The Best Bitcoin Sports Betting

The name of the game with Bitcoin sports betting sites is the same as it is with traditional sports betting sites that take wagers in fiat currency: increasing the size of that bankroll! Naturally, some of the nuances of wagering with Bitcoin versus fiat money are different, but don’t worry, this guide covers that in detail in the sections below.

Let this be your starter’s guide in learning how to use Bitcoin to wager on your favourite sports teams so that when it comes to making a bet, you’re armed with the knowledge you need to turn your Bitcoin wagers into Bitcoin profits.

It’s easy to see why Bitcoin is so popular, as it is now accepted at a number of big, mainstream sports betting sites, and punters can use Bitcoin to bet on everything from football through to darts, and soccer through to pool. Esports are particularly popular with those looking to gamble using Bitcoin, and most Bitcoin sportsbooks now have comprehensive esports sections, covering a wide range of different games and markets.

New Bitcoin sportsbooks now seem to be popping up on an almost daily basis, offering everything from great promotions through to anonymous betting, and this can make it tough for you to know which is going to be the best for you. Well, we have a solution to this problem, as we’ll show you the very best Bitcoin sports betting sites on this page. So, if you’re looking for a new place to bet with Bitcoin, all you need to do is look through the list of sites on this page – a list that is constantly being updated, to reflect the fast-moving pace of the Bitcoin gambling world.

Why Bet with Bitcoin?

As a newbie, you might still be trying to figure out why you should bet with Bitcoin. There are plenty of reasons. Almost too many to name. Not least of which is the fact that using Bitcoin to bet on sports is fast, fun, anonymous and accessible.

Faster Transaction Speeds with Bitcoin

Think about what it takes when using fiat money to place a bet on a sportsbook. It usually involves organizing a direct debit or bank transfer, or having to verify your identity and use a credit card to play while paying a premium fee for that.

With Bitcoin, the only fee you pay is a small nominal amount that goes to its public ledger known as the blockchain. It takes up to 10 or 20 minutes for a Bitcoin deposit or withdrawal from your personal wallet to the sportsbook and back, and everything is on the public ledger for all to see. All in no time flat.

Using Bitcoin is a Fun Gamble

Consider that at the height of the COVID-19 epidemic, the price of Bitcoin plummeted by 40% in just one week. Equally, in the Bitcoin bubble of 2017/18, the price of Bitcoin rose from less than $1,000 to $20,000! Imagine placing a wager on the NBA playoffs or English Premier League that’s worth $10 when you place it, but appreciates in value up to $15 after you win. All of a sudden your victory is worth more than you thought!

Bitcoin and Anonymity

Don’t want your wife to know how much you plan to wager on Major League Baseball this summer? Tired of turning your identity over to governments and third-party payment providers looking to track your every move? Worry no more. With Bitcoin, many gambling operators opt not to take government identification from participants. No need to engage in a Know Your Client (KYC) process. This is because the blockchain ensures transactions are valid, so the exact identity of the participants isn’t something sportsbooks need to know.

The added benefit to this anonymity is that if there is a big game on tonight, there is no need to wait for anything to be processed in order to place a bet. Just send Bitcoin to the individual deposit address assigned to you by the sportsbook, then wait for the transfer to complete and go ahead and place your bets.

Bitcoin is Accessible to Everyone

Sports bettors across both Europe and North America tend to take accessibility to sportsbooks for granted. Most aboveboard platforms will gladly take in identification and allow players to place wagers with their fiat money. But not everyone is allowed to place wagers freely, and not everyone has access to the banking systems and payment providers that typically work with traditional fiat money.

Bitcoin provides any gambler around the world with a place to play and the sport to wager on. It isn’t owned by anybody and no government can shut it down. Nobody can tell users where they can and can’t put their money, and what they can and can’t bet on. Bitcoin opens up the entire world of sports betting to anybody with the desire to gain an edge on the sportsbook and try to capitalize on it.

No matter where you live, what your affiliation is or what your wife thinks about your gambling habits, everyone is entitled to sprinkling a few Bitcoins or satoshis on their Bitcoin sports betting platform of choice. No permissions required.

Differences between Traditional and Bitcoin Sports Betting

The name of the game in sports betting is finding value, picking winners and taking profits, whether the wagers are being made with Bitcoin or other digital currencies like Ethereum or fiat money. That said, there are a few nuances and distinct differences between traditional sports betting sites and Bitcoin sports betting sites that make the two experiences a little bit different for hungry bettors.

Here they are spelled out in the table below.

First let’s go over traditional sports betting sites. Just consider for a moment how many intermediaries they have to deal with. First comes governments. Professional gamblers who view their wagering as an investment know from experience that paying taxes on gambling profits can eat up between 30-40% of those profits. A traditional site running under a proper business license has to register all kinds of information (including your identification) with those agencies just to stay open. That cost gets handed down to gamblers, and your identification gets handed to third parties.

When it comes to gambling in the currency of your choice, a traditional site will offer only one option to gamble with, maybe two if you’re lucky. A Bitcoin sports betting site, on the other hand, will allow users to wager with Bitcoin as well as altcoins like Ethereum and Bitcoin Cash among others.

This also means that with Bitcoin, the same sports are available for betting. This includes, but is not limited to:

• American Football
• Ice Hockey
• Baseball
• Basketball
• Boxing
• Soccer
• Tennis
• Golf
• UFC
• Esports

Bankroll Management

Perhaps one of the most overlooked advantages of using Bitcoin to bet on sports is the impact it can have on bankroll management. Sure, experienced players understand the value of portioning their bets according to the likelihood of a winning wager, or implementing a variety of other betting systems for that matter. There is, however, one key advantage that Bitcoin offers over fiat money that will help players manage their bankrolls to an even higher degree.

The advantage comes in the fact that Bitcoin is traded down to 12 decimal places. Contrast that with fiat money, where gambling for pennies is as low as one can go. While most Bitcoin sites won’t allow users to gamble 0.000000000001 of a Bitcoin, they will usually accept wagers worth much less than a penny. This means a newbie who is either scared of using Bitcoin or scared of losing their bankroll can portion their bets down to a really small, granular level. Therefore, a patient gambler willing to learn can start with a much smaller bankroll in the first place and thus take on much less risk while learning the ropes.

Weighing risk versus reward and placing wagers that reflect one’s own tolerance and adequately account for losing streaks and bad beats is one of the keys to long-term success in sports betting. We’ll talk more about that in the sports betting strategy and betting tips sections below.

Playing with Stablecoins to Curb Volatility

One unique aspect of betting on sports with Bitcoin is the fact that bankroll management can also mean currency management. In March, 2020, the price of Bitcoin saw 40% dip in one week. Stablecoins are tokens (usually built on Ethereum) that are backed by fiat currencies that don’t fluctuate. It essentially allows gamblers to bet with digital currency that is as stable as fiat but opens the door for wagering with the benefits of crypto. That way, when the price of Bitcoin falls dramatically or shoots up, gamblers can trade their Bitcoin for stablecoins or vice versa and do whatever is advantageous to them.

Sports Betting Strategy

All of the Bitcoin and sports knowledge in the world is not worth anything to gamblers who don’t know how to manage their bankroll or don’t have a set sports betting strategy in place. Having a basic strategy that works and sticking to it is the key to long-term success.

Consider that professional gamblers usually bet in units or percentages ranging anywhere from 1%-5%. In other words, they only gamble as much as 5% of their bankroll on a single event – that’s if they think the likelihood of winning that wager is high of course. On the other hand, if they think their odds of winning are only slightly above 50%, they’ll wager closer to 1% of their bankroll.

Some gamblers prefer to organize their bets into units. Assuming they are playing with a $1,000 bankroll, they may decide that one betting unit is just $10, which is 1% of their bankroll. On a wager that is likely to win, that means a 5% wager would be $50.

The bottom line is, beginners need to have a strategy. Going big on a huge favourite will win a lot of wagers, but one significant loss can wipe out the entire bankroll.

Top Bitcoin Betting Tips

Aside from bankroll management and sports betting strategy, Bitcoin newbies need to be cognizant of other keys to success in betting on sports with digital currencies. Consider these tips and let the profits roll in.

Bag a Bonus

Many Bitcoin sports betting sites will offer new users a welcome or first time deposit bonus by matching up to 100% of a new user’s deposit. That’s one quick way to double the bankroll. Take advantage of these bonuses for sure. Just keep in mind that players need to rollover their bankroll between 30 and 50 times over depending on the site in order to receive their bonus. Remember, they are offering you the bonus to keep you coming back for more.

Stay Anonymous

As mentioned several times in the sections above, there is no need to share your name or identification on Bitcoin betting sites. Keep it that way. How you choose to spend your entertainment dollars is your business. If you want to wager on the big game and keep that information to yourself, Bitcoin betting sites let you do just that.

Store Funds in a Wallet, Not On a Sportsbook

One important principle to understand is the fact that Bitcoin doesn’t have a central authority overseeing transactions. All exchanges of value are validated by the participants on the Bitcoin network. The moment you send your Bitcoin from a private wallet to a sportsbook, you are at risk for getting hacked. Though the risk is minimal, storing Bitcoin in an offline wallet (an offline device that resembles a USB key) is the only way to be sure that your value remains secure.

Find a Bookie with a Low House Edge

Succeeding in sports betting is all about finding the best price on a wager. If one site is paying out 4 to 1 on an underdog and another is paying out 4.5 to 1 on the same selection, it makes sense to go for the extra value. Using Bitcoin to bet on sports means being one step ahead of brick-and-mortar sportsbooks in most cases because players are getting better odds in general. After all, the fees on Bitcoin sportsbooks are lower so there’s a higher profit margin that can be offered to players. Shopping for the best betting odds among Bitcoin-specific sites can sometimes result in finding even more value.

Point Spread Betting with Bitcoin

Betting on the point spread with Bitcoin means betting on matches where the odds are even and the favourite must win by a margin in order for the bet to be a winner. If the NFL’s Buffalo Bills are favored at -2.5 points over the New England Patriots, it means winning by a field goal results in the wager paying out even odds minus whatever vig the bookie takes. Either way, a win results in more Bitcoin moving into your bankroll.

Conclusion

You’re officially primed and ready to bet on sports with Bitcoin. It’s now time to take the leap and move from newbie to veteran. As you move throughout your Bitcoin sports betting journey, keep in mind that no matter the currency being used, the name of the game is still the same. Wager only what you can afford to lose, manage your bankroll, develop a refined strategy and let the Satoshis fall where they may.

Good luck and happy sports betting!

Bitcoin is altering the way people gamble in many ways, and the vast majority of these ways can only be seen in a positive light. Perhaps the biggest way in which Bitcoin is changing things up is this though: it is a currency without borders, accepted by sportsbooks no matter where you happen to be. So, whether you’re in the USA or the middle of Africa, you’ll find you can bet with Bitcoin. Of course, you should check your local laws and regulations though, just to ensure betting is legal where you are.

Another way in which Bitcoin is changing things is the fact that it is removing middlemen from the equation, and this can save gamblers not only time, but also money. The fact that all transactions are also visible on the blockchain means that fraud is removed almost entirely, meaning that the Bitcoin gambling world is a safer and more secure than its traditional counterpart. Of course, you should still exercise some caution though, just to ensure your personal details remain personal.

Speaking of personal details, most Bitcoin gambling sites will not require excessive personal info when depositing or withdrawing. In fact, some Bitcoin gambling sites simply work using your IP address, never requiring you to enter any personal details at all. In a time when personal privacy is a hot topic, it’s nice to see that it’s possible to gamble online without having to give too much about you away. So, if you want to bet with anonymity, using Bitcoin is often the only option open to you.

Gambling with Bitcoin is also often more exciting than gambling with fiat currency, and this is for one reason: Bitcoin values are constantly fluctuating, so any wins you receive could be compounded by this price growth, and that is clearly something that is very beneficial to all Bitcoin gamblers – as well as something you certainly won’t get when betting with standard currency. Of course, the value of Bitcoin could also drop, which is why it pays to keep one eye on how the markets are performing.

It’s also important to remember this: Bitcoin sportsbooks are often largely automated affairs, and this means that there’s a real lack of staffing costs for the sportsbook to absorb. But why is the fact that Bitcoin sportsbooks have lower running costs important? Well, it’s simple: lower running costs can often be passed down to the gambler, in the form of better odds – and is there anything more important to an online gambler than getting the best odds possible? You’ll also find that there’s an almost complete lack of fees when gambling online using Bitcoin, meaning you can save more of your money for gambling online.

So, you can clearly see that there are many ways in which Bitcoin is changing the online gambling world for the better, from favorable odds, all the way through to increased anonymity. If you want to experience Bitcoin gambling for yourself, why not sign-up with one of the sportsbooks we recommend and place a few bets today?