The number of bookmakers offering Sportsbook bitcoinhas been increasing for years. Find out here what the advantages and disadvantages of Bitcoins as a means of payment are, which provider is best for Bitcoin betting completes and much more!
You can find the best Bitcoin bookmakers in our Bitcoin sports betting comparison .
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The special thing about Bitcoin: The system promises a maximum level of anonymity , it is extremely secure and transactions are lightning fast .
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Nevertheless, there are also reasons why sports betting with Bitcoin cannot be recommended without reservation.
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We have 5 important tips for bookmakers accepting bitcoin compiled for you.
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You will also learn how to buy Bitcoins for sports betting and place sports bets with Bitcoin !
How to place sports bets with Bitcoin sportsbook
Paying for online football bets with the cryptocurrency Bitcoin works largely analogously to conventional payment systems:
a conventional betting provider bonus with Bitcoin in accordance with the sales conditions, just as you would if you were using other currencies. And the payout is also very similar – the only difference is that winnings are not transferred to a bank account, but to your online wallet.
The best bookmakers for Btc sportsbook
As with “traditional” bookies, there are of course better and worse options among the Bitcoin betting providers. We have compiled the top addresses for Bitcoin betting in our BTC betting comparison below .
Pro: Depositing with Crypto sportsbook
Bitcoin betting providers have a lot of advantages that make them so interesting for bettors.
Advantage 1: Anonymity
One of the biggest advantages of a Bitcoin account is that the account holder often remains completely anonymous . This is because various bookmakers that accept Bitcoin do not require the disclosure of an identity. Only an email address is required, which customers can use to contact customer service. But even this is not mandatory for many bookies. In addition, it is quite easy to create an email address just for this purpose.
You don’t have to worry about providing personal information or even submitting identification documents for account verification. This means you won’t leave any traces that could expose you as a sports bettor, and the Bitcoin bookmaker can never use your data against you or for dubious purposes.
Advantage 2: Account can (almost) not be blocked
The absolute anonymity that exists in many places means that Bitcoin bookmakers are virtually unable to block your account. This is of course interesting for dubious players, but honest betting fans also benefit:
Advantage 3: Lightning-fast winnings payouts
After placing the bet and announcing the betting result, the winnings go to the player immediately. Even with a large payout of winnings, there are usually no delays.
That means:
You don’t have to fear that your limit will be exceeded, which could result in an account being blocked, nor that you will be treated unfairly by the bookie, who might withhold your high winnings until he has made enough income again.
Advantage 4: Payments are fast, secure and cheap
Due to the way Bitcoins work, depositing and withdrawing money from Bitcoin sports betting is very fast and secure. The payment infrastructure is provided solely by the Bitcoin system, which in turn enables money transfers with almost no additional costs . This is how fast withdrawals work with crypto sports betting .
Due to the flexible payment option with Bitcoins, it is also easy to send money from one bookmaker to another or to immediately transfer winnings to friends’ accounts. Even transferring to other customers’ accounts at other betting providers is usually not a problem.
Contra: Disadvantages of Best bitcoin sportsbook
Although Bitcoin sports betting does have many advantages, there are of course counterarguments to consider.
Disadvantage 1: Payment method not yet established everywhere
Compared to other payment methods, bitcoins still lead a rather shadowy existence and many betting fans do not have sufficient experience with them. However, years ago there were new online betting providers on the market and here too customers had to gain experience first.
Disadvantage 2: Lack of legal regulation of Bitcoin sportsbooks
There is also a risk that some crypto betting providers will turn out to be fraudsters or not be profitable enough and therefore go bankrupt. As advantageous as anonymity is, it unfortunately also means that there are hardly any standards and legal regulations among Bitcoin betting providers .
Since the transfer of Bitcoins is so quick, bettors are not dependent on depositing large amounts. If you don’t immediately trust your betting provider, you can instead transfer smaller amounts several times – always just as much as is needed to place the bet. There are hardly any bookmakers with faster payouts than Bitcoin betting providers!
Disadvantage 3: Fluctuating price values
The fluctuating price values have an influence on the stake limits . Typically the maximum is 1 to 5 BTC. Depending on the course, this corresponds to several thousand euros.
Although the Bitcoin price can be stable for a long time, it is sometimes subject to violent fluctuations . This is both an opportunity and a risk for the bettor.
Disadvantage 4: Future status of Bitcoin as a currency independent of banks and states
Due to the special design of this means of payment, banks and states cannot regulate the transactions. A major seriousness factor is the future handling of Bitcoin:
It is entirely possible that individual states or communities of states will eventually integrate the currency more broadly into economic processes or, conversely, come to the conclusion that it is not acceptable. In the former case, digital money is likely to become more established quickly. Under the latter circumstances, customer acceptance may also decline to the point where Bitcoins will have little value and will not be able to maintain the success rate often predicted today .
The importance of Best bitcoin sports betting sites
The market for Bitcoin in sports betting is very large and the number of sports betting websites that accept Bitcoin as a regular currency is growing.
One of the reasons for this is that Bitcoins represent a good loophole for the gambling market in the USA. Currently, gambling is only permitted in the states of Delaware, New Jersey and Nevada. In all other states, gambling is considered illegal, including Bitcoin bookmakers . However, due to the anonymity, Bitcoin betting providers for American citizens are now springing up like mushrooms.
The US government cannot actually control Bitcoin transactions, but it can control transfers using other payment methods. In the past, financial institutions have frozen countless online casino and sports betting accounts, citing the Wire Act of 1961. However,
since Bitcoins are not transferred but paid to websites, there is no danger here with the cryptocurrency.
Naomi Brockwell, Bitcoin’s policy officer, says that Bitcoins have revolutionized the online sports betting market in the US. Americans can now bet and gamble without hindrance. Since the transaction in Bitcoins is carried out immediately and cannot be reversed, online bookmakers also benefit. In the past, there have been increasing problems with fraudulent chargebacks.
Reading recommendation: Find out everything about “ Bitcoin bonuses for sports betting ” here!
5 important tips for dealing with Best crypto sportsbook
At this point we would like to summarize some important recommendations for behavior when dealing with Bitcoin.
You should pay attention to the following points if you want to place Bitcoin sports bets.
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Anonymity : If you pay exclusively with Bitcoin, you can remain completely anonymous with some bookies . All you have to do is provide an email address. Of course, this has certain advantages, but on the other hand, with this anonymity you also waive certain minimum standards and adequate regulation of corresponding offers. You should therefore only deposit anonymously with a bookmaker as much as you really need for your respective bet. If you do not park money with such Bitcoin betting providers, you significantly minimize the risk of fraud.
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Inputs several times Check : Once a payment has been initiated, it can no longer be stopped or even reversed. Before making a transaction, you should definitely check whether the address of your Bitcoin wallet is correct. Always check this again, digit by digit. If a typo creeps in here, it can be extremely annoying, especially with large winnings!
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Maximum profitable Bonuses : If you as a customer pay with a bookmaker using your credit card, for example, this involves various risks for the sports betting provider. He usually records the money immediately, but it may be that your card does not have enough funds. In this case, the bookie can reverse the process, but this requires a certain amount of effort – especially if a bonus has already been issued and played with. Since with a BTC payment the amount goes to the bookmaker immediately, practically nothing can happen to them. This is one of the reasons why you can often benefit from exorbitant bonuses with Bitcoin bookmakers . But always carefully consider whether you want and can play through them.
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At the Convert from Bitcoin in Real money Anonymity is over : The anonymity of cryptocurrency is one of its greatest advantages. However, as soon as you decide to convert profits into real money on a corresponding trading platform, you must provide proof of identity . At this point, your activities will be traceable – at least in part.
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Bitcoin storage and access data : You store your balance either online in a cloud or directly on your computer or on a suitable USB stick or memory card. Only you have the specific access data for your respective wallet. This means a lot of security , but also that your Bitcoins are irretrievably lost if you forget your log data. This is also the case if you lose the USB stick on which your Bitcoins are stored, for example.
The technology behind the cryptocurrency Bitcoin is the so-called blockchain , which is also used by Litecoin and NFT . All data is stored decentrally across nodes around the globe. This leads to enormous security. Hackers could theoretically gain access to parts of the system, but since all information is never stored in one place, they can practically not manipulate it.
The idea behind Bitcoin is very old. However, the cryptocurrency has only been truly “suitable for everyday use” and widely established for a few years. Since then, more and more Bitcoin sports bets have been offered and are being used more and more frequently due to its many advantages.
One of the biggest advantages of Bitcoin is that the currency is independent of the economic factors of a state or traditional banking systems. The cryptocurrency is inflation-proof and political crises cannot harm online money. On the contrary, as the past few years have shown, they often lead to a price increase.
However, Bitcoin is subject to price fluctuations. These can reach highs and lows within hours. In general, however, the means of payment is considered relatively stable and has been on the rise for several years now .
Since there are no states or banks involved, Bitcoin transactions are not influenced by exchange rates. For example, if you transfer 1 BTC to a friend in Buenos Aires, the transaction will be completed within a few minutes. Usually, only a small transaction fee is charged for the hardware, software and electricity costs. With a conventional bank transfer, a corresponding transfer would take several days and involve significantly higher fees. You would also have to keep an eye on the current exchange rate of the Argentine peso in order to actually be able to transfer the desired amount.
Conclusion: Bitcoin is still a marginal phenomenon in sports betting
The cryptocurrency Bitcoin has been used as a payment method by sports betting providers for a relatively long time, but many players still have no experience with it or have concerns. The general labeling as “dubious”, “criminal” or “dangerous” does not do justice to the currency or to most of the betting providers that have it in their portfolio:
However, as with any other bookie, you still have to be careful who you entrust your money to. In addition, there can be disadvantages if you handle the digital currency incorrectly. However, by taking our tips into account, both aspects should no longer be an issue for you, so that you can fully enjoy the many advantages that Bitcoin sports betting brings with it and with as little risk as possible.