What is bitcoin betting?
Сrypto sports betting is very much like a traditional one. You place punts as usual, and the only difference is the currency of your wallet on the gambling site: you use a bitcoin wallet instead of placing bets in fiat currencies like USD, EUR, or GBP.
Cryptocurrency is digital and cannot be physically withdrawn compared to fiat currencies. Bitcoin (BTC) is one of many cryptocurrencies but is the world’s most well-known and frequently traded one. Furthermore, Bitcoin is among the most convenient, reliable, and secure contemporary online payment methods.
For this very reason, sports betting with bitcoin is excellent both for novices and experts! So let’s understand how it works and how you can withdraw your BTC from bookmakers.
The recent growth of bitcoin
The number of bitcoin owners has increased recently and continues to grow. The sports betting industry also flourishes, and that is why more and more bitcoin betting sites appear that support cryptocurrency and let you wager with it.
According to Statista, the top 10 countries with the highest cryptocurrency adoption (e.g. the share of people using it) are Nigeria (42%), Thailand (32%), the Philippines (28%), Vietnam (27%), Turkey (25%), Argentina (21%), South Africa (21%), Switzerland (16%), Kenya (16%), and Malaysia (16%). The share of companies that offer payments in bitcoins has also risen globally, notably in gambling, the hospitality industry, and online services.
According to Forbes, crypto is the next frontier for the US sports gambling industry. The key goal is to substep credit card fees for processing to reduce operational costs and, in turn, let online sportsbooks that accept bitcoin increase their odds, thus benefiting their customers. Another advantage is anonymity going hand in hand with crypto.
Best bitcoin sports betting sites for your consideration
If you are willing to start placing fiat-less bets, you will need to choose a specific betting platform that accepts cryptocurrency for payments and as a medium of gambling.
When hunting for top-notch online sports betting sites with bitcoin, consider this:
- choosing options for sports and tournaments;
- odds and options;
- deposit and withdrawal methods and limits;
- special offers and promotions;
- customer care.
Below you will discover some of the most admired bitcoin bookmakers that enjoy great love among sports bettors and reviews for each of these crypto bookies.
The 1xBit online bookmaker, launched in 2016, was one of the first gambling companies to offer sports betting with the most popular crypto.
Before placing bets, one can top up one’s account with several cryptocurrencies, including bitcoin, ethereum, USDT, litecoin, ripple, and other cryptos.
The 1xBet company became one of the first major international bookmakers accepting bitcoin. They offer cryptocurrencies among more than 200 payment methods on their platform. Besides, there are special bonuses for those using bitcoin and other cryptos for deposits.
The Nitrogen Sports bookmaker is a bitcoin platform that accepts bets in cryptocurrency from players worldwide. This crypto bookie was founded in 2012. Since then, it has become one of the most reliable BTC bookmakers accepting cryptocurrency payments.
Nitrogen Sports allows punters to wager on almost all significant sports events. However, it is aimed at the Western sports gambling crowd emphasising American sports.
The Sportsbet.io site is a bitcoin bookmaker established in 2016. It offers a wide range of sports to make punts using the most popular cryptocurrencies. This bookie has a highly functional website with a simple interface and navigation.
This BTC sportsbook offers plenty of options for balance replenishments, both fiat and crypto. Sportsbet.io supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Tron (TRX), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and AllSports (SOC).
Betflip is a BTC platform for placing bets on sports functioning since 2019. It offers various gambling services and pleasant bonuses for all players. The bookmaker showcases more than 20 sports disciplines. Gamblers may top up their accounts with fiat and cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), Dash (DASH), Bitcoin Cash (BCH), Tron (TRX), and Zcash (ZEC).
How do BTC betting websites work?
If you are willing to venture forth, then, first of all, pick a reliable gambling company that accepts replenishments and bets in cryptocurrency. When you have done so, complete a registration procedure and make your first deposit. Some crypto-gambling websites also allow replenishments with fiat currencies, which are then converted to BTC in your account. After all these preliminary steps, go and make your first bet!
Getting started with bitcoin
You will first need to get the coins to place bets on any crypto-betting site.
Download a BTC wallet on your computer or register for an online wallet. Some popular virtual wallets include Coinbase, Bitcoin.com, and Blockchain.com. If you decide to become a part of the blockchain, install a wallet from Bitcoin.org.
How to sign up for BTC sports betting sites
To get access to the best bitcoin betting sites in Nigeria, every player has to create a personal profile with a positive balance and use it for punts. Some smaller and “pirate-like” crypto bookmakers let you bet without signing up, but that’s a rare occasion.
The following steps will guide you through registration with a crypto sportsbook:
- Visit the betting website and tap on REGISTRATION/SIGN UP.
- Fill out the registration form. Usually, you register using an email or a mobile phone number you will need to verify via an SMS.
- Provide your ID and other documents for verification, which is mandatory with any legit bookmaker based on the licensing terms.
- Claim any outstanding bonus and proceed to a deposit.
How to deposit with crypto
To replenish your gaming account, choose a payment method, either a fiat system or a cryptocurrency, depending on the ways your sportsbook currently provides.
When using a cryptocurrency, they will give you an address of a BTC wallet belonging to this betting site and potentially some other verification data. By sending crypto to the provided wallet, you will top up your account after clearing the transaction.
How to bet with bitcoin
To make a punt on BTC betting sites, you should do the following:
- Choose a sport and a tournament on a betting website.
- Select a particular event.
- Pick a bet from the proposed options.
- Enter the amount you would like to stake.
- Submit your bet.
Why use bitcoin to bet on sports?
Today more and more gamblers choose to make punts in cryptocurrency, especially in bitcoin, finding it convenient. However, if you are still trying to decide whether bitcoin bookies are worth trying, find below some crucial information that will help you.
Crypto-specific bonuses and rewards
Frequently bitcoin sports betting sites provide amazing online bonus offers and rewards to attract more users. There are significant welcome promotions for newcomers and regular bonuses for existing players denominated in bitcoin. Free betting is about first deposit and reload offers, cashback, no deposit bonuses, and other promos.
Short deposit and withdrawal times
Like other widespread cryptocurrencies, bitcoin is a decentralised digital currency that does not belong to any state. Therefore, there are no intermediaries involved in transactions. As a result, bitcoin bettors can replenish their wallets and receive payouts almost immediately, waiting only for their transactions to be cleared by the blockchain.
Reliable digital currency
What is great about the best bitcoin betting sites is that players do not disclose their personal information when making payments. You don’t provide anything while moving funds via an offline or anonymous wallet.
Given the high bitcoin price, many gambling platforms offer higher limits for sports betting using BTC compared to traditional online bookmakers.
Think football betting, for example. Say, there is an average football match with most conventional bookies offering you to bet a couple of thousands. In this case, bitcoin bookmakers may contribute a maximum limit amounting to tens of thousands.
Pros and cons
It will be helpful to familiarise yourself with the following list of advantages and disadvantages of cryptocurrency gambling.
The main pros we can think of are:
- ability to top up with crypto and bet in bitcoin;
- fast and secure payments with no commission;
- impressive bonus programs;
- relative anonymity;
- higher limits.
When it comes to the cons of bitcoin gambling, these are:
- volatility of the bitcoin value;
- unregulated nature;
- need for additional knowledge about cryptocurrency.
Is it safe to participate in sports betting with the use of bitcoin?
Yes, it is safe to bet on sports this way because bitcoin is a secure and relatively anonymous cryptocurrency. Sharing personal data is often optional when making crypto transactions at a bookie. However, you should be knowledgeable about volatility and its possible consequences.
Is it legal to engage in bitcoin online sports betting?
While some bookmakers operate without a license, a sports bettor usually will not be prosecuted by authorities for making a bet unless the country of residence bans the corresponding forms of gambling or any operations with cryptocurrencies.
How to place BTC bets on any sport?
To start punting, you should create an account on a gambling platform that lets you have a BTC wallet. Afterwards, you have to top up sportsbooks accepting bitcoin with available cryptocurrencies or via fiat methods. Then you choose a sport and a tournament, pick a gambling option to bet on, state your stake, and place a bet.
How to choose the best bitcoin bookies?
To select trustworthy bookmakers, you should read our reviews containing the most crucial details regarding each sportsbook, including deposit and withdrawal methods, bonuses, offering of sports and tournaments, selection of bets, etc.
Why do gamblers love crypto sports betting?
Punters are fond of gambling this way because of its security, almost instant deposits and payouts, and exceptional bonuses offered by top crypto online bookies.
What sports can I predict with the best bitcoin bookmakers?
These companies offer all the same sports and tournaments as traditional bookmakers, which include football, tennis, basketball, ice hockey, American football, cricket, rugby, and more. The same goes for bet options: 1x2, over/under, correct score, etc.
To conclude, the popularity of bitcoin sports betting continues to grow. Many bookies already accept cryptocurrency as a payment method, while some also offer punts in BTC. This way of betting opens up new opportunities and provides a remarkable user experience. So, anyone who wants to place bets in bitcoin can dive in right now!