Yes, there is the Bitcoin hype. Cryptocurrency is becoming more and more popular. There are also more and more portals in the virtual sports betting market that at least accept BTC payments. What is special about Bitcoin sports betting? Which points do you have to pay particular attention to? Are Bitcoin sports bets advantageous for you or do the disadvantages outweigh them? We have compiled all the facts about sports betting with Bitcoin below.
Online sports betting has existed since the late 1990s. At that time, Bitcoin was of course far from being an option. The cryptocurrency has “only” been around since 2009. Many users who want to maintain their anonymity in online money transactions now rely on bitcoins. Sports betting providers have increasingly recognized the potential of possible customers in recent years. The betting providers have included Bitcoin as a means of payment.
However, you should know that anonymous deposits are associated with a certain risk for reputable online bookmakers. There are some licensing authorities that specifically do not allow Bitcoin sports betting.
All betting portals that accept Bitcoin payments work with an online gambling license from Curacao. At this point it should be said very clearly that the corresponding betting providers are not associated with any risks for you. In comparison, the Curacao approvals are quite comparable to the European sports betting licenses. The online providers are under a strict regime. The granting of Curaçao licenses is subject to strict requirements, the follow-up control is seamless.
Bitcoin is a pure crypto online currency, there are no Bitcoin coins or banknotes. All transfers are processed virtually. There is still the wildest speculation about the “backers” of Bitcoin. To this day, it is not clear who invented the currency.
The fact is that there is only a limited number of bitcoins. As a result, the value fluctuates depending on supply and demand. In the past few months, the Bitcoin price has shot through the roof, but it can go backwards just as quickly. The BTC values can be traced on the relevant buying and selling platforms. You can open your personal blockchain with the Bitcoin dealers and buy or sell the BTC there at any time. You buy in euros and get your money back in euros.
An essential point with Bitcoin sports betting payments is that no third party is involved. There is neither a bank nor a transfer service provider responsible for payment transactions. Conversely, of course, this means that nobody earns money from your deposits or withdrawals.
Your blockchain wallet is managed anonymously. Only you have access via your password. If you forget your data, you have a huge problem. The passwords cannot be renewed. Nobody can make the reset. Ergo, your BTC may disappear into Nirvana, never to be seen again.
Before we deal with Bitcoin sports betting in more detail, we want to go straight to the pros and cons of the cryptocurrency.
The plus points of sports betting with Bitcoin
Bitcoins are immediately credited to the betting account
Very high deposit limits at bookmakers
No processing fees
Some very high BTC bonuses
Payout possible in real time
Bookmaker with a full betting program
The disadvantages of sports betting with bitcoin
High exchange rate risk
Very few genuine bitcoin bookmakers
Bitcoin not bonus-relevant with “normal” bookmakers
We have already indicated how Bitcoin works. Funds are transferred from blockchain wallet to blockchain wallet. Right, in a way the payment can be compared to a traditional e-wallet. The main difference to PayPal & Co, however, is that there is no central financial service provider behind the offer.
All Bitcoin transfers are processed decentrally and virtually.
The practical bitcoin deposit at the checkout is not particularly difficult. The money transfer takes place in a few simple steps:
Log in to your bitcoin bookmaker.
Select the “Bitcoin” payment method from the transfer portfolio.
You will be shown the blockchain address of the bookmaker. Copy this.
Now open your own blockchain. Enter the amount and the betting provider ID.
Your bitcoin deposit is transmitted in real time. You can immediately place the first or next sports bets.
Before making a Bitcoin deposit, you should take a look at the bookmaker’s limits. In principle, a Bitcoin minimum amount is required for the sports betting deposit. Often there is also an upper limit. In many cases, however, the maximum value is so mega that you will never, ever come into contact with it. The Bitcoin sports bets are ideal for both leisure betting fans and, above all, for the high rollers of the scene.
Of course, you do not have to register with Bitcoin. However, they need their blockchain. Corresponding online modules – i.e. the software – can be downloaded from the Internet. Alternatively, you can manage your Bitcoin account on a corresponding stock exchange (trading platform).
The second step is buying the BTCs. If you want to act online, you are in the right place with the appealing Bitcoin sales platforms. You buy the BTC against direct payment, in cash or by credit card.
In our experience, the Bitcoin sports betting payout is just as smooth and easy as the deposit. All you have to do in the bookmaker’s payout menu is enter the amount and your blockchain data.
After verification by the betting provider, the payment is approved and transmitted in real time. In advance, the so-called KYC check (identity check) must be carried out with every reputable online provider. Furthermore, your balance must not be tied to a betting bonus .
Since, as described, no external service processes the Bitcoin payments, there are logically no fees for you when making a sports betting deposit. Neither sending nor receiving BTCs involves any fees.
There are also no costs for managing your blockchain wallet. The only point in the entire processing mode that may be subject to a fee is the Bitcoin purchase on the corresponding trading portals. In our experience, there are huge differences between the providers at this point. If you search a little, you will definitely find a free Bitcoin purchase option.
We don’t want to forget mobile sports betting via Bitcoin. Logically, you can also manage your blockchain software via your smartphone. You will find numerous blockchain apps on Google Play or the App Store.
The deposit process at the bookmaker then does not differ from the procedure on the home PC. You must complete the identical steps. Incidentally, you do not have to download an additional sports betting app from the best Bitcoin betting providers. All renowned online bookmakers work with browser-based website versions. After being called up, the web apps adapt directly to the technical features of your smartphone and the existing screen size.
Anyone who speaks of Bitcoin sports betting should know that the bookmakers’ betting offers are of course identical to those of the euro providers. The sports events are logically the same. If FC Bayern Munich plays Borussia Dortmund in the Bundesliga, then the Germanico is coming up. The teams (and the sportsbooks) don’t care if you place your bets in euros or in BTC. The best bitcoin online providers have more than 30 sports on the screen every day.
However, we have to add a certain limitation or special feature to the field report. Bitcoin betting provider is not equal to Bitcoin betting provider. Pure sports betting with Bitcoin is available from online providers who only rely on cryptocurrencies. For you, this means that you place your bets in BTC and receive your winnings in BTC as well. Your player account is managed with a bitcoin balance. The number of corresponding sports betting portals can still be counted on one hand.
The majority of Bitcoin sports betting providers only allows deposits with crypto money. The amount is then converted internally at the bookmaker into the regular betting currency (usually euros) at the daily rate. Only in the course of the payment application is the reverse calculation in Bitcoin carried out.
Note: Those who deposited with BTCs will always get their sports bet payout back in Bitcoin form. Anyone who thinks that they can react to price reductions and request their winnings in euros, for example, is on the wrong track. The sports betting providers cannot be misused as disguised Bitcoin exchange portals.
Bitcoin is no longer the only recognized cryptocurrency in the sports betting sector. You can also make your deposits at the cash register with other virtual funds. In our experience, Litecoin and Ethereum are usually recognized. But some bookmakers even go a step further by accepting Ripple, Dogecoin or Tether.
In the best case, you also have numerous, classic euro deposit versions available. If a betting provider supports both forms of currency, you have maximum flexibility. The deposit methods in Central Europe are led by credit cards. It doesn’t matter whether you have a prepaid or real credit card. They always get their turn. Credit card deposits are possible with Visa and MasterCards, often accompanied by Bank-Maestro- and Girocards. Other labels play a rather subordinate role.
Users who are not familiar with cryptocurrency may shy away from Bitcoin sports betting. From our point of view, you should always keep the following things in mind when betting on BTC.
Inexpensive purchase: Try to buy your bitcoins for free and with a low euro exchange rate. The cheaper the BTC entry is, the better.
Determine deposit amount: Convert your deposit amount into euros when making a sports betting deposit. A BTC may not sound like a lot, but it is currently a gigantic sum.
Adjust the bet amount: The same applies to the bets. The euro value should always be in the back of your mind. Furthermore, the betting amount should be kept at a low level in relation to your Bitcoin sports betting balance. The basic rules of defensive money management must also be observed with Bitcoin tips.
Check the payout time: Try to check the correct payout time. Watch the Bitcoin course. You can take further profits simply by the right conversion or payout time.
Use a clever sports betting strategy: Your actual betting strategy should be as risk-free as possible, but still valuable. This means, among other things, that single bets on two-way markets are to be preferred. Only bet on sports events that you can correctly assess and judge in the betting analysis.
We have summarized the most relevant information for you in the FAQ menu for Bitcoin sports betting.
How do deposits work?
With the Bitcoin sports betting deposit, you transfer your funds from your blockchain wallet to the bookmaker’s wallet. In our experience, the payment process runs smoothly and, as described, completely without external financial service providers.
What requirements must be met before the Bitcoin Deposit?
They must own their own blockchain wallet. Before making the sports betting deposit, you need a BTC balance.
Are there any sports betting limits with bitcoin?
In our experience, some bookmakers accept Bitcoin deposits “almost” in unlimited amounts. Nevertheless, you should read the Bitcoin Deposit conditions at the betting provider carefully in advance. With a look at the real BTC bets, it can be said that the amount of the stake depends on the sporting event. The online
Is there a bitcoin bonus?
Yes and no. Anyone who registers with a pure Bitcoin bookmaker can usually benefit from a sensationally high sports betting bonus. Sums of 5 BTC are not uncommon. However, it is always important when assessing Bitcoin deposit bonuses that the framework conditions are kept within a fair framework. Such mega sums are not always easy to unlock.
Users who have chosen a sports betting provider that only sees Bitcoin as a deposit method often get nothing from the bonus point of view. In most cases, the cryptocurrencies are then excluded as qualifying deposit methods in the bonus regulations.
How long does it take for Bitcoin deposits to be credited?
Bitcoins are transferred from blockchain to blockchain in real time. Your betting capital is immediately available for use.
How anonymous is the Bitcoin deposit?
In a way, sports betting with Bitcoin is the most anonymous payment method of all. With pure money transfer, all your personal data remain under lock and key. Nevertheless, it is of course the case that you have to open a betting account with the bookmaker in advance, including entering your information. The betting providers who work with a license from Curacao will also carry out an identity check before the first payout, Bitcoin or not.
What is the minimum deposit for Bitcoin in sports betting?
In our experience, the minimum deposit amount for almost all sports betting providers is 0.001 BTC.
Our conclusion on sports betting with Bitcoin is somewhat double-edged. The simple handling of the deposit, the complete betting programs of the bookmakers, the sometimes very high bonus programs of the “real” Bitcoin sports betting providers and of course the speed, security and certain anonymity speak in favor of the cryptocurrency. The other side of the coin is, however, and this is to be considered quite serious, that you have an increased exchange rate risk when exchanging into another betting currency. In the worst case, it can happen that your Bitcoin sports betting winnings are eaten up again when you pay them back.
Finally, it should be emphasized again that the Bitcoin sports betting providers work in a serious and secure environment. As a customer, you are by no means stepping on thin ice when registering and with the subsequent BTC betting tips.