- Completely anonymous
- Can be used in countries where online gambling is restricted
- Usually free to deposit with and withdraw too
Betting Sites that take Bitcoin
Many of the major online sportsbooks on the Internet have already integrated to accept Bitcoin as an accepted method for making deposits and withdrawals. Websites such as Bovada.lv, BetOnline and Everygame strongly urge customers to use Bitcoin.
Sportsbooks even offer special bitcoin promotions to customers who deposit with crypto-currency rather than making transactions through traditional forms like debit or credit cards.
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Bitcoin is a digital currency, often known as a cryptocurrency, which first became available in 2008. Bitcoin is the most popular virtual currency in the world today and is widely accepted by online sports betting sites and casinos around the globe. Bitcoin is growing in popularity for good reason.
One of the major positives to using Bitcoin as a payment method is the fact it is anonymous, meaning once you have created a Bitcoin wallet (this is required for all Bitcoin-related activity) your personal and financial details are completely secure and kept away from prying eyes.
Another plus point is that many online sports betting sites accept Bitcoin without charging a fee for processing a deposit or paying out your winnings. While it is still in its infancy, we expect Bitcoin to continue increasing its popularity and more sites to accept it in the future.
Best Bitcoin Betting Sites
Basically all major us betting sites accept Bitcoin. The best Bitcoin betting sites in our opinion are:
BetUS
Founded in 1994, BetUS has had to adapt and keep up to speed with the ever-changing landscape of the online sports betting market. BetUS offers Bitcoin deposits, as well as a range of major card deposits and traditional bank methods, such as bank transfers and various e-payment platforms.
BetOnline
BetOnline is a modern bookmaker and has kept up to speed with the fast-moving cryptocurrency industry, offering a range of great cryptocurrency deposit methods, namely Bitcoin, Bitcoin Cash, and Cardano.
BetNow
Cryptocurrency has become one of the most in-demand payment methods in the online gambling industry. As such, BetNow has positioned itself to ensure bettors get the most access to betting via crypto deposits.
EveryGame
EveryGame may well be an old-school bookmaker, but they’ve kept up to speed with the changing online betting industry. EveryGame allows bettors to deposit and play using various cryptocurrencies.
MyBookie
MyBookie has spent years building a first-rate reputation, which comes off the back of listening to customer demands. Crypto is the most popular deposit method for gambling and MyBookie offers some great crypto payment options, including Bitcoin.
Bovada
Bovada first came online in 1997 and has established itself as one of the premium online sports betting providers to U.S. players. As a part of its continued commitment to its community of players, Bovada offers Bitcoin and a range of other cryptocurrency deposit methods. Bovada is our favorite Bitcoin betting site.
Many Bettors Deposit with Bitcoin
Sports bettors are cashing in with Bitcoin — a worldwide virtual currency and digital payment system making waves globally.
Introduced in January 2008, Bitcoin was invented by an unknown person or a group of people under the name Satoshi Nakamoto. Bitcoins can be exchanged for other international currencies, products and services. As of February 2015, more than 100,000 businesses and vendors accepted payment via bitcoin.
However, sports gamblers around the globe are also tapping into Bitcoin currency as forms of payments, especially on offshore, Internet-based sportsbooks such as Bovada.lv and BetOnline.com.
Here are some advantages sports bettors have when using Bitcoin as a method of payment.
Bitcoin Avoids Third-Party Issues
The Professional and Amateur Sports Protecting Act (PAPSA) restricts all but four U.S. states from legally betting on sporting events. That means the majority of Americans use offshore sportsbooks such as Bovada and BetOnline to get their sports betting fix.
While these sportsbooks welcome American customers with open arms, oftentimes banks and financial institutions make it harder for bettors to deposit money into their sportsbook accounts. Online sports betting transactions must go through a trusted third-party during processing, which usually results in deposits being blocked by banks. This comes down to the strict rules against sports betting in the United States.
Bitcoin, which is a peer-to-peer payment system, helps customers avoid any third-party issues as you are dealing directly with sportsbooks.
Little to No Fees? Where do I Sign Up?
Everyone hates fees. Whether you’re buying or selling a stock on the market or withdrawing money from your sportsbook account, there is always a price to pay. With Bitcoin’s blockchain system — a public ledger that records bitcoin transactions — there is little to no fee when using offshore sportsbooks, which take a percentage from your winnings when cashing out.
Processing fees are nearly waved when using Bitcoin as a method of payment on Internet-based sportsbooks. Bitcoin transactions hold a fee of as little as four cents. That small fee is usually just to compensate the Bitcoin miner who successfully solved the transaction block and added it to the blockchain.
Bitcoin Transactions in a Snap
The waiting game is over with the use of Bitcoin. Bettors can now cash out their winnings and receive their funds in just minutes when using bitcoin in the payment process. Traditional bank transfers mean sports bettors may wait days, even weeks before the money is deposited into their accounts. Bitcoin cuts down the wait time marginally as transactions are limited to a 10-minute window in which individual blocks are added to the blockchain. Once the block makes it to the chain, the balance is in your hands.
Bitcoin Cuts Down Chance of Identity Theft, Fraud
Like any Internet-based business, there is always the chance of dealing with hackers, identity thieves and fraudsters. Bitcoin cuts down that risk exponentially.
Instead of inputting a credit card number, expiry date and security code, Bitcoin users are required to provide their address along with private and public keys. Because Bitcoin is a cryptographic currency system, it makes it more difficult for criminals to hack into accounts and steal personal information. Bitcoin is pseudonymous, which means funds are not tied to real-world entities, rather bitcoin addresses. To heighten security, a new bitcoin address can be granted for each transaction — making Bitcoin by far the safest currency for sports bettors using offshore websites such as Bovada and BetOnline.
Why Players Use Bitcoin as Preferred Payment Method
Once you start using Bitcoin for yourself it quickly becomes apparent why players use Bitcoin as their preferred payment method. We’ve already touched on Bitcoin being anonymous, and this alone is a major factor in online sports bettors using Bitcoin for deposits and withdrawals – you will no longer have gambling sites showing on your bank account transactions.
Another reason for the popularity of Bitcoin is the lack of fees associated with it. If you are a bettor who likes to move your bankroll around several different sports betting sites, the transaction fees can begin to mount up over time. However, so long as you deposit and withdraw the site’s predetermined minimum deposit or withdrawal amount, Bitcoin is usually free to use, leaving you with more money to place wagers with.
Finally, the value of Bitcoin can fluctuate, wildly sometimes, which sometimes works against you, but can often move in your favor when you come to make a withdrawal. Exchange rates tend to be more stable these days, yet it is worth checking a Bitcoin currency converter to see if the currency’s value is moving in one direction or another.
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