Best Betting Site Alternatives To BetBTC Sportsbook
BetBTC Review Summary
BetBTC is a sports betting exchange that came online in November 2014. That’s when the company began their initial beta testing phase. Since that time, the number of users they have has increased steadily, and they have become a legitimate betting option. BetBTC accepts deposits in Bitcoin and pays out players exclusively in the crypto-currency. There are no deposit and withdrawal options using any fiat-currency, such as U.S. Dollar or Euros.
As with most Bitcoin-based sites, their ownership details, including the location of the location of offices are not available. This makes sense, as they are operating in a lot of grey or prohibition markets. However, we were able to contact BetBTC via their Twitter account. BetBTC does accept players from every country in the world, except the United Kingdom. They accept residents from any other jurisdiction.
Anonymous Account Creation
Having an account is the easier option and is still basically anonymous. There is no account. They don’t ask for an email or any personal information. The only requirement is picking a screen name or alias. They don’t even ask for an email. BetBTC operates purely as a betting exchange. They do not have a traditional sportsbook. To successfully place a wager at BetBTC, you will need to have someone match you bet (back) or match someone else’s bet (lay) to have action.
In addition to their sportsbook, they recently added casino dice game that is provably fair. More casino games may be added in the future. BetBTC, like most other exchanges, don’t offer a deposit bonus. We encourage bettors to look past this, as the savings with their exchange will be worth much than any deposit bonus in the long run.
A Personal Opinion On BetBTC
What We Like About BetBTC
They’re a welcomed addition to gray or prohibition betting markets, which have been without a betting exchange for quite some time. Players from the United States, who can’t place bets at larger exchanges, like Betfair and Matchbook, should be rooting for BetBTC to succeed long term. BetBTC beats Betfair when it comes to commission, charging a flat 4% on all winning bets instead of baseline of 5%. Since the commissions is only charged to winning wagers, BetBTC has a 2% overround or edge on all of their markets.
BetBTC has been operating for over two years with little to no complaints. They have their own subedit at Reddit.com, thread at Bitcoin Talk, and Twitter account. These are all linked on their main page. They provide support and answer questions on all three of these mediums. They have plenty of information on their site for new players who aren’t familiar with exchanges. There is a step by step tutorial and an introductory video on how to properly use an exchange.
Since they deal in Bitcoin, there are no fees for deposits and withdrawals. BetBTC professes to players that they have instant withdrawals, a claim that many sites make without following through on it. BetBTC truly does have automatic withdrawals and funds will make it back to players as fast the Blockchain allows. There are no betting limits. BetBTC will enable you to bet as much as you want. The only caveat is that your bet needs to be matched for it to have action.
What We Don’t Like About BetBTC
It’s tough to be critical of them for their lack of longevity in the industry, but it’s always a concern when looking at a new sportsbook. BetBTC has done just about everything right so far, but since they have been in for less than two years – there is going to be extra risk. It’s not fair, but it’s the reality. We figured that BetBTC would have a North American or grey market focus, but that doesn’t seem to be the case. Most countries in Europe have regulated betting options and are unlikely to be enticed by an unregulated site, which only accepts Bitcoin.
However, their odds are certainly geared towards British and European betting markets, and perhaps to unregulated Asian markets. Their betting menu from top to bottom goes tennis, horse racing, soccer, cricket, basketball, and other sports. They regularly add markets, so their list won’t stop there, but their focus is definitely not on North American sports. However, they still have odds on all the major sports, including MLB, NFL, NBA, NHL, and both NCAA basketball and football. Their default odds are in decimal format, which may scare away Americans if they happen to check out the exchange. There is a way to change the odds to American or moneyline odds, but you must sign up for an account first and go to the settings page before you can modify the odds.
Lack of liquidity is a problem. If you’re used to Betfair, Matchbook or any other exchange, you’re not going to find liquidity like that at BetBTC. Most events just have just a few Bitcoins or less ready to be matched. Finally, BetBTC’s commissions are somewhat high. 4% on all winning wagers. Matchbook, another popular exchange, charges a 1% commission. Betfair charges 5% by default, but this can be cut down by using discount rate and holidays.
Online Sportsbooks Worth Considering
- Deposit Bonus
- Live Odds
- Cashier Fees
- Accepts Crypto
- Banned Regions
- Live Support
- Deposit Bonus:100% Up To $500
- Live Odds:Yes
- Cashier Fees:Yes, But No Fees with Crypto
- Accepts Crypto:Yes
- Banned Regions:PA, NY, NJ, NV, HI
- Live Support:Yes
- Bet & Win at BetNow
- Deposit Bonus:100% Up To $1,000
- Live Odds:Yes
- Cashier Fees:Yes, But No Fees With Crypto
- Accepts Crypto:Yes
- Banned Regions:None
- Live Support:Yes
- Bet & Win at MyBookie
- Deposit Bonus:50% Up To $250
- Live Odds:Yes
- Cashier Fees:Free payout per month/ BTC free
- Accepts Crypto:Yes
- Banned Regions:DE, MD, NJ, NV
- Live Support:Yes
- Bet & Win at Bovada
BetBTC Review – Bitcoin Deposits And Withdrawals
BetBTC accepts deposits and pays out withdrawals exclusively in Bitcoin. They are one of the faster sites in the industry when it comes to both. Only a single confirmation is required for amounts under 1.0 BTC. Three confirmations are required for amounts over 1.0 BTC. Either way, you can expect your coins to be available in under an hour in both cases, usually faster. Withdrawals are processed instantly. This typically means receiving your funds in 15-30 minutes, depending on the Blockchain. However, customers will begin to see confirmations minutes after they request a withdrawal.
Sign Up And Security
As mentioned above, there are two options for wagering at BetBTC.
- Customers can choose to remain completely anonymous, which involves placing a bet by clicking on a market and sending it to a BTC address without having to log into an account.
- The other way is to create an account and have a record of their wagers and more customization options. The accounts are relatively anonymous as well, as they only require a username and password. There are also extra security measures inside the account, including two-factor authorization options.
BetBTC Review Highlights
We highly recommend that customers watch the above video we linked to before diving into the BetBTC exchange. They also have an extensive FAQ and tutorial available that explains the process further.
This is a typical market of an NBA basketball game. The amount available to be matched is listed on each side of the bet. Customers can simply click and match whichever side of the wager they wish. It is not a requirement to match the full amount available. The green and red odds listed will be the best available for the current market based on the global sports betting market. However, another way that you can avoid commissions at BetBTC is to be the Bet Maker instead of the Bet Taker.
When you’re placing odds, you can either take the odds that are available and have funds ready to be matched, or you can place your own odds. Taking the odds available makes you the Bet Taker, if you win, you will owe 4% commission on your bet. By becoming the Bet Maker, you’re never going to pay commission. That means placing your bet on any odds that aren’t instantly matched. It’s probably going to be tougher to get your bet matched this way (and the market may move making your bet -EV), but that’s not always the case. Either way, it’s the only way to avoid the commission regardless of the outcome of your bet.
Our Experience With BetBTC Software Interface
Other than it’s a bit tricky to find how to switch odds types, (you must be logged in to do so) we thought the interface was excellent. It’s not easy producing strong betting exchange software, but BetBTC has done the job extremely well. Exchange aside we’re a huge fan of their software, which beats many other BTC and fiat-currency based betting sites.
North American sports are a secondary option at BetBTC. Western European sports take center stage, such as, tennis, horse racing, soccer, and cricket is listed at the top. Following that is basketball, and then “Other Sports,” which features American sports, like baseball, hockey, and other events such as mixed martial arts and motorsports. The number of markets they have available for each sport or contests varies quite a bit. Soccer matches seem to have the most betting options, but American sports have several other markets besides the traditional sides and totals.
As far as markets go, BetBTC isn’t going to have the dozens of markets that many other sportsbooks have for the same events. There is also no live betting available, which is something that many other exchanges, including Betfair, have available for every sport. With that said, BetBTC still does have a decent number of markets for each event, particularly when you consider their size. They are regularly adding more markets. Their list of markets has grown substantially since they opened their doors in 2014.
No Wagering Limits
There are no wagering limits at BetBTC. If you decide to match someone else’s wager in the market, regardless of how large, the bet will have action. The same goes for Bitcoins that you place on a particular market. Bettors can withdraw their Bitcoins from any market that has not been matched yet. However, once your wager is backed, the bet is finalized and cannot be canceled. BetBTC also has no restrictions on the amount players can win without paying more in commissions. That may sound strange, but this is a policy Betfair implemented a few years ago, which has garnered them some backlash.
Support Staff & Contact
Live chat support is available during most business hours. They also have email support. Additionally, players can contact BetBTC through their subreddit, BTCtalk thread, or Twitter account. These all listed on the bottom left of their site, on every page. Our interactions with support have been strong. They responded in less than an hour to a question on Twitter and took a business day to answer an email.
A Welcomed Betting Exchange
BetBTC is currently the only betting exchange available to Americans, even though that isn’t their target market. Their 4% commissions are a bit high for our liking, but there are ways around this, such as being the Bet Maker and Bet Taker. Either way, it’s nice to have a betting exchange available for those who don’t have access to sites like Betfair and Matchbook.