The popularity of cryptocurrency sports betting has transformed online betting to the point where crypto and particularly bitcoin can now be considered a fast, credible and reliable payment method. As a bitcoin bettor, you can place bets using cryptocurrency on sporting events and play your favourite casino games.
There are various types of cryptocurrency out there that are used globally, such as BitCoin and Ethereum. By now, everyone has heard about Bitcoin due to its massive popularity; the currency is even making headline news. Considering how bitcoin works, it is a natural progression that many betting sites should accept bitcoin for deposits & withdrawals. However, selecting legitimate bitcoin betting sites could be challenging for any online gambler.
You may be wondering how our experts review online betting sites that accept bitcoin, so we detail the criteria they use. Understanding these factors can help you choose the right and suitable cryptocurrency betting site for your next bet. In addition, this article will discuss bitcoin sportsbook sites, how people use them, the deposit and withdrawal process, and their benefits.
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How We Evaluate Bitcoin Betting Sites
We examine a wide range of crypto gambling sites, from bitcoin casino sites and poker rooms to bitcoin sportsbooks. Every site we examine must pass our rigorous, systematic evaluation process.
We create an account in the same way that any other user would, and then we deposit funds. Then, we put our money on the line and see how long it takes to withdraw our winnings. And we pay close attention to even the tiniest aspects, such as the user experience, banking choices, customer service, and the site’s appearance and performance. But then, we don’t start writing our comprehensive evaluations or make any recommendations until we’ve acquired and examined all of this information.
There are a bunch of factors that can be considered while choosing the right cryptocurrency betting sites. However, cryptocurrencies involve various sets of risks that are different from other betting payment methods. So it’s better to read all the related information regarding cryptocurrency before spending money and time on a cryptocurrency betting site.
Licensing And Regulation
Licensing and regulation are some of the most important things to consider while selecting a betting site, not just for sites that accept bitcoin payments; it’s important for any gambling platform. Before choosing a cryptocurrency betting site, try to determine which regulatory authority licenses the particular betting site. For example, UK based betting sites need to be licensed under UKGC or Malta Gaming Authority. These licensing bodies exist to protect online players from any fraudulent activity and offer a safe and fair gambling environment.
Betting sites without proper payment methods and security measures can’t be considered legitimate betting sites. We also make sure that the site is run on SSL 128-bit or 256-bit encryption. We also make sure that it has a proper security system for handling transactions safely and allows for options such as two-step verification for the users who prefer it.
Welcome bonuses and promotions always perform an important role in the success of any betting site, and this is no different for a bitcoin gambling site. For both betting sites and online casino brands, getting any traction in the market is difficult if they try and attract new customers without featuring an enticing welcome offer.
We update our recommended lists daily to ensure that users can feel safe knowing that they’ll never miss any ongoing bonuses. In addition, the best cryptocurrency betting sites always offer great welcome bonuses and promotions to all new and existing users.
For example, some bitcoin bookies will offer a bitcoin bonus as part of their attempt to establish themselves as a bitcoin sports betting site and increase the number of gamblers with registered accounts. From time time time, they may even offer a special promotion to existing customers design to attract you to try out their bitcoin casino or bitcoin slots games.
Most of the bonus offers you will find at crypto sports betting sites will offer you a deposit bonus when you make a bitcoin deposit or bitcoin transaction using your bitcoin wallet.
Some betting sites only allow bets on a small number of sports. You may bet on everything from football to the Olympic Games on others. Some sports betting services only allow you to wager on the main leagues, which is a good reason not to register with a betting site. The great thing is that some bitcoin sports betting companies allow you to wager on virtually any sport that is being played.
We only recommend a bitcoin bookmaker that will allow their visitors to bet on a wide range of sports and not be limited because you are looking for a crypto gambling site.
Our detailed reviews look for bookmakers with a good selection of sports games covering international and domestic markets.
Cryptocurrency is not limited to bitcoin anymore. Various cryptocurrencies have tremendous value and respect in the online sportsbook world. Therefore, we keep looking for crypto sportsbooks that accept multiple cryptocurrencies to make it easy for online players to have as much choice as possible.
Depending on where you are gambling from, there may be legal issues with certain types of cryptocurrencies, so this is something to be aware of.
Payments and wagers should be available while using a mobile device at credible bitcoin betting sites in the United Kingdom. This is because gambling on a mobile device is now more popular than gambling on a PC. Hence, it’s essential that if you are going to spend your time and money picking a sports betting site and, in this instance, a crypto bookmaker, then mobile compatibility is no longer an optional feature or afterthought.
Any site that doesn’t offer a great user experience on mobile doesn’t get added to our list of recommendations.
Withdrawing Winnings at Bitcoin Betting Sites
Withdrawing your winnings is the favourite part for every online gambler. This part becomes more special when you can withdraw your winnings into your crypto wallet. Online betting sites that accept bitcoin deposits will also accept bitcoin withdrawals of your winnings. The key advantage of bitcoin withdrawals is that they are practically free and instantaneous, whereas many betting sites demand a fee to withdraw your winnings.
The withdrawal process with bitcoin is fast and takes only 24 hours to get your winnings into your crypto wallet, which is way faster than other traditional betting payment methods. The ability to receive fast payouts with bitcoin adds to the thrill and allure of online sports betting. Furthermore, the low bitcoin withdrawal fee, which is virtually non-existent, is comfortable for online gamblers. But, on the other hand, it’s frustrating to watch a percentage of your winnings lost due to transaction costs.
That’s the reason bitcoins are becoming one of the favourite payment methods for online casino players. Bitcoin betting sites also let you withdraw more winnings in every transaction. Moreover, many bitcoin betting sites have no withdrawal limit, but only if you make your deposits with bitcoin in the first place. This function offers new ease of access and freedom because any other payment option has specific withdrawal amounts.
Identity Protection and Taxes with Bitcoin Gambling
Using Bitcoin on betting sites has tremendous advantages, and the paramount importance is protecting players’ identities. This is because bitcoin currency works on decentralised blockchain technology in which no banking or personal details are used. Instead, bitcoin currency means just a URL address that has added value, and you can make a transaction by generating a URL of your desired amount.
With blockchain technology, all transactions with bitcoin are anonymous due to there is no personally identifying information in bitcoin.
In addition, traditional payment methods have to follow the Banking Know Your Customer ( KYC) process strictly. KYC involves the betting site gathering personal information about gambling, making it easily trackable for banks. It’s another reason decentralised blockchain technology is so popular, especially for betting sites, because there is no central institution to regulate.
How Many People Use Cryptocurrency Betting?
With the recent studies and reports, nearly 55% to 65% of online transactions are performed using bitcoin payments. However, there is currently no method to validate this information. Moreover, the figure may be considerably higher because people in countries where gambling is prohibited find a way to get around it.
The best example is that back during the 2018 football World Cup. Many people succeeded in betting using sports betting cryptocurrency despite being illegal in their countries by finding a loophole around the technology.
Frequently Asked Questions (FAQs)
We have covered detailed information about cryptocurrency betting sites, and it’s processed along with the advantage of using it. However, still, players may have confusion about anything that should go through the FAQs as follows.
1. What Are The Different Types Of Crypto Accepted?
Various popular crypto sportsbooks accept Bitcoin and Ethereum, and if you are using any of them, you will not have any problems. Some other crypto sportsbooks support a few more cryptocurrencies, including Bitcoin Cash, Dogecoin and Litecoin. If you are using any other crypto, it’s best to make sure it is accepted before registering an account.
2. How Do I Place A Crypto Bet?
Placing an online bet on cryptocurrency betting sites is as easy as any traditional betting site. You have to first sign up on the crypto betting site, Look for suitable cryptocurrency according to your preference, and follow the step by step instructions to make a deposit. Once the deposit is made, you gamble in much the same way you would from your betting balance.
3. How Do I Withdraw My Crypto Winnings?
To withdraw your potential winnings, you have to visit the withdrawal section and process a withdrawal request. Then, enter the amount of crypto you want to withdraw, choose your mode of payment and hit transfer.
4. Are Crypto Betting Sites Safe?
Yes, crypto betting sites are one of the safest and secure modes of placing online bets. This is because cryptocurrencies work on decentralised blockchain technology, which means you can gamble anonymously.
5. How Long Can I Hold My Crypto Winnings In My Crypto Sportsbook Account?
You can hold your potential cryptocurrency winnings in your crypto sportsbook account as long as you want. A player can also use their potential winnings to place new bets instead of topping up their account directly from your crypto wallet.
Cryptocurrencies are playing a vital role in the success of any online casino or betting site by offering ease of use and privacy. However, without cryptocurrencies like bitcoin, it works on decentralised blockchain technology, which protects players’ identities and allows them to partake in anonymous gambling. Thus, allowing people to participate in online bettings without any fear and risks is one of the main appeals of this particular deposit method.
Players can still take advantage of various welcome and promotional bonuses on bitcoin betting sites like any other traditional betting site. However, while selecting the best bitcoin betting site, many factors need to be considered, such as licensing and regulation, welcome bonuses and promotions, sports offered, and withdrawal process.
Bitcoin betting sites are one of the largest growth areas in gambling. However, it’s better to know about the risk involved in crypto bettings sites by carefully reading all the related documents before registering for any crypto betting site.