Bitcoin Sportsbooks – Fiat vs Cryptocurrency
Betting on sports online with Bitcoin and other crypto-currencies is still relatively new, especially when we consider that offshore sports betting has been around for over 15 years. The first Bitcoin Sportsbook was Anonibet which was established in 2011. We’ve already gone over the reasons why Bitcoin is a superior option to compared to fiat currencies, such as the U.S. Dollar, in online sports betting markets.
In this article, we will go over the differences between sportsbooks that deal entirely in Bitcoin versus those that accept both crypto-currencies and traditional options. If you have bitcoins already, feel free to continue reading, this information will be valuable. If you haven’t purchased bitcoins yet and are unsure how to do so, head over to our step-by-step guide to buying bitcoins and depositing them into online sportsbooks.
Best Bitcoin Online Betting Sites 2020
BTC Sportsbook – Know Your Customer
The biggest difference bettors will notice between sportsbooks that accept only bitcoins versus those that accept crypto-currency and fiat currency is how different the KYC process is. When it comes to anonymity and personal information, sportsbooks that accept bitcoins-only require much less info. Many Bitcoin sportsbooks don’t even require a username and password to place bets. Some require that users create a username and password, but do not require an email address. Although we recommend attaching an email address to your accounts, as it makes password recovery much easier.
The vast majority of sportsbooks that only accept bitcoin ask for no personal information of any kind. Bettors don’t need to give the sportsbook their name, address, phone number, or any other personal information. When it comes time to request a withdrawal there is no extensive KYC process. This isn’t the case at sportsbooks that accept USD and other currencies and bitcoins.
Sign Up at BTC Sportsbook
At sign-up, new users will be required to make an account. You may not be required to give up your personal details yet, but that will come if you have any intention of making a deposit. Traditional sportsbooks, across the board, require a name, address, and phone number. The withdrawal process can be a lot more time consuming as well. In many cases, customers are required to scan copies of driver’s license or other identification before the withdrawal process can begin. Even if players deposited using Bitcoin, many sportsbooks require all customers to go through the KYC process if they wish to withdraw.
Recommended Online Bitcoin Sportsbooks 2018
- Accepts Bitcoin and Litecoin
- Excellent and timely payouts
- Competitive odds and excellent sportsbook for betting NFL, NBA or NHL.
- Football-specific bonuses offered at the start of each season.
- Large assortment of sports betting markets, including live betting, team and player props.
Why Is Sportsbook.ag The Best?
Its 50% up to $1000 Welcome Bonus is massive and the payout times are fast. Sportsbetting is the top betting site in the industry and easily the most professional. They offer competitive odds in all sports and tons of NFL markets, from propositions to live betting.
- Accepts Bitcoin and Litecoin
- Timely payouts guarantees
- Posts NFL, NBA, and NHL odds earlier than other sportsbooks.
- Takes up to $25,000 on NFL point spreads plus other popular sports bets.
- Large deposit bonus, up to $2,500, and endless reloads.
Why Bet At BetOnline?
New players receiving 50% up to $1000 on their first deposit online as its welcome bonus. BetOnline’s rise to one of the top sportsbooks online has been remarkable. They have a long history in the industry but have truly come on in the past few years.
Alternative To Bitcoin Sports Betting – Litecoin Sports Gambling
Betting on Sports – Bitcoins vs Dollars
When you’re wagering at a traditional sportsbook that takes both USD and Bitcoin, almost all sportsbooks that accept bitcoins and fiat currency will convert your bitcoins after depositing to the currency of your choice.For instance, if you deposit 1.0 BTC, you won’t see your sportsbook account credited with bitcoins. Instead, you will see the USD equivalent (or chosen currency) in the number of bitcoins you deposited. While betting on your account, you will be wagering in fiat-currency. However, once you decide to withdraw, your funds will be converted into bitcoins and sent to the Bitcoin address you provide.
Bitcoin Only Sportsbooks – Explained
This isn’t the case when you’re betting at a sportsbook that solely deals in BTC. The balances at these sites will be held in bitcoins. There is no conversion process where your bitcoins are converted into a traditional currency after you send a deposit. All wagering and payouts are settled in bitcoins. The difference between the two doesn’t seem like much, but there are a couple of things to consider. With sportsbooks that take BTC and USD, your money is being converted once you deposit.
Bitcoin is only being used as a means of transferring funds to and from the sportsbook.When using a BTC-only sportsbook, your balance is being held in bitcoins. The difference here is that as the value of bitcoins change, so will the value of your balance. It’s something to consider if you’re concerned about price jumps or losing value. When you’re betting with bitcoins at a sportsbook that keeps your balance in bitcoins, your bitcoins are going to consistently valued at the market price.
When you’re transferring them as a means of betting online and converting to a fiat-currency upon deposit, there’s no risk in your funds being affected by a drop in the cryptocurrency’s value. The latter may be appealing to some who are worried about a Bitcoin crash, but many are happy to take the gamble. Bitcoin has been one of the best investments over the past half-decade, despite its sometimes large fluctuations in price.
Cashout Speeds & Fees – BTC Sports Betting Sites
Aside from the differences in KYC process, this is the most noticeable difference between sportsbooks that accept both BTC and fiat currencies and those that only operate with bitcoins. It is arguably more important because it has to do with the fees and speed of withdrawals.
Fast BTC Withdrawals
Nitrogen Sports is our top-rated Bitcoin Sportsbook. They have the fastest withdrawals in the industry and are regularly rated as an A+ sportsbook on our U.S. Offshore Online Sportsbook Payout Report. Nitrogen charges no fees for deposits or withdrawals with bitcoins. They pay players quickly, through automated withdrawals. Their withdrawals are fast and typically are processed in just a few minutes.
Nitrogen’s withdrawals are the fastest for sportsbooks that just operate in Bitcoin or other cryptocurrencies, but other sites aren’t far off. Withdrawals with BTC are going to be processed a lot faster at sites that deal solely in the crypto-currency, compared to sites that process both fiat and Bitcoin payments.
Regular Sportsbook Cash Withdrawals
For instance, mainstream bookmakers, such as Bovada and BetOnline take 1-2 days to process withdrawals via Bitcoin. This is still the fastest option for customers compared to checks or bank wires, which take 1-2 weeks to process, but still considerably slower than a site like Nitrogen Sports.
Bitcoin Sportsbook Fees
The other considerable comes with a cost. BTC-only sites like Nitrogen won’t charge any fees for depositing or withdrawing with Bitcoin. Bettors won’t find any hidden fees, including service charges or convenience fees. That isn’t the case when it comes to sportsbooks that accept both digital and fiat-currency. For instance, BetOnline charges a whopping 6.5% on all BTC deposits and another 2% whenever a player decides to withdraw via BTC. Few traditional sportsbooks have fees that are that high, but even the ones that say their bitcoin deposits are “free of charge,” usually have some sort of conversion or service fee. This may amount to a few percentage of the sum requested for withdrawal.
Bitcoin Only Sportsbooks – Not The Only Option
We’re not advocating that players avoid sites like Bovada or BetOnline because they charge more for BTC transactions. There are plenty of reasons to visit these sportsbooks, and they are far more trustworthy than the vast majority of Bitcoin-only sportsbook operators.It is worthy of consideration, though, as betting at BTC-only sportsbooks will save players even more on processing costs. Cashouts are also going to be considerably faster in most cases.
If you can receive payouts in a matter of minutes, line shopping and jumping on odds you want becomes a lot easier. We expect the gap to close in the coming years, however. Bitcoin is still extremely new to sites that have been processing payments the same way for quite some time. Some of the sites that accept fiat currency and bitcoins have already rapidly decreased their payout speeds.
Welcome Bonuses At BTC Betting Sites
This is an area where long-time established sportsbooks that take both bitcoins and fiat currency will have a considerable edge on sportsbooks that only take BTC. In today’s market, more and more BTC-only sportsbooks are offering bonuses, but these are usually larger and more plentiful at traditional operators.
Since most bitcoin sportsbooks allow customers to use their services basically anonymously, many of them don’t offer bonuses for that reason. That isn’t to say there aren’t sportsbooks that only take bitcoin that don’t offer bonuses. Many do, but these books will at least require an email and perhaps a more extensive KYC process. Bettors will find larger bonuses at most sportsbooks that accept digital and fiat currency, but as we explain choosing better odds over deposit bonuses is almost always the way to go.
Trustworthiness – Crypto Sports Betting
As we explain in our sportsbook review primer, longevity is an important factor when picking out a sportsbook. The longer an operator has been in the industry, provided they have treated bettors well and paid in a timely fashion, the more trustworthy they are. The offshore industry has way too many fly-by-night operations. Every season year before the start of football season, lots of new online sportsbooks pop out of seemingly nowhere and begin soliciting deposits.
Bitcoin Only Sportsbook – Reliability
The anonymity factor of BTC-only sites extends to ownership as well. While most in the industry know who runs larger offshore bookmakers, like BetOnline, 5Dimes, and Bovada – the same can’t be said for the large bitcoin-only sportsbooks. That isn’t to say there are no reliable options when it comes to BTC-only sportsbooks. Nitrogen Sports pays players faster than any other site. Bitcoin sportsbooks like Cloudbet and BetCoin are options we recommend as well.
Caution Required – New BTC Only Betting Sites
Overall, though, the oldest Bitcoin Sportsbook has only been around since 2011. There are already tons of stories about BTC sportsbooks closing their doors and running off with player funds. Although this happens with sites that accept both fiat currencies and bitcoins, no bitcoin sportsbooks have a track record longer than a few years. We’re not saying bettors should avoid sportsbooks that are new and that only deal in Bitcoins or other digital currencies, but rather be careful which sites you decide to use. Instead of keeping most of your balance in a sportsbook, store most of your bitcoins in a private wallet.
Watch out for Bitcoin Scambooks
Some of these “sportsbooks” are simply scams, looking for players to deposit but have no intention of paying out. Most of them have good intentions but fail quickly due to management’s lack of experience.