What exactly is this thing called Bitcoin and what’s all the fuss about it? While still in its infancy as a financial asset, the king of cryptocurrency has done nothing but rise in popularity since its inception, approximately ten years ago. For the uninitiated, Bitcoin is a decentralized, peer-to-peer digital currency. It also happens to be a rising method of payment in online betting. More and more sportsbooks adopt it as a banking option. Not without merit, because its unique characteristics make it an enticing option.
When it comes to the best Bitcoin Sportsbooks, there are two kinds. The ‘hybrid’ ones that basically use traditional currency, e.g., USD, GBP, accept your bitcoin but convert it to fiat money. Then, the new(er) kids on the block only accept and use cryptocurrencies, predominantly bitcoin, for bankrolling. In this article, we will provide a list of the top new bitcoin sports betting sites and some essential information you should know about bitcoin and betting online.
Best Bookmakers accepting Bitcoin
Not only is it confusing to find sportsbooks that accept bitcoin, but there are also a lot of evildoers online who, on the promise of better odds and humongous bonuses, will scam you out of your hard-earned bitcoin. But, fear not, dear reader, we have scoured the internet for you for the hottest (and most trusted) options out there for 2022. Check out below our list with the best Bitcoin bookmakers offering high odds, near-instant withdrawals and low fees. Then proceed to our detailed guide for the essentials to know to stay ahead of the competition regarding betting with bitcoin.
What sets apart Bitcoin Betting Sites from other bookmakers
There are really more similarities between traditional betting sites and bitcoin bookmakers than you would expect. The basic one is the option of cryptocurrency -mostly Bitcoin- as a deposit and withdrawal option. Keep in mind that to withdraw in Bitcoin, you would need to have deposited into Bitcoin as well, which is practically a measure to prevent money laundering. Like everyone else these days, bookies want your Bitcoin; they offer bonuses, better limits and more (we will get back to that further). The main thing to keep in mind is that this is not a niche market anymore. Nowadays, the best bitcoin sportsbooks out there give fiat bookies a run for their money.
Why should you choose a Bitcoin Bookmaker
There are actually many upsides if you choose to use Bitcoin sportsbooks. To get you excited, we have gathered the most important ones below.
✔ Faster transactions
There is simply no comparison to the speed of transactions when using Bitcoin (and cryptocurrencies in general). Regardless of the amount transferred, transactions are executed in mere minutes, best case 3-5’, worst case up to 30-40 minutes on days when there is congestion to the Bitcoin network. You no longer have to wait 3-5 business days for the bank to approve and execute your withdrawal. On that note, keep in mind some bookmakers may process withdrawals manually, so there may still be some delay in withdrawals, which is still negligible if you compare it to a fiat one. Even at their worst, this is only a fraction of the time it will take for a bank transfer to go through. And mind you, this is not something that only the best bitcoin sports betting sites share as a feature. Fast transactions are just a cryptocurrency fact.
✔ Privacy (pseudonymous)
As the world cryptocurrency entails, privacy is a perk you get when using bitcoin. Your name is not tied to your Bitcoin address, so all that is visible is the address you are using for your transactions. Bear in mind that every single bitcoin transaction ever is accessible on the blockchain, Bitcoin’s public and unalterable ledger. The only way your privacy can be compromised is if your id is somehow linked to your public Bitcoin address.
✔ No geographic restrictions
In Bitcoin’s eyes, all countries are the same, which means it does not matter where you or the receiver are; You can send and receive it from literally anywhere. This fact alone provides access to players that would not be able to enjoy betting in other ways. It’s also safe to say that there is no better way to avoid the waves of tightening national regulations. It is also a balm for bookmakers accepting bitcoin, who are no longer being constantly blacklisted and forced to operate through proxies and mirror sites.
✔ You can bet completely under the radar if you’d like
Combining the above two facts, privacy and no geographical restrictions, betting with bitcoin is the only way to bet completely under the radar (if that is something you strive for). No third parties sniffing your financial records, no limitations from where you can play, be it on a beach in Kenya or in downtown Berlin. No other payment method gives you such freedom and flexibility and you can only find it on bitcoin sports betting sites.
✔ Unique/Better bonuses and VIP perks
For a bookmaker, having to manage transactions and payments requires a third party involved. To handle transactions and ask hefty fees for this. This is not the case with Bitcoin, given there are no third parties involved in a transaction. Through these avoided overhead expenses, bookies can afford to offer better perks to the players. That’s why it is not uncommon to find exclusive bonuses for depositing in Bitcoin, as well as more lucrative VIP perks. Some of the top bitcoin sportsbooks offer great and very attractive bonuses under that option.
✔ Security is Unquestionable when Betting with Bitcoin
Cryptocurrency and security are words more often than not found in the same sentence. That is because there is no way for an outside party to interfere with the transactions. Add to that everything is recorded on the blockchain (forever); there are little things that can go wrong. Bitcoin offers high levels of security, provided it is used correctly.
✔ Fairness and Transparency (everything is on the blockchain)
The blockchain is a public ledger, accessible to anyone, which records all bitcoin transactions that have or will ever happen. As you can understand, there is nothing more transparent than this. Every address ever used for a transaction will be visible forever on the blockchain. This means that no bitcoin betting site will ever be able to dispute your deposit or withdrawal.
✔ More Flexibility on transaction limits
Another most welcomed perk you get when opting for sportsbooks that accept bitcoin is that, by default, they accept much lower minimum deposits and allow for much higher withdrawals than a traditional bookie. This is because there is no bank to set any limits on how much you want to fund your account. This means that you have more flexibility and freedom of decision on the amounts you wish to play with.
✔ Deposits will never be rejected
Speaking of no third parties involved, this also leads to the fact that deposits will never be declined when you are using bitcoin. This is simply because there is no one to deny you your deposit. No bank, credit check or credit card company can prevent you from betting using bitcoin. This is a win-win for both the player and Bitcoin sports betting sites.
✔ Access to otherwise inaccessible sportsbooks
Using Bitcoin and the lower minimums that come with it enables you to access and use sportsbooks that otherwise would not be available to you, either due to their minimum allowed deposits or because you might have one betting account too many and your bank disapproves of that.
✔ (For what is worth) you contribute to mainstream crypto adoption
Like we mentioned, bitcoin and cryptocurrency are far from the mainstream still. The best bitcoin betting sites know about that too, still, they embrace it. By using bitcoin, you actually contribute to their use case and help bring mainstream adoption faster. Little by little, awareness is raised of this exciting new type of asset.
✔ Bitcoin is volatile (up) & Double Gambling
One of the major traits of cryptocurrencies is volatility. While it is a new market, maturing as times pass by, the price fluctuations are much greater than in traditional markets. This means that you are not only betting with your bitcoin, but you are also betting on the price of bitcoin as long as you are holding it. And despite the volatility, predictions say it is set to increase in price over time. This may result in massive and/or exponential gains for you, simply for holding bitcoin.
What are the downsides of using a Bitcoin Sportsbook
While there are many positives when using bitcoin for betting, you should be mindful of some drawbacks of the territory that even the top bitcoin sportsbooks can not get around. While not as many as the upsides, they are by no means less significant.
❌ The process can be a bit overwhelming to the uninitiated
One of the most common reasons players get discouraged from using bitcoin bookies is the level of expertise and involvement required. There is a rather steep learning curve until you become proficient in using bitcoin for your transaction and the process, while fairly straightforward, is not that simple as 1-2 clicks on a webpage.
❌ No low fees anymore for BTC
In the early days, transaction fees when using bitcoin were very, very cheap. Unfortunately, along with the rising popularity came the growing usage of the bitcoin network. That changed the playing field. Transaction costs with bitcoin are now prohibitive for the average player. As a silver lining, though, some of the best bitcoin bookmakers still absorb the fees on behalf of the player, which is always welcomed.
❌ In case of mistake, there are no chargebacks
This also happens to be one of bitcoin’s most significant and groundbreaking features; Self custody means you are your bank. You are solely responsible for them. If anything happens, there is no customer support or bank teller to help you. Be extra vigilant when executing a transaction and always double-check the address you are sending your bitcoin to. If you get it wrong, you will lose your bitcoin. Forever. Impossible to be retrieved, period.
❌ Bitcoin is volatile (down)
Remember when we mentioned Bitcoin’s price is expected to go up during the time, but it is very volatile? Well, what goes up, also comes down and in crypto, when the price falls, it falls hard. So expect your bankroll to be -30%-40% overnight when betting with bitcoin potentially. Let that sink in for a moment.
❌ Possible future regulation
Given how early we are as far as Bitcoin (and cryptocurrencies) are concerned, the same goes for any regulatory framework around it; there hardly is any. That means there is no way to know if and when any government will impose any strict regulations around Bitcoin, which in turn may dishearten players from adopting and using it.
❌ Untested Reliability (new companies etc.)
Several traditional bookmakers have been around for years, even centuries(!), which is an indicative testament to their reliability and points out that they are not going away anytime soon. Alas, that is not the case for BTC bookmakers. These are fairly new companies and, to the most, some of them have maybe even been around for a decade or so, meaning their reliability has not proved itself in the test of time.
More on Bitcoin and How to Bet on Bitcoin Bookies
As we mentioned, Bitcoin (BTC, less known as XBT too) was created in 2008 when its founder, the elusive Satoshi Nakamoto -no one knows who or where this person actually is until this day- published his manifesto, called a whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System''. It’s a digital currency not bound by third parties. There is no actual person or organization/bank to keep a record of the transactions done with it. Instead, every transaction ever is being documented on the blockchain, an online ledger that has copies on computers worldwide, making it impossible to be falsified or disputed.
Blockchain and transparency in Transactions
Transactions are simply executed between the sender and the receiver, and the ledger just keeps track of them. And the best part? The blockchain is public, accessible to anyone who wants to view activity on it. This is considered a breakthrough of technology and its applications are countless, outside the realm of cryptocurrency.
That is because of how it works; the blockchain consists of blocks, as the name implies. For a “miner”, which are persons/entities who use their computers’ processing power to have the bitcoin transactions executed, to be able to add a block on the blockchain, they need to provide proof that they have done the work needed for that new block. This is why it is impossible to “double-spend” a Bitcoin; there is actual proof of work for every single Bitcoin transaction ever. How’s that for transparency and security?
Online betting sites have been Early adopters
As you know, betting and gambling sites have always been amongst the early adopters of any new technology. The same thing happened to the internet; one of its first major applications in business was when gambling became possible online. Remember how awesome it was that you did not have to actually, physically walk up to your neighborhood’s bookie to place a bet every weekend anymore? A similar (r)evolution is happening now, with the adoption of Bitcoin. Using cryptocurrencies and the blockchain, their speed of transactions and infallible payment records allows sportsbooks that accept bitcoin once again to be on the bleeding edge of adoption. However, since the process can seem a bit discouraging at an entry level, you will need all the information you can get on how to go about acquiring Bitcoin and using them to your favorite bookmakers accepting Bitcoin.
How to Buy Bitcoin and Deposit at Bookies
Say you have decided to place your bets using bitcoin and you have narrowed the best bitcoin betting sites you wish to play at. What does this process entail actually? While it can seem a bit complicated at first, it is very straightforward and once you get the hang of it, it will be a breeze. Let’s dive in.
Get A Wallet
First and foremost, you need to get a wallet. Not a physical one, but a digital one to store your Bitcoins. There are three types of wallets: mobile, desktop and hardware. Note that some you can utilize in more than one type, but there can not be one to include all types. We will get back to them later on.
Sign Up at an Exchange
Once you have decided on the type of wallet you wish to use, go to a cryptocurrency exchange. We recommend using one of the most reputable ones and ideally one of the following: FTX, Binance, Coinbase, Kraken. All of them have mobile and/or lighter applications, making it easy for even the most inexperienced user to buy, sell, and trade cryptocurrencies. Register and set up an account for the exchange you opted for. Be mindful that at this point, you may need to enter some personal information for KYC purposes before you can proceed with buying (and then withdrawing) your crypto.
As soon as you register, use your preferred deposit method to add funds to your exchange wallet. Bank transfer and credit cards are the most popular options and each has its own pros and cons. The former is cheaper (usually 1% fees) but slower (other things equal, it takes at least 1-3 business days). In comparison, the latter is almost instant but more expensive in fees (usually around 4% fees of the deposited amount).
You have now funded your exchange wallet with, let’s say, USD. Now go to the market options and select the Bitcoin pair you wish to trade, for instance, BTC/USD. You go ahead and enter the amount of USD you wish to exchange for Bitcoin, confirm the action and voila, you are now a proud owner of some Bitcoin.
Withdraw to your Wallet
Time to get your Bitcoin out of the exchange quickly; there is a match you wish to bet coming up soon. Select the withdrawal option to your exchange account. Enter the appropriate amount and Bitcoin network as the processing one; check the small amount of fees you will be paying and the final amount of BTC you will be receiving. Next, carefully copy your personal wallet’s BTC address. Go ahead and paste on the required address field on the exchange you are at, review everything is correct, recheck (there is a saying in crypto, “don’t trust, verify”) and press confirm. That’s it. Your bitcoin is now on its way to your wallet. These days, a transaction like this takes approximately 5-10’ to fully process, so the funds appear in your personal wallet; on very busy days go up until 30’, also depending on the amount of Bitcoin you are withdrawing.
Sign Up at a BTC sportsbook
While waiting for your transaction to go through, you go to your selected bitcoin bookmaker and register for an account there. This may be as fast as one click away for crypto-only bookmakers by entering an email address and a password.
Fund Your account with BTC
Now that your transaction has gone through and you have your BTC sportsbook account set up go to the deposit section and select BTC. Enter the amount you wish to deposit in Bitcoin. This will usually be displayed in USD, GBP or EUR for your own convenience so that you do not have to do the calculations from BTC to fiat on the fly. This will bring up an address (and a QR code) you will use to send your bitcoins. Go to your personal wallet, paste said address there, enter the same amount you put on the bookie’s website, triple check all is correct, then press send. Now you simply wait a couple of minutes for the funds to go through.
How to place Bitcoin Sports Bets
Whether it is a crypto-only or a fiat one, you will have your bankroll readily available on the bitcoin betting site by now. From there, the process is identical to any bookie, except you will be wagering with BTC. This is especially true if they convert your BTC deposit to fiat. If not, then you need to familiarize yourself with the amounts of Bitcoin you are betting to make them correspond to the actual amount of ‘normal’ money you would bet.
This is the time when you may need a converter for, let’s say mBTC to USD, but some of the best bitcoin sportsbooks usually have one integrated into their interface for your convenience. You should know that BTC bookmakers offer a plethora of betting options, so will surely find your cup of tea and start playing.
How to Withdraw from Bitcoin Bookies
Once you finish with your betting, go to your account and select the withdrawal option. From there, using the exact reverse process we used for the deposit, send your gains back to your wallets. You can now either keep your BTC stored in your wallet or go back to an exchange and sell them for fiat. Some of the top bitcoin betting sites even have a built-in exchange for this too. Be careful of the fees for any such transaction, though, as they tend to be much higher than normal.
What to do with your newly earned Bitcoin
You have now withdrawn your funds from all your favorite Bitcoin bookies. Since spending your Bitcoin on shopping would seemingly waste one of the best options for storing value out there, we would recommend you choose between selling it for fiat or storing it in your wallet for a long, long time. We would strongly suggest you lock your BTC in a hardware wallet and forget about it for a couple of years; It is almost guaranteed that its value will have risen tenfold by then.
On the other hand, should you wish to sell it for fiat, that’s pretty awesome too. You just need to go to your crypto exchange account and initiate a deposit in BTC. Then, copy the address provided and paste it into your wallet. From there you will be initiating the transaction form and send it. After the network confirmations, it takes 3-5’, the funds appear in your exchange wallet. You can now pick a BTC trading pair, for example, BTC/USD and place your sell order there. As soon as the order goes through, you initiate a withdrawal of the USD to your bank account. Obviously, this step includes KYC.
☝ Is Bitcoin Betting Safe & Legal
These are questions that go hand to hand in any conversation revolving around Bitcoin. We provide some basic information in layman’s terms on each subject. Since things are changing all the time; in this high-speed digital age we live in, this is not to be considered financial advice. At the most, best consult a cryptocurrency law specialized legal representative and a tax expert for your region specifically. Also, bear in mind that any respectable BTC sportsbook is ought to have at least a license of some kind and responsive customer service. These are two basic and good indicators for added security.
☝ Bitcoin transactions are almost foolproof
Security is undisputed on the blockchain and the best bitcoin sports betting sites know this. That is why they will not try to scam you and to a certain degree, they are unable to since the transparency of the blockchain protects you. Provided you approach the issue correctly (proper backups and attentiveness while executing transactions), your funds are very safe when using Bitcoin. On the flipside, self custody of funds requires a certain degree of responsibility, especially when you are betting/gambling which may mean you will be doing an above-average number of transactions.
☝ Is betting with Bitcoin Legal
Since we are still early in cryptocurrencies and their applications in our daily life, legislation is lagging behind. Also, note that it has a decentralized nature, meaning it can not be bound by national law. That is something every bitcoin betting site counts on for its sustainability operation. Having said that, legislation is (quickly?) catching up. The thing, though, is that, surprisingly, in most countries, it’s not about bitcoin at all. It all comes down to whether gambling is legal or not in your country.
☝ Is betting with Bitcoin taxable
You may be wondering about taxation regarding bitcoin betting; this is a bit of a gray area. Again, it depends on your country, but the gist depends on your region’s taxation regarding capital & betting gains. Best consult a professional on this one or reach out to your bitcoin bookie’s customer service for answers. Outstanding customer service is something any bookie aspiring to be the best bitcoin sportsbook will have.
☝ New BTC Gambling Sites to look up for
So, what is the verdict regarding Bitcoin Sportsbooks
It is my firm opinion that playing on a Bitcoin sportsbook is a new, unique way to utilize one of the financial world’s most revolutionary assets. There are so many positives weighing for bitcoin in betting, making it hard not to at least have a go at. After all, betting and gambling, in general, have always been on the bleeding edge of new & accessible ways to entertain us, and it is up to us, the players, to try out new ways.
This is a natural next step in the digital age we live in, and we are just getting rolling. Make sure to check our hand-selected picks for the top and new Bitcoin bookmakers for 2022. Remember, we do all the work so you won’t have to. Above and foremost, though, always remember whether you are new to bitcoin or not, the game is the same. Gamble responsibly and never bet more than you can afford to lose.
Yes, you can. Several betting sites accept bitcoin as a deposit method. On crypto-only bookmakers, you can even use the cryptocurrency within your bankroll and place your bets in BTC amounts
Yes, the price of BTC fluctuates. So, when using crypto-only bookmakers, regardless of whether your bitcoin is in your wallet or in your bookmaker account, you are exposed to the changes in value and, consequently, your credit. On the other hand, if you are using a hybrid bookie, most of them convert your deposit in USD as soon as you make it to protect you from volatility.
It all comes down to whether betting is illegal in the country you are accessing from.
In a sense, yes. All new financial assets are volatile and you can not yet know what will happen to them. This is because the market basically has yet to decide its value, which will lead to a less volatile price in the years to come.
Use your bitcoin wallet to send funds to the address generated in the bookmaker. Do the same process in reverse to withdraw your bitcoin from the sportsbook’s wallet to your personal one
Nowadays, it is true that there are fewer differences between odds on fiat bookies and crypto betting sites
Choose between a hot wallet (accessible online only, less security, more flexibility and speed) and a cold wallet (accessible offline, maximum security, less flexibility and speed). It all comes down to convenience versus safety.
mBTC or millibitcoin is a unit to measure Bitcoin. It is equivalent to 0.001 Bitcoin.
Used to measure even smaller amounts of Bitcoin than mBTC, Satoshi (sat) takes its name from bitcoin's creator Satoshi Nakamoto (alias), a satoshi smallest amount within bitcoin representing 0.00000001 BTC.
No. If you send your Bitcoin to the incorrect address, you lose it forever. There is no way to reverse a bitcoin transaction, so be extremely careful and always double-check your sending address.