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.
CTA: You Can Check Some of the Best Bonuses Here
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.
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.
FAQ about Bitcoin Sportsbooks
There is now a really large selection and it depends on whether you just want to deposit with Bitcoin or whether you prefer a sportsbook that is provably fair. The latter is not so easy to find. The best provably fair Bitcoin Sportsbooks for 2020 are:
If the Sportsbook should not be provably fair we recommend the following:
1. Nitrogen sports
With these sportsbooks you don’t do anything wrong, pretty much no matter what kind of sports you are into and you only want to bet on eSports, for example.
No, they are not and it is important to understand the difference. Just because a Sportsbook accepts Bitcoin doesn’t mean anything. It can even be a very dubious Sportsbook. But basically it is the case that a provably fair Sportsbook will of course automatically accept Bitcoin. Such a Sportsbook is always more recommendable than one that does not rely on provably fair and does not manage bets in the block chain.
No, only advantages, but you certainly know them if you are a Bitcoin hodler. The only disadvantage is that you might lose valuable Bitcoin, but you also have the advantage of winning more Bitcoins 🙂
What you need to know about Bitcoin in advance
What are the advantages of Bitcoin?
The advantages of Bitcoin mining are twofold. First, with mining, each block is generated by an initial block of a specific version of Bitcoin. Miners are rewarded with newly created bitcoins (if you think of Bitcoins as commodities, the block reward is the actual commodity). Miners who solve all of the blocks within a period of time are awarded a set amount of coins.
Each miner receives this reward in fixed amounts. If he solves the next block in a particular block cycle, the miner is rewarded with 25 bitcoins (5 million Hashes). If he solves the block next to it, he receives 50,000 bitcoins (10 million Hashes).
In contrast, a miner who solves a block does not receive a reward for every subsequent block that he solves. In this case, the reward is determined by the market price of the bitcoin at the time. Miners who buy the bitcoin at the most recently available price are rewarded with 25 coins at that price, whereas miners who sell the bitcoin at the highest price received the whole reward.
Although the block reward is fixed, miners who prefer to take a shorter cut through hardware mining receive a different reward. The bitcoin reward is determined by the supply of bitcoin (a measure of the price) divided by the supply of units of that digital currency (a measure of the demand for it). Miners who receive more units of a particular coin have more incentive to continue solving blocks. Miners who hold bitcoins in mining pools receive significantly less. Because these miners either find blocks faster or mine faster (this reduces the reward for solving blocks) than normal miners, miners who participate in pools earn less per unit of work than usual.
What happens when I mine a block?
Miners that solve the next block of Bitcoin-the “up-vote block” or “solid block”–get to keep 25 bitcoin coins. They start the new block in which they will add their newly generated code. As soon as this code is included in a block, the block reward is halved. Miners who successfully submit a new block (also known as “miners”) receive 25 coins for each block they solve; miners who do not submit a block will not receive a reward, and all mining pools would begin again. When the reward is halved, miners who successfully submit a new block receive none of the reward they were previously awarded. The reward is halved each block.
Every week, a fraction of a bitcoin is awarded to miners who add new code and solve blocks. In the time following the block reward halving, blocks that miners add code for will generate a block reward. If miners were paid for their efforts, this block reward would be more than twice the previous reward. But miners only get 50 BTC for adding code, so miners continue to mine fewer blocks even as blocks generate more block rewards.
When will mining be profitable?
Miners must keep mining rigs available 24/7 to keep mining. Once a miner has solved a block, he has demonstrated that his work was profitable. If the miner paid other miners to solve blocks, they would receive a percentage of the block reward. If the miner wasn’t paying these other miners, then he would suffer loss of his existing reward, but at least he would receive that reward in bitcoins. Miners can keep mining as long as they like, though they are discouraged from making substantial profits (their total reward per block is governed by the reward formula, and by a mechanism called dynamic difficulty adjustment). If they decide to stop mining, the reward goes down.
How many blocks do miners need to solve to get a reward?
Miners also need to keep mining rigs available to solve each block they generate, at a pace determined by the block reward. This rate is also referred to as the time-to-mining rate. When miners use mining software to mine, they must make a list of the public keys for each block they add to the blockchain (each public key is a randomly-generated number that is assigned to each new block, and is available in the Blockchain) and check to see whether all those public keys also belong to miners who add to the block chain. Miners are rewarded with two bitcoins for each miner they have found to be valid, and all miners receive coins for their proof of work. Each valid block blocks them a block reward. When the reward to miners drops, miners start to lose confidence in their ability to efficiently find blocks. If they stop their work, their reward falls and they stop mining.
What’s the expected reward?
The expected reward is a metric that describes how much of the reward per block is distributed to miners and miners’ time has been taken up by mining. The expected reward per block is a historical indicator of mining economics and progress. Miners getting a reward of 1000 satoshis (BTC) every 10 minutes averaged over 8 years, after inflation.
When a block is solved and the reward is adjusted upward, miners are paid a flat rate, fixed by the protocol (which is called block reward halving) until the next change (block reward halving). This mechanism helps keep the reward fixed within a reasonable range. Miners are paid in BTC; miner’s fees were proportional to the reward, but their profits declined. As reward per block decreases, this provides a steady incentive to continue mining; once the reward is once again higher than it was, mining stops and miners take their money back.
A few pools (check out see ComputeBest or FreeNode for details) earn the majority of a block reward by discovering and adding blocks. As the block reward decreases, the miners earning that block reward immediately get more profit for each block they found. If there are no new blocks, miners will stop working and the rest of the block reward is split between the pool operators. So even if there are many block finds, the number of transactions and block fees collected by miners can be limited to accommodate the fee income. Miners with profits to keep their wallets and if they can continue mining will have the flexibility to sacrifice some of their reward to improve the pool’s reputation and growth rate. As the reward drops, the demand for hash power decreases, which in turn lowers the pool’s profitability, thereby reducing the demand for miners. (There is a limit to the rate of increases in hash power that can be achieved, though the rate at which the hash power is mined continues to decrease slowly.)
What does a bitcoin mining operation look like?
First off, a miner must use specialized hardware to generate bitcoins. Miners need specialized devices to mine. Equipment is a prerequisite, but not a requirement. With the majority of the network hashing power at hand, miners don’t need to increase their resources in any meaningful way.
For ASIC miners, for example, they use the graphics processing unit of a chip to do math and control a program. GPUs can process hundreds of millions of calculations per second. Because they perform so well, they could power hundreds of thousands of computers. Since GPUs cost tens of thousands of dollars apiece, they are run only on specialized supercomputers. Such computers do not cost much to run. Using GPUs is quite competitive with parallel processing programs.
There is one important part of the mining operation: mining computers. It is advisable to only run mining software using miners. For software like GPGPU mining, it is recommended to run the software in a virtual machine which runs on an actual computer, as in OS X or Linux. If you are running Linux or Mac OS X and you wish to run GPGPU mining, you should take a look at the hardware guide for that operating system.
The difference to Ethereum?
It is called Proof of Work and is based on the computational process of mining. You simply work out the numbers to solve a math puzzle and reveal your efforts along the way to miners to publish the math puzzle solutions. This method is a lot faster and slightly more efficient compared to mining.
Proof of Work utilizes many different forces to reward miners. Firstly, miners receive just a small reward every block they find. Secondly, miners may also get a reward as a percentage of the next block which may end up being an even smaller amount. Finally, miners also get a reward on every block that they solve for more blocks (more details in our How Blocks are Added). This system works very well as it is the same rules applied to both mining and block discovery, thereby ensuring the integrity of the system.
Bitcoin can be used for a variety of purposes in daily life. Not only does it allow for fast, reliable payments between your computer and a bank, it also acts as a medium of exchange and third-party payment gateway.
The issue is that it is hard to know how many bitcoin transactions are actually occurring. However, bitcoin records show that in March 2017, we processed over 19.3 million transactions. That is an average of 1.5 transactions per second, with no pause in the average for more than three hours.
Bitcoin does not require transaction fees, meaning users and businesses are free to participate.
This is because the network is divided into multiple nodes — each of which acts as a database in which transactions are stored. This makes it much more difficult for one node to flood the network, causing a crash or data loss.
Why does it exist?
Bitcoin was originally developed in 2008 as a way for wealthy investors to store and transmit money. However, as demand for cryptocurrency grows, the currency has also become used as a form of payment for goods and services.
Today, bitcoin is used by thousands of businesses around the world, including services such as Uber, Dropbox, WordPress, TaskRabbit and Uber.com, to name but a few.
Why is it more volatile than other asset classes?
Bitcoin is designed to operate with a supply of 21 million units. Each unit contains roughly 1,000 bitcoin. In August 2017, it became approximately 20 million units.
The demand for bitcoin is generally predicted to increase every 12 months, although in the last few years this rate has varied slightly, with its most recent rate of upward revision occurring in January 2018, which is known as the halving. This increase is generally associated with the strengthening of the digital currency.
What is Bitcoin based on?
Bitcoin is based on a computer network called a blockchain. Transactions, like bitcoins, are recorded on a chain of blocks. Each block is added to the chain after it has been mined and becomes part of the public record.
Anyone can verify a block by viewing the block header, which is a small, compact file containing a hash of the previous block. Miners publish new blocks to the chain, and this is validated by the majority of users — miners or miners pools — which determines the legitimacy of the new block. This process of verification and history is called the mining process.
In bitcoin’s early years, miners competed with each other to provide the most processing power and confirmations to establish the bitcoin blockchain. Miners applied immense computing power and relied on old mining hardware to maintain the network, but by 2013, bitcoin miners operated roughly 80 percent of the global network’s processing power, according to financials firm Factom.
How do you get Bitcoin?
When you send a payment, the Bitcoin address you choose is known as the transaction ID. Once it is generated, you enter this number into the Bitcoin client software on your computer or smartphone. The software immediately creates the transaction, which can take minutes or hours depending on how many computers are involved and how many clients you have.
What are the laws of Bitcoin?
Bitcoins and traditional currencies are completely separate from each other. Money has long served as the medium of exchange between private individuals, businesses and government institutions. However, the current legal status of Bitcoin is very different from that of gold and other traditional currencies.
Bitcoin is subject to the same laws as other currencies. These include:
The value of Bitcoin depends on the quality of the service it offers.
Bitcoin can be traded within the market, but, unlike stocks and bonds, market prices for Bitcoin change daily.
A Bitcoin transaction can be confirmed at a third-party clearing house if there is a buyer. These steps would be unnecessary if there were no buyer or seller.
Taxation of Bitcoin sales: The value of Bitcoin has grown rapidly in the past few years and exchanges were previously prohibited from processing purchases or selling bitcoins to consumers. With recent changes to UK legislation and other jurisdictions, businesses such as banks and payments processors can now offer services to consumers that were previously restricted to the richest citizens.
The value of Bitcoin has grown rapidly in the past few years and exchanges were previously prohibited from processing purchases or selling bitcoins to consumers. With recent changes to UK legislation and other jurisdictions, businesses such as banks and payments processors can now offer services to consumers that were previously restricted to the richest citizens. Changing how countries interpret their currency laws: The creation of Bitcoin in 2008 made Bitcoin an asset class that was not recognized by many central banks. With no central bank, many countries have sought to build their own systems of value exchange using Bitcoin. Bitcoin is in theory legal under any country that recognizes it. However, currencies are prone to volatility, and whether it is legal to sell or store your bitcoin depends on what law applies.
The creation of Bitcoin in 2008 made Bitcoin an asset class that was not recognized by many central banks. With no central bank, many countries have sought to build their own systems of value exchange using Bitcoin. Bitcoin is in theory legal under any country that recognizes it. However, currencies are prone to volatility, and whether it is legal to sell or store your bitcoin depends on what law applies. Where can you buy Bitcoin? There are a number of options available. You can buy with cash from one of dozens of ATMs. Alternatives include credit cards, debit cards and peer-to-peer-services (P2P). We have links to more choices below.
There are a number of options available. You can buy with cash from one of dozens of ATMs. Alternatives include credit cards, debit cards and peer-to-peer-services (P2P). We have links to more choices below. BTC Options On WeChat:
WeChat credit cards, WeChat Pay wallets and Alipay bank accounts are all supported.
Blockchain.info, a Singapore-based startup that builds technology to digitally record every Bitcoin transaction, has launched an option for everyday shoppers called BTC China.
Online seller Rakuten sells BTC-denominated products and services such as foreign exchange-cashed Bitcoin trades and private bitcoin loans.
Other services that have popped up include Bitcoin-themed food trucks, BTC-branded clothing, BTC-branded manicures and personal loans.
Understanding Bitcoin as money is simple. All transactions are recorded in the public ledger called the blockchain. This is used to verify that the private key attached to a given transaction is the same as the private key used for all of the other similar transactions that took place with the same recipient.
How does a bitcoin work?
When you send a bitcoin, you send it to someone who has an account with a Bitcoin service provider, which then sends it to a public address corresponding to your wallet address in a separate wallet app. (These are kept safely and are not linked to your actual account details.) This process of entrusting your coins to someone else is called sending. The process is instant and direct.
When someone receives a bitcoin through one of the two methods of transferring it from your address to their own, the company (or company-affiliated organization) remains anonymous and records no account information, like your name or an account number. Once they have received the bitcoin, they receive it as a value in their own account. If the funds are spent or lost, it will not be recorded in the blockchain.
Why use Bitcoin for remittances? Bitcoin allows you to send and receive payments, and this is what makes it so innovative.
When you send a payment to someone, you use Bitcoin to send them bitcoins, which can be exchanged for other digital currencies like the U.S. dollar, Swiss franc, yen, or the British pound. You send bitcoins to someone from an offline wallet and send them to them in the form of bitcoins. If you send Bitcoins to someone else, they can be sent as a payment in their bitcoin wallet.
How is Bitcoin set up?
With Bitcoin, you use a Web-based application on a computer or smartphone. You can set up an online or mobile wallet.
You can send bitcoins from one place to another in about 10 seconds.
What is Bitcoin exactly?
Bitcoin is a digital currency, that is, it has the characteristics of a commodity and/or currency in that they have both an exchange and a unit of account. This is important because you might not see “Bitcoin” written anywhere on currency notes and coins; instead, they will usually include the word bitcoin. It should also be noted that bitcoin transactions often occur without any central authority whatsoever, and that the people that trade in them are anonymous and untraceable.
Bitcoin is also generally understood as “anonymous”. If you heard a person say, “This is what I just sent to you”, it would not be recognizable as you. To use the metric in “anonymous”, it is how easily and privately you can transfer funds in a way that’s as anonymous as possible, without revealing your identity or computer or other electronic devices.