How To Use Bitcoin: Betting Guide With Bitcoin

Alisa Barladyan
16 Mar 2022
20:44

One thing about betting is that it is always evolving. Right now, you can use Bitcoin to bet on sportsbooks. Rather than having to deal with banks or credit cards that might not always give you an easy time using your money on betting sites, consider Bitcoin betting.

Any Bitcoin sportsbook will be favorable to many people. In case you have not used such sportsbooks before, we might just make you reconsider it. We look at the pros of using Bitcoin for betting, how to buy Bitcoin, and depositing Bitcoin to your sportsbook account. Keep reading the guide below.

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Advantages of Using Bitcoin for Sports Betting

Betonline bitcoin deposit payment method
Betonline sportsbook

In case you were skeptical about using Bitcoin, these benefits might just change your mind. 

Sportsbooks Offer Bigger Bonuses on Bitcoin Deposits

Let us say you know how to use bitcoin for sports betting, you may quickly realize just how good it is especially when it comes to bonuses. Good bonuses will always attract you to bet with a sportsbook more often.

Right now, many sportsbooks have adopted the use of Bitcoin and would willingly give out the bonuses so that more customers can opt for their platform. Some of the bonuses you can get on such a platform include the Bitcoin sports welcome bonus, reload bonus, and others.

Deposits with Bitcoin Will Never Be Rejected

Deposits with payment methods such as credit cards are often not a sure bet. Not all credit card companies would allow you to deposit funds to betting and gambling platforms. It is for this reason, you may have to opt for bitcoin.

There are no major limitations on how you can use Bitcoin on different platforms. So long as the sportsbook can accept Bitcoin, simply send it to its wallet and it will be shown in your sportsbook account.

Bitcoin Security

You only need the best Bitcoin wallet for sports betting so that you can start using cryptocurrency for sports betting. Even sportsbooks are highly unlikely to request you to verify your Bitcoin wallet. This is unlike when you were using a bank account that requires having the same names as those on the account.

The Bitcoin network also generally has top-notch security. You would not need to always have to worry about the safety of your coins. We only recommend that you use high-quality and top-rated Bitcoin wallets to store your coins.

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Bitcoin Transactions Have Lower Fees

When you are using credit cards and bank transfers to a sportsbook, you may end up with multiple fees including transfer fees, escrow fees, currency conversion fees, and other hidden costs.

Well, for football betting with Bitcoin, you do not have to pay exorbitant fees to use the network. Even if you have to pay some network fees, you will still end up paying less money than with traditional banking.

Bitcoin Transactions Are Faster

Betting on Bitcoin has been made possible by making the transactions faster. On average, the transfer of bitcoin from your wallet to a sportsbook mostly takes 10 minutes. The same cannot be applied to those who may be using a bank transfer. The transfer would mostly take 2 to 5 working days.

There is still the option of withdrawing to a Bitcoin wallet. When you use Bitcoin for withdrawal you should receive your money in a similar timeframe as depositing. However, bank transfers would take longer with so many currency conversions involved.

Take note that sometimes the Bitcoin network would take longer because of congestion on the Bitcoin network. However, it would be too long to a point it is the same as bank transfers. It is usually a maximum of 30 minutes.

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Bitcoin Sportsbooks Common Features

Several cryptocurrencies you can use to deposit on MyBookie
MyBookie sportsbook payment methods

Sportsbooks can have differences in many aspects, but when it comes to using Bitcoin, they are likely to have some common features. Some are included below.

  • The sportsbooks will change Bitcoin to USD. That is what will be reflected in your account. They often do this so that they can protect your coins from the volatile price of Bitcoin.
  • Sportsbooks will not always charge you a fee to deposit or withdraw with Bitcoin. That is left to the Bitcoin network to take its fee.
  • There might be restrictions on the minimum and maximum deposit or withdrawal you can use while using Bitcoin for sports betting. It is then vital to fully understand what you getting with a sportsbook before using this payment method.

How to Use Bitcoin at Sportsbooks

Creating an Account at a Sportsbook

The first step you have to take is to sign up on a sportsbook that allows betting with bitcoin. Some of the options to consider include Cloudbet, Intertops, Sportsbetting.ag, MyBookie, and many others.

Each company might have a different way of setting up an account, but most would have simple procedures to follow.

Setting Up a Cryptocurrency Wallet

Because you would be using cryptocurrency, you need a wallet to hold Bitcoin. Such wallets are provided by various companies online. However, we recommend you settle for reputable wallets such as Exodus, Ledger Nano X, Mycelium, Electrum, and others. Keep in mind that these cryptocurrency wallets should be kept private so that no one would steal your coins.

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Purchase Bitcoins at an Exchange

With your wallet ready, it is time to now buy Bitcoin. You can do this from Bitcoin exchanges. As the name suggests, you would be exchanging money for Bitcoin. One of the top recommended exchanges are Binance and Localbitcoins.

Once you pay for the Bitcoins, the seller releases them from escrow into your exchange account based on the address provided.

How to Buy Bitcoin on the Exchange

Buying Bitcoin on the exchange is simple. First, start by contacting the seller who has the best price. Indicate the amount in Bitcoin and you will receive the equivalent in terms of preferred currency.

Once you pay for the Bitcoin, mark the trade paid so that the seller can transfer the Bitcoin to your account. Both you and the seller can mark the transaction complete and everyone is happy.

Sending Bitcoin to your Wallet

Most people send their Bitcoin to wallets for safe storage or for ease of transfer to your sportsbook account. You simply use your wallet address then transfer Bitcoin from your exchange account to it. It should take around 15 minutes to hit your wallet.

Depositing BTC in Your Sportsbook Account

This part is also simple. Once you are logged into your sportsbook account, choose cryptocurrency as your preferred deposit method. Choose Bitcoin as the currency option and then proceed to indicate the amount of Bitcoin you want to deposit.

Most sportsbooks will give you a Bitcoin address to send the funds too. Just make sure you copy the address correctly so that your Bitcoin does not get lost. Once you have sent the Bitcoin, give it 15 minutes to see it reflected in your account.

Take note that each sportsbook might have a procedure for you to follow.

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How to Choose a Bitcoin Sports Betting Sportsbook

Bet on Cloudbet using bitcoin cryptocurrency
Cloudbet bitcoin betting sportsbook

Choosing your Bitcoin sports betting sportsbook can depend on a few things. Here is how you may consider picking one sportsbook out of the many. 

  • Reputation and trust that people have about the sportsbook make a lot of sense. You need to pick a sportsbook known for its credibility generally.
  • You may get that some sportsbooks offer specific sports you can use to bet with Bitcoin. You need to go for sportsbooks that give you more games to bet on with Bitcoin.
  • Bitcoin can also be a chThe payout and withdrawal options available. For most sportsbooks, the method you use to deposit would be the one you use for withdrawal. So, it should be possible to still get your payout as Bitcoin. ance to bet anonymously. This is possible with some companies allowing the use of Metamask. This means you do not need to set up an account on the sportsbook, making it even more secure and anonymous.
  • What are VIP programs or bonuses does the sportsbook offer? Of course, it would be nice to have bonuses from a sportsbook. Some even offer several bonuses to get you hooked on using Bitcoin for betting.
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FAQ

Is Bitcoin the only crypto accepted on sportsbooks?
Bitcoin might be popular, but you can also get other cryptocurrencies also allowed. They include Ethereum, Litecoin, Cardano, Bitcoin Cash, Polkadot, Stellar, and others.
How much more are Bitcoin bonuses than traditional methods?
This mostly depends on the type of sportsbook. Some sportsbooks would consider offering higher bonuses to attract more people to consider transacting with Bitcoin.
What makes Bitcoin secure to use?
Bitcoin transactions rely on the blockchain system. This system is highly secure and makes the transactions secured all the time thanks to using cryptography.
Is Bitcoin the fastest way to withdraw or deposit funds to a sportsbook?
Not always. Some e-wallets can process transactions instantly. With Bitcoin, the transfer can take even up to 30 minutes to complete.
Are Bitcoin “mining fees” expensive?
The mining fees vary from time to time depending on supply and demand. However, the fees are not always exorbitantly high. Your Bitcoin wallet will let you know the cost of the transaction before you can send it.
Is it easy to send payout from a sportsbook account to my Bitcoin wallet?
Yes. You will simply have to input your Bitcoin wallet address and the sportsbook will process the funds to your account. It is that simple.
Can I receive a refund on Bitcoin transfers?
Unfortunately, you cannot reverse a Bitcoin transaction. Once it is processed, that is it. As such, you are always advised to double-check the receiver address before sending Bitcoin.
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