Are you interested in using Bitcoin for sports betting?
If you are interested in that, then I have good news for you. There are many trustworthy online casinos that accept Bitcoin deposits.
This means you get all the same features of a normal online casino. But you can fund it with your hard-earned cryptocurrency.
Where can I bet online with Bitcoin?
You have a lot of options if you want to bet on sports using Bitcoin. Some of the major online gambling platforms accept Bitcoin in addition to more traditional options.
Other sites accept exclusively Bitcoin. Some of the traditional online casinos that accept Bitcoin deposits include the following:
Here are some reputable casinos that exclusively accept Bitcoin or other cryptocurrencies. Many of these casinos also offer anonymous registration.
How to use Bitcoin for Sports Betting
Using Bitcoin for sports betting is easy. In fact, it’s likely the easiest way to gamble on sports online. Simply follow the below steps
- Acquire Bitcoin
You first need to acquire Bitcoin if you want to bet on sports with Bitcoin. Fortunately, acquiring Bitcoin is not difficult – it’s actually rather easy. Simply go to any of the popular crypto exchanges, purchase Bitcoin, and withdraw it to your personal Bitcoin wallet.
Alternatively, you can purchase Bitcoin in-person, at a Bitcoin ATM, or even mine it yourself. The exact method doesn’t matter.
All that matters is that you have Bitcoin in your Bitcoin wallet.
- Deposit Bitcoin with your sportsbook
Once you have the Bitcoin in your personal wallet, the next step required to gamble with it requires depositing it in your sportsbook’s wallet.
Fortunately, you won’t find this step difficult. If your sportsbook accepts Bitcoin, then they will make the deposit process process easy.
All you have to do is look for their wallet address, send the money to it, and your account on the sportsbook will have the funds available (minus fees) to gamble.
- Bet on the event
The fun part – betting on the event. This is the same as betting with other currency. In fact, the bets will still be denominated in US dollars (or your local currency).
Denominating bets in your local currency makes it easier to keep track of the value. It’s also easier to bet because Bitcoin uses 12 decimal places for all transactions and the value can fluctuate quickly – that would get confusing fast!
Really, the only difference is that you used Bitcoin to fund your account. Everything else functions the same.
Advantages of using Bitcoin for Sports Betting
There are some advantages to using Bitcoin for sports betting. Some of those advantages include the following:
First, Bitcoin operates on a decentralized platform without regulations. This is a double-edged sword in the event of a dispute, but it’s mostly a positive.
Why is it a positive?
Many banks do not allow you to transfer money to online casinos or abroad. Bitcoin removes the banks from the equation, so you don’t have to deal with that problem.
This one reason is why so many people prefer using Bitcoin over a bank or credit card.
Another huge advantage of Bitcoin betting is that anonymous registration is possible. Now, anonymous registration isn’t available on the mainstream platforms.
It’s limited to the Bitcoin exclusive platforms, but it does exist if you prefer gambling anonymously.
Many online casinos offer bonuses for deposits. And they sometimes offer higher bonuses for Bitcoin deposits because of the lower transaction fees with Bitcoin.
It’s actually sometimes a worthwhile option to fund an account with Bitcoin if the casino offers a large enough bonus for a Bitcoin deposit.
Disadvantages of using Bitcoin for Sports Betting
Using Bitcoin for sports betting isn’t all sunshine and rainbows – it does have some serious disadvantages.
The biggest disadvantage with using Bitcoin for sports betting, or any gambling, is that Bitcoin casinos don’t have the highest reputation.
This doesn’t mean that all Bitcoin casinos are scams. There are plenty of legitimate, licensed casinos that only accept Bitcoin.
However, there are a lot of illegitimate “casinos” that will take your money and disappear before paying out.
You can avoid that by only using a legitimate, licensed cryptocurrency casino and reading reviews. Legitimate Bitcoin casinos do exist, but you must choose carefully.
All the casinos listed in this article are legitimate casinos that payout winnings.
Cryptocurrency casinos, or depositing cryptocurrency in a traditional online casino, will have more fees than depositing traditional currency.
It’s unfortunate, but the casinos know that people using cryptocurrency often have no other options.
What sports can I bet on with Bitcoin?
You can use Bitcoin to bet on all the sports you bet on with traditional currency. Popular sports include American football, football/soccer, baseball, basketball, hockey, cricket, eSports, boxing, and mixed martial arts.
What types of bets can I place on sports with Bitcoin?
Sports betting has a few different types of bets available. And yes, these betting options are all available when using a Bitcoin casino. These options include the following:
- Point spread
- Money line
- Live bets
- Prop bets
Are Bitcoin casinos safe?
It depends on the casino. Are you using a popular, licensed casino that accepts Bitcoin?
Yes, it’s safe to use.
On the other hand, a fly-by-night Bitcoin casino you found on the dark web will probably never payout any winnings.
Basically, stick to the reputable casinos listed in this article and avoid the unheard of ones.
Is using Bitcoin for online sports betting legal?
This depends on your jurisdiction, but gambling with Bitcoin is almost always legal if online gambling is legal. A reputable sportsbook will generally not allow you to gamble with Bitcoin if it is illegal for you to do so.
Please make sure to follow all relevant laws when gambling online. You don’t want to get in trouble.