Everything you need to know about Bitcoin sportsbook betting

FT Desk

• Updated: 19 Oct 2023 13:06 BST
• 16 min read

The gambling scene has seen tremendous change over the years with the continuous advancement of technology. Thanks to these innovations, Bitcoin sports betting has gained massive popularity among sports fans and crypto enthusiasts. With the convenience and accessibility that Bitcoin betting sites offer, punters can bet on their favourite sports teams in just a few clicks.

To enjoy a more rewarding and engaging betting experience, it is crucial to place your wagers with the best Bitcoin bookmakers in the market. Fortunately, there are tons of amazing sportsbooks you can wager with. If you are new to the Bitcoin betting scene, learn everything you need to know about it below.

What are Bitcoin sportsbooks?

Bitcoin sportsbooks are online betting platforms where punters can use cryptocurrencies like Bitcoin to place bets on sports events. Many have made the switch to Bitcoin online sports betting thanks to the significant advantages cryptocurrencies bring to the betting industry.

By betting using digital currency, you can enjoy anonymity, fast transactions, and low fees. Additionally, Bitcoin's integration with decentralised finance (DeFi) allows users to earn interest on their crypto holdings and access innovative betting options.

With the growing interest in Bitcoin sports betting sites, the scene has become competitive with hundreds of sites to choose from. Make sure to choose a crypto casino sportsbook that offers enticing bonuses and competitive odds for a more enjoyable betting experience.

What are the advantages of using Bitcoin for sports betting?

As mentioned above, what made Bitcoin casino sportsbooks popular among punters is the significant advantages they offer. Learn about them below:

Privacy

One of the biggest reasons why users have made the switch to Bitcoin sports betting platforms is thanks to the high level of privacy they provide. Traditional payment methods often require users to share financial information, which can be a concern for many.

With Bitcoin, users can make transactions without having to provide such information. Bitcoin addresses are pseudonymous which means that they are not directly linked to an individual's identity.

This offers users a degree of anonymity. Such privacy feature have become one of the biggest appeals to those who value their online security and wish to keep their gambling activities discreet.

Security

Bitcoin transactions are protected by blockchain technology, which is known for its strong security features. The decentralised and distributed ledger ensures that transactions are transparent, immutable, and tamper-resistant.

Most of the time, all you need to do is scan a QR code or provide your wallet address and confirm the amount you want to send. Just make sure to provide the correct amount as crypto transactions are irreversible.

This technology greatly reduces the risk of fraud and hacking, which can be prevalent in traditional online betting platforms. Users can trust that their Bitcoin transactions are secure, making it a safer choice for online sports betting.

Speed and cost

Another benefit users can enjoy when betting with Bitcoin is faster and cheaper transactions. Compared to traditional banking methods, deposits and withdrawals with Bitcoin sportsbooks are typically faster, allowing users to access their funds almost instantly.

Additionally, betting with Bitcoin typically offers lower transaction fees compared to traditional banking and payment methods. This cost efficiency benefits both bettors and sportsbook platforms, as it reduces overhead costs and allows for better odds and promotions for users.

The reason behind this is that with crypto transactions, the funds are directly sent to the receiver without the need for a third party or any central authority. There is also no need to wait business days for the transaction to go through or reflect.

Global accessibility

Regardless of your location, anyone with an internet connection can access and use Bitcoin for sports betting. This is because Bitcoin is a digital currency that operates on a global scale.

While traditional betting platforms face geographical restrictions, regulatory hurdles, and currency conversion issues, Bitcoin transcends these barriers. With this, users from all over the world can bet on their favourite sports teams without encountering such limitations.

What’s great is that this does not only apply to Bitcoin but to other coins as well. As long as there is a crypto wallet address and QR code, you can easily send and receive funds. Just ensure that you have a stable internet connection.

Provably fair gaming

Provably fair gaming is a concept made possible by blockchain technology. It ensures transparency and fairness when online betting. Bitcoin sportsbooks, especially those with casino games, often use provably fair algorithms to establish the fairness of their games.

These algorithms allow users to verify that the outcomes of bets are random and not manipulated by the platform. By providing cryptographic proof of fairness, these platforms can build trust among their customers, ensuring that the games are not rigged in favour of the house.

These are just some of the factors that are continuously transforming the online gambling industry, as more users recognise the benefits of using this digital currency. Bitcoin sportsbooks are at the forefront of this revolution, using blockchain technology to provide a safer, more transparent, and user-friendly betting experience.

As the world slowly adopts cryptocurrencies globally, the popularity of Bitcoin sports betting will continue to see continuous growth in popularity. This offers punters a more enjoyable and secure way to wager on their favourite sports.

Traditional sports betting vs Bitcoin sports betting

Traditional sports betting and Bitcoin sports betting have different approaches. In fact, both have their pros and cons. If you are still on the fence about making the switch from traditional to crypto betting, here is a comparison between the two:

Transactions

When making a transaction in a traditional sports betting scenario, punters have conventional payment methods to rely on such as credit cards, bank transfers, and cash. These options typically involve:

• Lengthy processing times
• High transaction fees
• Issues related to currency conversions when betting across borders
• Privacy concerns

Bitcoin sports betting, on the other hand, offers a much more streamlined and efficient transaction process. Here, users can enjoy faster and generally have lower fees when withdrawing their winnings or depositing funds to their accounts.

Users enjoy instant transactions, enhancing the overall betting experience. Additionally, the pseudonymous nature of Bitcoin transactions provides an extra layer of privacy, as users do not need to reveal their identity when making bets.

Restrictions

What made Bitcoin betting appealing to many users across the globe is that there are fewer restrictions imposed on them compared to traditional betting platforms. One of the biggest restrictions that come with traditional betting is the geographical location and local regulations.

In fact, there are countries that allow online sports betting but not in physical venues and vice versa. There is also a huge grey area on betting activities in several countries.

Different countries have their own set of rules and limitations when it comes to sports betting. This can make it challenging for punters to access betting platforms. In some regions, sports betting may be completely prohibited.

However, Bitcoin sports betting is less affected by geographical restrictions. This is because Bitcoin is a decentralised digital currency. With this, it operates globally without relying on a central authority or traditional banking systems.

This means that users from different parts of the world can participate in Bitcoin sports betting. It simply overcomes the geographical restrictions associated with traditional sports betting.

Security

While traditional sports betting platforms implement security measures, they are not immune to data breaches and fraud. With this, punters often need to trust the platform with their personal and financial information. This can make them vulnerable to cyberattacks or misuse of their data.

On the contrary, Bitcoin betting platforms use the security features of blockchain technology. Here, transactions are recorded on a tamper-resistant ledger. This makes it extremely difficult for any unauthorised users to manipulate or hack the system. This gives users better control over their funds.

Transparency

There can be a lack of transparency in terms of odds calculations and game fairness when it comes to betting with traditional betting platforms or in land-based wagering parlours. Users often have to trust that the platform is providing accurate information and fair odds, without having the means to independently verify these claims.

On the other hand, when betting with Bitcoin sportsbooks, you can verify the fairness of games yourself. This is because these platforms use provably fair algorithms which allow users to verify their game results themselves.

These algorithms use cryptographic techniques to demonstrate that the outcomes of bets are genuinely random and not influenced by the platform. This transparency builds trust among users and ensures a fair betting experience.

While both traditional sports betting and Bitcoin sports betting have their merits, the advantages of Bitcoin sports betting make it an attractive option for many sports bettors. The choice between the two ultimately depends on individual preferences and priorities. With the growing popularity of Bitcoin, sports betting suggests that it is a trend worth considering for those looking to enjoy sports wagering in a more modern and efficient manner.

Betting with Bitcoin on sports

Betting with the best crypto bookmakers is easy! If you are not familiar with placing bets with Bitcoin, here is a quick guide that will walk you through the steps. From setting up a Bitcoin wallet to making your first deposit on a betting platform, these are what you need to know:

Obtain a Bitcoin wallet

When it comes to crypto transactions, a Bitcoin wallet is important for storing and managing your crypto assets. There are various types of wallets you can choose from. For betting, a mobile or web-based wallet is the most convenient option. Here's how to get one:

• Choose a wallet: Make sure to select a reputable Bitcoin wallet. Some popular options include Coinbase, MetaMask, and Trust Wallet. Depending on the wallet of your choice, you can download the mobile app or visit their website.
• Sign up for an account: Once you have chosen a Bitcoin Wallet, you have to create an account with them. Provide them with your email address, create a strong password, and verify your identity as required.
• Secure your wallet: You must enable two-factor authentication (2FA) to add an extra layer of security to your wallet.

Acquire Bitcoin

Before you can place bets with Bitcoin, you’ll need some in your wallet. Here is how you can get some:

• Buy Bitcoin: You can buy Bitcoin through a crypto exchange. There are tons of great options such as Coinbase, Binance, or Kraken. Link your bank account or use a credit card to make a purchase. You can also buy crypto from your sportsbook depending on whether or not they offer this option.
• Receive Bitcoin: To receive Bitcoin, you will have to provide them with your wallet address to receive the funds. You can also simply scan the QR code, if available.

Before you buy Bitcoin or any other cryptocurrency, it is highly recommended to check its current value in the market. Look for the best price and opportunity to buy coins. You can also tune in to the latest crypto news as it can also affect any coin’s price.

Choose a Bitcoin betting platform to bet with

The most important step when crypto betting on sports is to choose the best Bitcoin sportsbooks from a wide range of options. To find the most ideal one that fits your preferences, do thorough research.

Make sure to read reviews and ensure that the platform offers the sports and events you want to bet on. It is also best to check the site for yourself and have a good feel of it. See if it has a user-friendly interface and that the customer service is available at all times.

As much as possible, go with a site that offers several promotions and bonuses as they can hugely increase your chances of winning. Just don’t forget to check the wagering requirements to claim your rewards hassle-free.

Deposit Bitcoin in your account

Once you have chosen a trustworthy sportsbook you wish to bet with, you will have to deposit Bitcoin into your account. Here are simple steps on how to do so:

• Register: To deposit Bitcoin into your account, you first need to create one on your chosen sportsbook. Here, you will need to provide the necessary information and complete any verification steps afterwards. Make sure to use a strong password to prevent any possible security issues.
• Access your account: Once you have created your account, you can then log in to deposit funds.
• Find the deposit option: Look for and click on the ‘Deposit’ or ‘Wallet’ button on the site. Here, you’ll find specific instructions for depositing Bitcoin into your account.
• Generate a deposit address: The platform will provide you with a unique Bitcoin deposit address. Then, copy this address.
• Send Bitcoin from your wallet: With your newly created wallet, select the ‘Send’ or ‘Withdraw’ option. Paste the deposit address from the betting platform. Only enter the amount you wish to deposit, and review the transaction details.
• Confirm the transaction: Double-check the recipient address and the amount, then confirm the transaction. Your Bitcoin will be sent to the betting platform.

Place your bets

With funds in your betting account, you can start placing bets on your favourite sports teams or players. These steps may vary depending on the sportsbook you are betting on.

• Navigate to the sports section: Go to the sports or events you want to bet on within the platform.
• Choose your bet: Select the type of bet you want to place. Depending on your chosen sportsbook, betting markets may vary. Some of the most common ones you may encounter are moneyline, point spread, or over/under.
• Set your stake: Enter the amount of Bitcoin you want to wager.
• Review your bet: When betting, always make sure to review and double-check your bet. This will ensure the accuracy of your bets according to your preferences.
• Place the bet: Confirm your bet by clicking the ‘Place Bet’ or the equivalent button found in your sportsbook.
• Wait for results: Once you have placed your bet, it is time for the waiting game. Follow the sports event or game you've bet on and wait for the outcome. If you win, your winnings will be credited to your betting account.

Remember to always bet responsibly and only wager what you can afford to lose. You can also set a wagering limit to avoid overspending. It is also better to spread your bets than placing all of your eggs in one basket. This way, you somehow increase your chances of winning.

There is no denying that Bitcoin betting offers advantages such as speed, security, and privacy, but it's essential to stay informed about the odds and the sports you're betting on.

How to choose the right Bitcoin sportsbook?

With the massive popularity of Bitcoin sports betting, there are hundreds of sites you can choose from. If you are looking to enjoy an engaging and rewarding experience, you have to pick the right Bitcoin sportsbook that fits your betting preferences.

Here are the factors you have to consider when choosing the ideal platform to bet on:

Site security and licensing

Prioritise choosing a site with proper security and licensing for a safe and trustworthy betting experience. Choose a sportsbook that holds a valid gambling license from a recognised authority, such as the UK Gambling Commission or Curacao eGaming. This is assurance that the platform adheres to strict regulations and operates transparently.

Additionally, site security is a must. Check if the sportsbook uses SSL encryption technology to safeguard your personal and financial data. A secure website will display ’https://’ in the URL and a padlock icon in the address bar. This is an indication that your information is encrypted.

Moreover, you can read user reviews and assess the platform's reputation within the Bitcoin betting community. A reliable sportsbook should have a track record of fair play, prompt payouts, and responsive customer support. Prioritising security and licensing ensures that your Bitcoin sports betting experience is not only enjoyable but also safe and protected.

Game selection and software providers

When choosing an ideal crypto sportsbook, always consider the variety of games offered and the software providers behind them. A diverse game selection ensures you can wager on your favourite sports and events. Choose a sportsbook that covers a broad range of sports, from popular leagues like soccer and basketball to niche options like eSports and virtual sports.

Aside from the sports leagues and events offered, go with a sportsbook site that also has casino games such as slots and poker. This way, you won’t need to visit another site. With this, make sure to assess the software providers that power these games.

Reputable providers like Pragmatic Play, Play’n GO, and Microgaming ensure high-quality graphics, fair play, and a seamless user experience. A sportsbook with renowned software providers is more likely to offer competitive odds and an enjoyable betting experience. Check if the sportsbook also provides live betting options. These will allow you to place wagers as games unfold.

Bonuses and promotions

It's essential to consider the bonuses and promotions the Bitcoin sportsbook offers. These rewards can significantly enhance your betting experience by a ton. Look for sportsbooks that provide enticing bonuses for new users, such as deposit matches or free bets.

Additionally, ongoing promotions, like cashback offers, loyalty programs, and special event bonuses, can boost your bankroll over time. Be sure to read the terms and conditions of these bonuses carefully. They often come with wagering requirements and are only available for a limited time.

A sportsbook with generous and transparent bonus offers can provide added value to your bets and increase your potential winnings. Consider these incentives as part of your decision-making process to find the right sportsbook that aligns with your betting preferences and goals.

Customer support and user experience

An important factor to consider when choosing a Bitcoin sportsbook is the quality of customer support and the overall user experience. A responsive and helpful customer support team is crucial as they ensure that any questions or issues you encounter are addressed.

With this, pick a sportsbook that offers 24/7 customer support through channels like live chat, email, or even phone calls. Besides this, consider the user experience as well. A user-friendly interface, smooth navigation, and mobile compatibility enhance your gaming experience.

Check for features such as live betting, intuitive bet placement, and quick access to account information. Opting for a sportsbook that excels in these areas ensures that your Bitcoin betting journey is not only enjoyable but also hassle-free, with support readily available whenever you need assistance or have inquiries.

Top Bitcoin sportsbook sites to bet with

The top Bitcoin sportsbook sites have the best bonus offers, feature a wide selection of sports, and provide the best benefits for their customers. If you are not sure where to place your Bitcoin sportsbet, here is a list of the market’s top crypto sportsbook sites to bet with:

Sportsbet

Sportsbet.io is one of the leading Bitcoin sportsbooks in the market that won the trust of thousands of punters across the world. What makes the site stand out is its simple and user-friendly interface that allows users to enjoy a smooth sailing-betting experience. Besides this, they also cover a wide range of sports and betting markets.

The platform's use of Bitcoin ensures fast transactions and enhanced security. With a sleek design and excellent customer support, Sportsbet.io is a top choice for both beginners and experienced bettors.

Stake

Considered to be one of the biggest sportsbooks among sports fans and crypto users, Stake is known for its simple site design but a wide range of offerings. While it primarily offers casino games, it also features a comprehensive sportsbook section with a variety of sports and markets.

The site is most appreciated for its engaging community and unique promotions. Here, you can indulge in challenges and tournaments which makes the betting experience more rewarding.

Gamdom

Gamdom is another popular choice among Bitcoin sportsbook enthusiasts, known for its unique features and games. The site ensures fairness in its games through provably fair technology, giving bettors confidence in the results.

Apart from sports betting, Gamdom offers a variety of engaging games like Crash, roulette, and hi-lo. Gamdom fosters a sense of community through its chat feature, allowing users to interact while they bet, making the experience more engaging and immersive.

BC.GAME

Best known for its innovative approach to gaming and betting, BC.GAME is another site to consider. What makes the site stand out is its wide variety of bonuses and promotions available.

Users can earn rewards through daily tasks and bonuses, enhancing the overall gaming experience. Additionally, BC.GAME listens to user feedback and continually updates its platform to meet user preferences.

BetOnline

Another reliable sportsbook platform to consider is BetOnline. Founded in 2001, it has a strong presence in the sports betting community. Here, you have a wide range of sports you can bet on including football, basketball, and tennis.

What makes BetOnline a popular sportsbook among punters is its competitive odds and user-friendly interface. If you are into casino betting, they also have a robust live betting section and a casino for added entertainment.

Bovada

Known for its sports betting offerings, Bovada has solidified itself as one of the sportsbooks to bet with Bitcoin on the market. What makes the site the preferred option among many is its user-friendly mobile interface for on-the-go betting. Besides this, they also offer competitive odds and a wide range of betting markets for their punters to enjoy.

1xBIT

1xBIT is a crypto sportsbook casino that offers an extensive list of sports and events to bet on. Established in 2016, it caters to a global audience and accepts a variety of cryptocurrencies, including Bitcoin. 1xBIT stands out for its generous bonuses, high betting limits, and live-streaming options for select events.

Cloudbet

Take your bets to higher heights with Cloudbet, a crypto-focused sportsbook established in 2013. Here, you can enjoy a wide variety of sports and casino games. With this, it has become a one-stop destination for online punters across the globe.

Cloudbet is known for its generous welcome bonuses and competitive odds. They also have a unique feature called ‘Cloudbet Club’, which rewards loyal players with various benefits.

These Bitcoin sportsbooks have become the top options for punters because they offer a range of features and benefits that cater to the diverse needs of sports betting enthusiasts.

From the user-friendly to the crypto diversity, there is a platform for every type of bettor. As with any form of betting, it's essential to bet responsibly and within your means, ensuring that your Bitcoin sports betting experience remains enjoyable and entertaining.

Try Bitcoin sportsbook betting

Now that you are familiar with what Bitcoin sports betting has to offer, take your bets to the next level. You must choose the right platform for your bets to enjoy the optimal betting experience.

It is ideal to choose one that offers the best bonuses and promotions. Besides this, keep in mind what you have learned here to ensure that you avoid any risks that may come with sports betting.

Frequently asked questions

If you have any questions in relation to Bitcoin sportsbooks, below are some of the most frequently asked questions you can refer to:

Where can I bet on sports with Bitcoin?

You have tons of amazing sports betting platforms to consider if you want to bet with Bitcoin. Some of the top options include Sportsbet.io, Stake, Cloudbet, and 1xBIT. If you want to explore other options, always make sure to do proper research before signing up.

What sports can I bet on with Bitcoin?

You can bet on any sport with Bitcoin! If you have a specific sport in mind, make sure to choose a Bitcoin sports betting platform that offers it.