The enthusiasm around cryptocurrencies and especially in relation to bitcoin is not diminishing, not even in 2021 – but quite the opposite. Also in 2021, the most famous cryptocurrency is chasing one record after another and has moulted to a value of more than $57,000 – which is mainly due to Elon Musk’s tweets.
Thus, more and more companies are getting to grips with the benefits of Bitcoin & Co, which also includes betting providers. They have long offered Bitcoin sports betting and thus enable their customers to pay anonymously.
If you want to place sports bets with Bitcoin but haven’t found the right bookmaker yet, you will find it here in our list. We will show you the best Bitcoin sports betting providers that have been tested by our editorial team.
We take a look at the current situation, what Bitcoin sports betting is all about, what to look out for, the advantages and disadvantages of this type of betting and much more.
What is bitcoin all about? To answer this question, we need to go a little further. Bitcoin – BTC for short – is a virtual currency unit. This performs peer-to-peer transactions by means of a database – the so-called blockchain. This means that the payment units are merely moved between the sender and the recipient.
The great advantage of cryptocurrencies is that no central administrative unit is necessary to carry out a transaction, unlike the classic banking system. The concept of bitcoin is based on a white paper written by Satoshi Nakamoto in 2008, but it is still a mystery who is behind this name.
For a few years now, Bitcoin, as well as all other cryptocurrencies, has been experiencing a real boom. However, there is one problem: Bitcoin owners have to live with strong price fluctuations. For this reason, Bitcoins are mostly bought for speculative purposes and not for the actual purpose. It is therefore not surprising that online betting providers even offer betting or casino on their platforms, betting on whether the Bitcoin rate will rise or fall.
However, not only bets can be placed on the Bitcoins, but with them it is even possible to place your bets.
Sports betting goes Bitcoin – how safe are Bitcoin sports bets?
Certainly, the question of security is important when it comes to placing sports bets with Bitcoin. The fact that Bitcoin transactions are much safer than, for example, a bank transfer or payment by credit card is interesting due to the decentralized mode of operation. The reason is that here no sensitive data is needed for the transmission of the payment, as for example with the credit card, where card number and other details are necessary. In bitcoin transfer, the entire transaction relies on the processing power of computers. These independently process the encrypted order and record them in the blockchain.
However, a digital wallet is necessary when it comes to paying with cryptocurrencies or depositing with an online sportsbook. This digital wallet is subject to your management and you yourself must protect it.
Advantageously, most of the Bitcoin wallets are managed in the form of online banking accounts. If you want to rely on the highest security, you can use a so-called hardware wallet. This makes the cryptocurrencies themselves available offline, i.e. outside the World Wide Web.
However, it is always advisable to pay attention to the digital assets, because as soon as access to the wallet is lost, the assets are also lost in most cases.
Bitcoin at the betting provider: How to place a sports bet with Bitcoin?
If you want to place Bitcoin sports bets, then some preparation is necessary. This goes beyond creating the digital wallet.
The first step is to choose a reputable and trustworthy Bitcoin betting provider. We are here to help you, because we have tested the best Bitcoin betting providers 2021 for you and present them to you in separate test and experience reports. It is also helpful to take a look at the provider’s licensing. Licenses from Malta and Gibraltar are a sure sign of seriousness, and now also from Curaçao. You should immediately refrain from using a provider if the license information is dubious or even non-existent.
If you do not yet have any Bitcoin in your possession, then it is necessary that you first open up a Bitcoin marketplace. At this, you can then acquire the cryptocurrency normally. In most cases, a simple transaction is offered:
- You choose a provider and register there
- Select the number of Bitcoins you want to buy
- Pay for them and the Bitcoins will be credited to your wallet
From this wallet you can make deposits and withdrawals at the bookmaker. You deposit the data from the wallet with the online sportsbook and after everything has been verified, you can make the first deposit with the Bitcoin betting provider.
In this context, it is necessary to explain something else: As a rule, the deposit at the bookmakers is not made in Bitcoins. What does it mean? The transaction is made via the e-wallet and afterwards the value of the Bitcoins is converted into a physical currency – for example, Euros. This is the only way the bookmaker can place the bets regularly. This conversion takes place within seconds and you will not notice anything.
However, there are now also Bitcoin betting providers where you manage your account in Bitcoins and you even receive a corresponding bonus.
Is there a Bitcoin sports betting bonus?
The reason why many betting enthusiasts look for a new betting provider is the bonus offers. After all, a sports betting bonus ensures that extra money is added to the betting account, thus increasing the chances of winning. Should you prefer Bitcoins as a payment option, then you do not have to do without a bonus, but quite the opposite.
Bookies often welcome customers who prefer cryptocurrencies with a kiss, because there are hardly any or no transaction costs.
In most cases, the sports betting bonus for new customers is granted in the amount of the regular bonus. What always has to be taken into account is the value of the Bitcoin. Of course, this is only the case if the betting account is kept in Euros or USD and not in Bitcoin.
The situation is different with the pure Bitcoin bookmakers. With these, you benefit from more flexible welcome bonuses and these often surpass the offers of bookies with conventional bonus offers.
However, it is also true here that a look at the bonus conditions. Because it should ultimately not be the bonus amount that encourages to use the bonus, but fair turnover conditions. After all, what good is the best and highest bonus if it expires at the end, including the winnings, because it was not possible to fulfill the turnover requirements.
Behave correctly when dealing with Bitcoins in sports betting.
The previous sections have already shown that dealing with Bitcoin sports betting is not difficult. But still, there are some rules of conduct that everyone should follow when placing sports bets with Bitcoin.
Storing the Bitcoins & access data
Either the credit is stored in a cloud or directly on the PC or a USB stick or memory card. Only you should have access to the respective wallet. Thus, the security is guaranteed. But the Bitcoins are irrevocably lost if you forget your login data. This is also the case if you lose the USB stick or memory card on which the Bitcoins are stored.
Check the entries several times
Once you have initiated a deposit, then it cannot be stopped. Also, you can no longer undo it. Therefore, before each transaction, you should carefully check whether the address of the wallet is correct. The best thing to do is to check each digit individually. If a typo has crept in, then especially with high payouts of winnings can be more than annoying.
If you pay exclusively with Bitcoin, then you remain completely anonymous with the bookmaker. You only have to deposit your email address. Certainly, this has certain advantages, but at the same time you should exercise a little caution. Because there is a negative factor here at the same time and this relates to the legal regulations as well as the compliance with minimum standards at the bookmaker. This means that in such a case, you should leave on your betting account only as much credit as you need for the current betting.
However, even the big and well-known bookmakers now offer the possibility to place sports bets with Bitcoin. However, these require registration and thus the creation of a betting account, which is only possible by entering personal data. In addition, an identity check is carried out in order to have the winnings paid out at the end. However, even in such a case, you can benefit from bitcoin payments: Because here, too, the payments are fast and no fees are charged for the transactions.
Are there any fees for sports betting with Bitcoin?
If a Bitcoin transaction is carried out, then a small fee is generally incurred. Thus, a so-called gas price is charged within the blockchain for each payment transaction. The payment sender can set this himself. As a rule, however, a default value is used for the variable gas price, with which the payment order is then incorporated into the blockchain.
If you use a market gas price that exceeds the default, then this will speed up the transaction. If the bitcoin is exchanged for another currency such as the euro, then there is also a fee for this. The problem is that this exchange fee is still quite high and therefore many of the Bitcoin fans continue to use the traditional payment options.
However, Bitcoin users are used to quite a bit in terms of costs when it comes to a voluntary money exchange due to the highly fluctuating rates of the cryptocurrency.
Sensible alternatives to sports betting with bitcoin
You have already learned quite a bit about what Bitcoin sports betting is all about and what advantages and disadvantages it has, but also what to look out for. Certainly, it is relatively convenient to deposit and withdraw with bitcoin, but it should not be forgotten that there are quite a few alternatives that can easily keep up with bitcoin.
Surely, it would be a dream if sports betting providers offered betting with ELV (electronic direct debit), but this option does not exist. However, you can make a deposit via online banking at any time. For this, you can use the direct payment providers such as Klarna (Sofort) or also Trustly. With these payment options, the money is also available to you in the shortest possible time. With a usual bank transfer, however, it takes two to three days until the money is credited to the player’s account. This is certainly not an option for live betting. In this case, payment providers such as Skrill, PayPal or NETELLER are available, with which you can also deposit anonymously.
Meanwhile, there is also ecoPayz, which is called the better PayPal by many sports betting fans. MuchBetter and ApplePay are also becoming increasingly popular.