How To Use Bitcoin for Sports Betting: A Detailed Guide
Are you a sports fan looking for a new way to bet on your favourite teams? If so, Bitcoin (BTC) may be the answer! It’s a digital currency that can be used to make deposits and withdrawals at online sports betting sites.
Bitcoin is convenient for fans who want to place bets without using traditional methods like credit cards or bank transfers. In this post, we’ll look at how Bitcoin sports betting works. Let’s get started!
Why Is Bitcoin an Attractive Betting Asset?
Bitcoin is a form of currency and represents a way of transferring value between users without going through a bank or another financial institution, although it’s not entirely fee-free.
The supply of Bitcoin is limited to 21 million coins, and as new ones are created (mined) by the network, it gets increasingly hard to find the unmined remainder. This makes Bitcoin a deflationary asset with an increasing value over time. For example, in early 2009, one BTC was worth less than a penny, and in 2022 it reached an all-time high of more than $68,000!
This incredible price increase has made Bitcoin attractive to investors and speculators looking to make a quick profit. However, it’s also made it an attractive option for casinos, sportsbooks, and other gambling sites.
Advantages of Using Bitcoin to Bet on Sports
There are multiple advantages of using Bitcoin for sports betting, online gambling, and transactions in general. Bitcoin is the first cryptocurrency, which launched the whole industry centred around blockchain, cryptography, and software innovation.
In the gambling industry, it established itself as a useful payment method, and there are many reasons why sports fans prefer to use it over other deposit options.
Better Bonuses for BTC Deposits
Most online sportsbooks have promotions to attract new punters and entertain existing ones. When you join a betting website that supports Bitcoin and other cryptocurrencies, you can expect a specialised bonus for crypto.
In most situations, sports betting websites have more enticing bonuses for Bitcoin, such as higher match percentages, larger bonus caps, and even lower wagering requirements. Besides impressive welcome bonuses, we found that sportsbooks offer higher and more frequent reload bonuses for users who bet with Bitcoins.
Faster Deposits and No Restrictions with Bitcoin
Each transaction made with Bitcoin is confirmed and processed by the Bitcoin blockchain. This network of specialised computers can process them quickly, meaning your deposit will be in your account in a matter of minutes, and you’ll be able to place bets in no time.
There are no third parties overseeing your transactions or any restrictions. The payment institution you use can reject your transaction if you send money to a gambling company. Some payment processors, such as credit card companies, don’t want to deal with sportsbooks, which are usually based offshore, even though they often use reputable banks to store user funds.
Therefore, Bitcoin betting isn’t tied down by regulations and restrictions, which is one of the reasons it has become such a popular option for sports fans.
Bitcoin Anonymity and Data Security
Bitcoin is often described as anonymous, but that isn’t entirely accurate. What makes Bitcoin unique is that it is pseudonymous.
Each Bitcoin user has a digital wallet with a unique address. This address is not connected to any personal information, so it cannot be used to identify the owner. However, all transactions are recorded on the blockchain, which acts as a public ledger, so it is possible to trace the movement of individual Bitcoins.
This is still more anonymity than you can get from a bank, and that has made Bitcoin popular for gambling. Some online casino operators use this cryptocurrency to avoid having to worry about local regulations. As a result, betting with Bitcoin became pretty attractive.
It’s also important to mention that paying with Bitcoin represents a more secure option for most people. When you make a deposit with Bitcoin, your personal information is not shared with the sportsbook, and payment details are not stored on the website. This reduces the risk of data breaches and identity theft, which are incredibly common on gambling sites.
Credit cards and other traditional payment methods can be slow and inconvenient for the quick processing you want when gambling. For sports betting, Bitcoin offers a faster alternative.
This can be a significant advantage when you need to add more funds to your balance to capitalise on last-minute line movements or bet on live sporting events. Crypto also allows you to get your winnings faster and makes it easier to manage your finances.
A Bitcoin bet can be more affordable due to low fees. Because borders aren’t important when sending a Bitcoin transaction, the fees are generally lower than with international money transfers.
When you make a deposit or withdrawal with Bitcoin, the processing network will only charge a small transaction fee, and the sportsbook won’t require additional expenses. This fee is often lower than those charged by your card, bank, or PayPal.
Don’t forget that your betting site will have limits on withdrawals and deposits like with any other currency, and check what they are before you make a deposit or try to withdraw.
Disadvantages of Using Bitcoin
While there are plenty of advantages to using Bitcoin, there are a few downsides that need to be addressed in our Bitcoin betting guide.
Bitcoin’s price (and that of other cryptocurrencies) tends to drop and rise quickly. This means the value of your Bitcoin deposit could change significantly between the time you make it and the time you want to withdraw funds. While this volatility can be used to make quick profits, it can also lead to losses just as easily.
There’s a Lot to Learn
Newcomers to cryptocurrency payments may find it difficult to understand how Bitcoin works and how to use it for gambling. Bitcoin wallets, addresses, and transactions can confuse anyone unfamiliar with the technology.
On the plus side, there are plenty of resources available to help you understand the process, but it can still be a steep learning curve.
How To Use BTC for Sportsbook Betting
Because Bitcoin may seem daunting to use, we will cover the three basic steps to help you understand it:
1. Choose a Bitcoin Wallet and Buy BTC
The easiest way to approach Bitcoin sports betting is to download a BTC wallet with an integrated option to purchase it directly from an exchange. All you’ll need is a smartphone and a credit card or bank account to buy Bitcoin.
Once you have your wallet set up, buying Bitcoin is simple. Just enter the amount of BTC you want to buy, select your payment method, and confirm the transaction. The BTC will be transferred to your wallet instantly.
2. Find a Sportsbook That Accepts Bitcoin Deposits
Many sportsbooks haven’t integrated cryptocurrencies into their payment options yet. But many have, and the number is growing every day. You can check out our recommended sportsbooks to find one that accepts Bitcoin.
3. Create an Account and Deposit BTC
Once you’ve found a sportsbook where you can bet with Bitcoin, creating an account is simple and only takes a few minutes. Most of the time, all you’ll need is an email address and some time to come up with a password.
Once your account is created, go to the cashier page and select Bitcoin as your deposit method. Then enter the amount of BTC you want to deposit and confirm the transaction. The funds should appear in your account almost instantly.
Can you bet on sports with Bitcoin?
Yes, you can. Some betting websites support Bitcoin transactions, and many more are expected to follow suit.
Which bet can I fund with Bitcoin?
You can fund any type of bet as you would with any other currency. Bitcoin betting sites support various wager types, from simple moneyline bets to more complex live bets.
Can you bet with cryptocurrency?
Yes. Besides Bitcoin, there are other cryptocurrencies that betting websites like to use for transactions, including Ether, Litecoin, Bitcoin Cash, and more. If you’re wondering how to use Bitcoin for sports betting, read our detailed guide above.
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