Bitcoin betting sites allow punters to wager on their favourite sports using the popular cryptocurrency. In this article, we explain what cryptocurrency is, how it works, and what the very best Bitcoin bookies available are.
- Best Crypto Betting Sites
- 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 Choose the Best Bitcoin Betting Sites
- How to Deposit Using Bitcoin and Other 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
T&Cs APPLY, 18+ ONLY
T&Cs APPLY, 18+ ONLY
Full T&Cs apply. BeGambleAware.org #ad
T&Cs APPLY, 18+ ONLY
T&Cs APPLY, 18+ ONLY
18+ 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 requirements vary by game. Deposit methods, Withdrawal restrictions and Full T&Cs apply. BeGambleAware.org #ad
Best Bitcoin Betting Sites Ranked
How to Use Bitcoin to Bet
To get started betting with Bitcoin (BTC), the first thing you need to sort out is your crypto wallet, which is essentially cryptocurrency’s version of a bank account. You'll need it to exchange, buy or sell your crypto, monitor your betting bankroll (for example) and pay 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 are downloadable, either as a mobile app or a desktop client, while others run on a browser. When you have settled and activated the wallet you want, you're good to go! Be sure to 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 to the network – in the form of Bitcoin itself – but these are minor and fluctuate. These fees help to maintain the decentralised Bitcoin blockchain 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 network. Keeping these transactions hidden allows for anonymity online for both the user and the deal.
Moreover, crypto is decentralised with servers all over the world, with over ten thousand nodes keeping track of all the transactions happening on the system. This means that if something were to happen to one of the servers or nodes, others can simply step in and pick up the job, maintaining constant security. 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 did learn, however, that some welcome bonuses will not apply if deposits are made through either an e-wallet or Bitcoin/cryptocurrencies. Meanwhile, certain 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 your bookie directly for clarification.
Advantages of Betting with Bitcoin
There are many benefits to using this popular cryptocurrency to bet – we've listed the main ones below.
- 1Speed. A very obvious advantage to Bitcoin betting is how fast deposits and withdraws are processed 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.
- 2Flat transaction fees. With traditional fiat currency, fees are normally calculated as a percentage of the transfer. This means that the amount of fees increases as the amount of the transfer increases. With crypto payments on online gambling sites, the transaction fees do not increase along with the transaction size.
- 3Volatile value. This is actually both an advantage and disadvantage. The volatility of cryptocurrency means that its value fluctuates when compared to fiat currency all the time. Its worth can naturally increase or decrease so, if you intend to eventually exchange your winnings into pounds, for example, you will need to factor in the current Bitcoin market value when doing so. That being said, if you choose to deposit to non-specific betting sites that accept Bitcoin, the funds will likely be converted into a fiat currency upon deposit. In this case, your money will not be affected by the price of Bitcoin as long as you are betting.
How to Choose the Best Bitcoin Betting Sites
When it comes to cryptocurrency sports betting sites, you might find that the amount of available betting markets is a bit limited when compared to others, especially in the less popular sports markets. However, you can rest assured that you’ll find all the main sports available.
Having said this, it is also common to see these crypto sports betting sites with enhanced betting markets for particular sports, such as esports and virtual sports, which seem to generate more interest among those users who place crypto bets.
There’s a difference between online gambling sites which accept cryptocurrency payments and crypto betting sites which operate on crypto betting only. The first kind might impose geographical restrictions on Bitcoin betting since it depends on whether or not they are licensed to accept Bitcoin payments from a player in a particular country or not. With crypto betting sites, restrictions such as these are non-existent, as deposits and withdrawals can not be traced back to a single location due to the whole system being decentralised.
Regardless of the type of betting site you’re dealing with, we still always recommend checking whether the Bitcoin betting site you’ve chosen has any country restrictions or not so that you’ll be on the safe side.
As with other online bookmakers, always try to ensure that any Bitcoin betting sites you're considering have a good reputation, are properly licensed to operate and are allowed to accept players from the country you are residing in.
You will probably find that many crypto betting sites may possess a licence issued by the Curaçao Gaming Authority - this is normally a good indication, however, the possession of other licences will help prove the sites trustworthiness even further.
How to Deposit Using Bitcoin and Other Cryptocurrencies
Typically, depositing with Bitcoin is extremely easy and can be achieved in three steps.
- 1Log 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. You will need to have a Bitcoin wallet to do so.
- 2Enter the amount of money you wish to deposit, just as you would if you were making a debit card transaction. Be careful to note the minimum deposit amounts.
- 3Confirm your transaction to complete the payment.
Now, you’re free to bet on what you wish!
Setting Up a Bitcoin Wallet
First of all, there are a variety of crypto wallets to choose from. If you're still new to all this, we suggest Coinbase.
It’s important to note that there are three different types of wallets: hosted wallets, non-custodial wallets and hardware wallets. We suggest having a hosted wallet to use for on the crypto betting sites you choose to sign up with – it’s also the easiest one to set up.
- 1Sign up to a crypto platform or exchange such as Coinbase.
- 2Deposit funds into your Bitcoin wallet and exchange that money for Bitcoin.
- 3Transfer the bitcoins you’ve bought to your Bitcoin sports betting site by navigating to the deposits page. Select Bitcoin as a payment method and follow the steps as instructed by the site.
Withdrawing your Winnings in Bitcoin
Withdrawing funds in Bitcoin is similar to doing so with other payment methods. Just make sure to confirm that the destination Bitcoin wallet is yours before proceeding with the withdrawal.
The withdrawal time should be quite fast as no banks are involved and the process itself is entirely online, saving you both time and money. Once you receive your bitcoins in your Bitcoin wallet, you will be able to exchange them for other cryptocurrencies or back to a fiat currency.
Is Bitcoin Legal?
The short answer is yes – Bitcoin and other cryptocurrencies are entirely legal to use. 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 is nowadays the most well-known.
Bitcoin was created by Satoshi Nakamoto who, in 2008, published a research paper outlining 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 the currency, the list of those that do is constantly expanding.
The original payment alternative and still one of the best. Now accepted almost anywhere, 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 funds 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 that can fund all of your sports betting needs. It offers numerous benefits and perks to its users – not least, a lack of additional costs, and the ability to wire funds to and from your bank account onto a betting site without having to register your bank account.
Best Bitcoin Betting Sites FAQs
Yes, BTC allows for anonymous transactions which also applies to cryptocurrency betting sites.
Again, yes. BTC and other crypto is perfectly legal for betting in the UK.
There are a number of factors that keeps trading in Bitcoin safe, so yes, cryptocurrency betting is perfectly safe if used correctly.
Yes, there are fees when using Bitcoin for betting, usually around 2-3%.
Yes, many. Just a few of these would be Litecoin, Namecoin, Peercoin, Dogecoin, Ethereum, Tether and Zcash.
ThePuntersPage Final Say
Bitcoin is a genuinely intriguing option for banking with your bookie, and one that you should definitely consider using. While not all online bookmakers accept crypto payments just yet, we fully expect that to change over the next few years. Given the many benefits we have discussed in this article, there is no reason it shouldn’t!