Betting with bitcoin – what you need to know
The great thing about bitcoin betting is that you can bet with this cryptocurrency just like you would with a credit or debit card. While there might be a smaller number of websites that facilitate bitcoin sports betting at the moment, this number is sure to grow as the best online bookmakers start to realise the benefits. By simply using an email address to download a bitcoin e-wallet to your computer, you can quickly get started with a bitcoin sportsbook.
Bitcoins benefit from a fast processing time, so that you can quickly make a deposit on a sporting event, and then pick up any winnings with the bare minimum of effort. When it comes to payment processing costs, your betting with bitcoin may even work out to be more profitable when compared to other digital payment systems. However, be aware of external bitcoin transaction fees.
Is bitcoin betting the future of betting on sports?
Ever since bitcoin hit the headlines around a decade ago, it has managed to generate a huge amount of press, both good and bad, for the way that it was supposedly going to overthrow our economic systems.
While there were plenty of people who advocated bitcoin as a way of taking power away from banks and government institutions, many companies realised that this cryptocurrency has some benefits for consumers and businesses. So, as well as seeing popular high street brands like Starbucks and Subway starting to accept bitcoin payments, we’ve also witnessed many sportsbooks bitcoin is now accepted at.
This is because betting with bitcoin can be carried out by anybody, anywhere in the world. And by using peer-to-peer technology to instantly send and receive your funds, it has obvious benefits in speeding up transactions, which is great for consumers and businesses.
But it’s not just about getting your winnings or sports betting bonus back quickly, as betting with bitcoin means that you have more control over your payments, such as sharing less personal information.
Although many news articles point out how volatile bitcoin can be, as long as you do your research and are clear about how it all works, you should be safe in making payments and withdrawals at a reputable online sportsbook.
How to use bitcoin for sports betting
Now that we have shown that bitcoin betting has some advantages, we need to walk you through how you go about making a bitcoin sports bet.
Download an e-wallet that allows sports betting with bitcoin
By downloading a bitcoin e-wallet to your smartphone, tablet or laptop, you can convert traditional currency to bitcoin via a bitcoin exchange. There’s a wide range of exchanges to choose from, but many traditional retailers are jumping on the bitcoin bandwagon to give you some extra choice. So be sure to check that the bitcoin provider follows all the necessary legal requirements to take your money and pay you your bitcoins. By the way, if you’ve seen the skyrocketing price of bitcoin and think it’s out of your reach, be aware that you don’t have to purchase a whole bitcoin; they are broken down into smaller parts (just like euros and cents).
Find a bitcoin bookmaker
There’s a growing number of online bookmakers that let you make bitcoin sports bets. But be sure to check in with Open Odds to find a good shortlist of the bookies that can provide you with an extra degree of reassurance about how they are handling your cryptocurrency. After all, there are plenty of websites that look suspicious out there, so it’s always best to be safe rather than sorry.
Make your bitcoin deposit
Unlike e-wallet systems like Neteller and Skrill that take time to process a payment, you can instantly make a deposit with a BTC sportsbook. This means that you can get straight to placing your bets and hopefully picking up your winnings.
Place your bitcoin bets
Now the fun bit. You just have to use your betting strategies to find a sporting event with odds that look like they give you a good chance of a profitable win, and wager your bitcoin stake on the betting slip. As you can see, betting with bitcoin is as straightforward as betting with traditional currency.
Alternatives to bitcoin
While bitcoin betting has some advantages, there are still many people who are unsure about using this cryptocurrency. Thankfully, traditional bookmakers offer a range of regular payments systems, and even if they embrace bitcoin in the future, are unlikely to stop accepting the likes of Visa and MasterCard anytime soon!
Indeed, debit cards and credit cards are still the most popular way that people deposit and withdraw at online sports betting sites. Brands like Visa, MasterCard and Maestro offer a safe way to make your deposits, and whilst the processing time often lags behind sports betting with bitcoin, it’s nice to use a familiar method.
There is a growing number of websites that are also starting to take popular digital payment systems like PayPal. While this does sometimes carry a processing charge, it’s one of the simpler ways to pick up your winnings from an online bookmaker.
E-wallet brands like Neteller and Skrill are growing in popularity for sports betting. However, be warned that these brands can often take some time to process payments, and sometimes you can’t use them to pick up those welcome bonuses, should you wish to do so.
In addition to this, there’s also the option of using Paysafecard that can be preloaded with money to make your payments at an online bookie. This is a good way to give yourself a definite betting budget that you have no danger of going over.
But while all these payment methods have some advantages, to many, cryptocurrencies like bitcoin might represent the future of the sports betting industry.
Finding a good operator for sports betting with bitcoin
A quick internet search reveals no shortage of brands that state that they will accept bitcoin payments. However, it’s always best to treat relatively unknown websites with a fair degree of caution – after all they will be receiving your bitcoin payments.
This is why you should always check in with us at Open Odds. We highlight the online bookmakers with a tried-and-tested reputation, so that that your bitcoin betting is as safe and secure as possible. We also compare all the betting odds and tips on offer, so that you get a broad overview of the sports betting market and can quickly pinpoint the bets that could prove to be the most profitable.
We will also reveal which bitcoin bookies specialise in certain sporting areas, so that if you want to bet on Spanish football or Australian cricket, you should be able to find a decent bookie who is offering interesting betting markets on these sports.
Don’t forget to check which bookies are offering the most generous sports betting bonuses. Whether it’s a betting bonus without payment, free bet deal, or a matched deposit offer, there’s nothing like picking up a decent welcome bonus for boosting your betting profits.
However, be warned that many bookmakers have a tendency to accompany their bonuses and promotions with lots of fairly confusing terms and conditions. So, be sure to double-check with Open Odds which welcome bonuses are truly worthy of your time.
As growing numbers of bitcoin users are using e-wallet apps on their smartphones and tablets, we let you know which bookies have betting apps so that you can keep all of your bitcoin betting in one place.
Which are the big bitcoin betting sports?
Most bookmakers that take bitcoin payments will tend to feature odds on a wide range of traditional sports. But while placing a bet on cricket and horse racing might appeal to traditional sports betting fans, other sports have proven to be phenomenally popular with bitcoin users.
esports: global betting phenomenon
It’s hard to believe that esports have been with us for little over a decade. But in this short space of time, betting on video games has become a global phenomenon. What’s remarkable about betting on esports is the fact that so many people choose to use bitcoin to make their deposits and receive their payments. So, whether you are betting on an iconic battle arena title like League of Legends, or want to predict the next Dota 2 winner of The International, you should be able to find a decent sportsbook who will accept your bitcoin payments.
Football: traditional sports betting excitement
Although football is one of the world’s more traditional sports, it has also enjoyed plenty of popularity amongst bitcoin users. Regardless of whether you want to bet on the outright winner of the Premier League, or want to wager on the FIFA 2018 World Cup, most bitcoin sportsbooks should be able to offer you some competitive odds. And while some of the biggest football betting websites don’t yet accept bitcoin payments, if the cryptocurrency continues to rise in popularity, they well do so in the future.
UFC/MMA: fighting sports prove popular
Mixed-martial arts is another relatively new sport that has grown alongside the rise of bitcoin. While both MMA and bitcoin were initially treated with scepticism by mainstream media, it’s clear that they have both grown to become established in their own right. So, if you want to bet on Conor McGregor in the next UFC showdown by making your deposits at a bitcoin sportsbook, you’ll be joining a growing number of likeminded punters.
The rise of bitcoin sports betting
It’s clear that more and more sports fans are starting to realise the potential benefits of using bitcoin to place their bets and cash out.
Not only are punters able to make deposits, pick up winnings, and receive their bonuses instantly, but they can avoid some of the fees that are attached to certain digital wallet payment systems like Skrill and Neteller.
While some traditional sports bookmakers are proving to be a little slow in allowing customers to use bitcoin, it’s highly possible that more will start to follow the lead shown by some enterprising new bitcoin sportsbooks.
Unfortunately, bitcoin has suffered from more than its fair share of negative press as a result of its relative price volatility. But as more mainstream outlets start accepting bitcoin payments, and more sports fans realise the benefits of this cryptocurrency, then there’s a chance this bitcoin volatility will calm down.
Although the majority of bitcoin betting websites seem to focus on the relatively new activity of esports, it’s clear that traditional sports like football, tennis, and boxing are also proving to be big hits in the bitcoin wagering realm. And you can even use Bitcoin to bet on casino games too.
With Open Odds on hand to helpfully guide you towards the reputable bitcoin bookmakers who offer the most competitive odds and the most satisfactory customer experience, we can all dip our toe in the water of bitcoin and experience it for ourselves, whatever our market of choice or betting budget.
So, whether you are betting on a new esports title like PlayerUnknown’s Battlegrounds, or are wagering on a classic sporting institution like football’s FA Cup, you should be able to do it safely with your bitcoins.