Bitcoin has gained significant popularity worldwide and it’s now to the point where we can use Bitcoin to our advantage when it comes to line sports betting.
The popularity of Bitcoin has many online sportsbooks now accepting this cryptocurrency for online wagering. The best part is betting with Bitcoin operates in the exact same manner that traditional online sports betting does, but there are several advantages to betting with Bitcoin that we will tackle later in this section.
While some betting sites keep your Bitcoin deposit as Bitcoin, others convert to fiat currency which can cause a few percentage points in fees. We will also get to the fee aspect of using Bitcoin later in the section.
Whether you own Bitcoin or you are thinking about buying some, check out our Bitcoin Betting Sites section as we look to answer some of your questions when it comes to the most popular cryptocurrency in the world.
Best Bitcoin Betting Sites
The popularity attached to betting with Bitcoin continues its upwards trajectory, whether that be sportsbooks, esports betting sites, or online casinos. Online gambling platforms are leaning more and more towards Bitcoin as it is a more efficient form of doing business for them, and they can therefore pass the savings onto their customers in the form of bonuses for first-time depositors.
With Bitcoin, processing speeds are increased, and that’s one huge thing we look for in a Bitcoin betting site. We want to make sure we can withdraw funds in an extremely timely manner. We can also identify sites that provide bonuses for first-time depositors that deposit with Bitcoin. Again, the use of Bitcoin is a cheaper way for betting sites to do business, so they have no problem passing some of those cost-savings along to new users.
Betting sites that provide efficient processing speeds and pass on Bitcoin bonuses to new users are the ones you want to use when betting with Bitcoin. That said, you may find some sites offers more competitive odds or are more favorable to say, the NFL, than others. Depending on your betting needs, there may be a site you feel works better for you.
Most of these sites are extremely competitive with their odds on a wide range of sports, and most also offer processing speeds that dwarf those of traditional cashier methods. If you are betting with Bitcoin, we do recommend a site that offers a Bitcoin bonus upon a first-time deposit.
Feel free to explore all of the recommended sites and settle on the one that works best for you!
Pros and Cons of Betting with Bitcoin
There are certainly advantages to betting with Bitcoin for online sports betting, but you should also be
aware of possible disadvantages when it comes to the most popular cryptocurrency in the world.
Pros
Cons
Why Use Bitcoin Betting Sites?
Bitcoin betting sites are roaring in popularity. Most major betting sites accept Bitcoin as it has its advantages for both parties involved. In fact, Bitcoin isn’t the only cryptocurrency that is accepted at the major betting sites as Litecoin and Ethereum are also accepted at some online betting sites.
Withdrawal Efficiency and Savings
The main reason we like Bitcoin betting sites is the combination between processing speeds and savings when it comes to withdrawals. Profiting from online betting is nice, however, the first thought that likely enters your mind after accumulating profits is taking on the arduous task of actually getting your money.
The time it takes to receive your Bitcoin from the recommended betting sites is unheard of in traditional cashier methods. It can also cost around 5-10% of your profits to withdraw funds from a betting site, and that just doesn’t make any sense. Profitable sports betting is hard enough, little own giving away up to 10% of your profits, which hurts your bottom line.
Safety and Near-Anonymity
There is also the safety aspect. If you are a bettor that doesn’t feel comfortable giving away your credit card information or have general privacy concerns, Bitcoin is the way to go. Bitcoin’s safety and near-anonymity is a big advantage for folks who feel uncomfortable with how the credit card deposit method operates.
Bitcoin Bonuses
Lastly, exclusive Bitcoin bonuses are another reason to use this cryptocurrency as your deposit method. Due to the savings the betting sites receive on processing costs, they would prefer depositors use Bitcoin. Therefore, some betting sites offer Bitcoin-exclusive bonuses such as Bovada which offers players a sports bonus of 75% up to $750 for their first Bitcoin deposit.
Clearly, there are many advantages to betting with Bitcoin. The betting sites save money from it and the depositor does too. The processing times are beneficial as is the safety involved.
Betting with Bitcoin is massively popular for a reason, and now you know why.
