Pros and Cons
One of the key advantages of bitcoin as the currency of choice for some sports bettors is its anonymity. Any government or the financial body does not regulate Bitcoin; it is a decentralized currency. Therefore, you don't need to link your identity to your BTC wallet. You can receive payment and pay for goods and services with total anonymity. In the modern age, many people know how their data can be compromised online. The ability to transact anonymously with your favourite betting site makes bitcoin the preferred currency for privacy-conscious punters.
Another advantage of using bitcoin is the transparency it offers. A publicly accessible ledger supports the bitcoin system that all users can view. It is straightforward to see whether a transaction happened. With the ability to independently verify each transaction, it is almost impossible to have fraudulent bitcoin transactions.
The fact that bitcoin is unregulated also means that transfers are virtually instantaneous. There is no waiting period for transactions to reflect. There are no transaction limits between users. Unless a casino has its limits, the bitcoin system allows you to transfer any amount of BTC between your wallet and your online betting account. Also, the lack of regulation means that players from any country – regardless of the legality of sports betting – can bypass these restrictions when they transact through bitcoin.
The biggest disadvantage of bitcoin casinos is the lack of regulation. Reputable payment providers like PayPal, Visa, and MasterCard have some vetting process to ensure that the platforms they partner with are legitimate business operations. Most payment providers won't support an unlicensed online betting site. This isn’t the case with bitcoin betting; anyone can accept bitcoin payments anonymously. Unless you carry out your due diligence, there are higher chances of being defrauded when using crypto at a casino.
Another disadvantage is that bitcoin, and other crypto coins, have very volatile values. Erratic price shifts mean that the value of your crypto is changing hourly, meaning that it can be troublesome when it comes to bankroll management.
How is Bitcoin Used for Sports Betting?
Bitcoin Esports Betting
Esports is the newest entrant in sports betting. Competitive video gaming has become a multi-billion-dollar industry with superstar teams, star players, and mega tournaments attracting a global audience. With e-sports largely involving a tech-savvy and young fanbase, it is not surprising that most betting sites that feature esports also support BTC payments.
Bitcoin Football Betting
Football is unanimously considered the most popular sport in the world. It has billions of fans from all walks of life and all corners of the populated world. It is, by far, the most bet on sports by bookmakers.
The sport's global popularity makes it one of the biggest attractions for BTC bettors. Once you have loaded your betting account with bitcoin, you can bet on the match winner, the number of goals (over-under), scorers, and numerous other betting options that football offers.
Bitcoin Basketball Betting
Most people who don't follow basketball are unaware of how global the game is. It is not just a North American sport; there are successful leagues with massive followings worldwide. As a fast-paced and exciting sport with millions of fans worldwide, most sportsbooks include a basketball section. The same applies to betting sites that accept bitcoin. If you love betting on basketball, it's not hard to find a bitcoin casino that caters to you.
Sports Bet Bitcoin Trustworthiness
Trustworthiness is one of the biggest concerns when betting with bitcoin, and this is because the currency is decentralized and unregulated. There is no authority to vet the merchants and betting sites that accept crypto payments. If you get defrauded, there is no mechanism for getting refunds. Other payment methods have systems in place to protect their users, and they are more selective regarding the vendors that use their systems.
But now, all betting sites that accept crypto are sketchy. Many large and reputable betting sites accept crypto alongside other regulated payment methods. That being said, when it comes to crypto betting, you must research a casino before depositing BTC. Check out their reputation on trusted casino review sites. Do a quick search on popular social media sites like Facebook, Twitter, and Reddit to see the experience others have had at the casino.
If there are too many bad experiences or accusations of fraud, then steer clear of that betting site. It is much safer to find a BTC sportsbook that accepts other regulated mainstream payment options like Visa, MasterCard, and PayPal.
Where to Buy Bitcoin Cryptocurrency in Exchange?
Before you can buy or own a bitcoin, you first need to get a bitcoin wallet. A bitcoin wallet operates as a digital bank account from which you can receive bitcoin and from where you will be sending bitcoin. If you want a mobile or internet wallet, you can get one for free from most providers. You need to do a quick internet search. A mobile wallet is managed from your smartphone, while an online wallet can be controlled from any internet-connected device. There is a third option, physical wallets, which you can find on a specific device's hard drive, but these usually cost money. Your bitcoin wallet will come with a unique address that you will use to receive bitcoin.
With a wallet, you can buy bitcoin from bitcoin ATMs or a bitcoin exchange. Bitcoin ATMs are prevalent in most developed countries where crypto is popular. Just like a regular ATM, you can use your card (or an online payment account) to pay for bitcoin, which will then be transferred to your bitcoin wallet. Crypto ATMs are generally a safe way to buy bitcoin.
Bitcoin exchanges are online-based services that you can use to buy bitcoin. You can purchase BTC from other crypto or fiat (regular) currencies. Some exchanges work globally, and some work within specific regions. Also, different exchanges have different fees, so research before choosing an exchange pays.
Popular global bitcoin exchanges include Gemini, Coinbase, Bitfinex, OKCoin, Crypto.com, Bitstamp, and Kraken. Carry out a quick internet search with your country + bitcoin exchange to find a local business that supports your currency. As with any bitcoin provider, research to ensure you are not falling for any scams. Another safer approach would be checking which exchanges are under your region on the bitcoin.org site.
How to Get Bitcoin in a Bitcoin Betting App
As a bettor based in the UK, the first step towards betting with bitcoin is to find a casino that supports BTC payments and operates in the UK market. Luckily, the UK is one of the biggest sports gambling markets, and you will have many local and international options when betting with bitcoin.
Once you sign up with a betting site that supports bitcoin, you will have to link your wallet with your sports betting account. There will be self-explanatory instructions on how you can do so in your account settings.
Once linked, the next step is to ensure that your wallet has BTC. In London and other large metropolitan areas within the UK, you can find bitcoin ATMs. If you prefer to buy on exchanges, popular UK bitcoin exchanges include Binance, Coinfloor, CoinJar, and Coinmama. All this is in addition to the international exchanges/businesses listed in the previous section.
Now, you can transfer BTC from your bitcoin wallet to your sports betting account and use it to bet on your favourite sports. Any winnings you get will reflect in your bitcoin account. The lack of regulation means that all transactions are virtually instantaneous, and there are no transaction limits – unless those a sports betting site sets.
Converting BTC back to fiat currency can also be done at your preferred bitcoin exchange or Bitcoin ATM.
Top 1 Bitcoin Betting App
Most popular sports betting platforms now accept bitcoin, meaning you can bet with bitcoin at your favourite bookmaker. However, when it comes to betting sites specializing in crypto, the best betting app must be Cloudbet. Cloudbet allows users to wager with bitcoin and other popular cryptos like Ethereum. It's mostly a sports betting platform but also includes an impressive selection of casino games and live dealer table games. Most importantly, it is a safe and secure platform. There are many other reputable bitcoin betting sites in the UK, but Cloudbet is the best.
Best Bitcoin Betting Sites in Asia and Australia
As a region, Asia is one of the biggest global markets for sports betting in terms of the number of users and the total amount wagered. The fact that gambling, especially sports betting, is not formally legalized in many Asian countries means that many people there choose to wager with BTC. Australia is another famous sports betting market. The country's digital economy is very crypto-friendly, which makes it another prominent location for crypto betting sites.
Within the unregulated environment that is a cryptocurrency, there are many unregulated sports betting operations in Asia and Australia. However, this review will include relatively established and licensed sports betting sites operating within Asia and Australia. They offer a safer betting environment.
Within Australia, popular bitcoin betting sites are: CryptoBet, 1xBit, BetCoin, Thunderpick, Wagerr, and Sportsbet.io
Bitcoin Sports Betting Bonus
Bonuses are an integral part of online sports betting. As bitcoin, and crypto betting in general, is still a novel concept, you will get generous bonuses on bitcoin betting sites. Welcome bonuses are exceptionally great, with global bitcoin betting sites like 1xBit and Cloudbet offering between 5btc and 7btc in bonuses. Transaction fees are also much lower on bitcoin transactions since there is no 'middleman' between the player and the casinos.
Another unique aspect of bitcoin betting is that there are no limits to the funds you can transfer between your wallet and your sports betting account. It means that deposit bonuses can be impressively large when you make deposit bonuses.
In general, bitcoin casinos offer more bonuses than 'regular' casinos that use fiat currency. These cover more than just welcome bonuses and include deposit bonuses, loyalty bonuses, and numerous no-deposit bonuses.
The good thing about bitcoin being an unregulated and online-based currency is that there is no red tape to navigate when it comes to transacting with BTC. It is best evident when you play at a bitcoin betting site. Making deposits is straightforward; you load your bitcoin wallet with BTC and transfer it to your sports betting account.
Withdrawing your winnings is just as easy. The winnings will be credited to your sports betting account when your bet pays out. You can then remove the funds into your BTC wallet within minutes, sometimes in seconds. Some bitcoin casinos may have minimum withdrawal thresholds but most embrace the spirit of decentralization by not having any minimum or maximum transaction limits.
Once the BTC hits your bitcoin wallet, you can choose to leave it there are use it to make further bitcoin transactions. To convert your winnings from BTC to your local fiat currency, you can do so at a bitcoin ATM or on a bitcoin exchange that operates in your market.
Bitcoin betting has advantages and disadvantages, but the benefits far outweigh any downsides. As a decentralized and unregulated cryptocurrency, your transactions can remain anonymous, there are no delays, and transactions are instantaneous. The main downside is that the lack of regulation allows scammers and other fraudulent operators, but you can avoid these by researching and vetting bitcoin casinos.