Online sports betting sites are encouraging their players to bet with bitcoins and other cryptocurrencies. There are many big reasons and advantages for this.
- Check the best bitcoin bookmakers here
Fast transactions, easier payouts, anonymity, amazing sportsbook bonuses are just a few of them. This is a step-by-step guide for sports bettors all over the World to learn how to start betting with bitcoins and understand the enormous advantages of using digital currencies in betting.
What is bitcoin?
Bitcoin is a virtual currency or digital currency which operates independently of banks, governments or any other central control. It is an online version of cash based on a peer-to-peer payment network that operates on a cryptographic protocol.
What are advantages of betting with bitcoins?
- PRIVACY – Sending bitcoins without giving any personally identifying information.
- SECURE – Bitcoin transactions are processed on blockchain, digital ledger. Transactions are irreversible, and the data security of Bitcoin is strong.
- FREEDOM – A lot of countries will restrict sports bettors and gamblers. With bitcoins we can bet online on many betting sites that accept bitcoins without fiat transactions that are controled by banks
- FAST – Transactions, withdrawals and deposits are very fast, no matter where you are.
- BETTER BONUSES – Bitcoin bookmakers offer better bonuses.
- CHEAPER – Decentralized networks don’t use middleman and because of that using cryptocurrencies is overall much cheaper.
What are the disadvantages of betting with bitcoins?
- VOLATILE – Bitcoin is still a new currency and because of that is volatile. Bitcoin is one of the best investments ever with positive future predictions, but not many players have a long-term strategy of investing and in the short term price can go up and down quickly.
- COMPLEX – Bitcoin is still too complex to understand for many users and this is why so many sports bettors stay away from it.
- NOT ACCEPTED EVERYWHERE – Bitcoin is still not accepted as a payment Worldwide. In most cases we still must sell bitcoins and exchange them for fiat money (USD, EUR,…) before using profits from sports betting.
“Bitcoin is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…Lot’s of people will build businesses on top of that.”
– Eric Schmidt, Executive Chairman of Google
Table of contents
Use the links bellow to jump to each section
Table of contents
#1 – Buy Bitcoins
Before we start betting with bitcoins, we must have some. To buy, sell and send cryptocurrency including bitcoin, we must sign up with bitcoin exchange. It is very important to use reliable and trustworthy companies. We use and highly recommend:
- Bitstamp – Our #1 choice. One of the best and most secure exchanges in the World!
- Coinbase – Users can buy and sell Bitcoins through their bank account, credit card, Paypal, and other methods as well.
- Binance – One of the biggest crypto exchanges with big list of different cryptocurrencies
How to deposit fiat money and buy bitcoins?
Sign up with any of the crypto exchanges above. Go through the process of KYC (Know Your Customer) and deposit money on the site. Depends on the site, there are various options for how to deposit money or buying bitcoins with your credit card. Most recommended is a bank transfer, because of lower fees. This is a one-time process and your fiat money (USD, EUR,…) balance is credited usually in 1-3 days, depends on your location.
Once you have the fiat money credited on their site, simply find and click buy/trade for bitcoins.
Your account will be credited with bitcoins instead of your fiat money. Now you have bitcoins and you are ready to send bitcoins anywhere, including bitcoin online betting sites, where you can place wagers.
How to send and receive bitcoins?
To send bitcoins from any of these exchange sites, you must have a bitcoin deposit address from another site or a wallet. To send bitcoins to your favourite gambling site, log in to your gambling site and click deposit. Select bitcoins and you will find the address, which consists of random 24-36 digits and uppercase and lowercase letters (example: 1BvBMSEYstRetqTFn5Au6m4TFg7xJaNVN2).
Copy this address and use this address when you send bitcoins to your sportsbook or gambling site account. Use the “withdraw” or “send” buttons. Most sites use these two options. Before you send bitcoins, you must paste the bitcoin address that you copied earlier on your gambling site (example: 1BvBMSEYstRetqTFn5Au6m4TFg7xJaNVN2)
After you send your bitcoins to your betting site or any other wallet/address, bitcoins will soon be credited to your account.
#2 – Secure bitcoins
Make sure your bitcoins are safe and that you and only you have the private key to your wallet. When we buy bitcoins on an exchange, when we send bitcoins to sportsbooks, or when we have money on banks, we trust them our money or bitcoins. But the main idea of bitcoins and this is a great advantage is that we are our own bank and that we are the only ones who have access to bitcoins. No one else.
This is why we recommend using the LEDGER’s hardware wallet, where you can store, send and receive bitcoins. Once your bitcoins are secure. With your private key, you are the only one who can access your bitcoins. Ledger’s multicurrency wallets are used to store private keys for different cryptocurrencies offline.
#3 – Join a bitcoin sportsbook
Once we buy bitcoins and once take all necessary measures to secure our bitcoins in the future it is time to find a good sportsbook, that accepts bitcoins.
Before sending your bitcoins and betting, you’ll want to create an account at one of the many betting sites that accept bitcoin. There are two types of betting sites that accept bitcoins:
Fully crypto gambling sites
Those are online betting sites, that accept bitcoins or any other digital currency and at the same time, they held your account balance in bitcoins or other digital currency. The advantage of these sites is that you actually bet with bitcoins. Your wins and losses are credited in bitcoins and this is a great way to generate more bitcoins through sports betting.
The best fully crypto gambling and sportsbook sites are:
Half crypto gambling sites
These betting sites accept bitcoins, but only for deposits and withdrawals. After the deposit, they exchange your bitcoins into fiat money and you bet with fiat money. Your account balance is held in fiat money (USD, EUR,…). Many sportsbooks encourage players to use bitcoins because the whole process of transactions is very simple and friendly for both – players and gambling sites.
Many sports bettors and gamblers are not comfortable with bitcoin volatility and their first betting option is still betting with USD, EUR, and other fiat currencies. But because of many bitcoin advantages, they use bitcoins for deposits/withdrawals.
More and more betting sites add bitcoin as such an option. These “half” crypto betting sites are very helpful for many sports bettors all over the World and especially for US sports bettors who want to bet on the best offshore sportsbooks.
Some of the best and trustworthy sites, that will gladly accept bitcoins or other cryptocurrencies are:
#4 – Withdraw my Bitcoin from a gambling site
To make a withdrawal from your crypto sportsbook, first, click on payouts/withdrawals and select the bitcoin option. Then you will be asked to provide the bitcoin address that you wish to have your profits sent. You can either generate an address on your Ledger Hardware Wallet or you can send them to your bitcoin exchange and then turn bitcoins immediately back to fiat money. Withdrawals are fast and easy with bitcoins.
How to cash out bitcoins?
Send bitcoins to your bitcoin address on your bitcoin exchange and trade (sell) them for fiat money (USD, EUR,…). After that, you can withdraw fiat money to your bank account. Select withdrawals, select your currency option (example: USD) and get money on your bank account.
Can I spend bitcoins directly from a crypto card?
Yes, go to Wirex App and Crypto Card, open an account and order their card (they are partners with Mastercard). Once you have a Wirex account you can send bitcoins to your Wirex address and then spend bitcoins directly from the card. With every payment, Wirex will exchange bitcoins based on the latest rates.