While there may not be as many top bitcoin bookmakers as traditional sportsbooks, it is important to remember that Bitcoin has only been around since 2009 and the number of cryptocurrency betting sites has seen a recent surge. Bitcoin is an attractive option for those living in countries where online betting is heavily regulated or operates in a grey area, due to the anonymity it offers. With the increasing popularity of cryptocurrency, more and more top bitcoin bookmakers and cryptocurrency betting sites are emerging, providing more options for bettors.
Before I continue, have a look at our list of handpicked Top Bitcoin Bookmakers November, 2023:
- Friendly odds
- User-Friendly Interface
- Promotions and bonuses with a generous offering
- High Rollover Requirements
- Limited Payment Options
- USA friendly
- Crypto friendly
- Smooth interface
- Painless sign-up process
- Country restrictions
- No live streaming
- Cryptocurrency friendly
- Rec-friendly sportsbook lines
- Welcome bonuses are generous
- No live streaming for sport
- No mobile app
- In business since 1994
- Crypto friendly
- Competitive odds and lines (rare!)
- Huge bonuses
- Live streaming options limited
- Bonus conditions are strict
- Honest reputation
- US Friendly
- Track record
- High betting limits
- Professionals welcome
- User interface needs refreshing
- Selection of casino games below average
- Payouts sometimes slow
- Sharpish lines
Well, well, well, it’s time to talk about the elephant in the room…or should I say, the Bitcoin in the online gambling world. In countries like Russia and the U.S., where the government has a long arm that reaches into our pockets and tells us what we can do with our free time and money, it’s no wonder cryptocurrency bookmakers have gained a following. Because, let’s face it, who wants the government to tell them what they can and can’t do with their hard-earned cash?
The American government has been on a mission to bully online gaming operators for years, throwing some unlucky offshore sportsbook businessmen in prison and flexing its muscles with interrogations and asset freezing. So, it’s safe to say, the government isn’t a fan of cryptocurrency betting sites. And, because of all the lobbyists, there are plenty of banks in the U.S. that refuse to support credit card transfers to these sites and won’t cash in checks sent by sportsbooks.
But, here’s the thing, cryptocurrencies like Bitcoin are the honeybadgers of currencies. They just don’t give a damn. No government can mess with Bitcoin or decide to seize it. In theory, they may say they will, but it’ll just be empty words. Bitcoin is immune to these shenanigans. And, let’s just say, it’s the safest option in the world for online gambling activities, including sports betting.
With Bitcoin, there are no extra tracks left behind, and nobody from your bank will call to ask about those Monday night transfers to offshore bank accounts. Unlike waiting weeks or even months to receive checks from bookmakers, Bitcoin withdrawals from bookmakers are basically instant. And, let’s not even get started on fees. When using credit cards and checks, Americans often lose 10-15% just moving their funds from one account to another. With Bitcoin, there’s basically no fee, which means better margins for top Bitcoin bookmakers and for bettors.
It’s also convenient to move Bitcoin back and forth, but beware, it’s wise to only deposit the amount you want to bet with, not anything extra. You don’t want to find yourself all-in on a bet on some unknown Korean badminton player to win the World Cup. And, if you find yourself wanting to bet on badminton, it’s probably time for a break.
So, can you trust top Bitcoin bookmakers? Absolutely, but keep in mind, sometimes bookmakers go under and bettors end up being the casualties. There are plenty of review sites, but it’s always important to do your own due diligence when betting on sports. After all, it’s your hard-earned cash on the line.
Bitcoin Deposits and Withdrawals
Cryptocurrency-friendly sports betting sites allow customers to continue placing wagers on their favorite sports using Bitcoin. The best Bitcoin sportsbooks aim to make this process simple for customers by displaying BTC bets in dollars, which protects them from the volatile swings in price that cryptocurrencies can experience. Additionally, many sportsbooks that accept Bitcoin offer generous deposit bonuses, often up to 200%, as well as occasional free bets as a thank you to customers who use crypto.
To deposit Bitcoin on a sportsbook, customers first need to purchase the cryptocurrency with a credit card on an exchange like Coinbase or Kraken. The purchase is instant, and once they have the Bitcoin, they can transfer it to the sportsbook’s crypto wallet address. Bitcoin transactions typically take just a few seconds to 20 minutes to show up on a sportsbook and cost only a few cents in fees.
It’s important to remember that Bitcoin trades to 12 decimal places, while traditional currencies only trade to two decimal places. Bitcoin betting sites often convert crypto to dollars and may impose minimum and maximum deposit and wager amounts. However, the process is quick, easy, and cost-effective.
Comparison of Cryptocurrency Sports Betting to Other Deposit Methods
Betting with cryptocurrency has its advantages and disadvantages when compared to other traditional deposit options.
On the positive side, there is no central authority controlling bitcoin transactions, allowing the player to act as their own banker. Also, there is no registration process required to access the bitcoin network, making it possible to acquire bitcoins anonymously and transfer them directly to a sportsbook. However, crypto sports betting sites usually don’t accept cash deposits without third-party involvement.
On the downside, bitcoin’s network lacks customer support, and once bitcoins are sent to the wrong address, the transfer is irreversible, with no recourse for the player or sportsbook. Additionally, buying bitcoin with a credit card or bank account incurs higher transaction fees than regular banking transactions.
Although the fee might seem high, it’s still preferable to the fees charged by banks and credit card issuers. Bitcoin transactions also take a few minutes to clear, so instant clearance is not always possible.
Rise of Bitcoin Sports Betting
Over the past few years, the number of users on Bitcoin-friendly sports betting sites has significantly increased, leading to a surge in the digital currency’s use in the online betting industry. This trend has given rise to a flourishing market for the best Bitcoin betting sites, attracting a host of new users. Among these are tech-savvy Millennials, who have embraced Bitcoin as a means to earn substantial profits.
The proliferation of online sports betting has been staggering, with over 100 million users now actively betting worldwide. This growth shows no sign of slowing down, as a recent report suggests that the total circulation of Bitcoin in bitcoin sportsbooks is expected to increase by more than 200% in the next five years.
As a result, a growing number of online sportsbooks are now offering Bitcoin as a payment option, recognizing its potential to revolutionize the betting industry. These sites provide a convenient and secure means for bettors to place their wagers, while also offering the added benefit of greater anonymity and flexibility in the betting process.
Bitcoin Betting FAQ
Can online Bitcoin gambling be considered safe?
Indeed, one can indulge in the pastime of online Bitcoin gambling, but only after conducting proper due diligence. As anonymity can be a double-edged sword, it’s crucial to verify the legitimacy of any virtual casinos you opt to engage with. The worst outcome would be to team up with a nefarious, unlicensed, unregulated outfit that could pull a disappearing act at any moment, leaving you and your precious Bitcoins out in the cold. Let’s make sure to avoid any blue-sky thinking and always stay one step ahead of potential hazards.
What is the proper procedure for withdrawing funds from a Bitcoin casino?
Withdrawing your winnings from a Bitcoin online casino is a bit like doing the moonwalk – it’s the same process as depositing, but in reverse. Firstly, you’ll need to log into your private Bitcoin wallet and copy the Wallet ID. Then, like a savvy high roller, you’ll need to visit the cashier of your Bitcoin online casino and select the withdrawal option. Next up, choose your preferred digital currency and paste in that precious Wallet ID into the input box provided. Now, depending on the casino’s rules and regulations (and, let’s face it, how generous you were feeling when it came to that “small mining fee”), the withdrawal process could take anything from 20 minutes to 24 hours to complete. So, sit back, relax, and remember, good things come to those who wait (or those who pay the mining fee).
What is the process for using Bitcoin to place bets on sports?
Looking to get in on the action and make some bets with Bitcoin, but not quite sure how to start? Fear not, dear reader, for our comprehensive guide is here to save the day! We’ll walk you through the ins and outs of using Bitcoin for sports betting, and even throw in some top tips for finding the best crypto casino sites. From making your very first deposit to placing your first bet, we’ve got you covered. And if you’re eager to become a true Bitcoin betting pro, be sure to give our guide a thorough read. It’s time to make some winning moves!
Is Bitcoin accepted by all bookmakers?
Not all online bookmakers are hip to the Bitcoin craze, but don’t fret! It’s the latest and greatest improvement to hit the online gambling scene, and you’ll find it at the top betting apps. Sure, you may need to do some sleuthing to find it, but it’s worth it. Think of it like adding a funky new accessory to your usual outfit – except in this case, it’s your payment method.
Along with the usual suspects like debit cards and e-wallets, Bitcoin is now a go-to for depositing funds to your betting account. And let’s be honest, who doesn’t love a good back-up? Just make sure you keep track of all your deposits to avoid any budgeting mishaps. After all, you want to bet smart, not broke.
So when you’re scoping out a betting app, keep an eye out for info on deposit options. The more, the merrier!
Can one engage in legal gambling with cryptocurrency?
Ladies and gentlemen, fear not! The rumors are true – using cryptocurrency to gamble online is not illegal! In fact, many of the top online casinos we recommend are based offshore, which means they are fully licensed and regulated outside the borders of the US of A.
Now, if you’re one of those folks who likes to dot every ‘i’ and cross every ‘t’, we suggest you do a quick check to ensure you’re abiding by the gambling laws in your state before you sign up. Trust us, you don’t want to be caught with your digital pants down. Stay safe, stay legal, and let the good times roll!
Can you explain the mechanism behind provably fair gambling?
Provably fair gambling is like a magic trick that’s powered by complex algorithms and cryptographic hash functions. Here’s how it works:
Step 1: The server generates a secret seed and encrypts it into a hash code. Think of it as the magician’s secret move.
Step 2: The server sends the hashed code to the player, like a magician showing you an empty box.
Step 3: The player then adds their own secret client seed into the mix. It’s like they’re saying “abracadabra” and adding their own flair to the trick.
Step 4: The two seeds are mixed up using some fancy encryption, creating the final result. It’s like the magician revealing the rabbit that magically appeared in the empty box.
Step 5: To ensure fair play, the server reveals its secret seed again for the player to check. It’s like the magician showing you that the rabbit wasn’t hidden in his sleeve all along.
And there you have it, folks! The secret behind the magic trick of provably fair gambling.
What are the ways to determine if a Bitcoin casino is operating under provably fair principles?
Discovering whether a Bitcoin casino is provably fair can be accomplished through various means, not unlike discovering whether your new haircut is a winner. Peruse reviews and feedback from fellow players who’ve gone before you, scrutinize whether the casino generates results on-site by documenting hash functions of server and client seeds, and take note of the casino’s explanation for its provably fair status. However, unlike the instant gratification of a good haircut, there’s no magic formula for instantly verifying provable fairness. So, exercise due diligence and keep those wits about you!