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 digital currency is virtual does not diminish its value (unlike the Expos), and cryptocurrency betting sites are excited to accept it as a valid means of deposit and withdrawal.
Other accepted cryptocurrencies include Bitcoin Cash (BCH), Bitcoin Gold, Bitcoin SV, Dogecoin, Litecoin (LTC), Ethereum (ETH), Zcash, Tron, Ripple, Dash, Binance Coin, Cardano, NEO, Tether, NEM, Monero, Eos, Infinity Economics, Qtum, OmiseGo, and Stellar.
Crypto Gambling
Digital money like Bitcoin operates without a central bank to regulate it. Without intermediaries, Bitcoin users can buy and sell goods and services through a peer-to-peer network. Since its first appearance in 2008, Bitcoin has slowly morphed from an idea to a legit form of capital. Because it’s fast, easy and there is no third-party involvement, Bitcoin betting sites are becoming the preferred place for many bettors to place their wagers.
Bitcoin Betting Websites
BTC betting works like any other form of online wagering. When you sign up for a sportsbook, you select Bitcoin as your deposit method instead of other types like credit cards. If you’re a newbie to crypto sports betting or crypto casinos, check out our Bitcoin betting guides:
Why Use Bitcoin For Betting On Sports?
When you use the best crypto sportsbooks to place bets, you’re privy to many Bitcoin betting advantages.
Fast Deposits And Withdrawal Times
Traditional payment methods can take hours or even days to appear in your betting account. With Bitcoin deposits, it only takes minutes. Although times can vary based on the current load on the Bitcoin network, in general you’ll see much faster deposit and withdrawal speeds with Bitcoin betting.
A Reliable Currency
Unlike credit cards, which can get blocked or denied, Bitcoin transactions don’t have that issue. Because there are no third-party intermediaries approving the transaction, when you send BTC to a crypto betting site, you can be confident that it will arrive and get deposited. All you need is the Bitcoin address of the site. This will be given to you when you select Bitcoin as your deposit type.
So, forget about your credit cards and switch to Bitcoin betting.
Mastercard: Don’t leave home without it? More like, leave it at home and use Bitcoin for online sports betting.
Visa: If it’s everywhere you want to be, then why don’t all betting sites accept it?
American Express: Don’t live life without it? Nope. You can live a better life with Bitcoin betting.
Sky-High Limits
Online sportsbooks that accept Bitcoin often offer higher deposit and withdrawal limits for Bitcoin users, making it the virtual currency of choice for gamblers of all levels. Online betting sites typically offer lower deposit minimums for Bitcoin users too, which is very appealing. With traditional payment methods, you may have to withdraw your winnings in chunks, whereas with BTC you can generally retrieve it all at once.
Protection From Price Volatility
The price of Bitcoin fluctuates regularly like Johnny Manziel’s quarterback rating during his brief stint in the NFL. But, Bitcoin betting sites take the worry out of the equation by automatically converting Bitcoin into USD once it’s deposited. While you’re betting, you don’t have to do conversion math or wonder what BTC is worth at the exact second you lay some coin down on the spread. All you need to do is place your bet.
Crypto-Specific Rewards And Bitcoin Bonuses
Besides not having to deal with price fluctuations, you’ll be entitled to a slew of unique deposit bonuses and rewards just for betting with Bitcoin. You’ll get special welcome bonus offers on first-time deposits and promotions (with promo codes) that you wouldn’t get with other payment types. These rewards vary from sportsbook to sportsbook so please read the terms and conditions first.
How Does Betting With Bitcoin Work?
If you were to use your Amex to bet on sports, the money would come from your credit card. You’d get a monthly statement with a line item for your favorite betting site. You’d also be able to see this transaction in your online banking app. For some people, this record is unnecessary and creates extra paperwork (or electronic paperwork).
With Bitcoin, there’s no paperwork. Transactions are stored in a public e-ledger using Bitcoin addresses. When you send BTC from one address to another, the ledger is updated. When you deposit bitcoins to any of the best Bitcoin sportsbooks we list above, it’s added to the ledger.
Why Choose Bitcoin For Your Betting Site Deposits?
When you bet with Bitcoin, you don’t have to keep your own records since it’s all stored virtually. You’re also free of third-party involvement which is something that doesn’t exist when using your banking information to fund your betting account. Moreover, there are little to no transaction fees, depending on the online betting site, which could lead to greater financial flexibility for your own bets like the ones you’re going to make on the NBA tonight.
Top Online Sports Betting Sites That Accept Bitcoin
Additionally, when you use Bitcoin, there is less chance of fraud and identify theft since only you can access your digital crypto wallet where your coins are stored. Your wallet keeps a secret piece of data called a private key that dispatches the relevant information and mathematical proof that there are coins available to use for your bets.
How Do Other Betting Site Deposit Methods Compare To Bitcoin?
The only services that come close to Bitcoin are Neteller and PayPal. These options provide almost instantaneous casino deposits, and their withdrawal times are also comparable. If you want to convert your winnings into cash, these services are also superior, as using Bitcoin only gains you a virtual wallet filled with electronic money.
Since Bitcoin is a relatively new currency, some online casinos in the USA are hesitant to add it to their cashier section. This makes everything from wire transfers to debit cards more convenient for the average player, especially since they deal in cash instead of a virtual currency that can’t be physically held.
How To Sign Up At A BTC Sportsbook
After you’ve bought your bitcoins and are ready to create an account at a Bitcoin betting site, you’ll need to provide your name and email address. Next, select “Bitcoin” from the list of deposit options and the site will give you their Bitcoin address (sometimes referred to as a “public key”).
You’ll input this number into your Bitcoin wallet and choose the amount you want to add to your betting account. The money should appear in your account within a few minutes. Once it’s there, you can make your first bet.
What Sports Can I Bet On With Bitcoin?
Whether you’re using the $5 check your grandparents sent you for your birthday or coins from your BTC wallet, the sporting events you can bet on remain the same. Furthermore, the type of bets you can make also remain the same. Choose from moneylines, point spreads, teasers, parlays, totals, props and futures bets.
Let’s say there’s a huge fight coming up and you’re looking to make a bet. Bitcoin boxing betting would work the same way it would if you were using another currency. No matter what you’re betting on – baseball, football, basketball, tennis, hockey, golf, soccer, horse races, politics, or casino games – you can easily do so on the best Bitcoin sports betting sites.
Bitcoin Live Betting Experience
Live wagering is a fun way to bet on sports and Bitcoin betting online is no exception. Bitcoin gambling sites offer in-play betting markets allowing you to bet on each at-bat, drive and shot. Instead of placing your sports bets before the game starts, you can continue to bet while the game is going on. Or you can do both and bet before and during the game.
Pick any of the Bitcoin bookmakers on our list and you’re ready to get started. For more information on Bitcoin betting like how to buy Bitcoin and keep it safe, our BTC FAQ page has everything you need.