We all know how popular sports betting is around the world. Another thing that is gaining a worldwide popularity is the Bitcoin. So, these two have come together in Bitcoin sports betting. Find out how to bet with Bitcoin step by step in this text.
Get bitcoins to bet with Bitcoin
To start your adventure with Bitcoin sports betting, you will need of course your bitcoins. In order to get that virtual currency you have to register at a Bitcoin exchange website.
Or, you can use a Bitcoin ATM or other service that will convert your regular money into bitcoins. You can find some Bitcoin ATMs all over the world, there are not many of them but surely if you live in a quite large city there should be at least one ATM.
There are several good Bitcoin exchanges such as Coinbase, Bittrex, Bitfinex, Poloniex and many more. It usually does not take more than few minutes to buy bitcoins with fiat currency and most exchanges accept credit cards.
Choose a Bitcoin bookmaker
After you have acquired your bitcoins, you have to choose a Bitcoin Bookmaker at which you will deposit your bitcoins. Remember that there are two types of Bitcoin sportsbooks: Bitcoin only bookmakers and Bitcoin friendly bookmakers.
At Bitcoin only bookmakers, you place bets in Bitcoin and withdraw your winnings in the form of Bitcoin. Whereas, at Bitcoin friendly bookmakers, you can place bets in Bitcoin, but you withdraw your winnings converted into regular fiat currency such as Euro.
Transfer bitcoins into your bookmaker account
Another step is transferring your bitcoins into your betting account at the website of the bookmaker. You can do this either directly from the exchange or from your wallet.
Registration is not mandatory with some Bitcoin bookmakers. You can place bets on sport events and play casino games or Bitcoin dice without giving away any private information. However, you can always add personal info if you wish to do so. It is important to say that you can benefit from the extra security measures like 2 Factor Authentication (2FA) to make things as safe as possible.
On the other hand, some Bitcoin bookmakers will demand KYC verifications, especially those that are offering substantial signup bonuses. Either way, you’ll find what you’re looking for after checking out these short and concise Bitcoin Sportsbook reviews at a glance:
It is a bookie with low house edge and high payouts on the Asian Handicap lines and the other highly popular betting markets. But Nitrogen Sports comes with a more significant advantage than generous odds: 100% anonymity, meaning that you don’t need to attach any personal information to your generated account: no e-mails, phones, names etc. You get some codes generated, and that’s it. Minimum bet size is 0.0001 BTC, whereas the max bet limit varies by sport and the importance of the event. Also, the max stake is generally higher than what you get with the traditional bookies. The minimum deposit is 0.001 BTC.
Having been in business for more than five years, Cloudbet is undoubtedly one of the crypto gambling industry leaders, and it is famous for being a high limit Bitcoin betting site. Also, the Cloudbet well-optimised live betting platform is loaded with many in-play betting markets. Moreover, it offers a wide variety of promotions and extras like Bitcoin poker, slots, roulette and all kinds of casino games. Just as a side note, the minimum bet size at Cloudbet is 0.0002 BTC. The minimum deposit is 0.001 BTC.
It has an extensive sports betting offer, with more betting markets than you could possibly imagine – so many that it might get confusing at times – and a Bitcoin betting exchange that’s reliable, although still lacking liquidity. 1xBit also makes horse racing betting with Bitcoin possible. We also recommend this bookie for the mobile betting experience: the 1xBit betting site is mobile friendly and allows quick navigation. 1xBit allows a minimum bet size of 0.0002 BTC or 0.2 mBTC (milli-bitcoin). The minimum deposit is 1 mBTC.
Once you’ve decided who you want to place your bets with it will be time to move the funds. Bitcoin online sportsbook deposits are pretty straightforward: you’ll have to enter the unique wallet address of the recipient (provided by the bookmaker), the return address (which is the Bitcoin wallet related to your Coinbase account) and the amount of Bitcoin you want to transfer. The processing and confirmation of Bitcoin transactions are instant, but times will vary depending on the network congestion status.
You are now set to place your first Bitcoin bet! The rest is pretty much the basic stuff you already know.
The final step is the withdrawal of your Bitcoin funds
After you closed your bet, it is time to withdraw your betting funds. The process is very simple and easy: perform a Bitcoin withdraw from the bookie’s cashier adding your Bitcoin wallet address. In contrast to traditional online bookmakers, crypto bookies should be able to complete bitcoin withdrawals within minutes. Then, you can use the funds to do whatever you want.
However, if you want to withdraw money from your Bitcoin wallet or in other words, to convert your wallet’s BTC balance to standard currency to be able to use the cash, you’ll have to:
- Sell the Bitcoins via Coinbase (or other Bitcoin exchange) and transfer the money to your bank account, or
- Go to LocalBitcoins and arrange a sale with a person from the area you live in.
There are also other ways of cashing out your cryptocurrency, e.g., Bitcoin ATM’s, P2P Exchanges, Bitcoin prepaid cards etc. But it’s really up to you to decide which method suits you best. Just remember that you cannot undo these decentralised cryptocurrency transfers, so be careful and double-check every time before you confirm a Bitcoin transaction!
As a conclusion on our guide to how to bet with Bitcoin, we believe that betting with it can be extremely useful for some bettors, especially for those who:
- live in restrictive countries and only have a few choices (if any) when it comes to licensed sports betting sites;
- want to place their wagers at the best odds;
- wish to stay off the grid and do their betting anonymously;
- prefer to perform transactions with zero or low fees (tax-free) etc.
Of course, this doesn’t mean that crypto betting is perfect: Bitcoin is volatile, and there are many scammers who know that all Bitcoin transactions are permanent (and they can easily stay untraceable), so unless you are extremely careful, you won’t have any success in terms of recovering your eventual losses. On top of that, Bitcoin bookies still have quite a bit of work to do to catch up with the latest features offered by traditional online sportsbooks.