Bitcoin betting sites provides people with the option to wager on their favourite sports using the popular cryptocurrency. In this article, we explain what Bitcoin is, how it works, and which of the best bookies available accept it.
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How To Use Bitcoin To Bet
To get started betting with Bitcoin (BTC), the first thing you need to sort out is your crypto wallet, which is essentially cryptocurrency’s version of a bank account. You’ll need it to exchange, buy or sell your crypto, monitor your betting bankroll (for example) and pay for services, such as topping up your account at your chosen betting site.
When it comes to Bitcoin wallets, there are a number of types available. Some are downloadable, either as a mobile app or a desktop client, while others run on a browser. When you have settled and activated the wallet you want, you’re good to go! Be sure to keep your wallet safe and secure, and back it up regularly with encrypted access and any other available security measures.
There are many wallets to choose from – some may offer different rates or features. Knowing how the wallet you opt in for operates is vital – for example, the popular virtual wallet Revolut offers a great rate of exchange, but you won’t actually own the cryptocurrency.
Instead, Revolut buys the Bitcoin itself and gives you the right to use it, which could be a bit less secure as technically you aren’t the owner. Sites and apps such as Binance and Coinbase will give you ownership of the funds but may be more complicated to use, especially for punters who are new to crypto gambling.
Bitcoin does apply fees for transactions to the network, but these are minor and tend to fluctuate. They also help to maintain the decentralised blockchain that keeps the whole service working smoothly.
Checking the fees just before you make a deposit could be a handy way to make sure you don’t end up paying too much. Alternatively, periodically checking transaction fees, waiting till the price drops, and depositing then is also a great option.
When it comes to security, we are pleased to say that Bitcoin ticks some important boxes. Firstly, cryptocurrencies are, by their very nature, encrypted and secured within the blockchain. The latter employs miners to work together to encrypt the transactions that take place on the network. Keeping these payments hidden allows for anonymity online for all parties involved.
Moreover, crypto is decentralised with servers all over the world – there are over ten thousand nodes keeping track of all the transactions processed on the system. This means that if something were to happen to one of the servers or nodes, others can simply step in and pick up the job, maintaining constant security. This makes Bitcoin (as well as other cryptocurrencies) a great option when betting online.
Sports Betting With Bitcoin
There are now many Bitcoin bookmakers to choose from, with varied sports betting options ranging from the traditional to the niche. Nowadays, crypto-focused sportsbooks have caught up with traditional rivals – having many similar features, odds and promotions.
These sites are simple to use and place your bets with, following an intuitive and hassle-free process. What might be new to you, though, are Fan Tokens, which are a way to increase your engagement with a sports team by owning digital assets – sort of like a crypto of the club you support. Like this, you are provided with various benefits.
If you’re looking to do some crypto gambling, these sites have you covered with some extensive casino pages available as well. Having a site that can do both is handy for punters who enjoy some betting diversity.
What Bonuses Do Betting Sites Offer Bitcoin Users?
The main benefit of using Bitcoin in most cases has to do with the welcome offer of a site. Several sites offer a matched deposit for your bitcoin – reaching up to 6BTC. These sites are perfect for punters who are willing to deposit a large sum of funds.
On another note, a few sites also offer the option to buy and trade cryptocurrency; these sites offer an alternative way to store and sell your crypto – especially if you’re not planning on holding onto the funds for long.
Advantages of Betting With Bitcoin
There are many benefits to using this popular cryptocurrency to bet – we’ve listed the main ones below.
Speed. A very obvious advantage to Bitcoin betting is how fast deposits and withdrawals are processed to and from your betting account, often in just a matter of minutes.
Security. A second advantage of betting with cryptocurrencies is that, as we covered above, they are encrypted, anonymous, and highly secure. This is largely down to the blockchain technology through which they operate.
Flat transaction fees. With traditional fiat currency, fees are normally calculated as a percentage of the transfer. This means that the amount of fees increases as the amount of the transfer increases. This is not the case with crypto payments on online gambling sites, which remain flat.
Volatile value. This is actually both an advantage and disadvantage. The volatility of cryptocurrency means that its value fluctuates when compared to fiat currency all the time. Its worth can naturally increase or decrease, so if you intend to eventually exchange your winnings, for example, you will need to factor in the current Bitcoin market value when doing so. That being said, if you choose to deposit to non-specific betting sites that accept the cryptocurrency, the funds will likely be converted into a fiat currency upon deposit. In this case, your money will not be affected by the price as long as you are betting.
How To Choose the Best Bitcoin Betting Sites
When it comes to cryptocurrency sports betting sites, you might find that the amount of available markets is a bit limited when compared to others, especially when it comes to more niche options. However, you can rest assured that you’ll find all the main sports available.
Having said this, it is also common to find enhanced betting markets for particular sports, such as esports and virtual sports, which seem to generate more interest among those users who place crypto bets.
There’s a difference between online gambling sites which accept cryptocurrency payments and crypto betting sites which focus solely as crypto betting portals. The first kind might impose geographical restrictions on Bitcoin betting, as it depends on whether or not they are licensed to accept these payments from a player in a particular country or not. With crypto betting sites, restrictions such as these are non-existent, as deposits and withdrawals can not be traced back to a single location due to the whole system being decentralised.
Regardless of the type of betting site you’re dealing with, we still always recommend checking whether there are any country restrictions in place beforehand to be on the safe side.
BETTING SITE REPUTATION & TRUSTWORTHINESS
As with other online bookmakers, always check that your chosen site is properly licensed to operate, and is allowed to accept players from the country you are residing in.
You will probably find that many crypto betting sites may possess a licence issued by the Curaçao Gaming Authority – this is normally a good indication. However, the possession of other licences will help prove the trustworthiness of the site even further.
VIP SCHEMES AND BITCOIN BONUS PROMOS
Finding VIP schemes at Bitcoin-specific sites might not be an easy task – however, it helps to know where to look for them. Unfortunately, VIP programmes at non-specific betting sites that accept Bitcoin as an alternative payment method don`t usually offer welcome or deposit bonuses for Bitcoin users.
How To Deposit Using Bitcoin and Other Cryptocurrencies
Typically, depositing with Bitcoin is extremely easy and can be achieved in three steps.
Log in to the bookmaker of your choice and head over to the deposit page, where you can select Bitcoin (or another cryptocurrency) to make your payment. You will need to have a Bitcoin wallet to do so.
Enter the amount of money you wish to deposit, just as you would if you were making a debit card transaction. Be careful to note the minimum deposit amounts.
Confirm your transaction to complete the payment.
Now, you’re free to bet on what you wish!
Setting Up a Wallet
First of all, there are a variety of crypto wallets to choose from. If you’re still new to all this, we suggest Coinbase.
It’s important to note that there are three different types of wallets: hosted wallets, non-custodial wallets and hardware wallets. We suggest having a hosted wallet to use for the crypto betting sites you choose to sign up with – it’s also the easiest one to set up.
Sign up to a crypto platform or exchange such as Coinbase.
Deposit funds into your wallet and exchange that money for Bitcoin.
Transfer the bitcoins you’ve bought to your betting account by navigating to the deposits page. Select Bitcoin as a payment method and follow the steps as instructed by the site.
Withdrawing Your Winnings
Withdrawing funds in Bitcoin is similar to doing so with other payment methods. Just make sure to confirm that the destination wallet is yours before proceeding with the payment.
The withdrawal time should be quite fast as no banks are involved, and the process itself is entirely online, saving you both time and money. Once you receive your bitcoins in your wallet, you will be able to exchange them for other cryptocurrencies or back to a fiat currency.
Is Bitcoin Legal?
The short answer is yes – Bitcoin and other cryptocurrencies are entirely legal to use. While cryptocurrency is a payment system still in its infancy, the digital platform is a legitimate way to send and receive money. Think of cryptocurrency as a new version of PayPal, and you won’t be too far off from how it works and why it is legal.
PayPal started as a payment processor for government-backed currencies, and revolutionised how people could use their money. Now, cryptocurrency has brought a new financial technology advancement to the market, and is itself causing another disruption within the industry. Today, even PayPal has joined the cryptocurrency expansion, allowing users to purchase, sell, pay with, and receive cryptocurrency!
If you found PayPal to be a trustworthy and legal form of financial transactions over their 20+ year history, knowing that PayPal supports crypto should put your mind at ease.
Betting on Bitcoin
Another alternative that punters enjoy is financial Bitcoin betting.
Financial betting is like placing a football wager on the stock market or other commodities. You are not purchasing the stock; instead, you are placing a bet on whether it will move the way you predicted. This turns the stock market into an interesting punter’s game.
Right now, betting on Bitcoin has become more exciting than ever as the coin continues to fluctuate on a daily basis. Although it’s harder to predict what will happen, bookies will provide better odds-on-betting options.
History of Bitcoin
Contrary to popular belief, Bitcoin was not the first cryptocurrency ever invented. It was, however, the first to be popularised, and is nowadays the most well-known.
Bitcoin was created by Satoshi Nakamoto, who, in 2008, published a research paper outlining the blueprint for a peer-to-peer digital currency. Not much else is known about Nakamoto, leading some to believe that it’s just a pseudonym for an individual or group of programmers.
Satoshi and programmer Hal Finney recorded the first BTC transaction the following year at a cost of 10 coins. Satoshi’s Bitcoin wallet is also a mystery, filled with 1 million bitcoins in his account – the coins haven’t moved in over a decade. If he, or they, were to sell them today, they would rake in $13.8 billion. Truly mind-boggling.
Cryptocurrency has seen some major setbacks throughout the years. The Chinese government noticed huge sums of money leaving the country due to Bitcoin, and in 2017, they banned its use. As a result, the market price halved.
Despite this, cypto mining and selling became enormous in China and the currency reached its peak in 2021. The government responded by declaring all cryptocurrency illegal, leading to a market crash. Since then, the market has recovered with Bitcoin currently worth around $30,300.
Experts expect the coin to bounce back, and are hoping to see a big increase in the currency’s worth by the end of 2023. Some are speculating that Bitcoin will eventually be worth up to $100,000.
How Much Bitcoin is Left?
The main feature of Bitcoin, which makes it so valuable, is that it’s a finite resource.
Only a certain amount is currently available, meaning not much is left to be mined, making it an actual scarce resource. So far, 18.6 million bitcoins have been mined – this may sound like a lot, but in comparison to other currencies, it’s minuscule. Bitcoin is capped at 21 million coins, but it’s speculated to take another 120 years to mine as the rate at which coins are mined is halved every year.
The figure doesn’t even include ‘lost’ coins. We’ve all heard horror stories of people throwing away thousands of bitcoins stored and forgotten in old hard drives, losing them forever.
That being said, Bitcoin has made many major strides in the right direction, and the industry in general will surely bounce back as more markets adopt it into mainstream business.
Alternatives to Betting with Bitcoin
The original payment alternative and still one of the best, PayPal is accepted almost anywhere. You would be hard pressed to find a bookie that doesn’t accept this payment option as a way of making safe and secure and anonymous transactions online.
Apple Pay is a mobile payment system that allows users to deposit and wager at an online betting site with thumbprint or eye recognition security software. The funds can be taken directly from the bank account of your choice, and you can even get lucrative deposit promos for using the service. Make sure that your betting site of choice accepts this type of payment, though, as it isn’t as widely available as PayPal.
Trustly is another widely accepted and super secure option that can fund all of your sports betting activities. It offers numerous benefits and perks to its users – not least, a lack of additional costs, and the ability to wire funds to and from your bank account onto a betting site without having to register your details belonging to the former.
The word ‘altcoin’ stands for ‘alternative coins’ – the most popular of which include Litecoin, Ethereum, and Dogecoin. These cryptocurrencies are similar to Bitcoin, but offer different price points, volatility, speed, transaction fees – and even meme potential!
The term NFT stands for ‘non-fungible token’ and uses the cryptocurrency Ethereum to track the ownership of digital items, from video games to artwork to songs. The NFT platform gives people a digital investment into items that can go up or down in value, but do not have a reliable or known value until it is sold.
NFTs can provide a good way to support artists and designers you like directly, which is typically the point of owning such an item. If you personally like a digital item or an artist, that gives your investment value to you, no matter the real-world price.
Best Bitcoin Betting Sites FAQs
Is betting with Bitcoin anonymous?
Yes – BTC allows for anonymous transactions, which also applies to cryptocurrency betting sites.
Is betting with Bitcoin legal?
Yes, BTC and other crypto are perfectly legal payment options for betting. We highly recommend only using licensed bookmakers.
There are a number of factors that keeps trading in Bitcoin safe, so yes, cryptocurrency betting is perfectly securely if done correctly.
Do transactions come with fees?
Yes, there are fees when using Bitcoin for betting – usually around 2-3%.
Are there other digital cryptocurrencies?
Yes, many. Just a few of these would be Litecoin, Namecoin, Peercoin, Dogecoin, Ethereum, Tether, and Zcash.
How long do Bitcoin withdrawals take at online sports betting and casinos?
For a standard Bitcoin withdrawal, it will take up to 20 minutes to complete the transaction. If there is any additional processing required by the bookmaker or casino, such as an account review, responsible gambling check, or a customer due diligence check, then this will take more time. You can always contact the bookmaker and casino to request the status of the withdrawal if you are experiencing a delay.
Bitcoin is a genuinely intriguing option for sports bettors, and one that you should definitely consider using. While not all online bookmakers accept crypto payments just yet, we fully expect that to change over the next few years despite the industry suffering a significant blow in 2022. Be sure to check back here for any future updates and more betting tips!