What is a Bitcoin sportsbook? Crypto Betting Explained
With the use of cryptocurrencies, sports betting just became a whole lot more fun and convenient in todayβs age. Not only are the promotions and bonuses expanded with the use of Bitcoin and other cryptocurrencies, but the transaction times for depositing and withdrawing are almost instant.
As well, using crypto to fund your sportsbook account can also allow for more money to be sent back and forth, with very minimal fees and delays. Because of this increased demand from bettors, new sportsbooks are constantly being launched, and that is why we shall dive deep to cover everything you need to know about cryptocurrencies and sports betting, including topics such as legality, security, and how to choose the perfect sportsbook website.
Key Facts on the Legality of Bitcoin Gambling
As of today there are no single, clear-cut answers to the questions surrounding the legality of gambling with cryptocurrencies. However, here are some useful key points that need to be understood:
1. In general, there are no specific international laws regulating Bitcoin gambling. It is neither officially allowed nor legally prohibited.
2. Attitude from many authorities to Bitcoin is changing quite rapidly, with more and more countries looking at Bitcoin positively and discussing regulation of cryptocurrencies and blockchain-based services. In addition, most governments today are still not referring to Bitcoin as a real currency. Based on that argument, if it is not a βrealβ currency, then any regulations around traditional (fiat currency) betting sites should not be applied to Bitcoin (or crypto) gambling websites.
3. Bitcoin gaming websites offer the benefit of increased anonymity to players. Bitcoin payments combined with anonymity-centric technologies make it extremely hard for authorities to trace gamblers.
4. A few reputable gambling jurisdictions already issue licenses to casinos and sportsbooks accepting Bitcoin (notably, Curacao and the United Kingdom), which means that these authorities accept the responsibility of auditing the operation of cryptocurrency websites that serve worldwide audiences. As long as betting website are following the rules and regulations of their chosen jurisdiction, they are operating legally.
Regular Sportsbooks vs. Crypto Sportsbooks β The Difference?
There is almost no difference. At Bitcoin sportsbooks, in essence, you are just offered more payment options. Letβs cover what crypto sportsbooks offer.
Betting markets
Major sports like football and basketball are the core offerings of all sports betting sites, but there are generally over 1,000 betting lines available every day on Bitcoin sportsbooks. The betting markets include popular leagues like the NFL, MLB, NHL, NBA, and NCAA, but you will also find much, much more. Being that Bitcoin sports betting sites want to capture the widest range of sports fans, international sports and smaller markets will also be available. This of course depends on the sportsbook, but here are some of the major sports and betting categories you might find:
- Football (Soccer)
- Basketball
- Baseball
- Hockey
- Cricket
- American Football
- Politics
- eSports
- MMA
- Wrestling
- Tennis
- Golf
In addition, here are some unique and niche markets that are offered by certain sportsbooks:
- Snooker
- Darts
- Boat Racing
- Keirin
- Table Tennis
- Volleyball
- and more!
Ways to Wager at Bitcoin Sportsbooks
Almost all Bitcoin sports betting sites, just like traditional sportsbooks, will allow you to gain full access to the sports betting platform, with all of the standard wagering options. As always, these sportsbooks accept straight bets (spreads, totals, moneyline), parlays (teasers, round robins), if bets, action reverse, futures, and many more. All of the leading sites also offer comprehensive betting guides and tips in case you are unsure about a particular bet type.
Bonuses at Bitcoin Sportsbooks
While every online sportsbook offers some sort of promotion, the promotions associated with Bitcoin sportsbooks are much greater. Most traditional sites will offer you a $/β¬/Β£5 or $/β¬/Β£25 welcome bonus, but when you bet at crypto sportsbooks, you are often welcomed with much bigger bonuses of anywhere from $/β¬/Β£150 to $/β¬/Β£300. Additionally, some sportsbooks have bonuses for life, meaning that you can keep utilizing the promotions even after your first deposit.
Live Betting at Bitcoin Sports Betting Sites
These days, live betting is a feature that has come standard across all online sportsbooks. All of our recommended Bitcoin sports betting sites allow for live betting, which includes in-play betting (as the action is unfolding) and other live betting (during commercial breaks and timeouts, etc.).
Payments at Bitcoin Sportsbooks
Depositing cryptocurrency into your sportsbookβs betting account is done just as you would with any other currency. First, locate the deposit page and choose Bitcoin (or Ethereum, Tether, Cardano, Monero, etc.) as your preferred currency. Enter the total amount you wish to add to your account, and the admin screen will provide you with the sportsbooks dedicated wallet address. You can then transfer your money from your personal wallet to that of the online sportsbook. Thatβs it, finished. You can now start betting. Because cryptocurrencies are public on the blockchain instantly, the sportsbook will be able to receive your deposit almost as soon as you hit the Send button. Please continue reading to find out the exact way of making deposits, either you already have or do not have crypto.
In addition, all payments are handled with the help of the sportsbookβs SSL (secure sockets layer) and TLS (transport layer security) technologies, guaranteeing each transactionβs security and privacy. Cryptocurrency remains the safest and quickest way to exchange money online.
Customer Service at Bitcoin Sportsbooks
When betting on sports with Bitcoin or crypto, it is possible that questions or concerns may arise. As such, the leading Bitcoin sportsbooks will offer several ways to get in contact with the customer support team. Many have toll-free numbers that can be dialed in order to reach agents that speak English, Spanish, Italian, French, and other languages depending on your needs. You can also send a quick email, but the preferred contact method for most bettors is live chat. Most of the crypto sportsbooks that we recommend will provide 24/7 live chat customer support.
How do I do my sports betting with Bitcoin?
To start betting with Bitcoin or other cryptocurrencies, follow these 4 steps.
1. Find a trustworthy sports betting site that accepts major cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano, etc. Create an account.
2a. Do you already hold crypto? If yes, OK, great! You can directly transfer your crypto from your personal wallet to the sportsbookβs crypto wallet to begin betting!
2b. Do you already hold crypto? If no, sure, no problem. Find a reputable cryptocurrency exchange, buy some Bitcoin or Ethereum, and send it over to your preferred sportsbook.
2c. Do you already hold crypto? If no, cool, no worries. Most sportsbooks offer you payment methods like Visa or ecoPayz, and you can then directly purchase cryptocurrency on the sports betting site itself.
3. Bet and enjoy with crypto!
4. Withdraw your winnings in crypto! (Usually it only takes 5-15 minutes, and often with no KYC required!)
Choosing a Bitcoin Sportsbook – 5 Factors to Consider
Which factor is more important to you, and why? Take time to decide and then register for a free account at the best Bitcoin betting websites.
Experiment with a couple of sportsbooks. That way youβll be able to switch between the ones that are the most enjoyable and profitable. When determining what you are looking for, first think about the aspects below.
1. Reputation and Trust
After you have found a few Bitcoin betting sites that interest you, you should then look into the site’s trust and reputation. Sportsbet.io and Stake, for example, are trusted sportsbooks that are fully licensed under the laws and regulations of Curacao – which is a jurisdiction known for being gambling-friendly and crypto-friendly.
When looking into their reputation, see how they resolve public disputes. Consider how they communicate on public forums with their customers and what people say and write about them on review websites. The best crypto sportsbooks that have been around for a longer time will know how to showcase their good reputation that keeps bettors coming back, time after time again.
However, that does not mean that younger websites are bad. When these companies are younger, they make up for it with strong customer service and great promotions as they try to win customers and to build their reputation.
2. Sports, Lines, and Odds Available
These days, it is rare to find exclusive sports available for betting on any sportsbook, since Bitcoin sports gambling sites know which sports people want to bet on in general. However, not all crypto sportsbooks offer the same depth of lines and odds competitiveness for each sport/event.
22BET and Sportsbet.io both have a clear advantage compared to other Bitcoin sports betting sites because they offer a much more impressive depth of lines, competitive odds, and a great variety of sports.
3. Anonymous Sports Betting with Bitcoin
Perhaps the greatest advantage to crypto sports betting sites is that they offer you the ability to play anonymously. If you deposit and withdraw only in cryptocurrencies, then youβll be able to remain anonymous entirely.
Remaining anonymous has the benefits of keeping you in control of your ID, giving you more financial privacy, and keeping your crypto sports betting away from anyone who might disapprove or prohibit you from playing.
4. Withdrawal Speeds and Conditions
Once you have selected a platform you trust, make sure it has the payout speeds that you need when cashing out your winnings.
For example, MELbet offers super quick withdrawals with almost no withdrawal conditions or limits. This way, if you win big, you can cash out your profits right away and convert them back into another cryptocurrency, or even fiat currency.
5. VIP Programs, Bonuses, and Faucets
If you are the kind of person who enjoys using a crypto betting site for a long time, then an important factor for you is to select a sportsbook with a great VIP program and lots of entertaining promotions.
For example, Stakeβs VIP program is excellent. They do non-stop promotions to give you the most VIP points possible, which is great motivation to keep betting. If you are a newcomer to sports betting and you just want to test the waters, then 22BET offers some of the most generous welcome bonuses.
For a pure crypto casino like TrustDice, they usually have a βfaucetβ system that produces free crypto for you. Although not anything massive, these artificially produced funds are enough for about a free bet per week, which is not bad. Thatβs the power of a cryptocurrency-focused sportsbook!