Bitcoin betting, or crypto gambling, is when a player makes a bet on a sports betting site with Bitcoin instead of a regular, or “fiat”, currency. Instead of depositing a fiat currency into their sports betting account, a player connects their crypto wallet and deposits their cryptocurrency of choice, in this case, Bitcoin, instead.
In addition to Bitcoin, growing numbers of sports betting sites accept cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash, Ripple, and Dogecoin.
Simply put, you can bet on any sport with Bitcoin that you would be able to with a fiat currency. This includes:
First off, take a look at the list of the top Bitcoin betting sites that we’ve compiled below and sign up for the one that you like best. It’s wise to take a good look around the site to make sure they offer good odds on the sports, and particular leagues, that you want to wager on.
Basically, choose a betting operator in the list of our site and click on the link.
Next, register for a player account. If you’ve used a sports betting site before, this step will be familiar to you. Be sure to read the site’s terms and conditions – particularly the parts about their welcome bonuses - if that’s what piqued your interest!
Ok, now you have a Bitcoin betting site in mind and have an account set up, you need some Bitcoin to start playing.
Bitcoin betting sites can offer superior betting odds compared to mainstream sports betting sites – but it depends on the particular site. A factor that determines the kinds of odds they offer is whether the site is a conventional sportsbook or a betting exchange. If it’s a sportsbook, then you’re betting against the bookmaker, who includes their profit margins in their odds – typically making them higher.
If, on the other hand, the bitcoin betting site is an exchange, then players will be betting against players who are betting on the opposite outcome to them. In this situation, there’s no margin, so both players get better odds on their bet – and the exchange takes a small commission from players instead, which still works out cheaper for them.
Yes, if your chosen sports betting site offers a welcome bonus, you’ll receive it if you deposit in Bitcoin. In fact, some sites offer specific bonuses that are exclusive to players that deposit crypto, like Bitcoin.
Let’s take a look at the types of bonuses you’re likely to find on Bitcoin casino sites.
A welcome bonus is the bonus, or bonuses, awarded to you for signing up with the Bitcoin betting site. They’re usually in the form of a deposit bonus, which you receive when you transfer Bitcoin into your account. A welcome bonus is usually a certain percentage of your first deposit, such as 100% up to 3 BTC, or, if you’re lucky, over 100% of your deposit.
Some sites also offer bonuses for existing players that continue to place bets. An example of this is a reload bonus, which is awarded to players when they make additional deposits.
This is when the site gives you a free bet for a certain amount, and sometimes for a particular sport within a certain timeframe. These are pretty common bonuses on sports betting sites and can be awarded to players both when they first sign up and periodically as they continue to place bets and make additional deposits.
Also known as a win-win bet, with this bonus, the betting site will return your funds if you lose on particular bets.
Whether you need a VPN to play on a crypto sports betting site, depends on the license of the particular site you’re trying to access and where you are in the world. It’s up to the sports betting site to comply with a country’s gambling regulations. As a result, if you happen to be visiting a country and find you can’t log onto your preferred Bitcoin betting site, they may not be legally allowed to grant access to players from that country and have put geo-blocking measures in place to prevent them from signing in and betting.
A good example of this is if you’re on vacation in the US, Canada, the UK, or Australia. These countries have precise gambling regulations in place that sports betting sites are required to follow if they want to cater to their citizens.
So, if you’re taking a much-needed holiday in one of these places and can’t log into your favourite betting site, here’s what to do:
If you’re wondering whether it’s worth the effort of getting yourself a crypto wallet and gambling with Bitcoin on sports betting sites, here are the pros and cons of using Bitcoin to make deposits.
Anonymity: When you bet with Bitcoin, transactions take place virtually on the blockchain, so there’s no third-party involvement, like credit card companies or banks.
With Bitcoin, your privacy is respected, unless you choose to talk about your hobby.
Transaction Fees: Similarly, with no third-party payment processor, you’re able to avoid the potentially high fees of withdrawing and depositing fiat currency. Instead, you pay Bitcoin’s blockchain transaction fees, which are significantly lower.
Access from Anywhere: With bitcoin, players don’t have to worry about the sports betting site having a payment gateway supported where they live. Bitcoin doesn’t process payments in any particular country like banks and credit card companies, instead, transactions are handled by a decentralised network that’s spread all over the word
Higher Betting Limits: Sports betting sites often offer higher deposit and withdrawal limits for players gambling with Bitcoin. Better still, they can also lower deposit minimums for Bitcoin, so you don’t have to deposit as much as you would with a fiat currency.
Faster Withdrawals: Some sports betting sites have the annoying habit of making you wait days before your winnings hit your bank account: Bitcoin, in contrast, takes hours – at most.
Irreversible Transactions: Bitcoin transactions are irreversible, meaning when they’re processed on the blockchain, there’s no way to change them. So, if you make a mistake, like paying the wrong person, you can’t recall the funds like you can with fiat payment methods. Fortunately, can be significantly minimised by knowing how to properly carry out Bitcoin transactions, as detailed earlier in this guide.
Price Volatility: Bitcoinis a volatile commodity, so its price can go up or down very quickly. If the crypto market takes a turn before you convert your Bitcoin back into fiat currency, you could receive less back than you originally paid. Now, of course, the opposite is also true and you could receive back more - but it’s important to understand it swings both ways.