Bitcoin betting is the new cool kid on the block when it comes to payment methods on betting sites. This cryptocurrency has been around for less than ten years, but it has already established itself as one of the best payment solutions. The main advantages of Bitcoin sports betting over fiat currencies and the reasons why it has become so popular are that bitcoin transactions cannot be declined, Bitcoin offers Fort Knox-level security, there are minimal or no transaction fees, the processing times are low, and there are loads of enticing bonuses to motivate bettors to use BTC.
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Best Betting Sites with Bitcoin
Choosing the best Bitcoin betting site is not an easy task because of how saturated the market is right now. Bookies that accept Bitcoin are frequently coming up with new and better ways to attract new players and motivate them to deposit in Bitcoin. An excellent place to start is regulated and licensed Bitcoin betting sites that thousands of players online trust and frequent on a regular basis. On the list above we have taken into account the speed, fees, bonuses, and a whole lot more.
Bitcoin Sportsbooks vs. Classic Bookmakers
The main difference between BTC sportsbooks and classic bookmakers is the ease of use and the complexity of the verification procedures involved. Comparing Bitcoin to USD, for example, shows that you can have much higher privacy and lose much less time setting things up. For example, withdrawing money from a classic bookmaker website requires you to share a lot of your information with them. You will need to enter your name, full address, phone number, a copy of a legal document (e.g. National ID card or passport), as well as to provide proof of your address.
If you’re using a credit card, bank account, or e-wallet, you will need to provide a bank account statement, a photo of your credit/debit card, or a screenshot of your e-wallet account. On top of that, the process also takes a lot of time to complete. This is apparently too much for a lot of bettors. The KYC (Know Your Customer) process on betting sites that accept Bitcoin is much more lenient. All that you need to provide to start playing, deposit and withdraw money is a valid email address. Therefore, you can play completely anonymously and enjoy other benefits such as increased security, low fees, speed, and so on.
A common question we get asked is, “Should I use Bitcoin for betting?” The truth is, there are both advantages and disadvantages. Let’s take a look at some of the most common ones so that you can decide for yourself.
- It offers more privacy. Bitcoin guarantees the highest privacy levels compared to all other payment methods. There is no personal information attached to your Bitcoin wallet.
- It provides greater safety. Bitcoin protects you from identity theft because transactions do not require personal information.
- Purchases are not taxed. No single central authority regulates Bitcoin transactions.
- It’s decentralized. Thanks to the blockchain technology, no one can freeze your account or take away your coins.
- It’s time-efficient. Bitcoin transactions are much faster compared to traditional banking methods.
- Bitcoin is not affected by inflation. The number of bitcoins is limited to 21 million, unlike fiat currencies.
- Bitcoin gambling is cheap. Bitcoin transaction fees are minimal.
- Bitcoin gambling is currency non-specific. Players can gamble in sportsbooks that would otherwise be inaccessible to them.
- Bitcoins cannot be counterfeited. It’s virtually impossible to counterfeit Bitcoin because of the design of the Bitcoin blockchain. In case it was possible, it would require a tremendous amount of computer power. Bitcoin promotions and bonuses. Bookmakers often provide Bitcoin-specific offers.
- Bitcoin is untraceable. As much as this is viewed as an advantage, it can be impossible for authorities to track down any misdoings.
- Availability is an issue. The number of bookmakers that accept Bitcoin is limited.
- It is experimental. Bitcoin is still a new currency, which adds a dose of uncertainty to it.
- It’s volatile. Bitcoin prices bounce up and down on a daily basis.
- Hacking risk. You need to take additional measures to protect your bitcoins from hacking.
- It’s more complicated. Dealing with Bitcoin requires different kinds of knowledge, such as technological or financial.
- Some Bitcoin transactions are slow. This is because some bookmakers choose to process Bitcoin transactions manually.
- It’s a digital currency. Experts fear it might collapse at any point.
- Unlicensed Bitcoin bookmakers. A large number of new BTC bookmakers are unlicensed.
- Future regulating issues. More and more countries are choosing to regulate Bitcoin.
Are Bitcoin Betting Sites Legal?
The status of Bitcoin gambling legality depends on your local laws and jurisdiction. However, gambling with Bitcoin is legal in most parts of the world, or it is at least in the grey-hat area. If you live in a country where gambling is legal, then Bitcoin gambling legality will most likely not be a problem. Even if you live in a country where gambling is illegal, you might be able to bet with Bitcoin on sports betting websites registered in other countries.
Most of the biggest countries in the world, such as Australia, Canada, the UK, France, and the USA are very friendly towards gambling and Bitcoin. Some of these countries, like the USA, do not explicitly state that betting with Bitcoin is legal. However, they don’t deem Bitcoin betting illegal either. That said, it all depends on how you read the laws of individual states. Some countries that made Bitcoin betting illegal by passing explicit laws include Iceland, Vietnam, Kyrgyzstan, Ecuador, Russia, and China.
Are Bitcoin Sportsbooks Safe?
This varies widely, depending on the sportsbook itself. The number of Bitcoin betting websites on the market is rapidly growing, which means there is a large number of safe Bitcoin bookies, but there are also those that you should be careful about. Overall, online sports betting with Bitcoin is much safer or at least as safe as traditional gambling as long as you are betting on the right website. Bitcoin sportsbooks often offer provably fair games, which means that all results in the games are completely random.
Moreover, all of your bitcoins are kept on your private wallet. Therefore, if a sportsbook goes bankrupt and closes their business, you will not lose any of your funds. This is not the case with traditional sportsbooks. When it comes to the safety of betting at a Bitcoin sportsbook, Canada has gone a step further, being the first country in the world to pass legislation that regulates BTC use and protects Bitcoin users.
The legality of Bitcoin sports betting differs from one country to another and from jurisdiction to jurisdiction. Some countries have decided to make both gambling and Bitcoin illegal; other countries have not passed any laws that regulate Bitcoin sports betting; whereas some governments have legally regulated Bitcoin sports betting. We can label these three groups of countries as Red, Grey, and Green, respectively. So, let’s take a closer look at some of the biggest countries in the world who have legalized Bitcoin sports betting and find out more about the most popular sportsbooks that operate there.
US Friendly Bitcoin Sportsbooks
The profits from sports betting in the USA have been growing ever since its legalization in May 2018. Sportsbooks are competing against each other to secure a piece of the new market by using innovative measures. Bitcoin bookmakers in the USA have the edge over their competition due to the benefits they provide. US bettors have a hard time with traditional deposit options due to credit card declines and complications with the cashing of overseas checks. Bitcoin solves these issues by providing fast free-of-charge payments and maintaining a high level of privacy and safety for players. Even before the legalization of sports betting, many US friendly Bitcoin bookmakers existed around the world where American sports betting fans could place bets. That would not have been possible without the new transaction possibilities Bitcoin provided.
Even though sports betting is legal on a federal level after the abolition of the Professional and Amateur Sports Protection Act (PASPA), only seven states have decided to legalize online gambling as of now. Sixteen other states are debating whether or not to do it, while Utah has decided to completely ban it. The remaining states do not seem like addressing this issue anytime soon. But for these seven states where online gambling is legal, all other states will block banking transactions towards offshore online sportsbooks. This is where the real value of Bitcoin for US bettors can be seen, as it is a sure way to bypass this state of affairs. As time goes by, we will surely see an increase in the number of Bitcoin betting sites in the USA.
Canadian Betting Sites and Bitcoin
Online gambling is considered a grey area in Canada. While gambling of all sorts, including online sports betting with Bitcoin, is legal in Canada on a federal level, individual provinces and territories are allowed to provide and regulate individual forms of gambling as they please. Nonetheless, players can still enjoy all types of gambling by turning to offshore companies that provide their services to Canadian players since the laws target providers of gambling services and not players. When it comes to Bitcoin sportsbooks, Canada is one of the world leaders. Once again, Canadian provinces have the authority to allow or ban bitcoin gambling, but none of them have chosen to prohibit it. Moreover, Canada has the second highest number of Bitcoin ATMs, all of which has led to a large number of Bitcoin sportsbooks operating in the country.
UK Bookies That Accept Bitcoin
Betting with Bitcoin is completely legal in the UK. As of 2016, the UK Gambling Commission has granted permission to UK-based bookmakers to accept Bitcoin both as a deposit and as a withdrawal method. Therefore, UK Bitcoin sportsbook options are many, and players can enjoy both diversity and safety. Bookies in the UK can operate legally and provide Bitcoin betting services as long as they have applied for and received a Remote Gaming Permit, issued by the UK Gambling Commission. Therefore, to stay safe, trust your bitcoin only with bookies that possess the official UKGC seal. Those players that choose to bet on sports in the UK using Bitcoin will have to pay standard VAT taxes, though.
Bitcoin Betting Sites in Australia
Bitcoin sports betting in Australia is completely legal and very popular among Australian bettors. Even the governor of the Reserve Bank of Australia has commented that there are no laws against any uses of Bitcoin, including for sports betting. However, Australian players are not allowed to place in-play bets and bet on casino games, such as poker, blackjack, roulette, etc. Because of that, Bitcoin betting sites in Australia are gaining popularity due to how easy it is to register and because of the numerous benefits they offer compared to websites using fiat currencies. Australian players can register both on Bitcoin-only websites and on mixed-currency websites that offer both fiat and cryptocurrency payment options.
Bitcoin is still a relatively new payment option in the gambling world. It still does not have the popularity and recognition that fiat currencies do. Because of that, a lot of Bitcoin sportsbooks offer exciting bonuses to players who use bitcoin to place bets and withdraw their winnings. Bitcoin sportsbooks provide different types of bonuses including refunds, 1st deposit bonuses, free spins with Bitcoin payouts, and so on. Bitcoin-only sportsbooks usually offer the best Bitcoin bonuses, but it is not rare that fiat currency-based sportsbooks also offer tempting offers.
Which Bookies Offer a First Deposit Bonus with BTC?
A lot of bookies in the US and around the world offer first deposit bonuses with BTC to motivate new players to start using cryptocurrencies. Some of the most popular BTC bookies with the best bonuses include Bovada, BetOnline, Intertops, and so on. To claim your BTC bonus, you need to follow a certain procedure. We’ve depicted it in a few short and simple steps below:
- Sign up at a Bitcoin sports betting site.
- Enter the cashier and choose BTC as your payment method.
- Redeem a 1st deposit bonus by making a payment in BTC.
- Enter the bonus code (if required) to become eligible for the bonus.
- Complete the wagering requirements and collect your winnings.
Top sportsbooks that accept BTC
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If you’re looking for quick answers to some of the most frequently asked questions about Bitcoin sports betting, check out our list below.
Yes, a lot of fiat currency bookies around the world accept Bitcoin. If betting with Bitcoin is legal in your country or your jurisdiction, you will most probably be able to find fiat currency bookies that allow Bitcoin deposits and withdrawals.
Bitcoin transactions are usually charged, but the fees are much lower compared to those applied to fiat currencies. Depending on where you live, you might also need to pay taxes on your Bitcoin winnings.
Bitcoin is pretty much as anonymous as it gets when it comes to staying incognito while betting online. However, it is still not 100% anonymous. Even though you need only an email address to complete the KYC process, your transactions are tracked in the blockchain. That means that your transactions could lead to your wallet and uncover your identity.
Yes, most US Bitcoin betting sites allow you to make a deposit in BTC and continue betting in USD. Some fiat currency bookies even automatically convert your funds in USD the moment you make a Bitcoin deposit. However, the conversion is usually free of charge. If you wish to make a withdrawal in BTC, but your winnings are shown in USD on the website, you will get the current market price of Bitcoin on that day.