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Your Ultimate Online Betting Hub in 2020
The rapid rise of cryptocurrencies has resulted in an explosion in the number of Bitcoin betting sites that exist. We understand that so much choice can make it difficult to decide where to sign up and bet on your favourite sports, but we’re here to help.
In this guide we will show you everything you need to know about BTC betting, including how to make a bet and the best Bitcoin betting sites in your country.
Our comprehensive Bitcoin betting guide covers:
If you want to buy Bitcoin, you need a wallet to store it. It’s especially important to pick the correct type of wallet if you want to start betting with Bitcoin. The main reason to use a wallet is to protect yourself from your Bitcoins being stolen.
There are various options when it comes to Bitcoin wallets, and each offers different benefits. Different Bitcoin wallets also work with different operating systems. For example, there are wallets specifically designed for use on Mac, mobile devices or even hardware wallets that secure your private keys offline.
The important thing is to find a Bitcoin wallet that suits your needs. If you’re going to be doing Bitcoin betting on mobile, choose a mobile wallet. If you will be using a desktop, find an appropriate wallet for that device. Once you’ve done this, you’re ready to start betting with Bitcoin.
The ability to move funds quickly and process payments with little to no cost is something that every industry can utilize. However, Bitcoin is especially valuable for online betting sites, especially those that operate in non-regulated markets, such as the United States.
While all sites that process payments can benefit from little or no fees, the fact that Bitcoin is off limits from courtrooms across the world is what it so attractive to online sports bettors and sites.
Over the past few years, Bitcoin gambling sites have been popping up online in droves, and the number is rapidly growing. In addition to the reasons listed above, these Bitcoin betting sites have a number of advantages compared to their traditional counterparts, including:
Nearly every Bitcoin transaction is free of charge. There is no fee for sending Bitcoins from one address to another, which means the large overhead cost of processing payments is not a factor for Bitcoin based gambling sites.
Processing payments is the number one expense that online gambling sites face. With Bitcoin, these costs are virtually non-existent. Not only does this mean fewer funds to be set aside for processing costs, but less money for support staff and other payment processing associated costs.
Though the customers do not have to pay the fees themselves, they are paying for them with smaller bonuses, and perhaps fewer promotions or a less lucrative VIP program. The sites pay a fee for every deposit or withdrawal, which can add up to millions of dollars a year for some of the largest bookmakers in the world.
Most BTC betting sites process their withdrawal requests in just a few hours. This is not the case with their fiat counterparts, which can take several business days in regulated markets and even longer for United States customers.
You would normally have to wait several weeks to receive a check or bank wire, which usually require a fee, as well. Want faster payouts? These are only possible via Western Union or MoneyGram transfers and come with more expensive fees. Depending on the amount requested, this can cost up to $200 per request.
Furthermore, many non-Bitcoin bookmakers require a long list of documentation before you would be able to withdraw your funds. This may include bank statements, utility bills and scanned copies of your credit or debit card. These safeguards are in place to protect you from fraud, but such measures can be annoying to produce and can extend the withdrawal process from hours or days to several weeks.
Using Bitcoin is “nearly-anonymous” because transactions can be tracked via the block chain, but this would take considerable effort and even then it would be hard to narrow down where the funds were headed. But, for practical uses, Bitcoins leave no “paper trail.”
Traditional sites need a laundry list of items before they will process withdrawals, even during the sign-up process they require a lot of personal information. Your name, phone number, home address, age, and email are the minimum amount of information they require.
Bitcoin bookmakers require none of this information. At most, they will ask for an email address, but this is usually optional, as well. However, it may be worth signing up using an email as it can be used in case of a lost password.
Since each Bitcoin address is unique, users can simply send the amount they wish to bet to an address assigned to a particular side or total. If they win their wager, the original stake will be sent back to the address it was sent from, plus the winnings.
Due to the decrease in operating costs when operating a Bitcoin gambling site, you will generally find more competitive odds on Bitcoin betting sites rather than fiat-based online bookmakers. You’ll can also benefit from some really generous bonuses and free bets.
While this is not always the case based on each particular bookmaker, the industry as a whole offers some of the best odds online. Betting sites simply have far fewer operating costs than retail betting sites. This means they can afford to offer competitive odds and still make a large profit in the long run.
You’ll be blown away by the number of sports listed at the best Bitcoin betting sites. As these sites usually accept sports fanatics from all over the world, you will find virtually every sport in the world listed in the navigation bar.
While traditional bookmakers in the UK primarily focus on football and horse racing and US-focused sportsbooks push American football and baseball, Bitcoin betting sites simply provide all sports under one roof. Aside from mainstream sports, you will also find betting markets for more obscure sports like curling, floorball and water polo. In other words, Bitcoin betting sites offer something for everyone.
Whether you want to bet on English Premier League matches, predict which team will win the Super Bowl or bet in-play on an MMA fight that has you on the edge of your seat, you can do it all at any of the Bitcoin bookmakers listed on this page.
There are currently no international laws that regulate Bitcoin betting. Therefore, you can use Bitcoin to bet online legally without any problems, as long as online betting is legal in the country you wish to bet from. If online betting is not legal in the country you are attempting to deposit and bet from, then it simply doesn’t matter whether you use Bitcoin, your credit card or an e-wallet – it’s illegal either way.
As with everything to do with Bitcoin, the landscape is changing quickly so be aware that as the digital currency matures, things may be different. However, for now, there are no legal blockers to placing bets at BTC betting sites.
There are lots of differences between cryptocurrencies like Bitcoin and traditional ‘fiat’ money. Fiat is issued by a government and is usually regulated by a central bank.
In terms of betting, there isn’t really much difference between Bitcoin and other payment methods. The only thing you need to do is find a trustworthy Bitcoin betting site. That’s why we have compiled a list of the best betting sites that accept Bitcoin to help you get started in the blink of an eye.
More and more online betting companies are accepting Bitcoin as a payment method. However, many of the well-established bookmakers across the world are yet to do so. That is why dedicated BTC betting sites have been set up.
When it comes to the Bitcoin betting sites themselves, everything will function the same as normal betting sites. You can see odds, make selections and place your bets. The only difference is how you fund your account.
If you’ve ever read anything about cryptocurrencies, then you have probably come across the term “altcoins”. This term refers to the other cryptocurrencies that were launched following the success of Bitcoin, with more than 5,000 cryptocurrencies believed to be in circulation at the time of writing.
Bitcoin aside, the most popular cryptocurrencies right now are:
Many Bitcoin betting sites, including those in our recommended list, allow you to fund your account using alternative cryptocurrencies, not just Bitcoin. If you’re interested in using an alternative currency to bet, please check the details on your favourite site.
Bitcoin may seem daunting to those who are new to the technology but buying and selling the currency is becoming easier and easier each passing day. Bitcoins can be transferred with little to no fees across the world and can be bought instantly in many cases, through a number of mediums.
Bitcoins are transferred by sending digital signatures to the Bitcoin ‘protocol’ or network. This is where Bitcoin ‘miners’ come into play. These users verify these signatures and receive transaction fees and even new Bitcoins for their work.
The process of mining can be complicated and is best explained here. Mining is crucial because it records the transactions across a public database called the block chain, which is filled with Bitcoin addresses.
On the blockchain, transactions across the network are not identified by a name, address or phone number, instead by using these addresses.
In simple terms, a Bitcoin address is similar to an email address. They represent a potential destination for a Bitcoin transfer or payment. Addresses can be generated for free within most Bitcoin wallets or exchanges. One can have many different Bitcoin addresses, and for ultimate security, should use a unique address per transaction.
Bitcoin addresses are the lifeblood of the currency, and it is worth noting that once Bitcoins are sent to a particular address, the transaction cannot be reversed. Chargebacks or transaction reversals are not possible.
Bitcoin launched in January 2009 and has since gone on to become the world’s most dominant and well-known digital currency. Just two years after its launch, a single Bitcoin was worth $1 but by 2017 its value had risen to an astronomical $19,783.06 – a record high value to this day.
The price continues to fluctuate on an almost daily basis, and commentators are torn on what the future holds for BTC. However, due to its prominence, it is now accepted as legal currency across the world. Big businesses, governments and betting sites accept Bitcoin and it is not going anywhere, anytime soon.
What’s the best site for Bitcoin betting?
There has been an explosion in the number of Bitcoin betting sites that exist. So many great sites make it difficult to recommend a single site, which is why we’ve created a list of your best options on this page. From generous bonuses to competitive odds, these betting sites offer something for everyone.
Is it safe to bet with Bitcoin?
Absolutely! All Bitcoin transactions are encrypted and verified many times on the network. In addition, the private keys that are generated as an address to complete your transaction are extremely long. This makes transactions even more secure, as it’s more difficult for hackers to decode long private keys.
How do I deposit Bitcoin at a betting site?
Once you’ve created an account with your chosen online bookmaker, simply navigate to the banking section and select Bitcoin. Enter how much you would like to deposit and then copy the address that is generated. Paste this address into your Bitcoin wallet, confirm the amount and complete the transfer.
Do Bitcoin betting sites guarantee anonymity?
Yes! Anonymity is one of the main advantages of Bitcoin betting sites, especially if you live in a country where online gambling is a grey area. You can sign up and bet simply by providing an email address and Bitcoin wallet, unlike traditional betting sites that require a long list of personal details.