Bitcoin Sports Betting – All You Need To Know
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A lot of people, sports lovers or not, are involved in online sports betting. For sports lovers, you get to enjoy watching your favorite teams and matches while making a profit. The predominantly known online sports betting accepts fiat currencies (US dollars, UK pounds Euros etc.). Since the Bitcoin explosion, many individuals now know there are sports betting sites that accept Bitcoin.
BTC sports betting allow the players to wager bitcoin on various sports events like soccer, basketball, hockey and many more. Last year, bitcoin was so volatile; with constant rise and fall in prices, individuals ventured into bitcoin Sports bet hoping they could benefit from the polarity explosion. Although it should be noted that, they could lose their money in the long run due to the unstable price of BTC (could also mean losing money if the price of Bitcoin goes down).
The purpose of this article is not to recommend anyone to bitcoin Sports betting because gambling is definitely not safe and your funds are at risk, so whoever still goes into it should use their spare money to bet not budget money.
What is Bitcoin Sports Betting?
Owing to the advancement in technology, the transactional instruments of sports betting have a new face. Bitcoin, as we all know, is a digital currency used for transactional purposes, such as the purchase of items, investing, placing bets, trading etc. Bitcoin Sports betting is simply wagering, using the bitcoin Cryptocurrency instead of Fiat currencies. The idea of placing a bet is fundamentally the same as that and any other form of the online sportsbook.
You sign up and open a bitcoin wallet before depositing your first bitcoin, click on the cashier button to make some deposit. Enter the amount you wish to deposit in US Dollars. This is where you include your promotional code if available. Its equivalent in bitcoin will be displayed then you can send the amount of bitcoin you want to deposit to the BTC sports betting address. After that, choose what matches and tournaments you want to place your bet on, choose how much you want to stake on the bet and place your bet. Many online bitcoin casinos run BTC sport betting operations and at the same time, there are independent sports books known as bookmakers. The bulk of bets on offer in online bitcoin sportsbooks include fixed odd bets where players wager against the odds offered by the bookmaker.
Pros (and one small drawback) when using bitcoin on sports betting
- It is a quick and efficient way to play wagers online and it is possible to accelerate your payout time when using cryptocurrency. The transactions take a few minutes to complete. Bitcoin comes with few transaction fees unlike depositing fiat currencies into your account. No third party (middleman) is being paid or involved. It is a result of the bitcoin blockchain fundamental design.
- One of the major benefits of the bitcoin is that it is decentralized; meaning it is not controlled by any governments or monopolized entities. The identity of the user cannot easily be traced back to the owner because of the pseudo-anonymity of bitcoin transactions. Even while a bitcoin address can be known using its corresponding private key, reversing this process is impossible. This is what makes bitcoin the safest currency available for players that need to load their online bitcoin sportsbook account without disclosing valuable personal information.
- Bitcoin Sports books can be used in countries where betting is considered more difficult because many bettors have regulated sports books that can be used in their jurisdiction.
- Also, another major difference between the bitcoin sports bet and the regular online bet is the minimum amount allowed to place on an event. The minimum allowed on the bitcoin betting website is slightly lower than that of the regular sportsbook online.
- Since there is anonymous betting, your identity doesn’t need to be verified on BTC sports betting upon withdrawals unlike the regular sportsbooks betting who operate under a license and needs to receive your documents in order to process your withdrawal.
- However, the only drawback we came across is that in comparison to regular sportsbooks online, one of the major differences is the number of various events that the bettors can bet on. This is as a result of the bitcoin Sportsbooks have not fully developed a betting platform on the level of the regular sportsbooks online. Some features and alternative betting options are still missing and odds don’t update regularly unlike the regular betting platform.
Top Bitcoin Sportsbook 2018
There are lots of different bitcoin sportsbook currently available on the market. Though most of them are still developing their platforms to be on par with the regular online sportsbooks, there are still good BTC sports betting sites out there. Examples include:
This is currently one of the best bitcoin Sportsbooks. It was established in November 2013 created as part of a coin gaming limited brand. They offer a Vegas-style full online casino and a selection of live dealer games. The games include play baccarat, Black Jack and roulette. It is a complete BTC sportsbooks that allows players to parlay up to 7 selections. There are lots of league to bet on and support live In-play betting. Deposits are limitless, instant and without verification. Withdrawals are also instant as bets with two-step authentication. The minimum bet allowed is 0.001 BTC and the maximum allowed is 10BTC/BCH for the casino, 30BTC/BCH. They also take the largest bets in the NHL, NBA and European soccer with the stakes of 36 BTC/BCH. Cloud bet has a 100% first bitcoin deposit bonus of up to 5BTC. The first deposit bonus is released at 0.01 BTC on every eight hundred loyalty points earned through the loyalty points reward system. They are a reputable platform, licensed and regulated in Montenegro. The customer support of cloudbet sports is top notch, available 24/7 with the option of a live chat.
This is one of the leading bitcoin Sportsbooks. They offer bitcoin as payment solution currency. You deposit and withdraw through bitcoin. They offer casino, sports and live betting with main tournaments such as the Euros, NBA, and MLB etc. Sportsbet bitcoin sportsbook is fully licensed out of Curacao so it is authentic and safe. Deposits, withdrawals and bet placements are done through the use of Bitcoins.
There are limited bonuses and promotions on this site. You can contact their customer support via email to their support team for assistance and also you can make use of their live chat option. The maximum bet allowed is up to 100BTC. Here, the customer sets his own personal minimum and maximum and can set for a daily, weekly or a monthly period.
Betcoin sport is an Asian based casino platform. Betcoin was online since 2013 accepting BTC, BCH, ETH, and LTC for payment. Betcoin sports offers straight bets, parlays, teasers, round robin. A large selection of sports and horse wagering are also displayed. The withdrawal and deposit are instant. All withdrawals go through security but normally take less than one hour to complete.
There is a maximum bet allowed of 1BTC and a minimum of 0.001BTC. There are a 20% bitcoin sports betting bonus on Betcoin sports. All first-time depositors will get a 1BTC bonus if they deposit 5 BTC or more in the first transfer. They have a great customer service available during business hours and an email response team.
This was established in 2015 in Russia. Ixbit first ran a regular fiat currency sportsbook then changed into an end to end bitcoin Sportsbooks. Now they accept Bitcoin, Ethereum, Litecoin, XDG, BCH etc.
There’s a live casino, Russian roulette, poker room, poker, dice games. The withdrawal time is not instant but takes less than one hour and the minimum withdrawal are high at 10mB. Also, there is no withdrawal fee. The customer service channels available are the live chats and email.
Using Bitcoin Sports betting sites
Bitcoin Sportbooks are the same as traditional ones when it comes to placing wagers. Several years ago; bitcoin Sports betting could not be mentioned in the same sentence as traditional online sports betting. After they create an account and an electronic wallet to store the BTC, bettors simply fund their accounts by sending bitcoin to the address that’s assigned to their account.
Each bitcoin Sports betting site has its own rules and guidelines on the minimum and maximum amount that can be deposited into the account and also placed on a bet. Bitcoin betting these days can be said to be better than the traditional ones (fiat currencies) because bitcoin is one of the cheapest ways to transfer funds around the world. Processing bitcoin is cheap which cuts down on withdrawal matters for both the bookmakers and bettors. This is a positive for both bookmakers and bettors.
Also, sites that accept both bitcoins and traditional aka fiat currency will have fees to deal with because of the cost of exchange of buying bitcoin and then changing it back to fiat currency unlike the sites that makes use of only Bitcoins whose deposits and withdrawals are always completely free. Again, the bitcoin Sports betting sites is better than the traditional ones because the speed of transferring Bitcoins is a much faster process than any other payout method.
Lastly, the amount of privacy and security offered by bitcoin Sports betting sites compared to traditional currencies is more substantial. Many of those that offer Bitcoin as a cashier option, especially the sites that are running BTC only, may not require any personal information. Mostly, these bitcoin bookmakers only require a login and a password. The main reason why bitcoin has become a thing of choice for online sports betting industry and the online gaming industry is that they can’t be frozen nor seized since they are not controlled by any major bank or government.
Can you trust bitcoin Sportsbooks?
Yes, bitcoin bookmakers can be trusted, though it is important not to forget that online sportsbooks fold regularly, whether they deal only in Euro, Dollars or Bitcoins. Bitcoin Sports betting sites and fiat currency sport betting sites have the same potential to fold or to be used for a scam. All they need you to do is deposit your money and close the website. So if you can trust the traditional bookmakers, you should do the same with the bitcoin Sports betting that even gives bonuses to bettors on first deposit. One should be careful though when using money online, so do not store all your Cryptocurrency online in case of potential hacks. Also, do not share your private key with anyone as those people who have your private key can steal all your funds.
In a Nutshell
Bitcoin sports gambling has increased tremendously in the last few years. Sportsbooks that accept bitcoins also accept members from all over the world. That way, you can always participate in a gambling game if you want to. However, we have to say that the purpose of this article is not to encourage you to gamble. Gambling is not recommended not even after knowing all the risks involved.
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