The rapid rise of Bitcoin popularity has led to significant changes in online services. Sports betting using cryptocurrency is no exception. A small commission and the ability to transfer funds almost instantly are the main reasons why Bitcoin is used by bookmakers and is becoming so popular among bettors.
With so many gambling sites out there today, it is not easy to find the safest and best options that are fun, among other things. This guide will help you figure out what to look for when choosing the best Bitcoin betting sites.
Choosing Your Bitcoin Betting Site: 5 Factors to Consider
There are several criteria for evaluating the quality of a bookmaker’s services. These are reliability, fairness, line options, ease of depositing and withdrawing funds, as well as customer-oriented support service.
As a rule, the rating of a crypto betting site is formed based on the following parameters:
Reputation & Trust
The best way to check Bitcoin betting site reputation and fairness is to read reviews on specialized forums and resources and ask experienced bettors. If the bookmaker has shown weakness somewhere, you will definitely find negative reviews. As well, pay attention to how many years the betting site has been providing its services. Legal online bookmakers are available around the clock. Therefore, it is important that the site has contacts for feedback. Usually, the activities of such betting sites are regulated by law. In the event of a dispute, the player can challenge the actions of the bookmaker.
The bettor must understand that their earnings directly depend on the coefficients the gambling establishment offers. The higher the odds are, the more money they can receive at the end of the playing distance. That means the return rate at such betting sites is also high.
Sports & Lines Available
The line in sportsbooks is a list of events available for placing bets. The best Bitcoin betting sites offer customers a wide range of competitions for betting. These are bets on a variety of sports (from football to hurling), as well as bets on events from the world of politics, economics, culture, and so on. The list is the number of proposed options for betting on a particular match. In sports betting, one can bet not only on the victory of a particular team but also on more specific indicators: the number of goals, yellow cards, corners, and so on.
Payout & Withdraw Speed
Deposits and withdrawals on the best Bitcoin betting sites are anonymous, no personal data is required, and it is almost impossible to track transactions. All financial operations are carried out instantly. There are no holds. The winners are immediately determined as soon as the event has happened, and the winnings are sent to their accounts. Clients of crypto sportsbooks are guaranteed to receive payments, and this is embedded in smart contracts.
VIP Programs & Bonuses
If you want to try your luck and place a bet but do not have much money for this, pay attention to the information about the offered bonuses and ongoing promotions. Some Bitcoin betting sites make lucrative offers. For example, newly registered users get bonuses for signup and for depositing a certain amount. As well, many sports bookmakers have loyalty programs offering regular bettors lower commissions. But sometimes bookmakers are trying to trick their customers. So, to get the maximum benefit from the bonus, we advise you to learn the wagering conditions in full.
Be also sure to check our Best Bitcoin Lottery Sites guide.
How to Bet with Bitcoin
Betting on sports events with Bitcoin is practically no different from placing bets at traditional online sportsbooks. The step-by-step guide on how to bet with crypto looks like this:
Select a Sportsbook
First, a beginner should choose the betting site. This process must be taken as seriously as possible. The size of payouts and the ability to withdraw funds without problems depends on this first step. Use the info in our guide to choosing the best and most reliable betting sites.
Open an Account
Next, the bettor should sign up on the selected site. Now, the most popular ways to open an account in crypto sportsbooks are the following:
- quick registration in one click;
- registration by email;
- registration by mobile number;
- linking your personal account to an account in a social network (or messenger).
Usually, reliable bookmakers that use cryptocurrency do not work with fiat money at all. Therefore, to use their services, the bettor first has to get digital coins. In general, the depositing procedure is no different: go to your personal account, select the desired digital currency and press the button.
Once you sign up, the next step is to link your crypto account to a bookmaker account. Before you make a deposit, be sure to check if the site on which you registered supports the digital currency you want to bet with.
Next, click “Deposit”, and follow the instructions to select the desired cryptocurrency. You can link digital currency from your e-wallet account to your bookmaker account in a few seconds.
Check out an article about Canada’s legislation regarding sports betting.
Pros and Cons of Bitcoin Betting Sites
Many professional players, for whom betting on sports and esports events is not just a hobby but a way to make a profit, began to actively switch to cryptocurrency transactions. Of course, this is justified because using digital coins has many advantages.
Benefits of Bitcoin Betting Sites
- Anonymity. It is impossible to track crypto transactions. As well, no additional ways to protect financial transactions are needed.
- Fairness. Best crypto bookmakers operate legally and pay winnings in a timely manner. At any time, the user can create a request for funds withdrawal.
- A small deposit limit or none at all. The bettor does not have to adjust to the restrictions. They independently determine the deposit amount.
- Wide range of bets. Beginners can place small bets, while experienced bettors can play to the maximum.
- Decentralization. Cryptocurrency does not depend on banking institutions. If the client regularly receives payments, no one has questions where did the money come from.
- High level of security. Bitcoin storages are much better protected when compared to standard electronic services.
Drawbacks of Bitcoin Betting Sites
- Anonymity is not so good. At the same time, it can become a big problem: in the event of a dispute. Without prior identification of the person, it is actually impossible to prove that you deposited the account.
- Legislation issues. Considering the imperfection of legislation in the field of cryptocurrencies and their non-recognition as a legal tender in most countries, such bookmakers and gaming platforms fall into the “grey zone” of the current legislation. This is also a risk for the player.
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