Online Sports Betting Bitcoin
The rapid rise of cryptocurrencies has resulted in an explosion in the number of Bitcoin betting sites that exist. We understand that so much choice can make it difficult to decide where to sign up and bet on your favourite sports, but we’re here to help.
In this guide we will show you everything you need to know about BTC betting, including how to make a bet and the best Bitcoin betting sites in your country.
Our comprehensive Bitcoin betting guide covers:
What is Bitcoin Sports Betting? Bitcoin (BTC) is a cryptocurrency, but unlike the US dollar, it only exists on the internet like Slender Man and footage of the 1994 MLB World Series champions, the Montreal Expos.The fact that this currency is virtual does not diminish its value (unlike the Expos), and betting sites are excited to accept it as a valid means of deposit and withdrawal. Using bitcoins for betting on sports is a lot easier than you think. It’s why most sportsbooks now accept it and sometimes even offer larger bonuses for customers who commit to crypto sports betting over using traditional fiat currency. The basics of bitcoin betting are quickly becoming second nature for both sportsbooks and the players that use them.
How to Place a Bitcoin Bet
- We’ll explain how to do this in the next section, but a Bitcoin wallet basically functions as a bank account in the world of cryptocurrency. Coinbase, Exodus and Electrum are all trusted Bitcoin wallets. Download the wallet that ticks all your boxes and complete the registration process.
- Visit one of the recommended Bitcoin betting sites listed on this page and set up an account. You will have to provide an email address and create a strong password.
- Get your Bitcoin address from the betting site, then head to your wallet and transfer how much you’d like to deposit. Go to the send/request page in your betting site’s wallet and confirm the transaction.
- Find the event you want to bet on – such as an NFL game – and view the betting markets available. This process works in the same way as normal betting sites, so simply click on the odds that take your fancy, enter how much you’d like to bet and then click the confirm button.
Creating a Bitcoin Wallet
If you want to buy Bitcoin, you need a wallet to store it. It’s especially important to pick the correct type of wallet if you want to start betting with Bitcoin. The main reason to use a wallet is to protect yourself from your Bitcoins being stolen.
There are various options when it comes to Bitcoin wallets, and each offers different benefits. Different Bitcoin wallets also work with different operating systems. For example, there are wallets specifically designed for use on Mac, mobile devices or even hardware wallets that secure your private keys offline.
The important thing is to find a Bitcoin wallet that suits your needs. If you’re going to be doing Bitcoin betting on mobile, choose a mobile wallet. If you will be using a desktop, find an appropriate wallet for that device. Once you’ve done this, you’re ready to start betting with Bitcoin.
Online Betting With Bitcoin
The ability to move funds quickly and process payments with little to no cost is something that every industry can utilize. However, Bitcoin is especially valuable for online betting sites, especially those that operate in non-regulated markets, such as the United States.
While all sites that process payments can benefit from little or no fees, the fact that Bitcoin is off limits from courtrooms across the world is what it so attractive to online sports bettors and sites.
Over the past few years, Bitcoin gambling sites have been popping up online in droves, and the number is rapidly growing. In addition to the reasons listed above, these Bitcoin betting sites have a number of advantages compared to their traditional counterparts, including:
Deposits and Withdrawals Are Free
Nearly every Bitcoin transaction is free of charge. There is no fee for sending Bitcoins from one address to another, which means the large overhead cost of processing payments is not a factor for Bitcoin based gambling sites.
Processing payments is the number one expense that online gambling sites face. With Bitcoin, these costs are virtually non-existent. Not only does this mean fewer funds to be set aside for processing costs, but less money for support staff and other payment processing associated costs.
Though the customers do not have to pay the fees themselves, they are paying for them with smaller bonuses, and perhaps fewer promotions or a less lucrative VIP program. The sites pay a fee for every deposit or withdrawal, which can add up to millions of dollars a year for some of the largest bookmakers in the world.
Speed and Convenience
Most BTC betting sites process their withdrawal requests in just a few hours. This is not the case with their fiat counterparts, which can take several business days in regulated markets and even longer for United States customers.
You would normally have to wait several weeks to receive a check or bank wire, which usually require a fee, as well. Want faster payouts? These are only possible via Western Union or MoneyGram transfers and come with more expensive fees. Depending on the amount requested, this can cost up to $200 per request.
Furthermore, many non-Bitcoin bookmakers require a long list of documentation before you would be able to withdraw your funds. This may include bank statements, utility bills and scanned copies of your credit or debit card. These safeguards are in place to protect you from fraud, but such measures can be annoying to produce and can extend the withdrawal process from hours or days to several weeks.
Cryptocurrency Anonymity
Using Bitcoin is “nearly-anonymous” because transactions can be tracked via the block chain, but this would take considerable effort and even then it would be hard to narrow down where the funds were headed. But, for practical uses, Bitcoins leave no “paper trail.”
Traditional sites need a laundry list of items before they will process withdrawals, even during the sign-up process they require a lot of personal information. Your name, phone number, home address, age, and email are the minimum amount of information they require.
Bitcoin bookmakers require none of this information. At most, they will ask for an email address, but this is usually optional, as well. However, it may be worth signing up using an email as it can be used in case of a lost password.
Since each Bitcoin address is unique, users can simply send the amount they wish to bet to an address assigned to a particular side or total. If they win their wager, the original stake will be sent back to the address it was sent from, plus the winnings.
Better Odds and Bigger Bonuses
Due to the decrease in operating costs when operating a Bitcoin gambling site, you will generally find more competitive odds on Bitcoin betting sites rather than fiat-based online bookmakers. You’ll can also benefit from some really generous bonuses and free bets.
While this is not always the case based on each particular bookmaker, the industry as a whole offers some of the best odds online. Betting sites simply have far fewer operating costs than retail betting sites. This means they can afford to offer competitive odds and still make a large profit in the long run.
Bet on Every Sport Under the Sun
You’ll be blown away by the number of sports listed at the best Bitcoin betting sites. As these sites usually accept sports fanatics from all over the world, you will find virtually every sport in the world listed in the navigation bar.
While traditional bookmakers in the UK primarily focus on football and horse racing and US-focused sportsbooks push American football and baseball, Bitcoin betting sites simply provide all sports under one roof. Aside from mainstream sports, you will also find betting markets for more obscure sports like curling, floorball and water polo. In other words, Bitcoin betting sites offer something for everyone.
Whether you want to bet on English Premier League matches, predict which team will win the Super Bowl or bet in-play on an MMA fight that has you on the edge of your seat, you can do it all at any of the Bitcoin bookmakers listed on this page.
Is Bitcoin Betting Legal?
There are currently no international laws that regulate Bitcoin betting. Therefore, you can use Bitcoin to bet online legally without any problems, as long as online betting is legal in the country you wish to bet from. If online betting is not legal in the country you are attempting to deposit and bet from, then it simply doesn’t matter whether you use Bitcoin, your credit card or an e-wallet – it’s illegal either way.
As with everything to do with Bitcoin, the landscape is changing quickly so be aware that as the digital currency matures, things may be different. However, for now, there are no legal blockers to placing bets at BTC betting sites.
Bitcoin Betting vs Traditional Payment Methods
There are lots of differences between cryptocurrencies like Bitcoin and traditional ‘fiat’ money. Fiat is issued by a government and is usually regulated by a central bank.
In terms of betting, there isn’t really much difference between Bitcoin and other payment methods. The only thing you need to do is find a trustworthy Bitcoin betting site. That’s why we have compiled a list of the best betting sites that accept Bitcoin to help you get started in the blink of an eye.
More and more online betting companies are accepting Bitcoin as a payment method. However, many of the well-established bookmakers across the world are yet to do so. That is why dedicated BTC betting sites have been set up.
When it comes to the Bitcoin betting sites themselves, everything will function the same as normal betting sites. You can see odds, make selections and place your bets. The only difference is how you fund your account.
Bet Online With Alternative Cryptocurrencies
If you’ve ever read anything about cryptocurrencies, then you have probably come across the term “altcoins”. This term refers to the other cryptocurrencies that were launched following the success of Bitcoin, with more than 5,000 cryptocurrencies believed to be in circulation at the time of writing.
Bitcoin aside, the most popular cryptocurrencies right now are:
- Ethereum
- Litecoin
- Ripple
- Tether
- Bitcoin Cash
Many Bitcoin betting sites, including those in our recommended list, allow you to fund your account using alternative cryptocurrencies, not just Bitcoin. If you’re interested in using an alternative currency to bet, please check the details on your favourite site.
Learn the Basics of Bitcoin
Bitcoin may seem daunting to those who are new to the technology but buying and selling the currency is becoming easier and easier each passing day. Bitcoins can be transferred with little to no fees across the world and can be bought instantly in many cases, through a number of mediums.
Bitcoins are transferred by sending digital signatures to the Bitcoin ‘protocol’ or network. This is where Bitcoin ‘miners’ come into play. These users verify these signatures and receive transaction fees and even new Bitcoins for their work.
The process of mining can be complicated and is best explained here. Mining is crucial because it records the transactions across a public database called the block chain, which is filled with Bitcoin addresses.
On the blockchain, transactions across the network are not identified by a name, address or phone number, instead by using these addresses.
In simple terms, a Bitcoin address is similar to an email address. They represent a potential destination for a Bitcoin transfer or payment. Addresses can be generated for free within most Bitcoin wallets or exchanges. One can have many different Bitcoin addresses, and for ultimate security, should use a unique address per transaction.
Bitcoin addresses are the lifeblood of the currency, and it is worth noting that once Bitcoins are sent to a particular address, the transaction cannot be reversed. Chargebacks or transaction reversals are not possible.
The Meteoric Rise of Bitcoin
Bitcoin launched in January 2009 and has since gone on to become the world’s most dominant and well-known digital currency. Just two years after its launch, a single Bitcoin was worth $1 but by 2017 its value had risen to an astronomical $19,783.06 – a record high value to this day.
The price continues to fluctuate on an almost daily basis, and commentators are torn on what the future holds for BTC. However, due to its prominence, it is now accepted as legal currency across the world. Big businesses, governments and betting sites accept Bitcoin and it is not going anywhere, anytime soon.
Bitcoin Betting FAQs
What’s the best site for Bitcoin betting?
There has been an explosion in the number of Bitcoin betting sites that exist. So many great sites make it difficult to recommend a single site, which is why we’ve created a list of your best options on this page. From generous bonuses to competitive odds, these betting sites offer something for everyone.
Is it safe to bet with Bitcoin?
Absolutely! All Bitcoin transactions are encrypted and verified many times on the network. In addition, the private keys that are generated as an address to complete your transaction are extremely long. This makes transactions even more secure, as it’s more difficult for hackers to decode long private keys.
How do I deposit Bitcoin at a betting site?
Once you’ve created an account with your chosen online bookmaker, simply navigate to the banking section and select Bitcoin. Enter how much you would like to deposit and then copy the address that is generated. Paste this address into your Bitcoin wallet, confirm the amount and complete the transfer.
Do Bitcoin betting sites guarantee anonymity?
Yes! Anonymity is one of the main advantages of Bitcoin betting sites, especially if you live in a country where online gambling is a grey area. You can sign up and bet simply by providing an email address and Bitcoin wallet, unlike traditional betting sites that require a long list of personal details.
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Are you looking for the best sites for betting on sports and horse racing? Well, stick around, because this is all about showing you the best online betting sites.
Here are the 3 Best Online Betting Sites / Sportsbooks
Bovada
Bovada has changed the face of Sports betting online. They have a great sportsbook, racebook and one of the largest online poker rooms for players in the US. Their racebook is only open to North American thoroughbred and harness races.
Bonuses
Bovada offers a 50% signup bonus up to $250 and a bitcoin sports bonus of 50% up to $500 with a promo code. There is also a 100% match bonus eligible up to $1,000 and a bitcoin casino signup bonus of 150% match up to $1,500, both of which are redeemable up to three times. You starting bonus requires you to bet 5 times the amount of your initial deposit and bonus.
Deposits and Payouts
They only offer two ways to make a deposit and that is with credit cards and bitcoin.
Their payout system has improved massively over the years. In the past, this was the main complaint about Bovada, but now that they fixed it by speeding up the process and being one of the first online sports betting sites to offer bitcoin withdrawals.
The minimum deposit amount is only $20.
Customer service
They offer 24/7 toll-free customer service via telephone. They can help you in English, Spanish or Portuguese, and they don’t offer live chat, the wait time is about 1 minute on phone calls and a few minutes for emails. Bovada covers all the major sports. They offering straight bets, teasers, if bets parlays, futures, and props on just about any sport. This makes Bovada one of the best Online sports betting sites.
BetOnline
BetOnline is great for sports gambling online in many ways, but especially with baseball. They constantly work to improve the online experience with their bonuses and other elements such as betting types.
Bonuses
BetOnline has a 50% signup bonus up to $1,000. There is also a 25% reload bonus eligible up to $1,000 and a $100 bonus for every friend who signs up and makes a deposit.BetOnline also has free play reload bonuses.
Deposit and Payment Options
You can make a deposit with Visa, Mastercard, Discover Card, Diners Club cards or American Express. They also accept Moneygram or Western Union transfers, bank wire transfers, Bitcoin and Etherum deposits, checks, or you can send money from your Skrill account. Offering so many options makes them one of the Best Sports betting sites.
The minimum deposit amount is only $10, which is the lowest you’ll find.
Online Sports Betting With Bitcoin
Customer Service
They have great, round the clock customer service. BetOnline has live chat, a toll-free phone number both can be reached 24/7 in English or Spanish.
Having separate email addresses for the casino, racebook and sportsbook is a huge plus in terms of getting results when you have a problem.
BetOnline is a great gambling site because they put lots of effort into their Racebook. They have a well-run blog that offers advice for gamblers of all skill levels and they really know how to keep novice bettors interested and coming back.
MyBookie
MyBookie is another place which offers Sports betting online. They are newer than the others but already have a great reputation online.
Bonuses
They 50% signup bonus up to $1,000, a 100% casino signup bonus up to $300. While the refer-a-friend bonus is only 10%, that can be offset if you refer high ticket customers to them. They also have a 3- tier loyalty program that offers free payouts, birthday gift cards, game seats, and more bonuses.
Deposit and Payment Options
They accept Visa, Mastercard, Bank Wire, Check, and Person-to-Person Transfer for deposits. The minimum deposit amount is $50. You are allowed one free payout, then you’ll be subjected to a fee for each withdrawal.
Payouts are completed within 48 hours. This makes them a top sites out there.
Customer Service
They offer a live chat customer service or you can call them 24/7, but they only support English. They are one of the newest betting websites, but they’re one of the top sites for Sports gambling.
Online Sports Betting With Bitcoin
These websites are Best Sports betting sites because they value their customers and constantly work to make improvements.