Sportsbetting using Bitcoin: Hot or not?

Do you know what will be boosting your online sports betting experience in the coming few years? You’d bet that it’s going to be the online Cryptocurrency craze, and more especially Bitcoin (BTC) sports betting online.

In an industry that’s somewhat parallel and even crisscrossing paths with the normal mobile and online sports betting, BTC bookmakers are many and gambling using BTC is flourishing. Just as you are betting at the sportsbook sites for real money, there are:

  • Masses of Bitcoin sports online
  • Plentiful of sites supporting Bitcoin
  • Innovative bonuses and promotions for regular and new bettors

However, there’s one factor that sets apart Bitcoin gambling from the old-fashioned form of betting. You’ll be betting using an innovative digital currency as compared to the old-fashioned money. Punters who’ve never tried making payments using BTC at the online casinos and sportsbook before, can sometimes be a little bit hesitant to get on board using this form of payment. This can even be worse especially if you’ve never made any transaction using BTC. The truth of the matter, whatever that’s holding most people back from giving it a try is the fear of the unknown.

However, gambling using Bitcoin in the United Kingdom, or any other place in the world for that matter couldn’t be easier or straight forward. Even though it’s true that this Cryptocurrency will fluctuate in value when compared to the other currencies, it only fans the excitement as punters. Doesn’t it?

Furthermore, with the new mobile BTC technology, punters that would like to bet using their tablets and smartphones can start using BTC online. If you are skeptical of signing up at any one of the Bitcoin sports betting sites, then this page is here to try and make you see things from a different perspective. Let’s go!

Betting Using Bitcoin In Less than 10 Minutes

We are going to save all the faff and explanations for later. For now, if you are reading this because you are solely interested in knowing how to bet using Bitcoin ASAP, then the steps below will help.

  • Look around for a Bitcoin app/wallet that you’d like to use
  • Create an account with this Bitcoin wallet
  • Purchase Bitcoin to fund your wallet. There are plenty of options, so choose one that suits you best
  • Find an online bookmaker that supports Bitcoin as a payment option. If you are not sure of one, we are here to help
  • Sign up at the account
  • Log in and fund your account to start betting

A List of Top Bitcoin Sports Betting Sites 2019

Bitcoin Sports Gambling – What is it?

First up, we believe that it would make total sense if we are on the same page about what Bitcoin gambling is all about. The definition is very easy and straightforward. Bitcoin gambling is the form of gambling where you make all your payments using Bitcoin. In other words, you’ll bet using Bitcoin, win Bitcoin and withdraw your winnings in the form of Bitcoin.

Bitcoin is one of the many cryptocurrencies online, which is decentralized, meaning that there’s no government that controls this currency. Rather than assuming its value based on the economy of a country, Bitcoin and other cryptocurrencies online get their value from the relative demand, supply and scarcity of the currency. This is why Bitcoin is usually very volatile and fluctuates.

Other than this, Bitcoin sports gambling sites are just your typical platforms. If you’d like to bet at the Bitcoin friendly sports betting sites, there aren’t any special markets to bet on. Furthermore, any frequent promotion or bonus that involves Bitcoin will look like your standard sports bonus. And majority of the top rated Bitcoin sports betting sites usually have deposit bonuses, insurance bonuses and more.

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Why You Should Get betting at Bitcoin Sites

If you are on board and start seeing depositing or withdrawing your pounds or euros is so passé, then you should hop on the train and switch to Bitcoin betting. All the savvy punters and cool kids are doing it, so why not you? Well, for sure, not so many of you might know what advantages Bitcoin sites offer over the traditional ones, so in a quick paragraph, we will summarize it for you.
Bitcoin is a digital currency that much we know for sure. As a digital currency, it is managed trough digital encryption methods. Without sounding too technical, this currency runs as a peer-to-peer system and will eliminate all the middlemen – a.k.a centralized banks – from the equation. This way, it will enable you to place your sports bets anonymously, which is why it appeals to most of the punters who value privacy.
So in simple words:

  • Bitcoin will guarantee you anonymity
  • Without centralized banks in the equation, you can transact as much as you like

Are you ready to sign up at a Bitcoin friendly bookmaker? Hold your horses! There are so many Bitcoin sportsbook sites that you can choose from, but not all of them are worthy your time. Here are some of the points that you should consider when selecting one. They are also points that we always consider at SportBettingBros every time we want to try a new site or recommend one to our readers.

3 Important Factors To Consider when Switching From a Regular Sportsbook to a Bitcoin Sportsbook

1. Test their customer support services

Before you decide depositing your hard earned coins at the sportsbook, you should put the site’s customer support team to a test. Your main aim will be to see how well and how fast they’ll respond to your queries. Ensure you ask them all the information that you know about Bitcoin and see if they are willing to answer extensively. Take your sweet time and see how patient that are with you.

2. Read a lot of reviews on the site

If there’s one thing that we are sure of is reviews written by punters who’ve had an experience at the site will never lie! This is essential especially if you are looking to get the truth about any online sports betting site that claims to offer only the best services.
Reviews will always point out all the pros and cons of individual sites. And we don’t have to emphasize that you need to avoid sites with constant negative reviews. Also, it’s important that you learn to differentiate reviews written just to give the site a high ranking. Learn how to differentiate between fabricated and genuine reviews. For that, always source your information from high authority sites such as SportBettingBros. We always test all aspects of a sportsbook before we write our reviews.

3. Scout the site yourself – this is very important

Once you are done with reading all the reviews online, it’s vital that you verify the truths yourself. Visit the site that you’ve identified a visit and see how they are structured. Be sure to check if they have a transparent way of handling all their doings, including posting transactions. Additionally, you can also use the following points to tell whether the site is legit or not.

  • Look at the bonuses offered. Be on the lookout for the extremely generous and unrealistic bonuses. It’s very common for all sportsbook sites online to offer bonuses and promotions. There’s, however, a balance as to which they’ll offer these bonuses and promotions. Just to be sure what you are getting yourself into, go through the fine print – the terms and conditions where you’ll get to learn a lot more than meets the eye.
  • Security is also very important. While Bitcoin is in itself very safe and secure, you need to be wary of the site’s safety and security. Ask yourself the following questions. What forms of encryption technology have they put in place to prevent my account from being hacked? Do they have any forms of responsible gaming measures put in place?
  • Only sign up at a site that’s licensed. The majority of the online sportsbook sites and online casinos have their licensing information written at the bottom of the page. This shouldn’t be hard for you to find. However, don’t just take their word, go an extra mile and see if the licensing number really exists.

Signing up at a sportsbook that’s licensed by a respectable body is important to you because you are always shielded from so many things. If for instance you have a dispute that wasn’t reviewed to your satisfaction, you can always log a complaint with the body, who will review it independently.

Advantages of Bitcoin as a Banking Method

  • Bitcoin is decentralized. As a payment option, Bitcoin isn’t regulated by any central body or government. This means that you are in full control of your money and control all the transactions. Furthermore, your winnings or coins won’t be taxed
  • As a payment option, it’s very safe and secure. BTC transactions don’t require you to provide any personal information, a factor that protects you from identity theft. Furthermore, there are no chargebacks involved – once you’ve send the Bitcoins, they are gone
  • It gives you the ultimate privacy. Since there’s no revealing any personal information, people won’t know who purchased what. All they can see is that a transaction was carried out on the block but no personal information is revealed
  • Zero – Low transactions. Since there are no middlemen in the BTC blockchain, no one will charge you for transactions. However, you might opt to pay for fees if you’d like faster conversion of BTC into fiat currency or for faster processing
  • Bonuses and cash-back incentives are very common. With online sports book sites being able to generate extra revenue through the cryptocurrencies, as some might reduce their overheads by avoiding to pay fees for those using VISA or MasterCard, they might opt to offer bonuses and cash back incentives to punters using Bitcoin and other cryptocurrencies.

Disadvantages of Bitcoin

Despite the different advantages that Bitcoin possesses, it also has its own flaws, most of which are believed to be temporary. They include the following.

  • It’s very volatile. The volatility arises because of the changing demand and supply for the currency. Even though the price will settle overtime, it’s highly not advisable not to store any significant savings in Bitcoin
  • Not a ‘household’ payment option online. Even in the online sports betting industry, there are only a few online bookmakers that accept the use of Bitcoin as a payment option. But the good news, the number of online casinos and sports betting sites adopting it have been on a steady rise over the past few years

A Practical Guide on How to Bet a Bitcoin Sportsbook

So far so good. But how does one get to start betting at a Bitcoin Sportsbook? It’s rather easy and straightforward. Here’s a detailed two step guide.

Step 1: You’ll need a digital wallet, which will hold, send and receive BTC from your sportsbook

At the time of writing this guide, there are more than 25 million Bitcoin wallets globally. You can opt to add to the number by opening a single or multiple wallets. However, you need to note that there are some which are limited to certain devices only, while others are universal. Once you’ve chosen the best site to open your wallet with, open your account.
From your account, the most important thing is the address, which you’ll use to identify your wallet. Without this address, you won’t be able to proceed to the next step, which also involves funding your sportsbook account.

Step 2: The next step involves purchasing your Bitcoin using your real money

By real money, we mean that you’ll have to use your pounds, euros, USD or any other currency to purchase the Cryptocurrency. You can make this important purchase from any one of the Bitcoin exchanges online.

Step 3: Deposit into your account

You have your wallet’s address (check); you’ve purchased your coins (double check). What next? It’s the final and important step; depositing into your account. To do this, you need to follow this process.

  • Log into your account
  • Select BTC as your preferred payment option
  • You’ll be prompted to enter your wallet’s address. Copy and paste it in the space provided
  • Enter the number of coins you’d like to deposit
  • Click on complete to authorize the transaction

The procedure might vary from one sportsbook to another but it’s pretty much the same. Once the transaction is complete, you are ready to start betting.

Conclusion

It’s never enough to visit a Bitcoin sports book site. There’s also need to ensure that you’ve got the appropriate supporting features essential for a smooth experience when betting at the betting sites. By this, we mean that you should choose a site that has an efficient customer support team in place; an easy to use mobile platform and one that has other payment options besides Bitcoin in place.
Most importantly, you always have to ensure that you are always playing in a safe and secure environment. This is why you need to do thorough research to ensure that you’ve minimized the losses and sealed all the loopholes that may result into you losing your valuable coins.