Bitcoin on Betting Sites

Bitcoin (BTC) has quickly become a favorite among people who bet on sports online. Recently, 25% of the global online sports betting customers have used cryptocurrency for deposits and withdrawals, with BTC being the most popular option. But, what has driven this trend to increase so quickly?

Let’s explore how to use Bitcoin to pay for placing bets on sports. Refer to topcricketbookies.com for a review of this banking option.

What is Bitcoin and How Does It Work?

Bitcoin is the first and most popular cryptocurrency. It is a decentralized digital currency which means that it is not controlled by a government and not issued as a physical currency. Bitcoin uses blockchain technology to track and manage all transactions. No bank or private entity acts as a gatekeeper and Bitcoin is not regulated or controlled by a government. All transactions made are fully transparent, making it near impossible to tamper with the system. This allows you to have complete control over your funds.

To use BTC, crypto wallets, addresses, and blockchain confirmations and processes need to be understood and taken into account. When Bitcoin is sent, it appears in the wallet after 3 to 6 blockchain confirmations. Many today bookmakers allow players to deposit and withdraw funds using Bitcoin and offer bonuses, and no-fee withdrawals with BTC.

ProsCons
You can enjoy deposits that are almost instantaneous (typically within 10 minutes);Bitcoin’s value can change suddenly because of severe volatility;
You do not have to disclose your personal banking details;Some bookmakers impose fees on Bitcoin withdrawals, which can go as high as 1.5%;
Use it anywhere in the world, even in hard to reach areas;Transactions are irreversible, meaning there are no chargebacks;
It is mostly 0-1% in transaction fees;Not every gambling site accepts Bitcoin.
You do not have to provide any identification to use it;
It is your payment, and no one can stop it, it is your payment;
You can see the transactions in the blockchain and verify the payment you sent.

Payments with Bitcoin in Sports Gambling

Knowing the draws and benefits of BTC with Bitcoin in sports gambling is very crucial. That is why we are providing the information in a table to help ease the process.

Choosing a Quality Bitcoin Sportsbook

To be able to play safely, a Bitcoin sportsbook should meet some specific standards. For example, it should be of legal rights, data protection, and safe monetary transactions. Some more standards are listed below.

Licensing and Regulation

If the sportsbook holds a license from Malta or Curaçao, it is a good sportsbook. These organizations also regulate and monitor the bookmakers to ensure the data and funds of the users are safe. Licensed betting sites do not block or scam with funds.

Payment Security

Bookmakers must have strong encryption. Look out for at least 128-bit or 256-bit SSL. This prevents spying or stealing during your Bitcoin transactions. Certificates from well-known companies like VeriSign or Cloudflare are helpful.

Privacy

The sportsbooks that use Bitcoin must also protect user data. In our experience, betting sites that have 2 factor authentication (2FA) plus biometric (face or fingerprint) logins are more secure. Some also have added features like PIN codes, session time out, etc.

Fraud Detection

Dependable sites do active surveillance on user activities and transactions 24/7. In case something appears unusual or risky, they freeze the account and ask for more ID verification. This stops fraud and protects your cash in case your user ID is stolen.

Payment Terms and Withdrawal Speed

Check if the site gives detailed descriptions for rules on crypto payments. Great bookmakers activate cashouts in a few hours without obscure fees. Some even allow you to withdraw without converting your Bitcoin to fiat.

How to Create a Bitcoin (BTC) Wallet

To use Bitcoin in a sportsbook, you first need a wallet that holds your BTC and allows you to send and receive coins. You can create a wallet in under a minute with the following instructions:

  1. Choose a crypto exchange and open its site.
  2. Click on Sign Up at the top.
  3. Choose a wallet that best suits your needs: mobile, desktop, or web wallet. Exodus and Trust Wallet are good mobile options.
  4. Set up a log-in, and create a backup of your recovery phrase. This phrase is typically a sequence of 12 to 24 words.
  5. To obtain your Bitcoin (BTC) address, click on the option that says “generate BTC address.” Your wallet will create a unique address for you, which is a long string of letters and numbers, and that will be your wallet address.
  6. Next, go to the exchange and purchase the amount of Bitcoin you need.

You can then send the crypto to the wallet address you generated after the purchase. Be aware that most transfers will have a network fee of about 0.00001 BTC.

How to Deposit in an Online Bookmaker with Bitcoin Support

For betting sites, depositing Bitcoin is seamless when you have a BTC wallet, and can take a low of 5 and a high of 15 minutes to process, depending on how busy the blockchain is. Since there are no banking approvals required, you only need the BTC address and a sufficient balance. Below are the required steps:

  1. Visit the betting site.
  2. You can sign in, or create a new account if you don’t already have one.
  3. Locate the “Deposit” or “Wallet” option. This is usually on the header section.
  4. Click the Bitcoin logo. After this, the site will provide you with a BTC wallet address.
  5. Type the amount you want to deposit. Once you do that, you’ll see your unique wallet address. Open your crypto wallet and send your selected BTC amount.
  6. After you send the payment, you need to await confirmation from the blockchain. This usually takes between 1 to 3 confirmations and overall takes no more than 10 minutes.

If you see a success confirmation, rest assured that the payment was processed. The amount deposits to your account shortly after, although, in rare cases, and especially if there is a backlog, it may take up to 30 minutes.

Withdrawing BTC from the Bookmaker

Withdrawing BTC is easy and quick, and it does not require a lot of work. Remember that your account at the sportsbook should be verified. Once that is sorted, here is the expert advice on the steps to take for getting your winnings:

  1. Go to your bookmaker site.
  2. Log in and enter your profile. This is usually at the top of the sportsbook website.
  3. Locate the cash out or the “Withdraw” page, usually found under “My Account” or in the top menu.
  4. Select BTC as your payment option. The sportsbook will ask for your crypto wallet address so be ready.
  5. Indicate the amount you want to withdraw and type it out. Most betting sites have a minimum withdrawal, for example, 0.0001 BTC.
  6. Make sure to edit the wallet address and amount to perfect accuracy.
  7. Click “Confirm.” This step usually takes around 10 to 60 minutes for processing.

Use Other Cryptocurrencies for Sport Bets

While Bitcoin is popular for crypto payments at online sportsbooks, it is not the only one. Some sportsbooks have 10+ cryptocurrencies that process payments quickly. Based on our experience, the modern betting sites frequently accept the following altcoins:

  • Ethereum (ETH)
  • Litecoin (LTC)
  • Tether (USDT)
  • Dogecoin (DOGE)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Cardano (ADA)
  • USD Coin (USDC)
  • Tron (TRX)

Does Using Bitcoin on Sportsbook Sites Make Sense?

Bitcoin is a popular payment method for modern sportsbooks. Bettors like the payment method since it is fast, offers lower fees, and great anonymity. Bitcoin also has the drawback of no refunds and the potential of price volatility. Pay smart and avoid unlicensed sites and cross-checked payment addresses. BTC is a great payment method, but consider it a risky payment method for betting.

FAQ

Can I get bonuses when I use Bitcoin in sportsbooks?

Yes, some sportsbooks offer BTC deposit bonuses, like 100% bonuses up to 1 BTC or exclusive reload offers.

Is Bitcoin withdrawal faster than bank transfers for sports betting?

Yes, typically BTC withdrawal is processed within 10-60 minutes while bank payouts take 2-5 days.

Do I need to verify my ID when placing sports bets with Bitcoin?

Most bookmakers still ask for ID verification only once before the initial withdrawal, even when BTC is used for deposits and cash outs.