Bitcoin (BTC), the most popular form of cryptocurrency, is becoming an increasingly popular way for internet users to fund their online transactions. This, of course, applies to betting and other online gaming opportunities.
In this article we will explain, for those new to such terms, what cryptocurrency is, how it works, and what the very best Bitcoin betting sites and other crypto alternatives are.
Table of Contents
- Best Betting Sites we Recommend for Cryptocurrencies
- Best Bitcoin Betting Sites Ranked
- How to Use Bitcoin to Bet
- What Bonuses Do Betting Sites Offer Bitcoin Users?
- Advantages of Betting with Bitcoin
- How to Deposit Using Bitcoin/Cryptocurrencies
- Is Bitcoin Legal?
- History Of Bitcoin
- Alternatives to Betting with Bitcoin
- Best Bitcoin Betting Sites FAQs
- ThePuntersPage Final Say
T&Cs APPLY, 18+ ONLY
Minimum deposit of £10 using deposit code 30F - A qualifying bet is a ‘real money’ stake of at least £10 placed on any sports market - Minimum odds of 1/2 (1.5) - Free bets credited upon qualifying bet settlement and expire after 7 days - Free bet stakes not included in returns - Casino Bonus must be claimed within 7 days • To withdraw bonus/related wins, wager bonus amount x40 within 14 days • Wagering req. vary by game • Deposit methods, Withdrawal restrictions and Full T&C’s apply
Please note: Access to 1xbet is restricted for UK residents. New Customers only. 100% on first deposit up to €100. The minimum required deposit to activate the bonus is €1. Before making a deposit into their account, customers must agree to receive a sports betting bonus either on the ‘Account Settings’ page in the My Account section, or directly on the ‘Deposit’ page. This bonus is automatically credited to customers’ accounts once the first deposit has been made, provided that the account details have been completed in full and a phone number has been activated. Wager 5 times the bonus amount in accumulator bets. Each accumulator bet must contain 3 or more events. At least 3 of the events included in an accumulator must have odds of 1.40 or higher. The start dates of all of these events should not be later than the validity period of this offer. The bonus must be used within 30 days of registration. After 30 days the bonus and all winnings made on the bonus will be revoked. T&Cs apply.
Register with 22Bet. Make a deposit of at least €1. Get 100% bonus up to €122 for sports betting. The bonus will be credited to your account automatically after the deposit is made. Only one 100% first deposit bonus per customer. Before withdrawal the bonus amount needs to be wagered 5x in accumulator bets. Each accumulator bet must contain at least 3 selections with odds of 2/5 (1.40) or higher. 18+
Best Bitcoin Betting Sites Ranked
How to Use Bitcoin to Bet
To get started betting with Bitcoin, the first thing you need to sort out is your wallet. Your wallet is, essentially, cryptocurrency’s version of a bank account. It is where you exchange your crypto, as well as buying and selling, monitoring your betting bankroll (for example) and paying for services, such as topping up your account at your chosen bookie.
When it comes to Bitcoin wallets, there are a number of types available. Some wallets are downloadable, either on a mobile app or a desktop client, while others run on a browser. When you have settled on the wallet you want, activate it and you’re good to go. Keep your wallet safe and secure, and back it up regularly with encrypted access and any other available security.
Bitcoin do apply fees for transactions, but these are minor and fluctuate. You pay these fees to the network in the form of Bitcoin itself. These fees help to maintain the decentralised Bitcoin network that keeps the whole service working smoothly.
When it comes to security, we are pleased to say that Bitcoin ticks some important boxes. Firstly, cryptocurrencies are, by their very nature, encrypted and secured within the blockchain. Blockchain employs miners to work together to encrypt the transactions that take place on the blockchain system. Keeping these transactions hidden allows for anonymity online for both the user and the deal.
Also, crypto is decentralised with servers all over the world, and over ten thousand nodes keeping track of all the transactions happening on the system. This means that if something was to happen to one of the servers or nodes, others can simply step in and pick up the job, keeping everything secure all the time. This makes Bitcoin (as well as other cryptocurrencies) a great option when betting online.
What Bonuses Do Betting Sites Offer Bitcoin Users?
At the time of writing, we could not find any special bonuses for using cryptocurrency to make betting deposits. We have also found that some welcome bonuses will not apply if deposits are made through either an e-wallet or bitcoin/cryptocurrency. That being said, some Bitcoin betting sites (such as 22bet) did not specify whether deposits with Bitcoin or other cryptocurrencies forfeit the right to a welcome offer or not. We therefore suggest contacting the bookie directly for clarification.
Advantages of Betting with Bitcoin
A very obvious advantage to Bitcoin betting is the speed that it takes to deposit and withdraw to and from your betting account. Bitcoin transactions can be processed in just a matter of minutes and apply to lots of different currencies. A second advantage of betting with cryptocurrencies is that, as we covered above, they are encrypted, anonymous and highly secure.
How to Deposit Using Bitcoin/Cryptocurrencies
Typically, depositing with Bitcoin is extremely easy and can be achieved in three steps.
- Log in to the bookmaker of your choice and head over to the deposit page where you can select Bitcoin (or other nominated cryptocurrencies) to make your payment.
- Enter the amount of money you wish to deposit, just as you would if you were making a debit card transaction.
- Confirm your transaction to complete the trade.
Now, you’re free to bet on what you wish.
Is Bitcoin Legal?
The short answer is, yes, Bitcoin and other cryptocurrencies are entirely legal. So long as you are betting with a UK licensed site, and one that accepts blockchain currencies, then there is no restriction on Bitcoin deposits whatsoever.
History Of Bitcoin
Contrary to popular belief, Bitcoin was not the first cryptocurrency ever invented. It was, however, the first to be popularised and by far the most famous. The invention of Bitcoin has been credited to Satoshi Nakamoto who, in 2008, published his research paper which outlined the blueprint for a peer-to-peer digital currency. Satoshi and programmer Hal Finney recorded the first BTC transaction the following year at a cost of 10 coins. In 2014, Bitcoin sponsored the Super Bowl, and a year later, Barclays became the first UK bank to accept Bitcoin deposits. By 2016, UK bookmakers began to accept crypto for the first time, and while plenty of operators still don’t accept Bitcoin, the list of those who do is constantly expanding.
Alternatives to Betting with Bitcoin
For those of you still not sold on using cryptocurrencies, or maybe betting at a site that doesn’t accept crypto, there are, of course, other alternatives.
The original payment alternative and still one of the best. Now accepted almost anywhere online, you would be hard pressed to find a bookie that didn’t offer its customers PayPal as a way of making safe and secure and anonymous payments online.
Apple Pay is a mobile payment system that allows users to deposit and wager at an online betting site with thumbprint or eye recognition security software. The money can be taken directly from the bank account of your choice, and you can also get lucrative deposit promos for using the service.
Trustly is another widely accepted and super secure option to fund all of your sports betting needs. There are numerous benefits and perks of using Trustly, not least a lack of additional costs and the ability to wire funds to and from your bank account onto a betting site without registering your bank account.
Best Bitcoin Betting Sites FAQs
🤑 Is betting with Bitcoin anonymous?
Yes, BTC allows for anonymous transactions which also applies to cryptocurrency betting sites.
⚒️ Is betting with Bitcoin legal?
Again, yes. BTC and other crypto is perfectly legal for betting in the UK.
🥇 Is Bitcoin betting safe?
There are a number of factors that keeps trading in Bitcoin safe, so yes, cryptocurrency betting is perfectly safe if used correctly.
🎰 Do transactions come with fees?
Yes, there are fees when using Bitcoin for betting, usually around 2-3%.
👍 Are there other digital cryptocurrencies?
Yes, many. Just a few of these would be Litecoin, Namecoin, Peercoin, Dogecoin, Ethereum, Tether and Zcash.
ThePuntersPage Final Say
Bitcoin (BTC) is a genuinely intriguing option for banking with your bookie and one that definitely should be explored further. While not all online bookmakers accept crypto payments just yet, we fully expect that to change over the next few years and, given the many benefits we have discussed, there is no reason it shouldn’t.