Bitcoin betting sites – what you need to know
Last updated & tested: 2019-05-23
Using cryptocurrencies to place sports bets has become hugely popular in recent times. And although the choice of BTC betting sites is still fairly limited, there is a growing number of bitcoin bookmakers that can offer some great bets at very competitive odds.
So, we are going to take a look at the best bitcoin betting sites that have earned a good reputation, as a result of their strong sports betting odds and decent customer service. We also offer some guidance on how to give yourself a good chance of making some money from the best bitcoin bookies. By the end of the article, you should have all the knowledge you need to place a confident bitcoin sports bet.
BTC betting sites – what to look for
The explosion in bitcoin popularity has led to an increase in the number of sports betting websites willing to let you deposit and cash out using the cryptocurrency. Because of this, it’s important to remember that some BTC betting sites can look a little suspicious and present a real risk. Always stay alert and avoid sites that are not reputable and legitimate.
To make sure that you are able to enjoy sports betting safely and securely, we are only going to highlight the best online bookmakers that accept bitcoins.
Once you have selected a trustworthy bitcoin betting site, you will find they offer all the benefits of a traditional online bookmaker. For example, not only should they feature a wide range of betting options on sports, like football and tennis, but there should also be clear and simple instructions on how you go about making deposits and picking up your winnings.
Although there is plenty of misinformation out there about BTC betting sites, they are, in reality, just like normal online bookmakers. The only difference is that they take bitcoin, as well as traditional currency, offering another option for punters to place a sports bet.
Why have bitcoin bookies become so popular?
There is lots of hype about bitcoin, but the fact is that it can offer a convenient way to make online payments. Increasingly, this includes going to a bitcoin betting site and laying down a bet on your favourite football team.
For the past few years, we have seen a range of digital payment systems and e-wallets, such as PayPal and Neteller, becoming popular as a way of making bets at online bookmakers. But with cryptocurrencies like bitcoin starting to gain a greater level of acceptance, it was only natural that a string of bitcoin betting sites would start appearing. Bitcoin bookmakers have become increasingly popular as they offer a number of benefits.
These include the fact that bitcoin payments can transfer money instantly across international borders. So, there’s no longer any need to wait two or three days to get a sports betting bonus, and similarly, customers can enjoy a much quicker way of withdrawing any potential winnings.
In addition to this, some digital payment systems can have a processing fee. Until recently, bitcoin transaction fees were quite low, meaning you got to keep more betting profits (although with bitcoin’s volatility, it’s worth doing some research into current fee levels).
There is also the issue of security, with many people believing that because bitcoin puts the customer in direct control of their money, the risk of fraud is reduced.
Finally, bitcoin offers a level of anonymity as you don’t need to input your personal details when conducting a transaction.
Overall, BTC betting sites can offer anyone who wants to use bitcoin a platform on which to deposit and cash out.
How to use a bitcoin betting site
Thankfully, bitcoin betting sites operate just as standard online bookmakers do, so you can enjoy making a sports bet with the bare minimum of fuss. But here’s a quick rundown of what you need to do to enjoy sports betting with bitcoin.
Install a bitcoin e-wallet on your device
Just as you can download betting apps, you can download a bitcoin e-wallet to keep your cryptocurrencies safe and secure. By doing this, you can purchase bitcoins (or parts of a bitcoin) from online exchanges or even traditional retailers.
Find a bitcoin bookmaker or bitcoin betting exchange
Now it’s a question of finding a bookie with decent odds that accepts bitcoins. These could be traditional sports bookmakers that offer standard bets, or even a bitcoin betting exchange that allows you to trade bets and make lay bets for a different way of wagering on your favourite sports.
Register your account and deposit your bitcoins
All bookies require you to go through a signing up process to make your bets. You’ll then need to make a deposit. While some bookies offer a welcome bonus, be aware that these cannot always be claimed if you deposit using an e-wallet.
Place your bets
After you’ve made your instant deposit with your bitcoin, you are now free to try out your betting strategies. Whether it’s placing a bet on a traditional sport like football, making a bitcoin wager on a casino game, or even betting on one of the exciting esports titles like CS:GO, there’s nothing like betting with bitcoin for a quick and convenient way to wager.
Alternatives to betting with bitcoin
Even if you’re not quite ready to take your first bets with bitcoin, then there are plenty of other ways to enjoy betting on your favourite sports.
For many people, credit and debit cards like Maestro, MasterCard and Visa remain the simplest way to make a deposit with a bookie. These methods enjoy a fairly quick processing time, and they tend not to have any operator processing fees attached (although providers can impose their own fees).
But it’s digital payment systems and e-wallets, like PayPal, that are really growing in popularity. Although you might not be able to use e-wallets at all sports betting websites, PayPal, in particular, is helping more new betting fans make speedy bets without having to reach for their wallets. Despite there often being a transaction fee, it’s clear that PayPal is a very convenient way to make a deposit.
Other e-wallets, like Skrill and Neteller, are also starting to enjoy a much greater use on sports betting websites. Despite the fact that you sometimes can’t qualify for welcome bonuses and promotions, they remain a good way of keeping your betting money separate from your regular bank account. Similarly, many people find that going to a local shop and placing funds on a Paysafecard is another great way to manage their betting budgets.
While these e-wallet methods can sometimes mean longer processing times, and they occasionally require larger withdrawal amounts, they represent an interesting way to make a bet in the online domain.
Tips for finding a reputable bitcoin bookie
While we can all recognise popular UK high street bookmakers, like Coral and William Hill, the unfortunate fact is the majority of traditional bookies aren’t ready to receive bitcoin payments just yet. However, there is a growing number of online bookmakers that specialise in taking bitcoin payments, so punters can enjoy placing bets using this cryptocurrency.
But just because there is a growing number of bitcoin sports betting sites doesn’t necessarily mean that you should instantly sign up with the first bitcoin bookie that you see. As these betting services will be taking your money, it’s essential that you don’t place your deposits with a company that looks like they might be engaged in fraudulent behaviour.
To give yourself the best chance of staying safe, be sure to consult a betting resource like Open Odds. We give you the lowdown on which bitcoin bookmakers are worth your time, and which ones to avoid.
Not only will Open Odds help you find authoritative cryptocurrency bookies, but we will also try and highlight which betting services provide you with the most competitive odds, so that you can maximise your wagering profits, should you land that winning bet.
In addition to this, we let you know about the bookies offering the most generous welcome offers to new customers (and even those with a betting bonus without payment needed in the form of a deposit) and make you aware of the main terms and conditions.
You’ll also discover all about depositing funds and withdrawing your winnings, so you should have no problem at all in making your first bet, in bitcoin or traditional currency.
Which are the best bitcoin sports betting websites?
While we wait for popular online bookmakers, like Bet365 and Betway, to allow customers to use bitcoin, we thought we should highlight some of the up-and-coming bitcoin bookmakers that facilitate sports betting with the cryptocurrency.
Sportsbet.io: rising bitcoin sports betting site
In a fairly short amount of time, Sportsbet.io has become one of the most exciting bitcoin betting sites around. With a wide range of sports covered, including football, athletics, and basketball, there is an equally good range of events on which some punters can wager. We say ‘some punters’ because the downside is that, at the time of writing, the site only accepts bitcoins for customers in the US and Canada. But still, it shows that there are bookies out there embracing cryptocurrencies. Fingers crossed they soon allow punters from other countries to use bitcoin.
Cloudbet Sports: strong contender for betting with bitcoin
Cloudbet is another brand that has catered to the demand for bitcoin sports betting. With a decent selection of leagues to bet on, and some great in-play betting features, Cloudbet is ticking all of the boxes for what we expect from a modern bookmaker. And with some of the strongest odds around for bitcoin betting, as well as a decent 100% first deposit bonus (terms and conditions apply), it’s clear that Cloudbet is serious about becoming a market leader in this increasingly competitive domain.
Nitrogen Sports: great esports selection
At first glance, Nitrogen Sports appears to be just like many other bitcoin betting websites. But alongside offering users the chance to place an anonymous wager, and enjoy competitive odds on anything from football to tennis, it’s clear that this bookie excels at esports betting. Whether you’re into classic esports titles like Dota 2 or Starcraft II, or even newer titles like PlayerUnknown’s Battlegrounds, Nitrogen Sports provides some of the best odds around for betting on these video game tournaments and players. It would be nice to have some welcome bonuses for new customers, but Nitrogen Sports provides a great way for anybody to place a bet on esports with their bitcoins.
What can we expect from bitcoin betting in the future?
It’s clear that bitcoin is capable of transforming the way that we pay for all manner of goods and services online. While the sports betting industry has proven to be unusually slow in adopting the cryptocurrency, there are many enterprising bitcoin bookies helping customers make deposits and receive their winnings in bitcoin.
As bitcoin betting is such a new phenomenon, unfortunately there is a handful of fraudulent bitcoin sites that aren’t all that they seem. But with betting resources like Open Odds on hand to guide you towards the safest bitcoin operators around, you should be able to place a bitcoin bet relatively easily.
It’s entirely understandable that some traditional betting enthusiasts might be slightly cautious about making their first bitcoin bets. With ongoing media attention on the cryptocurrency’s volatility, it can often seem to be just as unpredictable as betting on sports. But as bitcoin gains greater acceptance across a range of industries and institutions, we can look forward to the cryptocurrency being introduced by many more established bookmakers.
As a result of bitcoin’s speedy processing time, security features, and relative anonymity, it’s clear that it holds certain benefits for both consumers and businesses.
So, while the bitcoin betting revolution might not be all-encompassing just yet, it seems it’ll only be a matter of time before we can all enjoy wagering on betting sites with bitcoin, alongside more traditional currencies.