The Betting.Org Guide To The Best Betting Websites For Bitcoin
Most people will be aware of the fact that Bitcoin has been a major news story over the past few years. Despite the fact that Bitcoin has only been around for less than a decade, the digital payment method has become a popular way to pay for goods, and is used by over three million people worldwide. Whether it’s using Bitcoin to buy fast food on the go, or purchase products online, many enterprising individuals and companies are able to enjoy the benefits of using this new payment method.
The sports betting world has also proven to be one of the first industries to realise the potential of Bitcoin. As a result, we’re going to take a look at what Bitcoin actually is, and we will see if Bitcoin betting offers you any advantages over traditional payment methods. In addition to giving you a brief list of the top bookmakers accepting Bitcoin, we are also going to answer a few common questions such as ‘Can I use free Bitcoins for sports betting?’.
So whether you are new to Bitcoin betting, or need further information about some of the possible fees associated with Bitcoin betting on sports, then be sure to read our in-depth guide to wagering with this exciting digital payment method.
What is Bitcoin?
Bitcoin is a cryptocurrency that was first released in 2009. It was created in a bid to give its users more control over their online financial transactions, away from the centralised control of governments and banking institutions. A key part of Bitcoin’s appeal is the fact that it uses blockchain technology to create a publicly viewable ledger of all of the transactions, while still allowing users to retain their anonymity. As the information in a blockchain is shared, all transactions are verifiable. Furthermore, as the ledger isn’t stored in a single central location, it is resistant to any hacking attempts.
While the arrival of Bitcoin was greeted with plenty of cynicism, it quickly became a hugely popular way for users to enjoy peer-to-peer transactions without an intermediary. Bitcoin didn’t just become a phenomenon in the digital domain, either; global brands such as Starbucks and Subway now allow their customers to make payments with the cryptocurrency. Although we have seen plenty of scare stories about Bitcoin’s price volatility, it has continued to grow in value since its launch nearly a decade ago.
Plenty of people like to speculate on Bitcoin’s value, but we’re more interested in how Bitcoin betting allows you to wager on your favourite sports. If you are too, then you’re definitely going to want to read on…
Which Bookmakers Accept Bitcoin?
Top Three Operators For Bitcoin
While some traditional bookmakers have so far remained resistant to the charms of Bitcoin, there are a handful of bookies who are willing to let their customers use the cryptocurrency for making deposits. However, we should mention that not every Bitcoin betting site is completely reputable, so always exercise care. To help you out, we’ve put together three great examples of great bookies who are happy to accept the famous cryptocurrency.
There are many relatively unknown betting sites with Bitcoin payment facilities out there, but we find that you should always try and stick with a reputable brand for peace of mind. This is why it’s great news to find that NetBet recently made the bold move to allow customers to use Bitcoin for making deposits at their site. NetBet are fully licensed and regulated by the UK Gambling Commission, which means you are given an extra level of customer protection in regards to payments and deposits.
NetBet allow you to make free Bitcoin deposits of anywhere between £10 and £500 at a time, and it should only take up to 30 minutes for the funds to show in your account. So if you are looking for a safe and secure place to use Bitcoin for your sports betting, then be sure to give NetBet a try.
It’s easy to be dazzled by all of the great US sports that you can bet on at TopBet, but the brand have also found success through their Bitcoin betting service. TopBet are licensed by the Government of Curacao to facilitate online sports betting, which should give you some reassurance when making your Bitcoin bets.
TopBet don’t just allow Bitcoin deposits either; they’ve actively incentivised them with a strong welcome bonus offer that’s sure to be a hit amongst fans of the cryptocurrency. This deal gives you a 100% matched deposit bonus on your first Bitcoin deposit, making this a great way to get started with TopBet.
Terms and conditions apply, 18+.
While ArcaneBet are primarily known for their very strong esports betting service, they do also include a decent sportsbook— and, most importantly of all, you can deposit with Bitcoin. This means that you can wager on iconic esports like CSGO, Dota 2, and LoL, or even try sports betting on football, tennis, basketball or ice hockey with your cryptocurrency.
Furthermore, the Government of Curacao-licensed site don’t submit their users to any fees when using Bitcoin to make deposits or withdrawals, and you should be able to receive withdrawn funds in just a few minutes. You can make Bitcoin deposits and withdrawals at ArcaneBet from as little as €10, and while Bitcoin deposits won’t qualify for the brand’s welcome bonus deal, it’s a great way to get started when using this up-and-coming betting site.
The above three sites are all reliable and regulated sites that have taken a leap into the future to offer Bitcoin betting, so they’re well worth giving a try.
Are There Any Charges To Use Bitcoin?
The majority of reputable betting sites won’t charge you a penny for using Bitcoin for their sports betting services. However, it’s worth double-checking the brand’s terms and conditions before you place your Bitcoin deposits, as there’s always the risk that a site will include nasty hidden fees. Better safe than sorry!
We have seen a handful of sites who allow you to make your first Bitcoin deposit without charge, but they will then charge you additional fees for making further Bitcoin deposits within the same calendar month. So if in doubt, be sure to contact the betting site’s customer service team to verify their rules on subsequent deposits, just so you know exactly where things stand.
A big part of Bitcoin’s appeal is the fact that it is supposed to be free to use. However, there are plenty of unscrupulous Bitcoin vendors out there, so always do plenty of research before buying your Bitcoins from a Bitcoin exchange. And regardless of whether you are betting on sports like football or horse racing, it never hurts to check that your chosen betting website is fully licensed. Licensing ensures that you are given adequate customer protection, just in case the bookmaker decides to add fees without giving you prior warning.
What Are The Advantages Of Bitcoin?
#1 – As you can make a Bitcoin payment without an intermediary, you shouldn’t be subject to any processing costs. Unlike some banks and e-wallets which can incur charges for the use of their payment facilities, all Bitcoin payments should be made free of charge. In addition to this, Bitcoin payments are also free of any sales taxes that can be added to your purchase, as third parties cannot identify or track the users of the cryptocurrency.
#2 – Bitcoin also allows you to make transactions very quickly. Whether you are paying for goods, or are receiving payments, the payment is able to move money anywhere around with the bare minimum of checks that slow down other payment methods. So once you’ve had your Bitcoin payment confirmed, you can look forward to enjoy the benefits in record time.
#3 – Whilst Bitcoin’s blockchain technology keeps a permanent record of all transactions, it doesn’t make a note of your identity when you make a purchase with the cryptocurrency. This means that you can enjoy paying for goods in a discrete manner, and your purchase will not be traced back to you. Although this might sound like it opens up Bitcoin to dubious activity, it can actually speed up the way you make payments online as you can often register at a Bitcoin betting site with just an email address.
Conclusion: So if you are looking for a quick, cheap and anonymous way to bet on your favourite sport, then be sure to try some Bitcoin wagering.
What Are The Disadvantages Of Bitcoin?
#1 – As Bitcoin betting is a relatively new phenomenon, there is still a glaring lack of choice when it comes to finding a site who accepts the cryptocurrency. While you can use a credit or debit card at hundreds of different sports betting sites, if you want to make a Bitcoin deposit, then you have a much smaller selection. This means that you will have less choice in terms of what sporting odds you can bet on, which limit your betting options quite substantially.
#2 – Most people will have been aware of the recent headlines that highlighted how Bitcoin’s value has been subject to some remarkable ups and downs. This means that what you are betting with today might not have the same value tomorrow. Price volatility is never a good thing, and it makes working out how much to stake on your sports bets much more tricky. Hopefully, Bitcoin’s value will settle as it becomes more established, but until then, it remains a volatile currency to wager with.
#3 – We should also remember that Bitcoin users are fairly vulnerable to a wide range of scams. While traditional payment methods are firmly regulated by authoritative financial institutions, Bitcoin users have proven to be more susceptible to fraud due to the lack of checks in the transaction process. Although Bitcoin offers an encrypted way to keep your transactions safe, this doesn’t mean that simple human error won’t leave you exposed to the many Bitcoin-specific threats out there.
Conclusion: While the disadvantages to using Bitcoin may be alarming, they can all be avoided if you are careful and considered with your Bitcoin betting wagers.
Full Test — Our Experience Using Payment Method on NetBet
In order to get to grips with Bitcoin betting, we thought we’d try wagering with the cryptocurrency at the NetBet online bookmakers. Once we’d managed to set up our account at the betting site, we found that we could simply go to the deposit area of the cashier section and make a Bitcoin deposit between £10 and £500. It was good to see how NetBet didn’t charge a fee for depositing with Bitcoin, and it took much less than 30 minutes for the funds to show up in our new NetBet account.
We were impressed by the fact that our initial Bitcoin deposit allowed us to qualify for the NetBet bonus. While customers using e-wallets like Skrill or Neteller to make their first deposits were exempt from the NetBet welcome bonus, we managed to put down a minimum deposit of £10, use the bonus code, and automatically get a 50% bonus. Terms and conditions apply, 18+.
Once we’d managed to clarify the terms and conditions of the NetBet welcome bonus, we could go ahead and use our boosted Bitcoin funds to try the site’s sports betting options. Using a cryptocurrency like Bitcoin didn’t restrict us in terms of what kinds of sports we could wager on, so we were able to make simple bets on a few classic sports such as football and horse racing without a problem.
Although our betting results weren’t too successful, we still managed to walk away with some decent profits at the end of the day’s betting. It looks like NetBet won’t allow you to withdraw your winnings back to your Bitcoin wallet, but the betting site allows you to make a withdrawal to your Visa or MasterCard of any amount upwards of £10. This won’t cost a penny, and it should only take between four and eight days for the funds to show on the withdrawal card’s account.
Is Depositing With Bitcoin Safe?
As we made our Bitcoin deposits with a fully licensed and regulated betting site, we found that we were offered just as much protection as a traditional payment method like a credit or debit card. In fact, apart from the variations on deposit limits, we found that using Bitcoin to add funds to our accounts was just like using any other payment method. While there are a few people out there who are still sceptical about using Bitcoin, we aren’t, and it’s nice to find that betting sites like NetBet are offering punters a safe and easy way to use this cryptocurrency.
What Are The Alternatives To Bitcoin?
If you are not sure about joining the cryptocurrency revolution, then don’t worry as there are plenty more payment methods out there. As always, it pays to shop around to see which payment method suits your own betting needs.
Most sports betting fans will enjoy using credit and debit cards like Visa and MasterCard, as these usually allow you to qualify for a welcome bonus, plus they rarely carry any processing fees for deposits or withdrawals. However, there are plenty of punters out there who find that debit card withdrawals can take a few days to clear, and so they prefer using e-wallets like PayPal, Neteller, and Skrill. While these sometimes have higher minimum deposit limits, they usually offer instant processing times, although Neteller and Skrill don’t always qualify for welcome bonuses.
Finally, with prepaid cards like Paysafecard giving you a nice way to separate your betting funds from your regular money, it’s clear there are plenty of options available for bettors who are unwilling to make the swift to Bitcoin just yet.