As far as cryptocurrencies go, Bitcoin is royalty. It paved the way for thousands of cryptocurrencies that exist today to follow.
All major cryptocurrency sports betting sites accept Bitcoin, allowing you to deposit, bet, and withdraw in BTC.
But for anyone new to Bitcoin or online sports betting the steps to use Bitcoin at a sportsbook may not be completely clear.
In this guide, we will explain in simple terms the steps required to use Bitcoin for sports betting.
Table of Contents
- How to use Bitcoin at a sports betting site
- Deposit and withdrawal fees at Bitcoin sportsbooks
- Pros and cons of using Bitcoin at sports betting sites
- Crypto deposit options at sports betting sites
How to use Bitcoin at a sports betting site
1. Choose a crypto wallet
Choosing a suitable Bitcoin wallet for gambling is important. You can choose between a hardware or a software wallet. Some will come with additional features, while others provide a simple service for storing and transferring Bitcoin. Find one that suits your needs.
2. Exchange your fiat currency for Bitcoin
Buying Bitcoin is relatively easy from reputable online exchanges like Binance or Coinbase. You can buy Bitcoin with a credit card and then transfer it to your personal wallet. It is a good idea to only buy as much Bitcoin that you need for that time being as buying too much of it is quite risky because of how volatile the currency can be.
3. Choose a Bitcoin sports betting site
Choosing a Bitcoin sports betting site mainly comes down to personal preference, but it is vital to always check if the betting site has a good reputation and is licensed. Visit their website to check their credentials, and read reviews from trusted sources to see the consensus online.
4. Create an account
Creating an account at a Bitcoin sportsbook differs from site to site. Some are completely anonymous, allowing you to create an account without any personal information. Others will ask for your name, email address, and phone number. Some ask for personal information such as an address.
5. Deposit your Bitcoin
Head over to the deposit page when you are signed into your account to deposit Bitcoin. The site will provide you with a deposit address. This is a Bitcoin address to which you send you however much you would like to deposit, and it acts like a Bitcoin wallet on the gambling site.
6. Place your bets
Placing bets with Bitcoin is the same as betting with any other currency. You can place pre-match bets, live bets, and outrights, among others. Add the bets you want to place onto your bet slip, and when you are ready confirm the bets. You will see the bets appear in your account, so you can always go back later to check the outcome if you missed the action.
7. Withdraw your Bitcoin
For platforms that allow anonymous betting, withdrawing is usually an easy process as you are not required to provide any personal information. Other platforms however will require KYC or know-your-customer documents to confirm they are sending Bitcoin to the correct person. It is best to understand what documents you are expected to provide before you deposit so you know what is exactly expected of you when the time comes to withdraw. Withdrawing Bitcoin is very fast, and you can get your withdrawal instantly.
Deposit and withdrawal fees at Bitcoin sportsbooks
Using the Bitcoin currency doesn’t usually change how much money you can withdraw or deposit, in most cases it is more affordable to use Bitcoin as your choice of currency. Here are some examples of withdrawal and depositing fees charged by sports betting sites to Bitcoin users.
Pros and cons of using Bitcoin at sports betting sites
- High-level security: Bitcoin is heavily encrypted, giving users a secure way of accessing and moving their money.
- Quick transfer: Bitcoin offers quicker transfers than traditional currencies as most of these transfers are almost instantly with little to no waiting time.
- Bonuses and promotions: Several sports betting sites offer bonuses and promotions if you are going to place your bets using Bitcoin rather than any other currency.
- Sensitivity: Just like many other currencies, Bitcoin is quite unpredictable as the drop in the exchange rate could come at any time.
- Transaction fees: Whilst these are usually quite low, there are instances where you would need to deposit a large amount and the transaction fee could mount up to a higher fee.
- Limited acceptance: If you use a crypto-focused betting site, everything should be fine. However, if you don’t, certain betting sites may not offer Bitcoin as a betting option
Crypto deposit options at sports betting sites
Crypto sports betting sites generally accept multiple cryptocurrencies to bet on sports, but you will find Bitcoin available to bet with everywhere.
Some platforms even run purely on Bitcoin, and this is possible because Bitcoin is so strongly established with over 420 million holders worldwide.
Whether you are betting on tennis, MMA, or football, you can follow the same steps in this guide. Explore some of the best sites to bet with Bitcoin on whatever sport you desire: