Bitcoins can be used to buy a lot of things online, and one of its most notable uses is for funding online sports betting accounts. The number of punters who opt for online betting, as opposed to traditional betting at retail shops is growing, as is the number of people who use Bitcoins to pay for goods and services online.
It doesn’t come as a surprise that the interest for sports betting with Bitcoins instead of betting with conventional currencies is on the rise. If you are familiar with sports betting, you’ll have no problem getting into Bitcoin sports betting, and even if you’ve never wagered before, it is fairly easy to get the gist, as long as you know a thing or two about sports.
In order to start betting with Bitcoins, you must first obtain some Bitcoins. If you’re a Bitcoin miner, or you have already acquired Bitcoins on the market, you can skip this step, otherwise you’ll need to choose a Bitcoin wallet, and then buy Bitcoins from one of the many Bitcoin exchanges.
Buying Bitcoins is very easy, and BitcoinOGG features detailed information on how Bitcoin works and how to buy Bitcoins. Next, you will need to choose a Bitcoin betting website.
There are online bookmakers that only accept Bitcoins, as well as those that accept conventional currencies as well as Bitcoins. The registration procedures are usually a lot easier at the former, whereas the latter will require a bit more information. But, anyhow, the registration process is typically completed in a matter of minutes.
Advantages of Bittcoin Betting
Bitcoin sports betting has quite a few advantages compared to standard online sports betting. In general, if you like the idea of a free, and decentralised digital currency and prefer it over standard national currencies, you will certainly be keener on betting with Bitcoins.
With Bitcoin you won’t have to reveal your financial details when completing online transactions. Speaking of transactions, Bitcoin transactions are completed a lot faster than credit/debit card transactions. Sports betting deposits are usually concluded in a matter of seconds or minutes, but withdrawals may take longer, unless you’re withdrawing using Bitcoins. Bitcoin withdrawals are completed much faster and you’ll be able to enjoy your winnings a lot sooner.
Furthermore, Bitcoin transactions are free of charge in most cases. You will get to wager the full amount that you deposit, which significantly improves your winning chances, as you will be able to place more wagers than in the case where a proportion of your money goes to the operator as a fee.
Then we have bonuses. Many Bitcoin sports betting sites offer more lucrative bonuses for punters who make their payments in Bitcoins, compared to the bonuses that are available to the ones who use conventional currencies. Moreover, there are certain bonuses that are available exclusively to those who choose Bitcoin as their favoured currency.
There is another perk, or rather an opportunity that comes with Bitcoin sports betting. Namely, the value of the Bitcoin is very volatile and it can change within a matter of minutes. Often, we have seen the price plunge or surge by few hundred dollars in a matter of weeks. Generally though, it has to be said that the price has been on the rise from the moment when the first Bitcoins were launched. Thus, when you wager with Bitcoins and you win, you may have even more money by the time you decide to make a withdrawal, provided that the value of Bitcoin has risen.
As Bitcoin is a crypto-currency, with no central authority, it doesn’t have the status of legal tender, which means that you can bet using Bitcoins, even if betting is illegal in your country of state, since technically Bitcoin betting is not considered to be a form of actual betting.
Licencing and Security
When you’re choosing a Bitcoin sports betting site, there are certain things that you should take into consideration. Firstly, the betting site has to be licensed and regulated by relevant government organisations. The licensing rules and regulations differ from country to country. If a website is not licensed and regulated, then you shouldn’t even consider making a deposit there. The licence guarantees that the company works in accordance with the laws and that it will pay its dues to the customers.
In addition to the licence, the sports betting operator has to provide a high degree of security, which would prevent any hacker attacks or data theft. That way customers will know that their information and money are safe.
Odds and Sports Betting Offer
Fairness is another issue. If the odds are generally higher, i.e. the vigorous is lower, it means that the operator returns more of its revenues back to punters as winnings. If you want to place a particular bet, you can always check the odds offered by various operators and then place it at the one which offers the highest odds. Alternatively, you can compare the odds in general and choose the Bitcoin sports betting operator that offers the best odds.
If you plan on betting on just a handful of popular sports, then you shouldn’t worry too much, as all operators offer the most popular sports. But, if you intend on betting on more obscure sports, ones that don’t attract as many viewers, then you should also consider the operator’s betting offer, i.e. the number of featured sports. Some operators offer about 15 or 20 sports, whereas somewhere the offered sports list includes as many as 30 sports or more.
Bitcoin Betting Markets
In addition to the number of sports, the number of markets and betting options for each individual featured events is another key segment of the betting offer. If you like betting on football (soccer), you can expect dozens, even hundreds of markets for each individual match, whereas for other sports there are typically fewer markets. Some operators boast a variety of market, whereas other limit themselves to the most popular ones.
Mobile and Live Bitcoin Betting
A large number of people enjoy betting on the go these days, and most renowned and reliable Bitcoin sports betting websites offer mobile betting. Android, iOS, as well as other mobile devices (smartphones and tablets) are supported.
Some Bitcoin bookmakers offer a betting app which can be downloaded and installed on the mobile device, whereas others simply optimise their websites, so that they can be accessed from mobile devices.
With mobile betting, you can bet regardless of where you are, but live betting allows you to bet at any time, even if the even that you’d like to bet on has already started.
Multiple events, across a range of sports are available for betting and some operators even allow punters to watch events live, via streaming, as long as their account balance is positive.
Bitcoin Promotions and Bonuses
The range of offered promotions and bonuses, as well as the specific terms and conditions under which those bonuses are offered are another key factor that that separates good bookmakers from fairly reasonable or average ones. The bonus amounts are important, but the wagering requirements and the other conditions, such as the odds at which the bonus amount has to be wagered are as important.
One element that is often underestimated is customer support. Helpful and friendly members of staff, and multiple communication channels that are open 24/7 are the perfect way for a bookmaker to show its customers that it cares for them.
Yes, Bitcoin sports betting sites usually have a so called ‘cold storage’ where they keep most of the customers’ Bitcoins. Only a small fraction is kept online, so that it is possible to make instant withdrawals.
Although it is technically possible, it is very unlikely that you can mistakenly type another address and send your Bitcoins there. You should be careful though, because Bitcoin transactions are irreversible.
It depends, different operators have different limits. It has to be said that the maximum limits are usually much higher if you’re using Bitcoins. At some operators there are even no maximum limits.
Yes, all types of bets that are available otherwise, are available if you’re using Bitcoins. It makes no difference what currency you use.
In that case, as soon as you make a deposit, your Bitcoins will be converted into a fiat currency, according to the exchange rate on that day.
Multiple online operators accept Bitcoin payments. There is no essential difference between Bitcoin betting and betting with conventional currency, then again Bitcoin provides a lot of advantages, including faster and more secure payments and an increased degree of anonymity.