Bitcoin sports betting
Much like various other forms of currency, you now have the opportunity to use the bitcoin currency to fund your online betting accounts. While it is not accepted everywhere, there are more and more opportunities opening up every day. Read on to learn more about bitcoin, bitcoin betting sites and what gambling games you can play using bitcoins. Bitcoin betting sites have many features and are much like a regular sportsbook. The top bitcoin betting sites online are:
Top bitcoin betting sites
Live Betting Odds
Claim a 50% deposit bonus up to the value of USD $250
|Visit Bovada Bovada Review|
Best bitcoin betting sites in 2022
Bitcoin has only been around since 2009 and was first implemented into leading online sportsbooks from around 2011. Until this year, it has not exactly been a fair fight when comparing the quality of sign up bonuses and match deposit offers when depositing with Bitcoin versus fiat currency. However, more mainstream regulated sportsbooks and Bitcoin-only betting sites have begun to offer real value and regular promotions when it comes it to getting the most out of your Bitcoin deposits.
All bitcoin betting sites listed in the table above match our criteria for those who prefer using the popular cryptocurrency for betting on their favourite sports and races. The table is specially geo-targeted to your location, so it only ever shows licensed and legitimate online betting sites that cater to your region legally at the time of your visit.
The top bitcoin sportsbooks will cater to both high limit punter and those with smaller bankrolls. The good news is both are able to sign up with bookie VIP programs and other incentives, with some high roller programs (like the Bovada Rewards Program) great to improve your chances of winning.
We will list a few specific examples of fiat currency betting sites accepting Bitcoin in the sections below, split into two distinct categories: traditional online sportsbooks which offer Bitcoin as a deposit and withdrawal option, and Bitcoin-only sportsbooks (our bookie reviews will be coming in the near future).
- Bovada.lv: Bovada offer a 50% Bitcoin Match bonus up to $500 to bet on sports, using the code ‘BVSBITCOIN50’ upon depositing through the site cashier. Read our official Bovada sportsbook review.
How does using Bitcoin work at fiat currency betting sites?
When you bet at a traditional online sportsbook using Bitcoin deposits, your cryptocurrency is typically converted into your chosen fiat currency. Instead of the sportsbook in question crediting Bitcoin to your betting account so you can bet with BTC, you instead wager with the fiat currency equivalent instead. For example, if you are a player from North America, depositing 10 BTC into your preferred online betting site will see your account credited with the USD equivalent (subject to current conversion rates). Essentially, you are funding your account with Bitcoin, but betting with fiat currency. However, if you score any winnings and want to withdraw your money, your funds can be converted back into Bitcoin and sent back to the Bitcoin wallet address you attach to your account. Simple.
At online sportsbooks which are Bitcoin-only, things are a little different. When you deposit using Bitcoin, your account is credited with BTC. All bets are BTC, and all payouts are in BTC. Because of the nature of Bitcoin and its market price constantly changing and fluctuating, your balance can and will change over time – so players need to be more aware of when you deposit and bet, and when you decide to withdraw your winnings. If you are worried about Bitcoin market value crashing down, consider just using your BTC for deposits at traditional fiat currency sportsbooks with Bitcoin accepted as just another option rather than the primary one, as any BTC converted fiat currency in your betting account is never affected by any potential BTC drops.
For more basic step-by-step guides on how to set up a Bitcoin wallet and deposit BTC into fiat currency online betting sites, check out our special Bitcoin deposits guide.
What is Bitcoin
Bitcoin is usually referred to as a digital currency. It is actually a payment system that exists entirely as a software based application. It was introduced in 2009 as open source software. Satoshi Nakamoto is the name credited with the creation of bitcoin but it is not known whether this is an individual or a group. Payments that use bitcoin use a public ledger and the payments work on a peer-to-peer basis. The original way to get bitcoins was a process called “mining”, which is a reward system for using your computing power to record and verify payments into the public ledger. Now you can find many places where you can buy them or trade goods or services for them. The market value for bitcoins fluctuates based on speculation and supply and demand, somewhat like the stock market fluctuates, and it can by quite volatile.
If all of that is confusing, don’t worry. The only things you really need to know are that you can use bitcoin just like regular money for many things, including placing bets online. Though it is not the same thing, you can just visualize bitcoin currency like money you have in Paypal or Neteller. The money is worth something, but only in exchange for things you can actually buy with it. Bitcoins act exactly the same way. Because of the way it works and the complicated manner of explaining and understanding it, you should only deal with companies who have been established for some time and people you trust when buying or using bitcoins. There are plenty of stories about uneducated consumers falling victim to scams revolving around bitcoins. This is not to scare you or to keep you from using them. There are plenty of honest businesses and individuals that use them. Just do your proper research before taking the plunge.
Where to Find Bitcoin Betting Opportunities
The easiest way to see if your favorite online betting site, poker room or casino accepts bitcoins for deposits is to check on their web site. For the examples in the next section, 5Dimes was used because they do accept bitcoins and are one of the largest and most trusted online gambling establishments in the world.
It is always important to understand where the price is set for the bitcoin transaction. For example, 5Dimes uses bitstamp.net to set the price of their transactions and currency conversions at the time of the transaction. There are usually restrictions to cashing out winnings using bitcoins. Make sure you check the terms and conditions before depositing to make sure you have a complete understanding of how withdrawals work. It is always better to know up front than have a nasty surprise at the end.
What Types of Wagers Can Be Made Using Bitcoins?
The good news is that any type of wager can be placed that an online gambling establishment accepts after you fund your account using bitcoins. Once your deposit is accepted it is no longer in bitcoin form and acts just like dollars or Euros or whatever currency you are gambling with. In other words, the bitcoin deposit is converted to your normal playing currency. The key is finding a sportsbook, casino or poker room that accepts bitcoins. Continuing the use of 5Dimes for an example, here are some of the wagers that can be placed.
In the sports book you can buy points, place straight bets, play round robins, play teasers and / or teaser progressives, lay reverse bets, totals, if bets, parlays, play office pools and rolling if bets. Wagers can be placed on sporting events from football (NFL, NCAA, Canadian), esports betting, basketball (NBA, WNBA, NCAA, international), baseball, hockey, soccerSoccer betting (from over 20 countries), golf (PGA, European, seniors, ladies), motor racing, boxing, UFC (many BTC betting site even have Bellator betting available) and volleyball. As you can see, there are hundreds of combinations of wager types and sports to bet on.
Casino games that you can wager on using bitcoins include casino war, 3 card rummy, red dog, tri card poker, let em ride, Caribbean stud, blackjack, baccarat, craps, European roulette, French roulette, American roulette, keno, over 15 variations of regular video poker, 15 variations of multi hand video poker and over 100 variations of slot machine games including progressives and video slots.
Poker is available in ring game format, sit and go tournaments and multi table tournaments. The majority of game play focuses on Texas holdem, in both no limit and limit varieties, but you can also try your hand at Omaha or seven card stud.
Can You Place Mobile Gambling Wagers Using Bitcoins?
Just like the sportsbook, poker room and casino information listed above, you can use mobile devices to place wagers using bitcoins anywhere that accepts them as a deposit option. Just find the mobile app at your favorite sportsbook or other gambling site and download it to your supported phone or tablet to start playing on the move.
Bitcoin Deposit Bonuses
You may be eligible for a deposit bonus when you use bitcoins to make a deposit, just like if you were depositing using a credit card or Neteller. Just check with your online sportsbook or casino or check their promotions section for additional details. If you are unsure of the policy make sure to contact support before making a deposit to assure you remain eligible for any and all bonuses.
Bitcoin betting troubleshooting
BettingPlanet.com often gets asked questions about bitcoin betting sites from prospective punters, and we always do our best to solve them.
- How does using Bitcoin work at fiat currency betting sites? When you bet at a traditional online bookmaker using Bitcoin deposits, your cryptocurrency is typically converted into your chosen fiat currency. Instead of the sportsbook in question crediting bitcoin to your betting account so you can bet with BTC, you instead wager with the fiat currency equivalent instead.For example, if you are a player from North America, depositing 10 BTC into your preferred online betting site will see your account credited with the USD equivalent (subject to current conversion rates). Essentially, you are funding your account with Bitcoin, but betting with fiat currency. However, if you score any winnings and want to withdraw your money, your funds can be converted back into Bitcoin and sent back to the Bitcoin wallet address you attach to your account. Simple.
- How does bitcoin price fluctuation impact betting At online betting sites which are Bitcoin-only, things are a little different. When you deposit using Bitcoin, your account is credited with BTC. All bets are BTC, and all payouts are in BTC. Because of the nature of Bitcoin and its market price constantly changing and fluctuating, your balance can and will change over time – so players need to be more aware of when you deposit and bet, and when you decide to withdraw your winnings. If you are worried about Bitcoin market value crashing down, consider just using your BTC for deposits at traditional fiat currency sportsbooks with Bitcoin accepted as just another option rather than the primary one, as any BTC converted fiat currency in your betting account is never affected by any potential BTC drops.
Features of bitcoin betting sites
- Added privacy: Depositing with Bitcoin means you will often only be asked for your basic details such as date of birth or email, and you don’t have to go through the lengthy process of providing additional documentation just to withdraw your cash winnings like you would if using card options. For those who seek extra privacy for their betting activities or just prefer to skip the whole song and dance and get your money quicker without giving your whole life story, BTC definitely has an edge when offered as a payment method at bitcoin betting sites.
- Better bonuses: There used to be a time where depositing with Bitcoin sucked compared to depositing with traditional fiat currency, as there were few offers which took advantage of the cryptocurrency. Now, however, several sites offer huge match deposit bonuses if you deposit using BTC; Bovada, for example, currently grants all players who sign up via our links (and use the bonus code at checkout, ‘BVSBITCOIN50’) a 50% Match Bonus up to the maximum value of $500.
- Smaller processing fees: “Hidden” or extra fees associated with traditional payment methods like credit card or bank wiring are much less with Bitcoin, which often has 100% free deposits and withdrawals. For US players who typically have to put up with high fees during cash outs, this is a godsend. 5Dimes is one such site that does not charge you when requesting payouts in BTC. Still though, some fiat currency betting sites also accepting Bitcoin such as Bovdad disappointingly imposing a rough 6.5% payout fee on BTC deposits and 2% on BTC withdrawals.
- Quick withdrawals: Regulated online sportsbooks we recommend like Bovada process Bitcoin withdrawals typically within 48 hours at maximum, with the fastest turnaround reported at 10 hours or less at some of our recommended sportsbooks. This is a lot faster than using traditional fiat currency withdrawal options like cheques or direct bank transfer, which often take days due to needing to provide ID or additional documentation to satisfy T&Cs.
- Huge amount of bet types: There are many different bet types available at bitcoin betting sites, with these including ante-post bets or futures and all kinds of parlays and multibets. There are very few restrictions in what you can do at an online betting site accepting bitcoin.
Conclusion: Is bitcoin the future of online betting deposits?
As you can see using bitcoins to place bets is just as easy as using any other kind of currency, but it’s important that the same best practice principals are applied to your wagering habits. By using a little bit of common sense in dealing with established companies and finding online gambling web sites that accept them as a deposit option, you can be placing bets in just a few minutes. Bitcoin has not been adopted everywhere int he world, with many countries, including Australia and China either not allowing it for betting deposits, or banning it entirely in the case of the latter. Some USA states have as recently as 2022 looked at bringing in cryptocurrency gambling deposits, by essentially making alt coins legal tender. This doesn’t meant there aren’t any bitcoin sports betting sites that will accept China bettors, rather it means you will just have to find one that does, and our table displaying the best bitcoin betting sites online, which you can access above, has got you covered.