sport, in which the participants put together imaginary or “fantasy” teams comprised of real players of the sport. There is a system in place that converts the performance of those real atheletes into a point system that determines which participant wins the fantasy sports game. Depending on the particular sport, the participants often have activities that parallel the actual sport, such as drafting, trading and dropping players.
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The Rise of Bitcoin Fantasy Sports in the United States
A major factor in the recent rise of fantasy sports in the U.S. is due to particular legislation that exempted fantasy sports from its definition of a wager or a bet. Specifically, the legislation said that if the prize is established before the event starts and the participants use skill to determine the outcome, then the activity is exempted from the definition of a wager. One this legislation passed, many smart entrepreneurs saw a great opportunity in this business because putting money on a fantasy sports team is not technically considered to be gambling.
Playing Fantasy Sports Using Bitcoin
The rapid and astronomical growth of the fantasy sports industry has attracted many companies who want find a way to cash in on the craze and get their own slice of the profits. The bitcoin gaming industry is no exception. And due to the fact that fantasy sports are usually conducted online, relying on computers to track actual results and perform the necessary mathematical calculations and logistics, they lend themselves particularly well to this type of online wagering. And that is exactly what has transpired. Fantasy sports enthusiasts can now participate in the activity and wager on it from anywhere at any time.
That said, the ability to bet money on the outcome on the outcome of fantasy sports using bitcoin has raised the bar with regard to fantasy sports wagering. Yes, participants have had access to sophisticated computer software to run their betting pools for years, but using bitcoin for the currency opens up some new doors. The characteristics of bitcoin and other cryptocurrencies are a perfect fit for this online sport because it makes financial transactions nearly instantaneous, has little-to-no transaction fees, can be utilized anonymously, and avoids the inconveniences of dealing with banks or other financial institutions and regulatory bodies.
Pretty much every major sport you can think of has been adapted and made into a fantasy sports game. Of course you will find the most popular sports such as basketball, soccer, American football and baseball, but many people do not know they also offer fantasy sports versions of mixed martial arts or tennis?
When you are deciding where you want to deposit your bitcoins to play fantasy sports, there are a few factors you’ll want to take a close look at. One big factor is of course the gameplay. How well thought-out is their interface, how good are their graphics, how easy to navigate is their site? You want to make sure their gaming experience is put together in a way that suits your needs. Another thing to take a good look at is the bonuses and promotions that they offer. Usually you will find a great welcome bonus as a new player. But more than anything you want to find a bitcoin fantasy sports site that has a good reputation with other players. For that, you should read comments online and take a look at our reviews of the best bitcoin fantasy sports options.