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How to places sports bets with bitcoins?
Bitcoin betting is simple and take only few steps. You can pay online football bets with the cryptocurrency. Bitcoin works largely analogous to conventional payment systems:
- First, you register in any bitcoin gambling sites as normal with the bookie of your choice.
- If you don't have any Bitcoins yet, you have to convert real money into the digital currency at a Bitcoin exchange, for example – you can find out exactly how this works below (best cryptocurrency exchange ).
- You now select Bitcoin as the payment method in your checkout area, make the necessary entries and complete the transaction.
- Your credit should be recorded within seconds.
FQA
Yes. Bitcoin is simply a means of payment. It is just as legal to bet with a cryptocurrency as it is with euros. Other transactions on the net can also be made with btc or other cryptocurrencies like ethereum, after all.
While not all betting providers offer bitcoin as a payment option for a long time, this has nothing to do with a lack of seriousness or security of the payment method. Cryptocurrencies are simply not widespread yet. We assume that in the not too distant future many well-known betting providers will add Bitcoin payments to their program. Just like cryptocurrencies, Neteller and Skrill payment methods didn't have a good reputation for a long time. You may have noticed that they are often not allowed to be used if you want to have a new customer bonus. However, this has nothing to do with the seriousness of Neteller and Skrill, but has technical reasons that lie in the transactions between bookies and payment service providers.
No, betting winnings never have to be taxed, regardless of the payment method you used to withdraw them.
Of course, you still have to pay the 5% betting tax that sports betting providers pay to the state for all placed bets and mostly pass on to the customer. However, this only applies to bookmakers in Germany. At Bahigo, for example, which customers from Germany cannot use at all, no betting tax is charged. A bookmaker accessible in Germany that does not pass on the betting tax is Wirwetten, for example, which also has a lucrative betting bonus.
No, although bitcoin as an electronic payment method is well suited for mobile payments, you can also pay with bitcoin sports betting from your PC. You then only need your btc wallet on the computer.
Yes, but in fact it is obvious to want to make eSports bets with Bitcoin. After all, it is a digital payment and eSports is a digital sport. Moreover, Bitcoins have been widely used as a means of payment in the world of gaming early on.
Nevertheless, whether Bitcoin is the suitable payment method for you has nothing to do with the sports you want to bet on. You can bet on all sports and odds with Bitcoin betting credits.
Welcome bonus
Of course, you can also activate a welcome bonus with the digital money. Some Bitcoin bookmakers even offer very special deals for users of the cryptocurrency. Thanks to the usually very low transaction costs associated with Bitcoin sports betting, some offer high percentage bonuses when you top up your account with Bitcoin. This actually applies to all deposits, not just one.
You can play through a conventional betting provider bonus with Bitcoin according to the turnover requirements, just as it would be the case when using other currencies. The payout is also similar – winnings are only not transferred to a bank account, but to your online wallet.
The best bookmakers for bitcoin sports betting
As with “conventional” bookies, there are of course better and worse options among Bitcoin betting providers. We have compiled the top addresses for bitcoin betting sportsbook for you below:
Cloudbet – one of the best Bitcoin betting sites on the market
Cloudbet is a true pioneer when it comes to Bitcoin sports betting: The provider has been active on the market since 2013 and is thus considered the world's first Bitcoin bookmaker. So, if you like betting with the virtual cryptocurrency, this is the right place for you. In addition to sports betting, Cloudbet's overall offer also includes live betting, a casino and a live casino.
Advantages:
No betting tax: since Bitcoins are a virtual monetary unit, these bets cannot be charged with the five percent levy.
No betting limits: A plus that should be particularly interesting for high rollers.
Betting offer in breadth and depth worth seeing: Those who like to bet on soccer will find corresponding betting markets for all important leagues in England, Germany, Spain or Italy as well as various smaller leagues. In addition, Cloudbet has many other sports in its program, such as tennis, motorsports, ice hockey, badminton, darts, futsal, handball, baseball, rugby, snooker, basketball, boxing e-sports, cricket or volleyball.
Odds: Cloudbet does not need to shy away from the sports betting comparison with the competition when it comes to odds either. At Cloudbet, you will find even higher odds for individual matches than at many conventional bookmakers. Overall, we can unreservedly recommend Cloudbet.
1xBet – sportsbooks that accept bitcoin
One more betting sites that accept bitcoin is 1xBet. If you want to register, you can do so via the native 1xbet app or website. If you are an existing customer, you can download the app and log in without any problems.
The great strengths of the sports betting bookmaker 1xBet:
- outstanding odds
- various payment methods
- market-driven bonus of 100% up to 100 euros
- no betting tax
Intertops: With strong service, good bonus – and Bitcoins
The betting bookmakers Intertops has also been accepting the cryptocurrency – Bitcoin for some time:
The bookmaker has been online since 1996, so it can and does draw on many years of experience. The betting offer of Intertops is very diverse, the free service hotline can be seen as an additional plus and the support is one of the most outstanding in the industry and thus a top argument for the sports betting provider.
At Intertops, they know how to satisfy fans of Bitcoin sports betting!
Sportsbet.io: Bitcoin sports betting and solid selection
Sportsbet.io is a reputable Bitcoin bookmaker with a license from Curaçao. It performed well in the test of our editorial team:
The bookmaker always provides you with around 20 different sports as well as e-sports games including some live streams. The betting odds key is relatively high and the new customer bonus can be unlocked with simple bonus rules. The offer of Sportsbet.io is rounded off by the fact that the betting tax is completely omitted.
4 reasons to use crypto currency bookmakers for betting
Bitcoin betting providers have a whole lot of advantages that make them so interesting for bettors.
Advantage 1: Anonymity
One of the biggest advantages of a Bitcoin account is that the account holder often remains completely anonymous. This is because various bookmakers that accept bitcoin do not require the disclosure of an identity. Only an email address has to be provided, which customers can use to contact customer service. But even that is not mandatory for many bookies. In addition, it is quite easy to create an email address just for this purpose.
So you don't have to worry about leaving personal information or even submitting proof of identification for account verification. This way, you won't leave any traces that could expose you as a sports bettor, and the Bitcoin bookmaker will never be able to use your data against you or for dubious purposes.
Advantage 2: Account can (almost) not be blocked
The absolute anonymity given in many places has the consequence that Bitcoin bookmakers can almost not block your account. This is of course interesting for rogue players, but honest betting fans also benefit:
Advantage 3: Lightning-fast payouts of winnings
Because after placing the bet and announcing the betting result, the winnings go to the player immediately. Even in the case of a large payout of winnings, there are usually no delays whatsoever.
This means:
You don't have to fear a limit overrun, from which an account suspension may result, nor an unfair action on the part of the bookie, which may withhold your large winnings until it has made enough revenue again.
Advantage 4: Payments are fast, secure and cheap
Because of the way Bitcoins work, depositing and withdrawing at Bitcoin sportsbooks is very fast and secure. In this regard, the payment infrastructure is provided by the Bitcoin system alone, which in turn allows for money transfer at almost no additional cost.
Due to the flexible payment option with Bitcoins, it is also easy to send the money from one bookmaker to another or even transfer the winnings to friends' accounts immediately. Even a transfer to other customers' accounts at other betting providers is usually no problem.
Disadvantages of cryptocurrency sports betting
Although Bitcoin sports betting definitely scores with many advantages, there are of course also the counter-arguments to consider here.
Disadvantage 1: Payment method not yet established everywhere
Bitcoins still have a rather shadowy existence compared to other payment methods and many betting fans do not have sufficient experience with them. However, years ago, new online betting providers were also very fresh on the market and here, too, customers had to gather their experience first.
Disadvantage 2: Lack of legal regulation of crypto bookies.
There is also a risk that some crypto betting providers turn out to be scammers or do not operate profitably enough and therefore go bankrupt. As beneficial as anonymity is, this unfortunately also ensures that there are hardly any standards and legal regulations among Bitcoin betting providers.
However, since the transfer of Bitcoins is so fast, bettors do not need to deposit large amounts. So, if you don't trust your bettor fully right away, you can transfer smaller amounts several times instead – always just as much as you need to place the bet. There are hardly any bookmakers with faster payouts than Bitcoin betting providers!
Disadvantage 3: Fluctuating exchange rates
The fluctuating exchange rate values have an impact on the betting limits. As a rule, the maximum amounts to 1 to 5 BTC. However, depending on the exchange rate, this may well correspond to several thousand euros.
The Bitcoin rate can be stable for a long time, but is sometimes subject to violent fluctuations. This is both an opportunity and a risk for the bettor.
Disadvantage 4: Future status of Bitcoin as a currency independent of banks and states.
Due to the special construction of this means of payment, banks and states cannot regulate the transactions. A major seriousness factor is the future handling of Bitcoin:
It is entirely possible that individual states or communities of states will eventually integrate the currency more broadly into economic processes or, conversely, conclude that it is unacceptable. In the former case, digital money is likely to become more established quickly. Under the latter conditions, acceptance among customers may also decline at some point to the point where bitcoins have hardly any value and do not sustain the course of success often predicted today.
The Importance of Bitcoin for Sports Betting
The market for Bitcoin in sports betting is very large and the number of sports betting websites that accept Bitcoin as a regular currency is growing.
Experts suggest that already 50 to 60 percent of all Bitcoin transactions are related to online betting or gambling.
This stems, among other things, from the fact that Bitcoins represent a good loophole for the gambling market in the USA. This is because currently, gambling in the US is only allowed in the states of Delaware, New Jersey and Nevada. In all other states, gambling is considered illegal, including Bitcoin bookmakers. However, due to the anonymity, Bitcoin betting providers for American citizens are now mushrooming.
Bitcoin transactions are effectively impossible for the U.S. government to control, but transfers using other payment methods are. Financial institutions have frozen countless online casino and sports betting accounts in the past, citing the Wire Act of 1961. However, since Bitcoins are not transferred but paid to websites, there is no danger here with the cryptocurrency.
Naomi Brockwell, the Bitcoin policy officer in charge, states that Bitcoins have revolutionized the online sports betting market in the US. This is because now US citizens can bet and gamble without any hindrance. Since the execution of the transaction in Bitcoins is immediate and also cannot be reversed, online bookmakers also benefit. Because in the past, there were increased problems with fraudulent chargebacks.
5 tips how to dealing with Bitcoin in sports betting.
At this point, we would like to summarize once again some important behavioral recommendations when dealing with Bitcoin.
The following points should be taken into account when betting on Bitcoin sports.
Anonymity: If you pay exclusively with Bitcoin, you can remain completely anonymous with some bookies. You only need to provide an email address. Of course, this has certain advantages, but on the other hand, with this anonymity, you also forgo certain minimum standards and sufficient regulation of corresponding offers.
Therefore, you should only deposit anonymously with a bookmaker as much as you really need for your respective stake. Do not park money with such Bitcoin betting providers, so you minimize the risk of fraud significantly.
Double check yours entries. Check your entries several times: Once a payment has been initiated, it cannot be stopped or even reversed. Before a transaction, you should make sure that the address of your Bitcoin wallet is correct. Always check it again digit by digit. If a typo creeps in here, this can be extremely annoying, especially with large payouts!
Bonuses. Highly profitable bonuses: If you, as a customer, deposit money at a bookmaker, for example, with your credit card, this entails various risks for the sports betting provider. He usually books the money immediately, but it may be that your card is not sufficiently covered. In this case, the bookie can reverse the process, but this involves a certain amount of effort – especially if a bonus has also been issued and thus already played with. Since with a BTC payment the amount really goes immediately to the bookmaker, practically nothing can happen to it. This is one of the reasons why you can often profit from exorbitant bonuses when betting on Bitcoin sports. However, you should always carefully consider whether you want to and are able to play through them.
Bitcoin converting. When converting Bitcoin into real money, anonymity comes to an end: The anonymity of the cryptocurrency is one of its biggest advantages. However, as soon as you decide to convert winnings into real money on a corresponding trading platform, you will have to provide proof of identity. At the latest here, your activities are – at least partially – traceable.
Bitcoin storage and access data. You store your credit either online in a cloud or directly on your computer or a suitable USB stick or memory card. Only you have the specific access data to your respective wallet. This means a lot of security, but also that your Bitcoins are irrevocably lost if you forget your log data. This is also the case if you lose the USB stick on which your Bitcoins are stored, for example.
How to buy Bitcoins for sports betting?
The easiest way to buy Bitcoins is on special online marketplace:
- You must first register on one of these bitcoin marketplaces smartcryptogambling.
- After the customer account is created, verification is performed. This is usually done via mail or video ident procedure based on the presentation of your ID card.
- Then you must connect your activated account to a common payment method, such as Apple Pay.
- After that, you can immediately buy or sell Bitcoins. You have the choice of trading full Bitcoins or shares, such as 0.03 BTC.
- To initiate the purchase process, you simply enter the desired amount in the search and can then choose from a variety of offers.
Moreover, there are numerous online portals where you can buy other digital currencies besides Bitcoin. One of the best-known is undoubtedly Bitstamp.
In Austria and Switzerland, as well as in some other countries, there are now even special ATMs for cryptocurrencies. Various payment options are also available here, such as cash or credit card payment.
What is Bitcoin?
Bitcoin is a 100 percent virtual currency. Bitcoin transfers work according to the peer-to-peer system. This means that there is a direct exchange of Bitcoins between the payer and the payee. Even when the computer is switched off, transfers reach the recipient.
Transactions are usually almost free, blazingly fast (confirmation of a transfer usually comes after a very short wait), but also cannot be revoked.
The technology behind the cryptocurrency Bitcoin is the so-called blockchain. All data is stored decentrally via nodes around the globe. This leads to enormous security. Hackers could theoretically gain access to parts of the system, but since all information is never stored in one place, they cannot practically manipulate it.
The idea behind Bitcoin is very old. However, the cryptocurrency has only really been “suitable for everyday use” and largely established for a few years. Since then, more and more Bitcoin sports bets have been offered and, because of their many advantages, have also been used more and more frequently.
One of the biggest Bitcoin advantages is the currency's independence from economic factors of a state or classic banking systems. The cryptocurrency is inflation-proof and political crises cannot harm the online money. On the contrary, as the past few years have shown, they often tend to lead to a price increase.
Bitcoin is, however, subject to price fluctuations. These can even reach sharp highs and lows within hours. In general, however, the means of payment is considered relatively stable and has been on the upswing for several years now.
Since no states or banks are interposed, Bitcoin transactions are not accompanied by any exchange rate influences. For example, if you transfer 1 BTC to an acquaintance in Buenos Aires right now, the transaction will be completed within a few minutes. There is usually only a small transaction fee for hardware, software and electricity costs. With a traditional bank transfer, a corresponding transfer would take several days and incur significantly more fees. In addition, you would have to deal with the current exchange rate of the Argentine peso in order to actually be able to transfer the desired amount.
Conclusion: Bitcoin is still a sports betting phenomenon
The cryptocurrency Bitcoin has arrived as a payment method at sports betting providers for a relatively long time, but many players still have no experience with it or have concerns. However, the general labeling as “dubious”, “criminal” or “dangerous” does not do justice to either the currency or most betting providers that have it in their portfolio:
You still need to look carefully – as with any other bookie, by the way – at who you entrust your money to. In addition, there can also be disadvantages if you handle the digital currency incorrectly. However, both aspects should no longer be an issue for you if you take our tips into account, so that you can enjoy the many advantages of Bitcoin sports betting to the fullest extent and with as little risk as possible.
