Bitcoin Sports Betting
Bitcoin sports betting has exploded with the rise of cryptocurrencies. Nowadays, the vast majority of online sportsbooks accept Bitcoin as a deposit and withdrawal method.
Read our full guide to betting with bitcoin to learn about the advantages of using the cryptocurrency and get our updated list of trusted sites that offer bitcoin sports betting.
Nowadays, almost all betting sites accept Bitcoin as a deposit option
Complete Guide To Bitcoin Sports Betting
Best Bitcoin Betting Sites 2020
Pros & Cons Of BTC Sports Betting
Bitcoin sports betting has become very popular, and with good reason. There are plenty of advantages to using the most popular cryptocurrency currently on the market.
Check out the benefits of using BTC to bet on sports and you will realize it is the best way to gamble on your favorite teams.
Near Zero Fees
It costs a few percentages to buy Bitcoin and convert it back into fiat-currency, but once the currency is purchased, there are minimal fees. Almost all sportsbooks charge no fees for depositing and withdrawing with Bitcoin and other cryptocurrencies.
Faster and Safer Deposits with BTC
Bitcoin also has a significant advantage when it comes to processing speeds. The best BTC gambling websites process payments in a few hours and some have instant withdrawals. Depending on the speed on the blockchain, BTC transactions between addresses can take just a few minutes to several hours. Those speeds are unheard of when it comes to other cashier methods.
Faster and Safer Withdrawals with Bitcoin
Sportsbook bitcoin withdrawals also have a significant advantage when it comes to processing speeds. The best BTC sportsbooks process payments in a few hours and some have almost instant withdrawals.
A lot of people will tell you Bitcoin is anonymous – that’s not exactly true. Your activity can still be viewed on the Blockchain and transactions can still be traced back to you. However, that would take quite a bit of work, and unless you’re doing something illegal (betting with bitcoin is perfectly legal), then there’s little reason for anyone to look into your transaction history.
Some BTC-only sportsbooks do not even require bettors to create an account, meaning you won’t even have to give out your name or address.
Bitcoin’s Price Can Be Volatile
Bitcoin has been one of the best investments in recent years, but it is prone to price fluctuations. That can be a negative for some and it’s undoubtedly the one major downside to using this cryptocurrency.
A price crash could see you lose a portion of your profits. Of course, this can work the other way, where a rise in price would see your net worth grow.
Top Bitcoin Sportsbooks
If you haven’t realized it yet, this cryptocurrency is the future of online wagering. BTC gambling and bitcoin sportsbooks have become so prominent, that they may even be a minor reason for the currency’s rise in price.
We have several recommendations when it comes to BTC gambling and the best Bitcoin gambling websites. Our top five are listed below:
|Rank||Top Bitcoin Sportsbooks||Crypto Bonus||Get Started|
|#1||100% Up To $1,000||Bet & Win|
|#2||100% Up To $500||Bet & Win|
|#3||50% Up To $1,000||Bet & Win|
|#4||50% Up To $250||Bet & Win|
|#5||50% Up To $1,000||Bet & Win|
How To Make A Bitcoin Deposit At An Online Sportsbook
Why You Should Use Bitcoin Betting Sites
Bitcoin gambling is mainstream these days. Every major sportsbook accepts the crypto-currency, and some accept other coins, such as Litecoin or Ethereum.
The switch to BTC as the primary currency of offshore betting may have saved sports betting sites for Americans.
Reason #1Savings for All
Both betting sites and players have benefitted from the switchover from traditional processing methods.
In comparison, depositing with other methods, like credit cards or cash transfers, can amount to bettors losing 5-10% or more of their profits to fees. The same can be said for the sportsbooks themselves. That’s a massive difference in the bottom line.
Bitcoin is the cheapest way to transfer funds around the world. The cost of processing this cryptocurrency is zero, which cuts down on withdrawal fees for both the sportsbook operators and bettors. This ends up being a massive positive for both bettors and sportsbook operators.
Some BTC sports betting sites hold balances in Bitcoin while others convert this cryptocurrency into traditional fiat currency when players make a deposit.
Reason #2No Fees To Deal With
With Bitcoin, deposits are always completely free. Withdrawals usually are as well, but some operators may charge a conversion fee for withdrawals if they accept both BTC and traditional currency.
The sites taking BTC-only will usually have no fees of any kind. Bettors who bet with Bitcoin will still end up paying a few percent in fees, due to the exchange costs of buying BTC and then converting it back to fiat currency.
Still, the costs are almost nothing compared to the 10% or more than sports bettors will pay using fiat currency.
Other Methods Have Fees
For one, the costs of withdrawals aren’t pushed onto the bettors like they are with traditional currencies. Most sportsbooks do offer players a free payout every 30 days or each month via check, but any other payout requests will come with fees.
And, these can add up. After players exhaust their free payout, any additional checks cost $50 or more, regardless of the amount. Bank wires cost about the same, but extra banking fees charged to players make them a bit more expensive.
Money transfers through services like Western Union and MoneyGram cost even more. When it comes down to it, bettors are going to give up 5-10% or more of their winnings to payout fees.
Most bettors understand the importance of line shopping but ignore the somewhat hidden cost of receiving payouts from offshore sites.
Reason #3Exclusive Bitcoin Bonuses
Sportsbooks still accept fiat currencies, but they would much prefer that their players bet with Bitcoin. In addition to deposit bonuses, many BTC sports betting sites will offer bonuses exclusive to depositing with the cryptocurrency.
SportsBetting.ag has a 100% Bonus up to $1,000 for new players on their first cryptocurrency deposit.
Reason #4BTC Transaction Speed
Transferring Bitcoins is a much faster process than any other payout method. Checks from offshore sportsbooks take at least a week to reach players, even from the most trusted and fasted paying sportsbooks.
On the whole, the industry average is about two weeks. Bank wires are processed in about the same timeframe. Take a look at our monthly Sportsbook Payout Report, the fastest and cheapest option is always BTC.
Bitcoin payouts are processed quicker than any other method. Some sites offer automatic withdrawals and players are paid in a matter of seconds. Almost all withdrawals with this cryptocurrency are processed in 24 hours or less.
BTC is especially ideal for those who want to line shop but can’t keep large amounts in a bunch of sportsbooks. With any other payout method, they would have to wait a week or so for their funds and pay a fee. Bitcoin lets bettors get their funds a lot faster (in some cases, a matter of minutes) which allows them to move money around to find the best prices far more quickly than they would using fiat currency.
Reason #5Near Anonymity
Bitcoin doesn’t offer true anonymity, but the amount of privacy it offers compared to traditional currencies is worlds apart.
The “know your customer” or KYC process is something that bettors need to do before they withdraw at most sportsbooks. That process isn’t likely to change at some operators, but many of those that offer BTC as a cashier option, especially those sites that are BTC-only, may not require any personal information.
In most cases, these Bitcoin sportsbooks only require a login and password. Many don’t even require an email address, let alone personal information, such as customers’ phone numbers or street addresses.
Bitcoin Sports Betting: A Game-Changer For The Industry
A digital currency like Bitcoin doesn’t seem like a game-changer for online sports betting, but that’s exactly what has transpired.
The United States is still behind the times when it comes to sports betting. Nevada is the only state that has full-scale sports betting. In any other jurisdictions, the only option is unregulated markets.
The options in the offshore online betting world are still impressive, especially considering the United States government has been trying to take down betting sites that service American residents since the UIGEA was passed a decade ago.
In 2016, the government has made cracking down on illegal sports betting a priority. They haven’t hit any of the big offshore betting sites for years (and we hope it stays that way), but they do make it much harder for them to do business through banking laws that criminalize processing gambling transactions.
Bitcoin Changed the Way We Bet On Sports
That’s the main reason why Bitcoin has been a godsend to online sports betting markets and the online gambling industry on the whole.
As mentioned above, BTC isn’t controlled by any major bank or government. It can’t be frozen or confiscated, which is not the case for bank accounts.
BTC gambling sites are now a massive industry, with a significant portion of that coming from sports betting. In 2013, most betting sites that took this cryptocurrency did not accept fiat currency. The sportsbooks that took BTC back then numbered a lot smaller than they do today.
Popular Banking Method At Sportsbooks
In 2020, bettors will have a hard time finding an online sportsbook that doesn’t take Bitcoin.
Many books are BTC-only, meaning that they only accept Bitcoin and other cryptocurrencies. Customers will make bets using this cryptocurrency, and the funds won’t be converted to a fiat currency, like the US Dollar or Euros.
Of course, the most trusted sportsbooks in the industry now take BTC and fiat-currency. In this case, the sportsbook has a variety of cashier options.
BTC is converted to the currency of the customer’s choosing upon deposit. Once a payout is requested, they convert the funds back into BTC, and it is paid out to bettors.
Aside from keeping the money out of the government’s crosshairs, Bitcoin has many unique advantages compared to fiat currencies that make it the ideal currency for online gambling for both bookmakers and bettors.
For more answers to common questions about BTC betting check out our Bitcoin FAQ page.
Useful Articles About BTC Betting
Bitcoin and the blockchain are a revolutionary technology. Sports betting aside, this is where the future of money and finance is going.
Bitcoin may be intimidating for some, and there are a few small pitfalls to go along with its advantages, but using it as an online sports bettor is a no-brainer.
This is only an introductory article. We offer a lot more BTC content, including a step-by-step process with images on how to buy bitcoins, store them, and transfer them in and out of sportsbooks. Check out these other BTC articles to find more useful information about what it is, how to use it, and the bitcoin sportsbooks that use this method.