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 bookies available are.
- How to Use Bitcoin to Bet
- Best Bitcoin Sports Betting Sites Available in UK
- Sports Betting With Bitcoin
- 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?
- Betting on Bitcoin
- History of Bitcoin
- Best Bitcoin Betting Sites Ranked
- Alternatives to Betting with Bitcoin
- Best Bitcoin Betting Sites FAQs
- ThePuntersPage Final Say
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 measures.
Bitcoin does apply fees for transactions to the network, but these are minor and tend to fluctuate. They also help to maintain the decentralised 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. The latter 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 – there are over ten thousand nodes keeping track of all the transactions processed 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.
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
Sports Betting With Bitcoin
There are now many Bitcoin bookmakers to choose from, with varied sports betting options such as football, horse racing, tennis, US sports, and boxing.
These sites are simple to use and place your bets with, following an intuitive and hassle-free process. What might be new to you, though, are Fan Tokens, which are a way to increase your engagement with a sports team by owning digital assets – sort of like a crypto of the club you support. Like this, you are provided with various benefits.
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 deposits.
We did learn, however, that certain welcome bonuses will not apply if deposits are made through either an e-wallet or cryptocurrencies. Meanwhile, certain betting sites (such as 22Bet) did not specify what is or is not eligible. 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 withdrawals are processed to and from your betting account, often in just a matter of minutes.
- 2Security. A second advantage of betting with cryptocurrencies is that, as we covered above, they are encrypted, anonymous and highly secure. This is largely down to the blockchain technology through which they operate.
- 3Flat 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. This is not the case with crypto payments on online gambling sites, which remain flat.
- 4Volatile 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 the cryptocurrency, the funds will likely be converted into a fiat currency upon deposit. In this case, your money will not be affected by the price 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 focus solely as crypto betting portals. The first kind might impose geographical restrictions on Bitcoin betting, as it depends on whether or not they are licensed to accept these 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 there are any country restrictions in place to be on the safe side.
As with other online bookmakers, always check that your chosen site is properly licensed to operate, and is 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 trustworthiness of thew site even further. For a detailed comparison of crypto betting sites, check out our crypto betting comprehensive guide.
Finding VIP schemes at Bitcoin-specific sites (such as Stake) might not be an easy task - however, it helps to know where to look for them. Unfortunately, VIP programmes at non-specific betting sites that accept Bitcoin as an alternative payment method don't usually offer welcome or deposit bonuses for Bitcoin users.
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 another cryptocurrency) 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 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 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 wallet and exchange that money for Bitcoin.
- 3Transfer the bitcoins you’ve bought to your betting account by navigating to the deposits page. Select Bitcoin as a payment method and follow the steps as instructed by the site.
Withdrawing Your Winnings
Withdrawing funds in Bitcoin is similar to doing so with other payment methods. Just make sure to confirm that the destination 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 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. While cryptocurrency is a payment system still in its infancy, the digital platform is a legitimate way to send and receive money. Think of cryptocurrency as a new version of PayPal, and you won’t be too far off from how it works and why it is legal.
PayPal started as a payment processor for government-backed currencies, like the British pound, and revolutionised how people could use their money. Now, cryptocurrency has brought a new financial technology advancement to the market, and is itself causing another disruption within the industry. Today, even PayPal has joined the cryptocurrency expansion, allowing users to purchase, sell, pay with, and receive cryptocurrency!
If you found PayPal to be a trustworthy and legal form of financial transactions over their 20+ year history, knowing that PayPal supports crypto should put your mind at ease. This legitimate status also extends towards general sports betting sites that accept Bitcoin.
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.
To learn more, visit our helpful guide that lists the best Bitcoin gambling sites.
Betting on Bitcoin
Another alternative that punters enjoy is financial Bitcoin betting.
Financial betting is like placing a football wager on the stock market or other commodity. You are not purchasing the stock; instead, you are placing a bet on whether it will move the way you predicted. This turns the stock market into an interesting punter's game. To help you out even further, we’ve cobbled together a list of 10 best financial betting sites for your reference.
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, the crptocurrencu 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.
Best Bitcoin Betting Sites Ranked
The original payment alternative and still one of the best, PayPal is accepted almost anywhere. You would be hard pressed to find a bookie that accept this payment option as a way of making safe and secure and anonymous transactions 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 even 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 activities. 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 details belonging to the former.
The word ‘altcoin' stands for ‘alternative coins' – the most popular of which include Litecoin, Ethereum, and Dogecoin. These cryptocurrencies are similar to Bitcoin, but offer different price points, volatility, speed, transaction fees – and even meme potential! Our altcoin betting guide will get you started on the right foot with everything you need to know.
The term NFT stands for ‘non-fungible token' and uses the cryptocurrency Ethereum to track the ownership of digital items, from video games to artwork to songs. The NFT platform gives people a digital investment into items that can go up or down in value, but do not have a reliable or known value until it is sold.
NFTs can provide a good way to support artists and designers you like directly, which is typically the point of owning such an item. If you personally like a digital item or an artist, that gives your investment value to you, no matter the real-world price.
Best Bitcoin Betting Sites FAQs
Yes – BTC allows for anonymous transactions, which also applies to cryptocurrency betting sites.
Again, yes. BTC and other crypto are 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 securely if done 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. On the Binance crypto platform, they offer an in-house cryptocurrency called the Binance Coin, which is a great crypto and marketplace all in one.
For a standard Bitcoin withdrawal, it will take up to 20 minutes to complete the transaction. If there is any additional processing required by the bookmaker or casino, such as an account review, responsible gambling check, or a customer due diligence check, then this will take more time. You can always contact the bookmaker and casino to request the status of the withdrawal if you are experiencing a delay.
ThePuntersPage Final Say
Bitcoin is a genuinely intriguing option for sports punters, 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!