Betting on Bitcoin 2023
Sports betting is slowly emerging as an industry that has embraced blockchain and crypto technologies. An exciting and attractive new trend is betting on bitcoin. For examples of its benefits, consider that betting with bitcoins has paved the way for more anonymous cryptocurrency gaming, alongside faster deposits and rewards to players.
However, most players’ biggest challenge is the lack of information on how sport betting with bitcoin works. Many don’t know how to go about choosing the best bitcoin betting site, finding the top sites with bitcoin betting bonuses, and using bitcoin for sports betting to their advantage. At SmartBettingGuide, we have embarked on a mission to educate our readers about betting on bitcoin and explain how bitcoin sportsbetting works.
Throughout this article, we focus on educating the readers and equipping them with relevant knowledge before signing up on any bitcoin bet site. We also consider the absence of BTC betting sites in other parts of the world and how this may impact the entire gambling industry. Here is our extensive review about Bitcoin gambling.
What is Bitcoin (BTC)?
Bitcoin is a virtual currency that operates on a decentralised peer-to-peer system free from oversight or control. The currency’s transaction records are distributed in a public ledger known as a blockchain. This public ledger records all bitcoin transactions held in multiple servers worldwide.
Players can freely set up a server, also referred to as a node, to transact and bet with BTC on their favourite betting sites. They can also freely agree on who owns which bitcoins cryptographically across the nodes without involving a third party.
✅ Yes, they are legal sites in most countries that accept crypto betting. But to be sure, check on your country’s regulations and establish whether you can play on a BTC betting site.
✅ Yes, Bitcoin, like most cryptocurrencies, is a highly secure and anonymous currency. So, players can comfortably bet without fearing for their safety.
Arguably all cryptocurrencies. However, Bitcoin, Litecoin, Dogecoin, and Ethereum are the most commonly used.
Many bitcoin sportsbook sites offer multiple bonuses. This ranges from the welcome bonus to in-game reward bonuses. Players only need to find their best betting site and sign up to enjoy all these bonuses
Bitcoin betting allows players to enjoy a seamless and secure gaming experience. There are no fears of data breaches or fraud. Similarly, there are quick withdrawals for winnings and various games to play.
The biggest disadvantage of BTC betting is the unpredictable nature of bitcoin’s value. Many times, players are left earning less than they invested due to a significant drop in the value of Bitcoin
There are many bitcoin sportsbooks. For the best ones, check on our best Bitcoin sportsbook 2023 rating.
The best BTC sportsbook site offers you the desired gaming experience. A player should list all the features they seek in a bitcoin sportsbook site and refer to them in their selection process.
✅ Yes, these vary depending on what platform you use. However, the best Bitcoin betting sites allow you to bet without paying any fees.
Bitcoin deposit and withdrawal time ranges between 10-15 minutes.
When using bitcoins, every user transaction is openly relayed to the network and shared from node to node. The coins are permanently added to a blockchain (read this – sports betting blockchain), making it impossible to reverse the transaction. This is partly due to the bitcoin ledger’s secure protection and a trustless system that allows all bitcoin exchanges to defend themselves against theft.
Bitcoin remains the most successful and largest cryptocurrency by market capitalisation. Much of this success is due to the measures and protection mechanisms put in place to prevent scams and ensure appreciation of the currency’s value.
When betting bitcoin, it’s important to be aware of its price volatility. The price of one bitcoin is determined by several factors, including supply and demand, competition, and its regulation. Like fiat currency, an increase in bitcoin demand leads to a price increase. When demand for bitcoin falls, the price also falls.
These price valuations are key in influencing your sportsbook payouts and bitcoin betting bonus. Similarly, you need to understand all these bitcoin price movements and the justification of its valuation before investing or betting on bitcoin.
Bitcoin primarily runs on a blockchain protocol. This protocol consists of single chains of discrete blocks of information. You can establish any transaction agreement on a blockchain as long as both parties agree on the contract. As such, there’s no need for a third party or any government authority to oversee the transaction.
The ‘distributed ledger’ concept underscores bitcoin’s difference with other currencies. The currency’s blockchain is ‘distributed,’ making it public to everyone and all parties involved. Any one player wishing to bet bitcoin can easily download the ledger in its entirety due to the free and public availability of the transaction records.
However, Bitcoin’s decentralised nature also means there are complicated procedures for updating the blockchain ledger. No single authority supervises the transactions, so all the players have to oversee their transactions by creating and verifying “blocks” of transaction data. For every bitcoin transaction, a private key is required to prove ownership of funds to the network.
Betting on Bitcoin and the Rise of Crypto Gaming
Since Bitcoin’s inception in the last decade, the use of the currency at online casinos has steadily risen, with many players turning to bitcoin betting sites. The currency alone accounts for more than half of cryptocurrency gaming; that means it’s even more popular than Ethereum and Litecoin gambling. Bitcoin sportsbook betting is also responsible for more than half of all bitcoin transactions.
Amidst the growing popularity of sports betting, bitcoin has been earmarked as one of the key cryptocurrencies that will determine the future of online gambling. There’s no denying the currency’s global acceptance will change how players and investors view gambling. Bitcoin is already changing how sportsbooks and bookmakers operate in the sports betting community alone.
For most of us who’ve been paying closer attention to the rapid innovation in the sportsbook industry, we can all agree on the industry’s focus on the worldwide market. This is arguably one of the areas where the industry is banking on Bitcoin’s versatility to thrive. For instance, it’s a win for both parties, considering how cheap and convenient it is to sports bet with bitcoin.
Unlike traditional currencies that attract hefty fees from banking institutions, bitcoin betting is free. The peer-to-peer transactions involved mean both players and bitcoin bookmakers are not subject to any adjustments caused by the exchange rates.
With bitcoin, there’s no need to exchange your currencies. This is probably the greatest benefit of betting on Bitcoin in 2022 and beyond. Offshore bitcoin sportsbooks now largely accept bitcoin for both deposits and withdrawals. They encourage players to bet BTC as an easy way to wager on their favourite games. This is much better from a player’s perspective due to the efficiency in managing bankrolls when multiple betting accounts are involved.
Unlike fiat currencies which are susceptible to manipulations, bitcoin offers verified transactions and an open ledger to all players. Players who bet BTC online are always assured their transactions are on the record. Bitcoin sportsbooks also offer a lot more sports options for players to bet on. A player betting on bitcoin for gaming rewards is free to play, just like all other players with fiat currencies.
All types of bets including single sports bets, accumulator bets and futures bets are available when players bet on sports with bitcoin. Many top sports betting sites offer more promotions and incentives to attract more players into crypto gaming through bitcoin betting. Players are often encouraged to explore the best ways to enjoy sport bet with bitcoin from a reputable bitcoin sportsbook.
Sports betting is a great way to bet on bitcoin. It provides players with enough assets to play and invest in their bitcoins. Similarly, betting on bitcoin through sports betting is safe and secure with no third parties. Once a player wins bitcoin at either of these sports betting sites, there are mechanisms in place allowing them to safely withdraw their winnings into a secure wallet until they are ready to sell or exchange.
Best Bitcoin Sports Betting Sites
Currently, we have numerous options to bet on sports with bitcoin. Many top sports betting sites offer a special sportsbook bitcoin bonus and promotions for sports bettors wishing to invest and bet on bitcoin. With a few bitcoins, one can easily play their favourite game to gain valuable experience and see how sports betting bitcoins work. Here are some of the best sports betting sites we feel will give you value for your investment.
Stake was established in 2017 and has become the most popular bitcoin sports betting site. The site is famed for its easy user interface and a great game offering. When registering on Stake online, one only needs to share their basic information to complete their first deposit.
The site also provides 2-factor authentication, a key security feature not found in most gaming sites. Stake is accessible in more than nine languages and accepts 8 cryptocurrencies. Other key benefits of betting BTC on Stake are great customer service and provably fair games. The site also provides an RTP that reaches 99% for some games. However, players shouldn’t expect any welcome bonus on this site.
Cloudbet offers a large pool of casino games to bet on. This sports-focused betting site also offers anonymous play, making it one of the most secure gaming sites. The SSL and two-factor authentication feature back up the site’s security measures.
Cloudbet betting site provides huge perks to players, including the 100% welcome bonus of up to 5 BTC. The only downside is the site’s slow payouts to players. However, players can resolve this issue quickly if they lodge their complaints as soon as possible.
Sportsbet.io is ranked high as one of the top bitcoin betting sites in the market today. The site has developed tremendously over the past few years and boasts major international and global business partnerships. Besides the usual BTC bets, players can also stake using Ether, Litecoin, Ripple, Dogecoin, among other cryptocurrencies.
Players can access the site from its Android version, which is reliable and easy to use for players of all experiences. Sport betting bitcoin on Sportsbet.io allows players to enjoy a fun-filled experience and provably fair games. There are also competitive odds with more than a thousand betting markets on this site.
Though relatively new on the block, 1xBit has a reputation for offering impressive bonuses to players and wide esports titles and supporting numerous languages. This bitcoin bookmaker allows you to use bitcoin and other digital currencies to bet on a wide variety of games.
One of the biggest advantages of betting on this site is the anonymity it affords players. The site also boasts a fast registration and withdrawal process. Players on 1xBit are eligible to run a multi-currency account with more than 24 cryptocurrency networks. A player can use more than one cryptocurrency on a betting account concurrently.
The only disadvantage is 1xBit only allows cryptocurrency payments. The site doesn’t allow fiat payments for either deposit and withdrawal. More information about this bookmaker you can find in 1xbit review.
Betflip is one of the newest Bitcoin sportsbook sites launched in 2019. The site offers competitive odds similar to top bet BTC sportsbook sites like Stake and Sportsbet.io. Players from the US and UK can play on this site with an equal chance to win big on their BTC bets.
There are huge bonuses and a welcome package of up to €10 000 and 500 free spins on the first 10 deposits. Players can make these deposits in various cryptocurrencies like bitcoin, Ether, Dogecoin, Litecoin, and many more. The site also accepts fiat currencies like US Dollars and Euro. Most sports on online betting sites are available for bitcoin betting on Betflip.
Thunderpick is a sports bet bitcoin betting site with excellent features. Players betting on this site enjoy faster withdrawals and an anonymous account once they stick to using bitcoin or other cryptocurrencies.
The site also allows fiat currencies through Visa, Mastercard, or Skrill deposits. Sportsbook with bitcoin on Thunderpick has numerous benefits. First, players enjoy fast withdrawals in not more than 15 minutes.
However, there are no reload bonuses on this site. Players in countries like Sweden, Malta, France, Netherlands, Poland, the UK and the US cannot play.
How to Deposit with Bitcoins?
A player must first have the desired amount of coins in their wallet to make a complete bitcoin deposit. Luckily, bitcoin exchanges for fiat money are easily accessible, and any player wishing to purchase bitcoins can do so through various exchange platforms. Here is our guide into depositing bitcoins into your cash app
- Log in to the account.
- Click the ‘Bitcoin Wallet’ tab.
- Click the ‘Deposit’ button.
- Open ‘Bitcoin Wallet’ and locate the ‘Send’ button.
- Copy and paste the deposit address from the receiving account to the bitcoin wallet. Alternatively, scan the QR code.
The last step involves confirming the transaction within the bitcoin wallet.
Depositing Bitcoins into Sports Book Accounts
There are various ways bitcoin betting sites accept bitcoin deposits. Some only take bitcoin as the deposit currency, while others allow players to bet with different tokens.
Deposit in Crypto
Most bitcoin and crypto betting sites offer the opportunity to deposit in crypto and convert to fiat currency later on. Players deposit the bitcoin, which is credited in the player’s account with cash equivalent to the bitcoin deposit.
The biggest benefit of this deposit method is that players are protected from the usual price fluctuations. This also applies to when withdrawing the bitcoins from the account. However, players are solely reliant on the bookmaker’s conversion rate.
Deposit via Existing Tokens
This mode of deposit involves a player’s bitcoin deposit replacing fiat cash. Deposits are made in bitcoins, allowing the bookmaker to hold onto the balance in bitcoin and afterward maintain the payment in bitcoin. Tokens are secure to deposit bitcoins and are treated the same as normal currency.
Players Depositing Using Bought Tokens
This deposit form only allows players to use a single cryptocurrency offered by the given bookmaker. Players utilise the bookmaker’s tokens, minted and offered for purchase. The bookmakers control the exchange rates plus the supply and demand of the tokens. The only challenge is that it leaves players vulnerable since only one party controls the exchange and flow of bitcoins.
How to Withdraw with Bitcoin?
Withdrawing involves transferring bitcoins from a bitcoin wallet to an external wallet address. Depending on which address the coins are transferred to, players will incur fees. Here is a simple process to follow:
- Log into the wallet and navigate to the ‘Withdraw’ button.
- Add a withdrawal address
- Enter the amount to withdraw.
- Click the ‘Review Withdraw’ button.
On completion of the process, a confirmation screen will pop up. This reminds you of the withdrawal request and the designated withdrawal address. If satisfied, one must click “Withdraw” to complete the withdrawal process. Remember, withdrawals to wrong addresses often attract hefty charges, which might not always be reversible.
Bitcoin Transaction Fees and Times
Bitcoin transaction fees refers to the average charges in USD when a Bitcoin transaction is processed by a miner and later confirmed. These fees are dictated by the demand and supply factors. Large congestions on the bitcoin network attract a spike in fees.
It’s important to note that the transaction fees exist to prevent spam transactions that slow down and clog the network. The fees help miners authorise transactions and support network security by keeping the business profitable. Currently, the average bitcoin transaction fees stand at USD 1.581.
The average confirmation time of bitcoin on the currency’s network is about ten minutes. However, this may vary according to the total network activity and the transaction fees.
How to Choose Site for Sport Betting with Bitcoin?
To enjoy the best bitcoin betting sports experience, players need to ensure specific conditions are met. This considers their overall gaming experience and other support features that fit a player’s exact situation.
We’ve shed light below on the key factors each player needs to think about before venturing into bet sports bitcoin gaming. This will help them determine what they’re looking for and probably affirm their decision of betting on bitcoin through crypto gaming.
Safety and Reputation
The safety of a sportsbook betting site covers a wide array of factors. For example, how reputable is the site, is there enough website security, and does the given sportsbook site have a valid gambling licence. Betting with bitcoins is unpredictable, and it only helps if players invest in safe and reputable sites.
Bitcoin sportsbook sites that have existed for ages are the best fit for players who want complete safety assurance. These sites enjoy better customer reviews and treat their existing customers in a way that makes them want to play even more.
Sportsbet and Stake are among the few sites with a high reputation and excellent customer reviews. They are fully licensed and known to resolve public disputes that favour both parties.
Online gaming is not legal in all countries worldwide. It’s even a major concern when it comes to BTC betting. That’s why players need to consider this before signing up on any bitcoin betting site.
Most sportsbook sites only operate in areas where they are located. For instance, players located in the UK are free to play on Stake, while those in the US are better off with BetOnline. These two biggest sports bet sites accept bitcoins and operate almost across European countries. However, players also need to confirm their country’s specific betting restrictions before choosing any site.
Game Variety, Lines, Odds, and Bonuses
Bitcoin sportsbook sites need to offer more than just bitcoin deposits and withdrawals. They should also be at the forefront of providing players with game variety, competitive odds and better bonuses. Most players only go to these sites to enjoy and have a fulfilling gaming experience.
Sportsbook sites that offer exclusive sports are the best for any player. Though hardly available in the modern days, these are the best sites for any player seeking a rewarding gaming experience. They should also be capable of more depth of lines and odds competitiveness for each game.
Another key factor to look at is the available bonuses. These provide value for existing players and show whether the bitcoin betting site cares about its customers.
Payout and Withdraw Speeds & Terms
Payout and withdrawal speeds are key to any player seeking to invest and bet with bitcoin. The speed needs to suit your terms when cashing out your winnings. Most bitcoin gambling sites offer a quick withdrawal process to allow players to cash out their profits and immediately convert them back into a stable fiat currency.
Quick withdrawals are also helpful since bitcoins and other cryptos have fluctuating prices. Cashing out the winnings faster means a significantly lower risk of your bitcoin losing its value. Players also need to look for bitcoin betting sites that put caps on the maximum daily, weekly or monthly withdrawals.
Sports Bet with Bitcoin Bonuses
BTC Bookmakers offer sports gaming with multiple bonuses. These include sports welcome bonuses, promotions, bonus codes and VIP rewards for players. This is mostly due to the now reduced costs of transactions which allows most sports bet sites to pump their sign-up bonuses and boost their overall bonus offers. With the available number of sites providing bitcoin bonuses, it’s easy for players to find the best sports bet site that’ll guarantee them the best offer.
Bitcoin Betting Apps
The current era of smartphones now means everything must be customised to meet the needs of each player. Bitcoin sportsbetting apps are now one the biggest investments made by most sports betting sites that need to tap into the market of iPhone and Android users.
We now have some of the best bitcoin betting apps developed by iOS/Android bookmakers to allow players gaming opportunities regardless of where they are. Most of these bookmaker apps provide advanced features like live sports streaming. Other bookmakers go a notch higher to allow you cash-outs and the creation of anonymous betting accounts.
Pros of Bitcoin for Sports Betting
Faster Deposits and Withdrawals
Speed is a huge factor when betting with bitcoins. Unlike traditional payment methods, which take time to reflect, bitcoin deposits reflect immediately. Players don’t have to wait for hours before betting on their favourite games. The same applies to withdrawals, which are much quicker and processed in minutes. While transaction speed variations depend on the bitcoin network, depositing and withdrawing BTC from a sportsbook is generally much faster than traditional payment methods.
Security is a key pillar of cryptocurrency networks. It’s one crucial factor that sets the currencies apart from fiat money when gambling. All deposits and payouts made through bitcoin are well-protected, ensuring 100% security of players’ winnings and payouts.
Players who wish to bet using bitcoins need not worry about manipulation and data security. There’s no point in time where a third party can gain access to your data and swindle your deposits or game winnings.
Using bitcoin for sports betting comes with its fair share of convenience. First, players can deposit bitcoins at any time and from anywhere. Besides, most bookmakers bitcoin gaming sites support mobile gaming on smartphones and tablets. Players can make deposits, play via the bitcoin betting app on mobile devices and even withdraw winnings at their comfort.
Playing with a fiat currency often attracts additional charges. Bettors spend more to pay with cash or bank cards. Unfortunately, players and the sportsbook site all carry the burden of extra imposed charges on cash or bank payments. When using digital currencies such as bitcoin, there are no additional costs apart from the standard withdrawal charges.
The decentralised nature of cryptocurrencies means there is no central authority to oversee the transaction. As such, players don’t encounter unnecessary fees and expenses imposed by authorities, as it’s the case with traditional currencies. Currently, players also enjoy the advantage of easily exchanging bitcoin for fiat cash without any bank involvement.
Cons of Bitcoin Sportsbook Betting
Fluctuations in The Value of Bitcoin
Bitcoin has a constantly fluctuating value. The value may rise, leading players into enjoying increased earnings from their winnings. Similarly, a drop in value results in players losing a huge amount of their winnings. This instability is not experienced in fiat currencies as their value maintains the same stability for a long time.
Bitcoin’s intractability works to the advantage of most players who want to remain anonymous. However, it also opens a huge door for unscrupulous gaming practices such as match-fixing. When there’s match-fixing, it’s highly unlikely to point out a fraudulent player.
No Charge Backs
The biggest advantage of using bitcoin is that all transactions are permanent, without third-party involvement. However, this comes with challenges, especially when players opt out. Once a player places a bitcoin bet, there’s no turning back. Players can’t request chargebacks due to the lack of intermediaries to handle such cases.
The growth of the gambling industry and the subsequent explosion of crypto betting sites is slowly changing how we view bitcoin and other cryptocurrencies. Unlike before, when bitcoin was a speculative digital currency, the ongoing modern transformations in the modern gambling industry are now paving the way for bitcoin to become one of the most preferred sports betting currencies. Players can now head to various bitcoin sportsbetting sites to enjoy a better and more rewarding gaming experience.