More and more sportsbooks are encouraging their users to bet with digital currencies. In fact, some of our top betting sites accept Bitcoin and make it easy for you to wager on your favorite sports.
Bitcoin advantages range from speedy transactions to incredible bonus offers. In the guide below, we’re going to examine the reasons why this cryptocurrency is making waves at online betting sites and how bettors – that’s you! – can get in on the action.
Why Bet with Bitcoin?
The advantages of using Bitcoin to bet on sports are numerous. Unlike fiat currencies – those are government-issued currencies, not money created by an Italian car manufacturer – Bitcoin is basically anonymous. You are given a private key when you purchase a Bitcoin wallet and it is yours and only yours.
Besides anonymity, there are other advantages of Bitcoin:
Ride the Lightning: Faster Deposits and Withdrawals
When betting with Bitcoin, speed is a factor. You would consider a player’s speed when betting on the NHL, why not consider it when funding your betting account? Once you’ve purchased bitcoin units from a cryptocurrency exchange and they’re in your crypto wallet, depositing into your sportsbook account is much faster than with traditional payment methods. Moreover, withdrawals are quicker too. Instead of waiting days or even weeks for your money to arrive, Bitcoin transaction speed is lightning-fast. You’ll see your winnings processed in a matter of minutes. This can vary depending on the load (number of transactions) on the Bitcoin network and from operator to operator, but BTC is almost always much faster than traditional payment methods.
Better Bonuses: Get Rewarded for Using Bitcoin for Your Bets
Like in the NFL when you score a touchdown and are rewarded with the PAT (if your kicker makes it – looking at you, Cody Parkey), bonuses are like the extra point in football, icing on an already tasty cake. They can make betting more fun and stretch your deposit further. Bonuses come in many different forms, such as Sign-Up, Referral, and Deposit Match. You’ll want to look for sportsbooks offering special bonuses for using Bitcoin like Crypto Reload Bonuses. With offers like these, you’re basically getting rewarded for using BTC over traditional currencies.
Reliability: The Anthony Davis of Payment Systems
When it comes to team sports, especially those you’re making prop bets on, you often look at reliable players knowing they’ll hit their individual milestones. One of the pros of Bitcoin is that it is reliable. It’s getting harder and harder to deposit into online sportsbooks with traditional payment methods. But Bitcoin just works, making it easy to use. If you’re tired of declined or failed transactions when you’re trying to deposit into your betting account, you don’t have to deal with that with BTC. Virtual currencies remove the barrier of third-party payment processors, allowing you to deposit your Bitcoin into your betting account seamlessly and quickly. As crypto becomes more popular, and sometimes the only option available, you’ll want to make the switch so you can keep betting reliably.
Go Higher, Baby!
Online sportsbooks often feature higher deposit and withdrawal limits for Bitcoin bettors. Think of it like MLB where salaries soar higher than home runs, expect you don’t have to pay Jacoby Ellsbury all that money just so he can get injured repeatedly. Instead, you get to make bigger deposits and collect bigger winnings.
Protect (Your Neck) from Price Volatility
Because your Bitcoin deposit is magically turned into USD at the sportsbook, you’re less exposed to Bitcoin’s price volatility. You may have noticed that the price of Bitcoin is always fluctuating, which may be a cause for concern since Bitcoin’s value ebbs and flows like the tide. However, online sportsbooks automatically convert your bitcoins into American dollars once you’ve deposited. Hence, while you’re betting, you don’t have to worry about the price of Bitcoin. Once you’re ready to withdraw, the USD in your account will be converted back into BTC.
Bitcoin vs The Other Payment Methods
Bitcoin is widely accepted by merchants across the world. Plus, with cryptocurrency, you get to be your own bank. Basically, there’s no big brother looking through transactions. The power is in your hands, like when KFC invented the Double Down and we had more bang for our buck without the bread (or more aptly, more cluck because we’re dealing with chicken).
| Deposit Method | Bitcoin | Credit Card | Paysafecard | Direct Debit |
|---|---|---|---|---|
| Transaction fee |  (variable) | $5 cash equivalence fee | $1.50 | |
| Processing time | Approximately 30 minutes | Instant | 60 seconds | Up to 5 business days |
| Accepted Everywhere | (see list) |  | | |
| Deposit bonus | | | | |
| No Payment Processor Approval Required | | | | |
| Deposits over $5,000 | | | | |
Pros and Cons of Bitcoin
As with any aspect of money, whether it’s e-cash or a credit card, Bitcoin has its pros and cons. You should consider each before sliding into first base headfirst.
A person’s identity on the Bitcoin network is marked with a public address, similar to the address of your own home. Ownership of that public address is verified with a private key, just like you have keys to your home that you don’t make copies of unless it’s an emergency. That means it’s OK to share your public address with someone (especially if you want them to send you Bitcoin), but you should never share your private key with anyone. The network is virtually impossible to hack, and its records can’t be changed. But, like a pitcher with a blister on their palm who can’t find the strike zone, websites can always be hacked. We recommend that you store your Bitcoin in a digital or hardware wallet instead of keeping it on the exchange where you purchased it.
Cryptocurrency exchanges allow you to buy Bitcoin up to many decimal places, so it can sometimes be hard to do the math and decide how many units to get with that many digits involved. The silver lining is, as mentioned above, most sportsbooks convert Bitcoin into USD while you’re wagering, making the math a lot easier to digest.
There is no instant replay to reverse a call when it comes to Bitcoin transactions. Sending crypto somewhere and getting it back means counting on somebody else to participate. In the same way that betting on a huge underdog and clicking “Place Bet” is considered final, so is sending Bitcoin. Ensure that you look over your transactions twice before confirming a deposit or bet. If you’re new to betting with Bitcoin, we recommend making a test deposit of a few units first, then confirming the deposit arrived in your account before making a larger contribution.
Get That Coin, That Bitcoin!
Now that you know the major Bitcoin advantages, why not give it a shot? We’ve prepared a guide to help you get started, explaining how to buy your first Bitcoin, make a deposit on your favorite betting site, and withdraw your winnings.
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Bitcoin Advantages FAQ
Why bet with Bitcoin?
There are a number of reasons to bet with Bitcoin. Unlike government-issued currencies, Bitcoin is pretty much anonymous. Bitcoin’s deposits and withdrawals are way faster with higher limits for Bitcoin bettors. You get better bonuses when you use Bitcoin for your bets. It’s reliable, and you’re protected from price volatility with Bitcoin.
How much does it cost to buy one Bitcoin?
Because the price fluctuates based on the market, it’s difficult to say how much it costs to buy one unit of Bitcoin. However, that doesn’t mean you shouldn’t buy any as Bitcoin is quickly becoming one of the safest currencies to wager with, especially since it’s converted to US dollars at the sportsbook.
What are disadvantages of Bitcoin?
Bitcoins are basically lost if a hard drive crashes or a virus corrupts data, and the wallet file. And unfortunately, there isn’t anything that can be done to recover it. Those coins will be orphaned in the system forever. This can bankrupt a well-off Bitcoin investor within seconds with no way form of recovery.
