This guide is dedicated to beginning gamblers who want to opt for alternative currencies for their sports betting and online casino gaming experience. Bitcoin has many significant advantages over fiat payments, but it can be a bit tricky to study out how to purchase and store cryptocurrencies and apply them for transactions at various sites. For some, Bitcoin and nomenclature related to crypto sound like overspecified science, so we did our best to explain the basics in stark terms.
We will provide you with a list of the most trusted Bitcoin betting sites.
They all accept alternative currencies and also offer high-quality service, multifarious betting lines, lucrative bonuses, and professional customer support.
If you read our tips carefully, you will be entirely equipped for your Bitcoin betting experience: from choosing the right platform to deposit, withdraw, claim your bonuses, and use the other bookmakers’ and casinos’ features.
Many modern sportsbooks do not just accept Bitcoin among their deposit and withdrawal methods but also especially encourage customers to use it as their primary banking option by offering lucrative Bitcoin bonuses and providing various promotions for Bitcoin bettors. Besides, you usually receive more advantages like lower fees compared to the other payment systems’ commissions, instant deposits, and withdrawals, and indeed anonymity — one of the primary reasons why people opt for crypto payments for sports betting and other online transactions.
Bitcoin is not linked to any banking system, so you can use it as a secure and convenient alternative to standard credit card payments. Some banks do not allow you to make any purchases at gambling-related websites, so Bitcoin or other cryptocurrency wallets are sometimes the only alternatives. Besides, there are crypto casinos working exclusively with Bitcoin and other alternative coins, for instance, Bitcasino.io or Betcoin.
Bitcoin currency uses Blockchain technology which protects your transactions from tracing and coming to any third parties’ hands. We will not make you get involved in the maze of the detailed description of blockchain technology but will briefly explain how it works so that you understand the primary advantage of BTC betting sites. In short, blockchain is a list of records, for instance, a list of digital transactions, in our case.
Each block of this list has a special unique code (hash code, a random set of symbols), a time stamp, and information about the transaction.
What is peculiar about these blocks, each of them contains data about the previously added block, so they are forming a continuous chain (blockchain), not allowing anyone to change or delete information in blocks.
This technology is not used exclusively for Bitcoin, but crypto payments are the most well-known application of blockchain. As no information can be altered and reached by any third parties, your transaction is completely anonymous, and it is almost impossible to track it.
As you already know, blockchain technology implies transactions without any involving any third parties, which allows delivering funds much quicker than with the use of fiat currency payments. For instance, if you request a payout from an online gambling site to your standard Visa credit card, the transaction will go through several steps before reaching your account: it will have to be approved by the bank system applied at the betting site, then it will be transferred to your bank, and only after a particular procedure, you will finally see your winnings at your card account.
Bitcoin online payments allow you to avoid such a complicated process and receive your money almost instantly. Just take a look at the list of processing times for withdrawal made via various systems at an average sportsbook to understand the advantages:
Credit/Debit card: 3-5 days;
Bank Transfer: 2-10 business days;
E-Wallets (Neteller, Skrill, PayPal, Apple Pay, etc.): 1-3 days;
Cheques: 5-28 days.
Most traditional banking methods involve fees; as we have already mentioned, standard payment systems involve several parties in a single transaction, and each side requires a particular commission which results in the spending of up to an extra 10% from a withdrawal amount. Such commission can morph into a fair amount of money if you are dealing with large bankrolls and withdraw big winnings. Blockchain does not require paying any fees, so you can get cheaper payouts compared to the other banking systems.
Typically, Bitcoin withdrawals are subjects of a 1%-3% fee. The other payment systems’ fees usually start from 3% and can reach 5%-10%; besides, most sportsbooks charge extra payout commission for fiat currencies, while Bitcoin withdrawals are typically free of charge. Sometimes, you can request a single no-fee withdrawal per month, but Bitcoin will allow you to save much if you need more monthly transactions.
Exclusive bonuses and promotions
Most crypto gambling sites offer special promotions available exclusively for Bitcoin payments to encourage bettors to opt for crypto payment methods. Such offers are not limited by welcome bonuses, although new customers often receive more lucrative Bitcoin bonuses, too. The actual bonus amount varies from site to site, so we will provide you with several examples to better understand this obvious advantage.
The most frequently claimed bonus is the First Deposit Bonus. Sportsbooks usually provide new customers with a welcome bonus coming in the form of free cash granted to a user’s account; the amount of the bonus depends on the deposit value;
for instance, you can get a 100% deposit match of up to a particular limit set by bonus terms and conditions.
If sportsbooks accept Bitcoin, they usually provide the customers with two types of welcome bonuses; the first one is available for fiat currency deposits, but if you make your first deposit in Bitcoin, the bonus amount is significantly larger. For instance, Bovada offers a 50% deposit match of up to $250 for all new customers paying with traditional methods and boosts the promo to a 75% match of up to $750 for the first transaction made in cryptocurrency.
Another example is a referral program: if you share your referral link with a friend and join a gambling platform with a subsequent deposit, you receive a free bet or cash bonus as a certain percentage of their first deposit amount. Bitcoin sports betting sites usually offer a larger percentage for their referral bonuses if the referee’s first deposit was made in crypto.
How to use bitcoin in sports betting?
If you have never encountered cryptocurrencies and have no idea of how to at least obtain them, this part of the article will help you to know the key nuances. It is not rocket science, and all you should know for a start is the process of Bitcoin purchase, the ways how you can store it, a deposit and withdrawal procedure at betting sites, and obtaining betting bonuses.
We will not go deep into details about how to maintain Bitcoin’s liquidity and cryptocurrency trading but will highlight the key moments about Bitcoin wallets and exchanges and quick online purchase options.
There is a significant difference between a sportsbook that accepts Bitcoin and other altcoins and a blockchain-based gambling platform. The first type is not much different from regular bookmakers and simply offers extended payment options by including crypto deposits and withdrawals.
A Bitcoin casino or a sportsbook built on the blockchain platform guarantees bigger anonymity and transparency, but there are fewer revised bookmakers of this kind, so our review is mainly dedicated to the first kind of bookmakers and casinos.
How to buy and store Bitcoin?
The simplest payment method for purchasing Bitcoin is a credit or debit card; they are accepted by most wallets and exchanges, but there are nuances for each purchase and storage option. We recommend the following variants:
Software Wallets, for instance, Exodus: such wallets allow you to keep your cryptocurrency on your PC, but they require pretty much storage space. Such wallets usually contain tools for exchanging cryptocurrencies without opting for third-party software;
Online Wallets: your coins will be stored in a cloud accessible from any device, including a smartphone. You can also buy Bitcoin using integrated software but make sure the selected wallet is secure enough to protect customers from hacking;
Mobile Apps: This option is the simplest one for beginners but has the lowest security level;
Crypto Exchange: after you verify your identity, you can purchase coins via your credit card or other suggested methods and store your coins on your exchange deposit.
How to deposit and withdraw Bitcoin?
The process of topping up your sportsbook account with cryptocurrencies is pretty straightforward: if you have things sorted with your Bitcoin storage, you will most likely face no issues with using it at gambling websites.
The first thing you need to do after signing up for a sportsbook is to go to the Cashier tab; it can be called Deposits, or Banking but it looks almost the same at various platforms: you are supposed to select a deposit option; in our case, it will be Bitcoin or other cryptocurrencies depending on the sportsbook’s offer and your preference.
Indicate the deposit amount; you will be offered a destination address that you will need to enter in your wallet or any other storage to allow blockchain to proceed with the transaction.
After you indicate the destination address in your wallet, you will see the funds on your deposit within a few moments. Some sportsbooks automatically convert BTC into USD or other currencies, so make sure you know a platform’s conversion rate.
Withdrawal is also a simple process involving indicating the payout amount; you will receive your winnings in Bitcoins and may keep them in your wallet or convert them into fiat currencies. Don’t forget to check the fees taken by blockchain for the transaction: they may vary from 1% to 3% and rarely exceed this percentage.
How to get a bonus when using Bitcoin?
The bonus claiming procedure can be different at various gambling sites, so it is essential to carefully check out the rules. For instance, you can sign up for a welcome bonus in several ways:
The bonus is automatically granted after you make a qualifying deposit. A system automatically identifies your cryptocurrency deposit, estimates its amount, and sends you a promised bonus: a deposit match, free bets for sports or table games, or free spins;
You need to indicate a corresponding promo code to claim a bonus. Some sportsbooks offer several welcome bonus promo codes to select from: the ones are eligible to claim fiat currency bonuses, and the others are for Bitcoin bonuses.
How to choose a Bitcoin betting site?
You can certainly use our recommendations and simply opt for one of the best Bitcoin sportsbooks from our list: all crypto betting websites we mentioned at the beginning of this review are the trusted and reliable entities verified by many customers and experts. However, we did not just mindlessly add bookies with a valid gambling license and Bitcoin among the payment methods. The top Bitcoin betting sites in our list provide the bettors with better than average service and feature smooth UX design, convenient mobile betting solutions, professional customer service, lucrative bonuses with fair conditions, and an overall high-end approach towards customers and their needs.
The first thing we check about a sportsbook is its gambling license: it is a fundamental aspect a decent sportsbook must have as it is the main sign that a bookmaker operates legally and its activities are regulated by competent authorities. A licensed sportsbook automatically provides you with an opportunity to apply to a third party in case of some complicated disputes and gives you an additional guarantee of timely payouts and a high-quality service.
Licensing information is usually indicated at the sportsbooks’ website footer, or you can find it in terms and conditions. Some license grantors, for example, United Kingdom Gambling Commission, or Malta Gambling Authority, have public online registers allowing everyone to search sportsbooks or casinos by title or a license number to check the license status. Thus, if a bookmaker claims to be approved by, for instance, the MGA, you can check it in a couple of clicks.
Trust and reputation
The reputation of Bitcoin and traditional betting sites is highly important, and it is also a thing that you can check using your basic Google search skills. Check out the reviews published on the independent platforms and read what customers say about a sportsbook or a casino. It is essential to tell fake or irrelevant reviews from the useful ones; don’t pay much attention to feedback containing too many exaggerated expressions or detailed overemotional descriptions.
The main thing you need to know is if a particular sportsbook pays out and does it quickly enough.
Another tip: the longer a bookmaker exists in the industry, the lower chances it is rigged are. Most scam sportsbooks close within a year, so established brands are less likely to be disingenuous.
A sportsbook with a modern, clean design is most likely to be a fair entity with top-quality service; scam websites do not usually care about the layout much as they do not need to stay on the market for a long time. Besides, you will obviously feel more comfortable betting on sports or playing casino games on a platform with easy navigation and fast loading pages; it is especially essential when you are betting on live markets; for instance, wagering on eSports tournaments where all events are happening very quickly, will be extremely dissatisfying if a sportsbook does not allow you to take prompt actions.
Even if you are lucky enough to avoid any issues during your sports betting experience, you must be sure that you can receive competent support. The presence of various contact methods is not only convenient for customers but is also another sign of a reliable sportsbook: you will hardly find even an email address at scam bookmakers’ websites.
At the same time, most good betting sites willingly provide the users with various options of how you can reach their support team: toll-free phone numbers, email addresses of different departments, social networks links, and a live chat. The latter option is usually the quickest and most convenient free way to speak to a website’s representative, so it is a big advantage for a sportsbook to have it available 24/7.
Sports betting and casino gaming have gradually migrated to mobile platforms, so most punters find it essential to have quick and convenient access to their gambling website via their mobile device; it is especially important for live betting when you must place bet with bitcoins quickly.
However, our research showed that many decent Bitcoin betting sites do not have native apps for some reason but offer pretty adequate adapted mobile versions compatible with all modern smartphones and tablets. Among such betting platforms are the following:
BetAnySports: features a convenient mobile betting site with a design looking like a native app; you can make fiat and Bitcoin deposits and get access to all betting lines and casino games from a mobile device;
Betcoin: another sportsbook with an excellent mobile version providing customers with the complete set of bookmaker and casino services;
Betpop: a betting site with overall competitive odds and a clean mobile site.
We can highlight two more sites that have pretty high rankings and took care of releasing a dedicated app available in the App Store and Google play: they are Bovada and Betwinner. The apps do not take much space on your device’s storage and allow you to set notifications, top up your deposits, and place standard or Bitcoin bets on the go.
One of Bitcoin’s perks is that sportsbooks do not restrict the users from claiming bonuses and promotions when they make cryptocurrency deposits. Thus, you have access to all special offers you can find at a particular sportsbook, and we recommend you to check out promotion pages when you are looking for a bookmaker: it can also be a sign of a good or lousy gambling website.
For instance, if the bonus amount combined with the rollover requirements is way too generous compared to average bonuses, it might imply that you are dealing with an unfair platform.
On the other hand, a large number of bonuses with adequate conditions can be a game-changing advantage for a recreation bettor when they choose a sportsbook. Among the top popular bonus offers are:
On the other hand, a large number of bonuses with adequate conditions can be a game-changing advantage for a recreation bettor when they choose a sportsbook. Among the top popular bonus offers are
First Deposit Bonus:
free cash added to your deposit in a percentage of your deposit amount
a deposit match added for all qualifying deposits;
partial refund on your losses on selected casino games or sports bets;
a bonus allowing you to win an accumulator if only a single selection is lost;
offered in exchange for your comp points received for your betting activity or granted for a qualifying traditional or Bitcoin bet. Bitcoin deposits can also bring you free bets of a more considerable value.
Advantages and disadvantages of using Bitcoin for the sports betting
As our purpose is to provide you with a complete Bitcoin betting guide, we suppose it is essential to mention the drawbacks of using cryptocurrencies for sports betting. The following block of this article will briefly describe the most evident pros and cons of this payment method to help you decide if it is suitable for you. In short, all Bitcoin’s features and drawbacks are based on its anonymity and low popularity compared to fiat currency methods, but let’s just review them in detail.
The list of the advantages of using a Bitcoin for an online gambler looks like this:
Bitcoin is a decentralized currency, so it is not linked to any bank or another financial organization. It keeps your fund protected from confiscation or account block;
Pros and Cons
Bitcoin payments usually have higher maximum limits, so if you are used to betting on sports at high stakes, more extensive deposits will be helpful;
Bitcoin transactions are private and secure: your personal information is not recorded anywhere in blockchain;
Bitcoin deposits and withdrawals are quicker than most fiat currency transactions;
The payment fees are usually lower than the ones requested by banks and e-wallets;
Bitcoin payments are not always a subject of taxation.
Not everyone opts for cryptocurrency, as dealing with it requires a pretty deep knowledge of keeping coins and maintaining them valuable. Thus, the first con is the huge volatility of Bitcoin and other alternative currencies: you always risk facing a market crash and losing a massive deal of funds.
Another thing that we can call a con is the instability of crypto withdrawals at some sportsbooks. For instance, some bookmakers deny you to use Bitcoin for a payout and ask you to opt for another method or wait until altcoin withdrawal is available again, which can take up to several days.
Finally, Bitcoin’s anonymous nature can turn out to be a disadvantage as non-traceable transactions are often used for fraudulent practices.
Betting with Bitcoin is convenient: as soon as you get an idea of how to deal with cryptocurrencies, you instantly receive wider opportunities on Bitcoin betting sites. This payment option allows you to make higher deposits and receive your withdrawals quicker compared to traditional banking systems.
Most crypto betting sites provide the users with better bonuses if they deposit with cryptocurrencies and allow you to pay lower fees for payout procedures.
Although dealing with Bitcoin is a risky business due to the instability of its value, it is still profitable in many ways. For example, you are guaranteed to get full anonymity and security, so your funds and transactions are totally protected unless you signed up for a scam sportsbook. Make sure you know enough about the gambling platform you share your funds with and check its license, customer reviews, bonus terms and conditions, and contact details.
Is it legal to bet using Bitcoin?
To determine whether you are acting according to the law, you must be aware of two sides of the legislation in your area: the one related to cryptocurrencies in general and local gambling regulations. If your region does not prohibit online betting but does not allow using and storing cryptocurrencies, your experience will not be legitimate. However, most countries, including the majority of the American states, are fine with Bitcoin betting and do not take any measures against sports bettors and casino players using cryptocurrencies. We recommend double-checking if your region considers Bitcoin gambling legal.
What is the most reliable Bitcoin betting site?
Several trusted Bitcoin sportsbooks have solid reputations and quick, fair payouts, so it is hard to determine the ultimately best Bitcoin casino or bookmaker. Among the top reliable platforms with positive user reviews and decent experience in the industry are Bovada, BetPop, BetAnySports, HRWager, and Betcoin. Following our tips above, you will easily find more good sportsbooks and learn how to tell a scam entity from a trusted site.
How long will it take to withdraw my winnings to the Bitcoin wallet?
Blockchain transactions do not usually take more than several minutes; however, if your sportsbook requires any additional procedures related to identity verification or proceeds with the payout requests manually, you may have to wait for a couple of days before you receive your winnings. Your withdrawal may be declined if you have not met the bonus wagering requirements or violated any rules.
Are there any additional fees for Bitcoin users?
Bitcoin sportsbooks do not usually charge their customers for Bitcoin transactions; the only fee you may have to pay is the one taken by a blockchain. Such a fee rarely exceeds 3% of the total payout amount, and some sportsbooks are generous enough to absorb the fee once a month.
Last updated on 14 Feb 2022- 14:18
Author: Harry Sunderland
As a former successful professional bettor, Harry Sunderland has developed analytical thinking skills helping him to make the right picks for sports events. His specific interest in MMA allows him to provide ... the readers with accurate ideas and create comprehensive guides and reviews on the UFC fights and combatants. Being a huge Soccer fan, Sunderland has much to tell readers about the game nuances and the most probable match outcomes.Show more
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