What is bitcoin sports betting?
Сrypto sports betting is very much like traditional wagering. You place punts on sports as usual, and the only difference is in the currency of your wallet on the gambling site. Instead of placing bets in a fiat currency like USD, EUR or GBP, you use a bitcoin wallet at a bookie.
Cryptocurrency exists only in digital form and cannot be physically withdrawn in comparison to fiat currencies. Bitcoin (BTC) is one of many cryptocurrencies, but it is the most well-known crypto and the most frequently traded crypto in the world. Bitcoin is considered one of the most convenient, reliable and secure online payment methods as well.
For this very reason, sports betting with bitcoin is great both for novices and experts!
The recent growth of bitcoin sports gambling
The number of bitcoin owners has increased in recent years and continues to grow. The online sports betting sphere is also flourishing, and that is why more and more online betting bitcoin sites appear that support cryptocurrency such as bitcoin and let you wager with it.
According to Statista, top-10 countries with the highest cryptocurrency adoption, e.g. share of people who have used cryptocurrency, include Nigeria (42%), Thailand (32%), Philippines (28%), Vietnam (27%), Turkey (25%), Argentina (21%), South Africa (21%), Switzerland (16%), Kenya (16%), Malaysia (16%). Share of companies who offer payment in bitcoins has risen across the world too, notably in gambling, hospitality industry and online services.
For the US sports gambling industry, the next frontier is crypto, according to Forbes. The key goal is to substep credit card fees for processing to reduce operational costs. This, in turn, will let online sportsbooks make odds higher, thus more valuable for players. Another advantage, especially with offshore bookmakers, is anonymity going in hand with crypto.
Best bitcoin sports betting sites
If you are willing to start making bets in bitcoin, you will need to choose a specific betting platform accepting cryptocurrency as a payment method and as a medium of wagering.
While hunting for top-notch online sports betting bitcoin sites, consider the following factors:
- choosing options of sports and tournaments
- bet odds and markets
- deposit and withdrawal methods and limits
- special offers and promotions
- customer care
Below you will discover the most admired bitcoin bookmakers that enjoy remarkable popularity among sports bettors — we have prepared reviews for each of these bookies.
The 1xBit online bookmaker was one of the first gambling companies to offer bitcoin sports betting. This bookie was launched in 2016 and since then it offers BTC gambing. Prior to placing bitcoin bets, one can top up his account with quite a few cryptocurrencies, including bitcoin itself, ethereum, USDT, litecoin, ripple and some other cryptos.
The 1xBet company was one of the first major international bookmakers to offer cryptocurrencies among more than 200 payment methods on their platform. Besides, there are special bonus offers for those using bitcoin and other cryptos for making a deposit. That said, due to licensing rules, creation of a gambling wallet in BTC is impossible as of 2022.
The Nitrogen Sports bookmaker is a bitcoin betting company that accepts bets in cryptocurrency from players around the world. This crypto bookie was founded in 2012 and since then it has become one of the most reliable bookmakers accepting cryptocurrency. Nitrogen Sports allows punters to wager on almost all significant sports events, however it is aimed at the Western sports gambling crowd with an emphasis on American sports.
The Sportsbet.io site is a bitcoin bookmaker established in 2016. It offers a wide range of sports to make punts on using the most popular cryptocurrencies. This bookie has a highly functional website with a simple interface and navigation. Moreover, the sportsbook offers plenty of options for balance replenishments, both fiat and crypto. When it comes to cryptocurrency, Sportsbet.io supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Tron (TRX), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE) and AllSports (SOC).
The Betflip platform is one of the BTC betting sites that has been functioning since 2019. It offers diverse gambling services as well as pleasant bonuses for all players. The bookmaker includes more than 20 sports disciplines for wagering. Gamblers may top up their Betflip accounts with fiat and cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), Dash (DASH), Bitcoin Cash (BCH), Tron (TRX) and Zcash (ZEC), and thus offering both popular and the most anonymous crypto payments.
How do BTC betting sites work?
If you are willing to start betting with bitcoin, you should, first of all, pick a reliable gambling company that accepts replenishments in cryptocurrency. Better yet, a crypto bookmaker that allows placing BTC bets on its platform. Takebet Tanzania has completed a list of such bookies here.
When you have done so, complete a registration procedure and make a deposit. Mind that some crypto gambling websites allow for replenishments with fiat currency as well, which is then converted to BTC in your account. Afterwards — just go and make your first bet!
Let’s follow each step of bitcoin sports betting separately.
Getting started with bitcoin
To bet with bitcoin on any crypto betting site, you will first need to get the said coins. Download a BTC wallet on your computer or register for an online wallet. Some of the most popular online bitcoin wallets include Coinbase, Bitcoin.com and Blockchain.com. If you decide to become a part of the blockchain, install a BTC wallet from the Bitcoin.org website.
How to sign up for BTC sports betting sites
To get access to gambling services of one of the best bitcoin betting sites, every player has to create a personal profile with a BTC balance to use for making punts. Some smaller and “pirate-like” crypto bookmakers let you bet without signing up, but that’s a rare occasion.
In order to register with one of the best bitcoin sportsbooks:
- Click on the respective button or link. Usually it is named “Registration” or “Sign up”.
- Fill out the registration form. Usually you register with email, however sometimes there are other methods to use such as a telephone number.
- Provide your ID and other documents for a verification. This is a mandatory step with any legit bookmaker, which is imposed by the jurisdiction of the bookie’s license.
- Claim any outstanding bonus and proceed to making a deposit.
How to deposit with bitcoin
To replenish your gaming account at any of the online bitcoin sports betting sites, choose a payment method, either a fiat system or a cryptocurrency you wish to use for a deposit.
In the case of a cryptocurrency, you will be given an address of a crypto wallet belonging to your BTC betting site and potentially some other verification data. By sending crypto to the given wallet, you will top up your account with the bookie after the transaction is cleared.
How to bet with bitcoin
In order to make a punt using bitcoin, you should do the following:
- Open the page with sports disciplines offered for wagering.
- Choose a sport and a tournament.
- Select a particular event.
- Pick a bet from the proposed options.
- Enter the amount you would like to stake.
- Submit your bet.
As you can see, the use of BTC betting sites is not complicated at all!
Bitcoin live betting
In-play wagering with bitcoin is also possible. To participate in live bitcoin betting, you should make sure that the bookmaker you have chosen offers such a platform. Then choose any of the ongoing sporting events, keep a close eye on the happenings in a match and bet!
Why use bitcoin for betting on sports?
Today more and more gamblers choose to make punts in cryptocurrency, especially in bitcoin, finding it convenient. If you are still hesitant whether bitcoin bookies are worth trying, then above you will find crucial information that will help you to make a decision.
Crypto-specific bonuses and rewards
Bitcoin sports betting sites usually propose amazing bonus offers and rewards in order to attract more users. There are considerable welcome promotions for newcomers and regular bonuses for existing players, denominated in BTC. Free bitcoin betting includes first deposit and reload offers, cashbacks, accumulator and no deposit bonuses, and much more.
Fast deposit and withdrawal times
As well as other most used cryptocurrencies, bitcoin is a decentralized digital currency that does not belong to any state. Therefore, there are no intermediaries involved in BTC financial operations. Bitcoin bettors can replenish their wallets and receive payouts almost immediately, waiting only for their transaction to be cleared in the blockchain.
Reliable digital currency
What is really great about bitcoin betting sites is that players do not disclose their personal information when making payments. When using an offline BTC wallet or some online wallets, you don’t provide anything at all while getting an opportunity to move funds.
Given the high price of bitcoin, plenty of gambling platforms offer higher limits for BTC sports betting when compared to traditional online bookmakers. Say, there is an average football match with most of the conventional bookies offering you to bet a couple of thousands. In this case, bitcoin bookmakers may offer you a maximum equaling tens of thousands.
Pros and cons of bitcoin sportsbooks
It will be useful for players who would like to start sports betting with bitcoin to familiarize themselves with the list of advantages and disadvantages of this gambling activity.
Advantages of bitcoin bookies
As far as the pros are considered, these are:
- ability to top up with crypto and bet in bitcoin
- fast and secure payments with no commission
- impressive bonus programs
- relative anonymity
- higher limits
Disadvantages of bitcoin bookmakers
When it comes to the cons of bitcoin betting, these are:
- volatility of the bitcoin value
- unregulated nature of some bitcoin bookmakers
- need for additional knowledge about cryptocurrency
Is betting with bitcoin safe?
Yes, it is absolutely safe to bet on sports with bitcoin because it is a secure and relatively anonymous cryptocurrency — sharing any personal data is not mandatory when making a transaction. However, you should be knowledgeable about volatility and its possible consequences. You may need to use your email or other data to register with a bookie.
Is it legal to use bitcoin for online sports betting?
While some bitcoin bookmakers operate without a license, a sports bettor will not be prosecuted by authorities for making a bet with such entities, unless the country of residence bans the corresponding forms of gamlbing or any operations with cryptocurrencies.
How to place BTC bets on sport?
In order to start betting on sports with bitcoin, you should create an account on a gambling platform that lets you have a BTC wallet. Afterwards bitcoin sportsbooks must be topped up with available cryptocurrencies or via fiat methods. Then you choose a sport and a tournament, pick a gambling option to bet on, state your stake and then place a bet.
How to choose the best bitcoin sportsbooks?
To select trustworthy bitcoin bookmakers, you should read their reviews on Takebet Tanzania that contain the most crucial details regarding each bookie, including deposit and withdrawal methods, bet bonuses, offering of sports and tournaments, offering of bet markets, etc.
Why do gamblers love crypto sports betting?
Punters are fond of gambling in bitcoin because of its security, almost instant deposits and payouts and exceptional bonuses offered by top bitcoin bookies online.
What sports can I wager on with bitcoin?
The best bitcoin betting sites offer all the same sports and tournaments as traditional bookmakers, which include football, tennis, basketball, ice hockey, American football, cricket, rugby and more. The same goes for bet options: 1x2, over/under, correct score, etc.
Bitcoin online gambling — in conclusion
To conclude, bitcoin sports betting continues to grow in popularity among punters. Plenty of bookies already accept cryptocurrency as a payment method and some also offer making punts from a BTC wallet. BTC betting opens new opportunities for them and gives them a remarkable user experience as it has a significant number of benefits. So, anyone who would like to start making bets in bitcoin, can already do that without any restrictions!