Betting with Bitcoin

Bitcoin (BTC) is quickly gaining traction among online sports wagerers. There are currently 25% of bettors around the world engaging with crypto sportsbooks. While this includes all crypto, BTC is the most predominant. But why is the perk of convenience so suddenly appealing?

In this section, we will discuss the payment methods and sports betting options that are available with BTC. Please direct yourselves to bookieinsights.com for more on this cryptocurrency banking approach.

What is Bitcoin and How Does It Work?

Bitcoin is a type of cryptocurrency and payment system that operates independently of a central banking institution and third parties. All transactions are “signed” by the user, and the entire transaction is separated into “blocks” and added to a shared digital ledger. Every accounting entry is public and proves virtually impossible to change. Such a system gives you full control over your money.

To use BTC, you must understand the ecosystem, which includes having an “address” and a “crypto wallet”. After sending a Bitcoin, it takes about 3 to 6 “confirmations” on the blockchain before the amounts reflect in the receiving wallet. A good number of bookmakers now allow crypto as a method of funding a betting account or cashing out. Additionally, some bookies offer BTC-only bonuses or zero-fee BTC withdrawals to enhance the user experience.

Advantages and Disadvantages of Using Bitcoin

The process of placing a bet using Bitcoin has both advantages and disadvantages. If you have no prior experience, we have made a detailed list that captures all the details for you.

🔥Advantages

  • Deposits are reflected within the account almost instantly (usually within 10 minutes).
  • There is no need to provide personal financial details.
  • You can send money worldwide, even in regions that are restricted.
  • The fees for sending money are low (0–1%).
  • The payment is completely anonymous. No ID is required (on the Bitcoin network side).
  • The payment cannot be blocked by a central authority.
  • All transactions can easily be verified for transparency on the public ledger.

🟥Disadvantages

  • Bitcoin is highly volatile, and it can lose value in a very short time.
  • Some bookmakers have a BTC withdrawal fee (e.g., 1.5%).
  • The transactions are permanent. Chargebacks are not an option.
  • There are numerous betting sites that have restricted the use of Bitcoin.

How to Choose a Reputable Bitcoin Bookmaker

Choosing a reputable Bitcoin bookmaker is critical. When choosing, certain conditions must be met to ensure your protection and safety. Below is a list of factors that should be considered.

Licensing and Regulation

Make sure the sportsbook has an appropriate license; popular ones within the industry are from Malta or Curaçao. These regulators work with reliable bookmakers and make sure services are fair and your data is safe. No respectable betting site with a license is going to scam or block your funds.

Security of Payments

Bookmakers should always be employing the highest form of encryption and security with transactions, always using 128-256 bit SSL encryption. This protects your Bitcoin transactions from prying eyes and theft. Make sure the site has certificates from reputable companies such as Cloudflare or VeriSign.

Data Protection

Bookmakers who support Bitcoin transactions are expected to provide even more protection to user data. In our experience, betting sites with two-factor authentication (2FA) as well as biometric logins (Face and Fingerprint) are usually the most secure. Some betting sites also employ the use of PINs or session time-outs.

Real-Time Tracking

Trustworthy online betting sites should be tracking user behavior and transactions 24/7. If something suspicious is detected, the account is instantly frozen until more ID can be checked. This intercepts and prevents fraud and your funds from being lost, even when your login has been compromised.

Clear Terms and Quick Payouts

Consider whether the bookmaker clarifies terms and conditions for cryptographic payments. Some of the most trustworthy bookmakers process withdrawals in less than a day and don’t charge extra for the withdrawal. Some also allow withdrawals in Bitcoin without a mandatory BTC-to-fiat conversion.

Creating a Bitcoin Wallet Step-By-Step

The purpose of a crypto wallet is to store your BTC and facilitate the sending and receiving of Bitcoin. A wallet can be created in less than a minute, given the right steps.

  1. Choose any crypto exchange (or dedicated wallet provider) and go to the main page.
  2. Click on the sign-up tab on the main menu.
  3. Decide on the wallet style: Mobile wallet, Desktop wallet, or Web wallet (e.g., Exodus, Trust Wallet).
  4. Make sure to sign in, then secure the 12-24 word recovery key (seed phrase) provided. This is critical; if you lose this, you lose your crypto.
  5. Click the button to create your wallet. A corresponding BTC wallet address will appear. This long string of letters and numbers is your address for receiving funds.
  6. Locate BTC on an exchange and purchase the quantity you need.
  7. Transfer the purchased Bitcoin from the exchange to your newly created wallet address. This will usually cost a network fee (approx. 0.00001 BTC, but varies).

How to Deposit in an Online Bookmaker with Bitcoin

Making deposits with Bitcoin on betting websites is straightforward and takes very little time, as long as there is a BTC wallet available.

  1. Access the betting website.
  2. Log in with your username and password (or register if you are a new user).
  3. Locate and press the Deposit or Wallet options, which are usually in the upper part of the page.
  4. Locate and press the Bitcoin icon. The website will generate a unique BTC wallet address for you to send funds to.
  5. Open your personal Bitcoin wallet, select “Send,” and paste the BTC wallet address copied from the betting site. Enter the amount you wish to deposit.
  6. Confirm the transaction from your wallet.
  7. Once the BTC is sent, the transaction will need to be confirmed on the blockchain (usually 1-3 confirmations). This typically takes 5-30 minutes, depending on network congestion.
  8. As soon as the transaction is processed by the bookmaker, a notification of success will appear, and the account balance will reflect the payment.

How to Withdraw BTC From the Bookmaker

Withdrawing via Bitcoin is simple and fast. To do this, your sportsbook account needs to be verified. Once that is complete, follow these steps:

  1. Visit the site of the bookmaker.
  2. Access your account by providing the necessary login credentials.
  3. Locate the CASHIER or WITHDRAW page (often found in the “My Account” section).
  4. Select BTC as the withdrawal method.
  5. Indicate the amount that you want to withdraw. The majority of betting platforms will have a set minimum (e.g., 0.0001 BTC).
  6. Paste your personal crypto wallet address (from Step 1 of the wallet creation guide) into the destination field.
  7. Review the wallet address and amount carefully.
  8. Click “Confirm”. Your request will usually be processed by the bookmaker in 10 to 60 minutes.

Other Cryptocurrencies as Alternatives to Bitcoin

Bitcoin is the most accepted crypto payment tool in online sportsbooks, but many sites support 10 or more other cryptocurrencies.

  • Ethereum (ETH)
  • Litecoin (LTC)
  • Tether (USDT)
  • Dogecoin (DOGE)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Cardano (ADA)
  • USD Coin (USDC)
  • Tron (TRX)

Using Bitcoin (BTC) on Sportsbook Websites: Is It Worth It?

For today’s gamblers, Bitcoin is a useful method of payment. It is fast, has relatively low fees, and is very private. But the risks of no refunds (permanent transactions) and price volatility are concerning. Use only licensed sites, double-check addresses before sending, and be careful with your bets. BTC is a dependable payment method, but apply thought when gambling.

FAQ

When betting on sports with Bitcoin, is it possible to get bonuses?

Yes. Some bookmakers even give additional bonuses, such as 100% up to 1 BTC or exclusive reload offers, specifically for using BTC.

For sports betting, is the process of Bitcoin withdrawal faster than bank transfer?

Yes, in most cases. Withdrawals of BTC are frequently completed in 10 to 60 minutes (after the bookmaker approves it), whereas bank transfers can take 2 to 5 business days to process.

Do I have to use Bitcoin to pay the sports betting sites to be allowed to withdraw my winnings?

In general, most bookies will request your ID verification (KYC) before your initial withdrawal, regardless of the payment method. While you usually must withdraw using the same method you deposited with, verification of identity is a standard procedure for licensed operators.