What is Bitcoin & Bitcoin Sportsbooks
Bitcoin gambling has exploded with the rise of the crypto-currency. Bitcoin sports betting operates in just the same way that it does with traditional sportsbooks. Nearly all online betting sites accept Bitcoin as a deposit option these days. Some Bitcoin sports betting sites hold balances in Bitcoin while others convert the Bitcoins into traditional fiat currency when players make a deposit.
There are many advantages of using BTC to bet compared to regular currencies, like the US Dollar, when betting sports online. Read the rest of our sports betting with bitcoin guide to learn the advantages and what the top bitcoin sportsbooks you should gamble at.
Best Bitcoin Betting Sites 2017
Advantages to Betting with Bitcoin
Bitcoin 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 Bitcoin 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. Bitcoin transactions cost a few cents in most cases but can be several dollars if you want them expedited. However, almost all sportsbooks charge no fees for depositing and withdrawing with Bitcoin and other cryptocurrencies.
Faster and Safer Deposits with Bitcoin
Bitcoin also has a significant advantage when it comes to processing speeds. The best Bitcoin 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.
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 bitcoin-only sportsbooks do not even require bettors to make 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. We’re betting sports with Bitcoin, but our profits can depend on the rise and fall of the price of Bitcoin each day. This might be okay for some, but it’s undoubtedly the one major downside to using Bitcoin. 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.
Why You Should Use Bitcoin Betting Sites
Bitcoin gambling and Bitcoin betting is mainstream these days. Every major sportsbook accepts the crypto-currency, and some accept other coins, such as Litecoin or Ethereum. The switch to Bitcoin as the primary currency of offshore betting may have saved sports betting sites for Americans.
Savings 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 and withdrawing via bank wire and 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 bottom-line.
Exclusive Bitcoin Bonuses
Sportsbooks still accept fiat currencies, but they would much prefer that their players bet with Bitcoin. In addition to deposit bonuses, many Bitcoin sports betting sites will offer bonuses exclusive to depositing with Bitcoin. SportsBetting.ag has a 100% Bonus up to $1,000 for new players on their first Bitcoin deposit.
Best Bitcoin Sportsbooks & Betting Sites
If you haven’t realized it yet – Bitcoin is the future of online wagering. Bitcoin gambling and bitcoin sportsbooks have become so prominent, that they may 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.
Top Recommended Bitcoin Site – Bovada Sportsbook
- $500 Bitcoin Bonus using code: BVSBITCOIN50.
- Deposits up to $5,000 & Payouts up to $9,500.
Bovada is one of our top bitcoin betting sites. They have a 50% Match Bonus up to $500 for sports betting and even more for casino gambling. Bovada’s payouts are speedy. They have the most competitive underdog lines when it comes to bitcoin football betting sites. Withdrawals have a high maximum amount, with a $9,500 per 3 days.
Big Bitcoin Bonus at SportsBetting.ag
- $1,000 Bitcoin Bonus using code: 2017BTC.
- Deposits up to $25,000 & Payouts up to $10,000.
SportsBetting.ag offers a big $1,000 bonus, and has a great reputation. The main reason is because it is the sister sportsbook of BetOnline, and share the same staff and payout team. They’re also one of the best options for betting sports with Bitcoin. SB.ag offers a 100% Bonus up to $1,000 on the first Bitcoin deposit made on an account. Payout speeds are fast, and they have some of the highest betting limits available offshore.
Bitcoin and Online Sports Betting
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. The only state that has full-scale sports betting is Nevada. 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
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, bitcoins aren’t controlled by any major bank or government. They can’t be frozen or confiscated, which is not the case for bank accounts.
Bitcoin gambling sites are now a massive industry, with a significant portion of that coming from sports betting. In 2013, most betting sites that took Bitcoin did not accept fiat currency. The sportsbooks that took BTC back then numbered a lot smaller than they do today.
Popular Banking Method
In 2017, bettors will have a hard time finding an online sportsbook that doesn’t take Bitcoin. Many books are BTC-only, meaning that only accept Bitcoin and other crypto-currencies. Customers will make bets using bitcoins, and the funds won’t be converted to a fiat currency, like U.S. 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. Bitcoins are 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 bitcoin betting check out our Bitcoin FAQ page.
What Makes Betting with Bitcoin So Popular?
On top of the many advatanges of using Bitcoin, there are also certain aspects that simply come with using Bitcoin as your preferred gambling site deposit and payout method.
Bitcoin is the cheapest way to transfer funds around the world. The cost of processing Bitcoin is free 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.
No 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 Bitcoin and then converting it back to fiat currency. Still, the costs are almost nothing compared to the 10% or more that 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.
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 Bitcoin.
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 Bitcoin are processed in 24 hours or less. As sites get more used to dealing with BTC, sites and getting faster and faster.
Bitcoin 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 could using fiat currency.
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 Bitcoin 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.
What is Bitcoin and Why Should Sports Bettors Care?
Bitcoin (BTC) is a digital currency that was created in 2009 by an unknown person going by the name of Satoshi Nakamoto. There have been many rumors about the identity of the creator of Bitcoin. Most recently, Australian entrepreneur, Craig Wright came forward as the creator, but his case fell apart shortly after he made the claim.
It would be nice to know the man or woman behind Bitcoin, but it has changed the world of finance and money regardless. The crypto-currency is held and created electronically. Fiat currencies like Dollars, Pounds, or Euros can also be held electronically, but that’s where the similarities with Bitcoin end.
Bitcoin isn’t tied to any central bank or government entity. It can’t be debased through money printing, which is a tactic that almost all governments use to bring down national debt.
Instead, Bitcoin is created electronically. Each Bitcoin is “mined”, using a computer that is part of a larger network that anyone can join. The practice of Bitcoin mining is tied to processing transactions, making the Bitcoin network or blockchain an international decentralized payment network.
Best of all, sending and receiving bitcoins is free in almost all cases. Some charges can occur on some transactions, but these are a few cents at most, and they’re typically used to expedite a transaction.
If we compare the Bitcoin and the blockchain to traditional banking with fiat currencies, our current financial systems look downright archaic. Bitcoin offers the ability to transfer funds anywhere in the world faster and cheaper than any other method.
Additional Bitcoin Articles
Check out these other Bitcoin articles to find more useful information about what it is, how to use it, and the bitcoin sportsbooks that use this method.
- BTC Only Sportsbooks versus Fiat and BTC
- Using Bitcoin at Online Gambling Sites: Step by Step Guide
- Bitcoin FAQ
Get Started with Bitcoin Today
Bitcoin and the blockchain is 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 Bitcoin content, including a step-by-step process with images on how to buy bitcoins, store them, and transfer them in out and out sportsbooks.