The world of Bitcoin sports betting has truly exploded in recent years thanks to the cryptocurrency’s increasing popularity around the world. But with so many Bitcoin bookmakers out there, how are you supposed to choose the best one?
This article contains tips such as the factors to consider when choosing a Bitcoin sports betting platform, the pros and cons of betting with Bitcoin, information about some of the best crypto sports bookmakers around today and the answers to frequently asked questions about sports betting with Bitcoin.
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Things To Consider When Choosing A Bitcoin Sports Betting Site
Everyone has their preference, the factors you might consider make a great Bitcoin sports betting website might not be the same as those of another punter. But there are some universally important factors that you should consider when choosing a crypto sports betting platform.
Reputation, Regulation And Support
Naturally, the first thing you might consider is a website’s reputation. You should spend some time researching sites you haven’t heard of before to ensure they are legit. You will find examples of reputable Bitcoin bookies later in the article.
Although being regulated does increase a bookie’s credibility, some unregulated sports betting sites have built solid reputations as well.
If you are satisfied with the bookie’s regulatory status, one of the next things to look into is how they treat their customers and handle disputes. Finding a bookie with a reputation for great customer support is really important as this aspect can often play a large role in determining the quality of your experience on a platform..The best way to do this is by reading what people are saying about a site on public forums.
Are You In a Restricted Country?
Once you have ensured that a website is safe and trustworthy, the next step is to check which countries are prohibited from using it. Regulated sports betting platforms usually restrict players from certain countries such as the United States, France and a few others. Always check if you’re eligible to place bets from your country of residence before signing up.
If you’re not permitted to use a regulated Bitcoin sports betting platform, you might want to consider trying with a reputable, unregulated platform. Unregulated bookmakers often accept players from just about every country with the exception of regions where gambling or Bitcoin are classified as illegal.
Sports And Betting Odds
The next important factor to consider is what sports a bookmaker takes bets on and if the odds offered by the website are decent. Although many crypto bookmakers offer similar sports, their betting odds for each event differ greatly. This means you might want to spend time researching which platform has the best odds before betting with them.
Advantages of Sports Betting With Bitcoin
Now that you know how to find the best Bitcoin sports betting website, the next question that you may ask is why should you even bet with Bitcoin when there are plenty of established fiat bookies? What are the benefits of sports betting with cryptocurrency? Let’s examine some of the reasons why Bitcoin sports betting is making waves.
Faster Deposits And Withdrawal
Funding your account and cashing out your winnings are important parts of your betting adventure, and Bitcoin makes the process faster than ever.
It usually takes a couple of days or more for your deposits to reflect in your betting account when you use traditional payment methods.
However, that is not the case with BTC. It only takes a few minutes for Bitcoin deposits to reflect in your sportsbook account. Withdrawals might take more than a few minutes, depending on the bookmaker and the Bitcoin network. Regardless, it is much faster than using most traditional payment methods.
Aside from the lightning fast speed of transactions, Bitcoin is one of the most reliable and secure online payment methods available today. All transactions on the Bitcoin network are encrypted on the blockchain. You’ll never experience declined or failed transactions when using BTC.
The cryptocurrency sports betting market is highly competitive, so bookies constantly offer mouthwatering bonuses to win over and keep customers. These bonuses and reward programs come in many different forms, including sign up bonuses, deposit bonuses, special bonuses, and odds of the week to name just a few.
Punters who prefer to stay anonymous while betting enjoy using Bitcoin because it does not require personal details and transactions on the Blockchain are relatively private. This gives players more financial privacy and control over their identity.
Disadvantages Of Using Bitcoin For Sports Betting
While betting with Bitcoin has its many advantages, it also comes with a few drawbacks that must be considered.
With Bitcoin, transactions are irreversible. As a result, you’ll never get a refund if you send BTC to the wrong address.
Tip: Never type a wallet address. Instead, use copy and paste. And even with this method, make sure you double-check that the wallet address is correct before confirming the transaction. This is important because the is malware out there that can alter your clipboard and change any BTC address you copy to the hacker’s wallet address.
Bitcoin’s high volatility cab be both good and bad because the constant price fluctuations can lead to either large profits or losses. Bitcoin traded as low as $3,500 in March 2020 but is currently trading at around $11,000. Fortunately, volatility averse punters can bet with stable cryptocurrencies like Tether (USDT), which is accepted on most Bitcoin sportsbooks.
Best Bitcoin Sports Betting Sites
After testing and looking at the user experience on various Bitcoin sportsbooks, the below are some of the Bitcoin sports betting websites that we suggest.
Cloudbet is one of the oldest and most popular Bitcoin sportsbooks. The website has been offering sports betting with BTC and other cryptocurrencies since 2013. Cloudbet is known for its neat looking and professional interface that allows punters to navigate the site with ease.
With over 35 sports and e-sports games, you have plenty of options to choose from and can sort games by sport or type. This makes it easy to find whatever event you’re looking for. You can also bet on Live events by navigating to the “In-Play” section to see all ongoing events.
One major downside is that each event’s betting options are quite small compared to other popular Bitcoin bookies like 1xBit.
Cloudbet offers a few bonuses for sports games like Zero-Margin Sports Bet and NFL Money Back Offer. Other bonuses available on the platform are for casino games players.
Restricted Countries: The USA and its territories, United Kingdom, Hong Kong and Singapore.
Games: Soccer, Basketball, Virtuals, Tennis, MMA (Cage Fighting), American Football, Aussie Rules, Badminton, Beach, Volleyball, Boxing, Cricket, Darts, Futsal, Golf, Handball, Ice Hockey, Pesapallo, Politics, Rugby League, Rugby Union, Snooker, Table Tennis, Volleyball, Counter-Strike, Dota 2, FIFA, League of Legends, NBA2k, Overwatch, Rainbow Six, Starcraft.
Accepted Currencies: Bitcoin, Ethereum, Bitcoin Cas, Tether
- Licensed and regulated
- 24/7 customer support via Live Chat
- Supports multiple cryptocurrencies
- Good odds and other attractive bonuses
- Prohibits players who are physically present in some countries
- Limited betting options per event
- No mobile app
1xBit was launched in 2016, meaning it is a relatively new Bitcoin sports betting platform compared to some other top-ranked bookmakers.
However, the website offers more betting options than its competitors. This has made it a favorite bookie for many punters even though the platform is unregulated. Aside from good odds, 1xBit is the only site that accepts more than 20 cryptocurrencies for sports betting.
Its user interface is also not the best, but players can still easily find their way around the website as games are well categorized.
Restricted Countries: Does not restrict players from any country
Games: Football, Tennis, Ice Hockey, Volleyball, Baseball, Rugby, American Football, Athletics, Australian Rules, Bandy, Basketball, Biathlon, Bicycle Racing, Billiards, Boxing, Chess, Cricket, Darts, Floorball, Formula 1, Gaelic Football, Golf, Handball, Hurling, Motorbikes, Motorsport, Netball, Nordic Combined, Olympiad, Sailing, Ski, Jumping, Skiing, Snooker, Speedway, UFC.
Accepted Currencies: Bitcoin, Litecoin, Dogecoin, Dash, Ethereum, Monero, Zcash, NEM, Digibyte, Bitcoin Gold, Bitcoin Cash, Ethereum Classic, Bitshares, Verge, Qtum, Stratis, XRP, USD Coin, True USD, Paxos Standard Token, Tether, Chainlink, OmiseGo, Basic Attention Token, TRON
- Mobile app
- Over 20 cryptocurrencies supported
- Many betting options and good odds
- Anonymous betting
- Unregulated and does not have a known address
- Poor user interface
- Customer service is below average
FortuneJack was originally launched in 2014 as a cryptocurrency casino but began offering sports betting in late 2018.
Using its expertise in casino style betting, FortuneJack has positioned itself as a top Bitcoin sportsbook. The site offers more than 35,000 monthly events covering 27 sports and has a live betting feature. Each event comes with a wide range of betting options and attractive odds.
Restricted Countries: The USA and its territories, the United Kingdom, Singapore, South Korea, France, Germany.
Games: Soccer, Tennis, Basketball, ES Counter-Strike, ES Dota, ES League of Legends, ES StarCraft, ES Overwatch, ES King of Glory, American Football, Baseball, Ice Hockey, Aussie Rules, Badminton, Boxing, Cricket, Cycling, Darts, Golf, Handball, MMA, Motorsport, Pesapallo, Rugby, Table Tennis, Volleyball, Winter Sports
Accepted Currencies: Bitcoin, Litecoin, Dogecoin, Ethereum, Zcash, Tron, Dash, Bitcoin Cash, Monero.
- Excellent reputation
- 24/7 customer support
- Thousands of sports events
- No mobile app
Bitcoin Sports Betting FAQ
Is Bitcoin Sports Betting Safe And Legal?
Yes, sports betting with Bitcoin is both safe and legal in most countries. However, a few such as Algeria, Ecuador, Egypt, Nepal, and Pakistan have declared that all crypto-related activities are illegal. So if you are within any of these jurisdictions, you might want to avoid interacting with Bitcoin.
How To Start Betting With Bitcoin?
Once you’ve decided that betting with Bitcoin is something you would like to try, the next important step is to register with a reputable bookmaker that accepts cryptocurrencies.
You will then need to buy Bitcoin from a crypto exchange that accepts fiat currency. Some of the best options include Binance, Coinbase, Crypto.com, and Changelly.
How To Deposit Bitcoin On A Sportsbook?
After purchasing Bitcoin from an exchange, move the BTC to an external wallet like Coinomi, Exodus, Trust Wallet, or Ledger. Once the funds are in your wallet, login to your sportsbook account, select the deposit option and then copy the BTC wallet address. From there, go to your wallet and transfer the Bitcoin to the copied address.
How To Withdraw Bitcoin From A Sportsbook?
To cash out your winnings, select the withdrawal option in your sportsbook account, paste your BTC wallet address in the designated box, enter the amount you want to withdraw and then submit your request. Depending on the bookie, withdrawal requests are usually processed either within a few minutes or a few hours.
What Are Miner or Bitcoin Transaction Fees?
Using traditional payment methods to purchase or send money online requires transaction fees before the payment can be processed. However, on the Bitcoin network these fees are called miner fees because they are being collected by miners who verify and process BTC transactions to keep the Blockchain secure.
Unlike traditional payment methods that charge high transaction fees, making payments with Bitcoin is very cheap and there are no hidden fees. In fact, senders can decide how much they want to pay as the miner fee. Just keep in mind that the higher the miner’s fee, the faster the transaction will be confirmed.
Listed Bitcoin sports betting websites are not by any means the only platforms that you can trust. However, they have been tested and proven reliable for sports betting using Bitcoin and most have years of experience and high credibility.
There are many decent crypto sportsbooks out there, just make sure that the site you settle with has a solid reputation, good customer service and positive user reviews. If you do this you are sure to avoid unnecessary disappointment and have a great Bitcoin sports betting experience.