Bitcoin Betting Guide
Betting with Bitcoin is gaining popularity, with more and more respectable casinos adding crypto currencies as means for deposits and withdrawals and offering an option of bitcoin betting on their sites, mainly on sports or eSports.
Top 3 Bitcoin Sports Betting Sites
Nowadays it is quite difficult to foretell how fast the digital currency may develop in the gambling entertainment industry. Crypto casinos are significantly ahead of their competitors today.
Take a look below to find the best three online Bitcoin casino sites offering a BTC betting option.
Benefits of Betting with Bitcoin
Since cryptocurrencies are a relatively new trend, Bitcoin betting or bookmaker sites give the users a totally different experience. They also provide additional user data protection and do not request personal banking information. In such a way, they protect the users from malicious attacks. These platforms have a number of advantages that cannot be ignored.
The key benefit of Bitcoin betting sites is anonymity. The player doesn’t need to provide any personal info. When signing up on a typical casino or bookmaker, the player needs to verify their ID or link their bank account to their gambling profile. Some users are not OK with sharing sensitive data with casino sites. While others just can’t do that for various reasons.
The user’s money is always only theirs
Cryptocurrency casinos and betting sites hardly block users if their money comes from a suspicious source. So, one of the key benefits of BTC in gambling is that the player can be sure their money won’t be blocked together with their account.
Each Bitcoin can be divided into 100 million Satoshi, which is a big advantage of cryptocurrency casinos. This allows players to bet amounts much smaller than 1 cent. Some games allow for betting as little as 0.00001000 BTC, which is 1,000 Satoshi. So, crypto gambling sites are a great choice not only for BTC high rollers but also for players looking for fun, not winnings.
High competition in a new market
In contrast to Bitcoin exchanges that require more knowledge to profit from and don’t provide many alternatives to players — things with BTC gambling and betting sites are much simpler. Signing up on a crypto casino or bookie doesn’t cost anything. Players can start with no experience in gambling. This creates strong competition among Bitcoin casinos and bookmakers.
In addition to newcomers to the crypto gambling industry, players can choose from plenty of reputable platforms operating for decades but only with fiat currencies. This factor also serves as a challenge for crypto gambling and betting websites. BTC casinos and bookies come up with more beneficial promotions and bonuses for players to compensate for the lack of reputation. In addition to promos, BTC gambling and betting sites focus on improving the quality of customer service, catering to each player individually. And improving upon client comfort is always the right way to success.
High Bitcoin volatility is another aspect that can’t be ignored. It can be both a plus and a minus. But when the price of BTC grows, players get a nice cash boost without risking their bankrolls. In October 2013, Players couldn’t even imagine that Bitcoins on their accounts would grow in price 10 times by November.
High technological efficiency
Opting for the Best Bitcoin Casino or bookie instead of a traditional gambling or betting service, a player also opts for new technologies, which contributes to their development. Besides that, the player joins a fascinating and rapidly growing online community of crypto enthusiasts.
Most BTC platforms do not charge a commission for financial transactions and do not set limits on the number of payments.
Quick money withdrawal
Only when using crypto currency, it is possible to top up an account and withdraw money in just a couple of minutes.
Drawbacks of Betting with Bitcoin
With all these advantages of digital coins, there are a number of significant disadvantages that hinder their development in the gambling and betting industry. The following cons of using crypto concern both providers and players:
The cryptocurrency volatility can also be a minus
Certainly, digital currency is very unstable. A serious imbalance between the money that players have invested in Bitcoins and other tokens, and the amount that was eventually withdrawn from the account, can be a significant reason for refusing to use them. For this reason, many players prefer more stable dollars and euros.
Bitcoin and blockchain are still too new and progressive technologies, so it is problematic to predict their development. It is impossible to foresee which market changes could lead to the rise or fall of Bitcoin. Of course, such unpredictability does not inspire confidence among users.
No certain legal status
In many countries, the authorities have not yet legalized the circulation of digital currency. Until the state has indicated its attitude to it, users cannot be sure of the legality and safety of their funds.
There have already been several high-profile security breaches in the crypto exchange market. Hackers stole millions of dollars in Bitcoins from accounts and appropriated a huge array of personal data of the owners. Therefore, many people continue to adhere to the opinion that no matter how secure the digital currency is, it is still not perfect and cannot guarantee the safety of funds one hundred percent.
Types of Sports to Bet on with Crypto
Bettors prefer to have room for maneuver, and not just the main outcomes, a few odds, and totals. The more diverse the line, the more sports it presents, and the more chances this particular bookmaker has to keep its newcomers engaged.
Most cryptocurrency bookmakers do not differ much in terms of available lines and betting events. However, some of them offer bets on exclusive sports that competitors do not have.
In addition to traditional sports, there is also eSports. So, games such as CS GO, DOTA 2, League of Legends, PUBG, and many others can become a source of high income if only one makes the right decision and bets on the right team.
For every sport that is on betting sites, players can bet with Bitcoins, Ethereum, Bitcoin Cash, LiteCoin, and other popular cryptos. An example of popular sports disciplines that are betting with Bitcoin can be football, basketball, tennis, volleyball, NFL, NHL, and so on.
Live Bets with Bitcoin
By making sports betting in real time using Bitcoin, the user receives many pleasant bonuses. Among them are a convenient user interface for betting, instant deposits and payouts, as well as the anonymity of the service. On most sports betting sites, this type enjoys the greatest prevalence and popularity, since the user betting live gets more emotions.
The advantages of live betting with Bitcoin lie in their simplicity: a player just needs to go to the section of the site where live broadcasts are located, view all the matches, and choose the one needed. The additional menu or pop-up window displays the various betting options accessible to the player.
It is also possible to customize a bet, that is, choose either a single version of it or an express that contains several matches or events within a single match. If the user chooses the express type, then the chances add up, and they get a big profit but with a lot of risks.
Bitcoin Sports Betting Bonuses
Some bookmakers give substantial bonuses for financial transactions using digital currencies. The most popular gift is considered to be a bonus for the first replenishment of the account (or a bonus for the first deposit). The player makes the first payment to the account using cryptocurrency, and the office additionally gives them a certain percentage of this payment (usually 100%, but no more than a certain amount).
However, there are also exclusive cryptocurrency offers from bookmakers. Among them are:
- percentage on the deposit;
- prize in cryptocurrency for a bet using a regular currency;
- bonus for the second and third deposits.
In some cases, the bonuses for making a deposit in cryptocurrency are more than a classic gift for a deposit in ordinary money.
If the user decides to make a deposit and place bets in cryptocurrency, it is advisable to familiarize in detail with the terms and conditions of promotions in the selected office. At the same time, do not forget that any bonus, including those received for cryptocurrency, must be won back. This leads to some restrictions on a user’s account, like blocking the ability to withdraw funds for the wagering period.
Almost all users have access to various bonuses and attractive promotions on sports betting sites. However, players also have the opportunity to participate in a zero-margin bet that some companies offer without charging a commission for the odds before the game. Users have a great chance to get the best price and the fairest coefficients.
How to Choose the Best Site with Bitcoin Betting Option
To choose a betting site that brings only pleasure to the user, it is necessary to carefully study the following factors and not be limited to a single portal. Armed with basic knowledge, players can get the most out of their personal crypto-betting experience and make the right choice.
It is necessary to check, if not all, then at least the most important nuances of the work of a cryptocurrency bookmaker. A serious approach to business implies not only analysis but also a comparison of sites with each other after placing a bet or two on each of them. Screening out may help find the most satisfactory option.
Here are a few criteria for evaluating crypto bookmakers:
- payment guarantee;
- intuitive interface;
- bonus offers;
- gifts and privileges;
- variety of sports;
- accepted cryptocurrencies;
- types of bets;
- technical support.
Remember that the most important factors like payouts or security somehow affect the reputation of a Bitcoin bookmaker. Therefore, it is strongly recommended not to be lazy and invest time in reading reviews about the portal from other players and experienced specialists.
Bitcoin has very good security compared to most others. Anonymity lies in the fact that players do not see the owner of the wallet, but they can see what transactions took place on it.
Bitcoin has such huge popularity due to the fact that it has the largest capitalization and the status of the first crypto than other cryptocurrencies such as Ethereum, LiteCoin, DogeCoin, and others.
A large number of sites on completely different topics allow the user to pay using the first cryptocurrency. In this article, we talked about the best sports betting sites available online.
Ethereum has many advantages over Bitcoin, but there are also many disadvantages. For these reasons, it is impossible to say which crypto is better, so everyone should choose for themselves. For some people, Ethereum gambling may be the best, and for others, only Bitcoin gambling, so the player can’t say which is better and which is worse.
Some sites offer an increased welcome bonus only for depositing with crypto. Others provide a reduced commission for withdrawals with BTC, so look at the official sites for all information on bonuses.