Crypto Betting

Cryptocurrency And The World Of Sportsbook

Bitcoin betting companies provide lots of benefits that make them appealing to sportsbook fans. In theory, sports betting with cryptocurrency works exactly as it does with traditional currencies – Fiat money.

If you want to know why betting with cryptocurrency is a good bet, read this article all the way through to find out.

Simply make a deposit with the provider of your choice and place the chosen stake on the sports betting event you find attractive enough. All winnings get credited to your account and can be paid out as usual, as long as the bookmaker has cryptocurrencies accepted as a payment method.  

Cash profits from online betting
Online Betting

But first, you must have a Bitcoin or Altcoin credit. Many online exchanges nowadays are available for purchasing the cryptocurrency you have selected to hold. You will find detailed information on how and where to acquire bitcoin or other cryptos here on bitcoinonlinecasino.io.

You can easily transfer crypto to the bookmaker and receive funds back through your personal and privately owned crypto wallet. Users can complete transfers quickly, easily, and safely in this manner.

Now, let’s have a look at other benefits you might find very interesting when you consider using cryptocurrencies for online betting. 

The Advantages

Advantage 1: Anonymity

One of the great things about a crypto account is that the account holder is often completely anonymous. Several Bitcoin-accepting bookmakers do not ask for traditional identity documentation.

Everything you need is an email address to keep in touch with customer service. But even that is not always necessarily at most of the betting sites.

You don’t have to worry about your personal information being stored or even submitting any proof of identification to verify your account. You don't leave any traces that could expose you as someone who enjoys betting if you don’t want to.

Advantage 2: No account restrictions (for the most part)

The absolute anonymity given on many sites means that crypto casinos and crypto sportsbooks can rarely block your account. Playing anonymously is for many online players and betting enthusiasts the primary criteria and has the highest priority.

Advantage 3: Lightning fast payouts

Users receive all winnings in their accounts immediately after each bet and result announcement. Even with the distribution of larger winnings, there won't be any delays.

You don't have to worry about exceeding your limits, which can lead to account closure, or about other unfair actions taken by the bookies. Holding back your profits until they have made a sufficient profit of it again should be the concern of the past.

Advantage 4: No banks

Online betting and other activities such as online shopping have been so far very difficult to realise for someone without a bank account. Not having an account or a debit or credit card makes it very unpleasant to interact on the World Wide Web.

You won't have to be concerned about any of these factors if you are using cryptocurrencies. There won’t be any other third parties involved in handling the transaction between you and the person or company of your choice.

Advantage 5: Safety

Security is one of the most essential benefits of sports betting with Bitcoin and Altcoins. Cryptographic processes protect the currency against counterfeiting, and encryption protects privacy by making transactions more difficult to track.

There are still viruses and spyware that can harm and attack your cryptocurrency.

You can protect yourself from them by saving the private key, which is a type of individual code that only the particular owner has access to their Bitcoins, on a device separate from your Bitcoin wallet. Only the ownership of both indicates the legitimate coin holder.

Even though the entire crypto market is often volatile, the benefits are enormous and obvious.

What Are The Bookies’ Advantages?

Of course, no bookmaker would accept cryptocurrency payments unless they benefited from them as well. For each completed transaction, bookies pay up to 4% in fees to credit card companies and other payment solution providers.

Considering the high number of customers, this makes a significant difference, and the betting sites save almost the entire cost by accepting crypto payments. This makes crypto and Bitcoin sports betting appealing to bookmakers.

As if that weren't enough, the new payment method eliminates the possibility of fraud through chargebacks (for credit card payments). As a result, several bookies are already offering specially tailored bonuses if you are willing to deposit cryptocurrency to promote this payment method.

The Importance Of Bitcoin For Sports Betting Today

Betting on sports events with cryptocurrency has a huge potential. The amount of crypto betting sites that accept Bitcoin and Altcoins as a regular currency is growing fast.

Experts suspect that 50% of all Bitcoin transactions are already related to online betting or online gambling. The reason for this is that cryptocurrencies are a good loophole for the US gaming market, for example.

Players have the permission of gambling only in the states of Delaware, New Jersey, and Nevada in the United States and remains illegal in all other states. Same also applies to crypto casinos.

Due to its anonymity, Bitcoin and crypto betting providers are now springing up like mushrooms for US citizens.

SPORTS BETTING
Crypto Sports Betting

The US government cannot control crypto transactions, but transfers using other payment methods, on the other hand, are easy to track. Bitcoin's policy officer Naomi Brockwell says that cryptocurrencies and bitcoin, in particular, revolutionised the online sports betting market in the United States.

Because Americans can now freely bet and gamble. Since the transaction in Bitcoin happens immediately and nobody can reverse it, bookmakers also benefit from it.

The Best Crypto Sportsbook Sites

We have prepared for you a list of some of the most reliable crypto betting sites.

Cloudbet

For many sports betting fans is Cloudbet one of the top bookmakers and betting sites on the market. Because they have already offered Bitcoin deposits and bets in 2013, they were one of the first providers to accept this type of payment method. At Cloudbet you can not only bet on sports events but also live casino games, slots, live betting and Esports.

22bet

If you like to deposit and bet with cryptocurrencies, then you should take a look at 22bet. Besides the usual payment methods, such as Neteller, Skrill, credit card or bank transfer, you will also find a variety of crypto payment methods.

Along with Bitcoin, you can furthermore deposit with Ehtereum, Monero, Litecoin, Dogecoin or Tron, for example. Keep in mind, the crypto deposits will be excluded from the 22bet-Bonus. If you want to take advantage of the welcome bonus, you have to avoid using Bitcoin and Altcoins when making your first deposit.

Coinbet24.com

Coinbet24.com is a licensed Bitcoin bookmaker where you receive up to a 50% bonus for your Bitcoin deposit after registration. The site is available in several languages, with a wide selection of betting events and fairly calculated odds.

Bahigo

The online sportsbook Bahigo guarantees one of the highest levels of reliability. You have to open an account as usual, and you can choose Bitcoin as your payment method. The deposited cryptocurrency will be promptly converted into euros or the currency of your choice, e.g. CHF.

TonyBet

TonyBet is our next major sportsbook on the list. Once you have registered, you can happily make your deposit in addition to common methods such as credit card, Neteller or Skrill, as well as Bitcoin of course. A fee is not charged. However, if you are making a deposit at TonyBet for the first time and want to claim the TonyBet-Bonus, you will have to forgo cryptocurrency payment. Because TonyBet does not grant a welcome bonus on deposits made with Bitcoin.

18bet

Since December 2019, you can pay and play with cryptocurrencies at 18bet. Deposits with Bitcoin, Bitcoin Cash and Ethereum are possible. Your deposit will be processed immediately. And you won't pay any fees.

Melbet

At Melbet, you can register as an anonymous user with just one click, and you can make your deposit using three different cryptocurrencies. Besides Bitcoin, there is also the option of paying in with Litecoin or Dogecoin. You also have the option of claiming a 100% bonus on your first deposit at Melbet.

Attractive Crypto Betting Bonuses

Exclusive bonus onus offers are a hot topic for online bookmakers. In addition to a welcome bonus, which almost every bookmaker offers, there are usually extra promotions for regular and loyal customers. Sports betting enthusiasts can use those offers to generate additional betting credit, but also free bets and cashback.

What you won't find is a Bitcoin or Altcoin tailored bonus that depends on the cryptocurrency you are depositing with. However, with crypto sports betting sites, you can swiftly and securely deposit using cryptocurrency and collect one of the frequent bonus offers.

As usual, the bonuses are then linked to certain wagering requirements. These specify how often you must wager before converting it to real money funds on your balance.

Aside from the wagering requirements, certain betting markets are excluded from bonus offers and free bets. All that in a given time, as free bets are usually only available for a specific period.

Therefore, don’t forget to have a look at the bonus terms and conditions when you sign up for an account with a new bookie. Keep in mind, no online casino would ever give you free cryptocurrency you could instantly withdraw back into your wallet with no strings attached.

Then again, any kind of bonus is a pleasant touch after all and creates a positive customer experience.

Crypto Betting Types

The range of bets offered by crypto bookmakers can be just as wide as those offered on other betting sites. Still, the focus is on football, mainly on the top 5 leagues.

Many bettors are checking the variety of offers on the betting site, and whether bets on amateur football are available. For many betting enthusiasts, the range of special bets such as double chance, over/under bets, whether both teams will score, handicap bets or Asian handicap bets, are important.

A wide selection of bets on other sports can also be very extensive. Popular sports such as tennis, ice hockey, handball, volleyball, basketball, baseball, golf, and motor sport should be part of the portfolio.

Some bookmakers accept a bet on esports and not so popular sports such as futsal, chess, sailing or wrestling.

A good range of live bets should also be always available. In football, this is already well-known, but live bets are also offered on other sports. A good and experienced bookmaker always has a decent variety of special-live-bets.

Which Cryptocurrencies Can You Use For Online Betting?

Apart from Bitcoin, there are also numerous other cryptocurrencies. There are now several thousand different coins and projects worldwide. Today, It’s way more complicated and time-consuming to follow the market and every single coin as was a few years ago.

Other than Bitcoin, the other well-known digital currencies are Ethereum, Litecoin, Bitcoin Cash, XRP or Tether, to name a few. The alternative cryptocurrencies are also known as Altcoins.

Let’s have a closer look at them:

Ethereum

Like Bitcoin, Ethereum is based on blockchain technology. The big difference, however, is that Ethereum is not just a pure cryptocurrency, but also a platform for decentralised apps. The Ethereum network comprises smart contracts.

Smart contracts are protocols that can represent contracts or provide technical support for the negotiation and processing of contracts. This procedure eliminates the need to record the contract on paper or in a file.

Litecoin

Technically, the Litecoin system is almost identical to the Bitcoin system. Because the creation and transmission of Litecoins are based on an open-source encryption protocol and is therefore decentralised.

In the Litecoin network, blocks are generated every 2.5 minutes instead of every 10 minutes, as with Bitcoin. As a result, transaction confirmations are faster, and four times as many units are produced throughout the process as in the Bitcoin network.

Bitcoin Cash

Bitcoin Cash (BCH) is a cryptocurrency that was created in mid-2017 through a sort of split or spin-off from the Bitcoin network. The whole thing aimed to increase the block size limit from 1 MB to 8MB.

As a result, more transactions per time are possible with BCH than with Bitcoin. Bitcoin Cash and other Bitcoin versions result from suggested updates to the Bitcoin protocol that weren’t agreed to by everyone.

Meaning an alternative version of the coin, or hard fork, stemming from the original Bitcoin was created and a new coin came into existence.

Ripple

Ripple is a payment network for banks. The aim is to make international payment transactions between banks more efficient and cost-effective. Ripple is in charge of regulating cross-currency payment transactions.

Banks and payment service providers have to deal with two problems when transacting across national borders. On the one hand, there must be liquidity for each currency It must also be guaranteed that payment is functional.

Tether

The tether is a very controversial and much-discussed cryptocurrency and is also called Stablecoin.
You may call it a hybrid currency because Stablecoin is a cryptocurrency, but its value is pegged to a fiat currency.

There are two variants, USDT and EURT. The first variant is pegged to the US dollar, the second one to the euro. The two variants of the tether have several advantages. On the one hand, the transfer of fiat money into digital currencies is made easier, on the other, secure transactions are carried out on the established Ethereum blockchain.

Furthermore, the tether is efficient and economical because it allows for quick transactions with low fees.

How To Deposit With Cryptocurrency

If you want to deposit and place some bets with cryptocurrencies, you must first sign up with a bookmaker of your choice. Most cryptocurrency betting sites offer registration in a matter of seconds and with little effort. Proceed to the cashier and choose Bitcoin as your payment option.

Now it is necessary to select the required amount and confirm the deposit. The details from your personal wallet are requested in the next stage, so the transaction can be completed. Once this has been achieved, the credits can be seen immediately on your sportsbook account.

  • Sign up with the betting provider
  • Go to the cashier and select Bitcoin as the payment method
  • Enter the requested amount and confirm
  • Confirm transaction with your personal wallet details
  • Enjoy the betting

Another benefit is that there are no fees to pay for transactions. Neither on the bookmaker’s nor on the payment provider’s side. Credit card payments and other types of e-wallets occasionally incur fees, which usually reduces the fun factor.

The Duration Of Deposits And Withdrawals

How long does it take to deposit and withdraw, you might ask now?

Before, we must take one very important step in advance. And that is creating a crypto wallet. Only individuals who own such a virtual wallet can trade or use Bitcoins and Altcoins as a payment mechanism.

The creation of such a wallet takes a little longer than you might be used to from e-wallets such as PayPal and Skrill, for example. But it’s worth it because the anonymous and completely secure crypto payment instrument is just around the corner.

The most important aspect is the transaction timeframe required by bookies to complete each one. Because Bitcoin is a major winner there! Both the deposit and withdrawal processes are completed in a maximum of ten minutes.

The duration of the transaction is defined by the miners, who have to deconstruct the transaction block before the payment can be declared verified. Once your transaction has been evaluated and accepted, a protocol will be written, and a new block will be added to the blockchain. Every ten minutes, one block is added to the blockchain.

Crypto Wallet Types

A crypto wallet is a digital wallet that stores, sends, and receives cryptocurrencies. You can create a crypto or Bitcoin wallet and the corresponding Bitcoin address online, or you can host a digital wallet on your PC or hard drive.

Bitcoin wallets are the user’s interface to the Bitcoin protocol. It manages the addresses, the aggregation of the Bitcoin protocol core assigned to the wallet, and signs outgoing transactions using the private key.

There are different types of wallets, which have advantages and disadvantages depending on their usage. You have the following options for storing digital currencies:

  • Desktop wallet
  • Mobile wallet
  • Online wallet
  • Hardware wallet
  • Paper wallets

In a classical sense, you don’t hold Bitcoin in the wallet, but the keys that allow you to access a public Bitcoin address and make a transaction.

Whoever controls the private key via the wallet owns the crypto asset. Therefore, dealing with wallets is essential for the use of cryptocurrency.

Conclusion

In the world of online sports betting, there are numerous betting providers with a wide range of different sports events. In general, the industry has been growing for years and can record ever-increasing sales. Of course, the betting sites are also moving with the times and have included cryptocurrencies in their payment options.

Most bookies offer Bitcoin payment methods in conjunction with completely anonymous usage. Unlike traditional payment methods, the bettor does not have to verify himself at all. No payments or transactions can be seen by anyone else.

Furthermore, no transfer is made from bookies to regulatory bodies or state entities. Using Bitcoin and other cryptocurrencies have quickly established itself as a worthwhile alternative for all sports betting fans.

By using Bitcoin, every customer can use the sports betting offers just like all other payment methods and with no restrictions. In addition to Bitcoin, over a couple of thousand different cryptocurrencies are now offered to users worldwide.

Customers do not need to be concerned about data security at any stage. Nonetheless, all crypto holders should stay up to date with the latest developments in their country's legislation.

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