The online sports betting world features plenty of deposit methods. Depending upon the mobile bookmaker, you can fund an account with a bank transfer, credit card, e-wallet, prepaid card, or wire.
Bitcoin (BTC) is yet another popular deposit option. It has gained steam in the online betting industry over the past several years.
Of course, with so many banking options available already, you might wonder what’s the need for BTC. The following guide discusses nine reasons why you should consider Bitcoin sports betting.
1 – No Third Party Involved
The main problem with traditional banking options is that there’s always a third party involved. If you use a bank-issued Visa card, for example, then the bank serves as an intermediary. It can reject your sportsbook deposit at any time if it feels the need.
Banks must follow the laws and their given jurisdiction. A financial institution will likely block your deposit for legal reasons if necessary.
So, what happens when you live in a country/state where online sports betting isn’t illegal but banks still reject deposits? Provided you find a valid banking option, then you can deposit at a sportsbook without hassles and without breaking the law.
Bitcoin becomes very valuable in this instance. It allows you to fund a sportsbook account without the fear of being rejected.
No bank or government controls Bitcoin. Instead, this is a peer-to-peer network that only involves you and the intended payment recipient. This also means that there’s not much in the way of oversight, so be careful.
The miners who facilitate transactions by solving computational problems can’t see what your payments are for. With that said, there’s nobody to reject your transactions for any reason.
2 – Access to More Online Sportsbooks
Many mobile sportsbooks that operate in unregulated markets are turning to Bitcoin. They like the idea of a peer-to-peer network that allows them to connect directly with customers.
Therefore, you can find numerous Bitcoin betting sites. If you’re comfortable using BTC, then you’ll have many more options when looking for a sportsbook.
Some countries have restrictive banking laws that make it hard to place betting deposits. Assuming you live in certain US states, for example, then you may have trouble placing real money bets.
Again, Bitcoin has nothing to do with banks or other third parties. The result is that you don’t need to worry about restrictive laws hampering BTC.
3 – Low Fees on Payouts
Some banking options feature high fees that can cut into your bankroll. If you withdraw money using Neteller, for instance, then you’ll pay around 3% of the cashout amount to the e-wallet. Wire services are even worse because they take $35 per withdrawal.
Bitcoin isn’t entirely feeless itself. You do need to cover a small fee that goes to the miner who facilitates your transaction.
The keyword here, though, is small. You’ll generally pay 1% or less of the total amount of funds that are moved. If you’re cashing out $300 in BTC, for example, then you’ll likely pay $3 or less in fees.
4 – Quick Withdrawals
Every banking method differs with regard to the cashout speed. E-wallet withdrawals generally hit your account within 24 hours or less. Bank transfers, meanwhile, can take up to seven days to arrive.
Bitcoin isn’t usually as fast as e-wallets with regard to speed. However, BTC cashouts are normally available faster than most other banking methods.
You’ll generally receive your money within one to three days. With that said, you don’t have to wait long when getting Bitcoin payouts.
Therefore, sportsbooks also stand to benefit from Bitcoin’s lower fees. As a result, they encourage you to use this cryptocurrency as much as possible with special bonuses.
Mobile sportsbooks offer deposit bonuses that are specifically dedicated to Bitcoin. For example, they might feature a 100% match bonus worth up to 0.01 BTC.
A one-hundredth of a Bitcoin doesn’t sound like much at all. Considering that the current price of BTC is $55,000, though, then 0.01 BTC is actually worth $550.
If you’re betting with Bitcoin, then you should definitely check your preferred BTC sportsbook’s promotions section. You might find multiple Bitcoin bonuses available.
6 – High Level of Anonymity
Depending upon your personal preferences, you might not like online betting transactions showing up on your credit card or e-wallet statements. This information could find its way to creditors and affect your chances of getting a loan.
Bitcoin, by comparison, offers much more anonymity than the average banking option. When using Bitcoin, you’re only identified by your wallet address.
Therefore, nobody knows when you deposit or cash out from online betting sites. Instead, people can only check anonymous addresses and see BTC being moved to and from them.
7 – Your Bankroll Could Go Up Automatically
Bitcoin’s main use isn’t as a currency. Instead, most BTC owners are speculating on its price hoping that this volatile asset increases greatly in value.
So far, those who’ve bought early and held have gotten rich. One Bitcoin was worth a penny when it became available in 2009. Now, it’s worth a whopping $55k per coin.
You can gamble in two main ways with Bitcoin:
Placing sports bets and other types of wagers
Speculating on if your bankroll/investment will go up in value
The latter can really be a rush given how volatile Bitcoin is. In early 2021, for example, BTC went up by over 500%!
8 – Deposits Become Easy to Make
Some online bettors avoid Bitcoin because they don’t feel like learning a new process. They’re perfectly fine with using payments systems they already know, like credit cards or e-wallets.
However, Bitcoin isn’t more difficult to use than an e-wallet once you get the hang of it. This is especially true when considering how easy exchanges like Coinbase and Gemini make the process.
You can start learning how to use Bitcoin by creating an account and exchange. From here, you enter your banking details and transfer money to the exchange.
Afterward, you’ll be able to buy BTC and/or whatever other cryptocurrencies are available. You then go through the simple steps of sending your Bitcoin to the relevant online sportsbook.
You might also consider creating a BTC wallet that’s separate from the exchange. A common saying in crypto is, “Not your keys, not your Bitcoin.”
This phrase alludes to how the exchange technically controls your coins if you leave them there. However, you probably don’t ever need to worry about this aspect when using a reputable service (e.g. Binance).
You can especially consider skipping the wallet creation if you’re mainly using the exchange to send and receive Bitcoin from a betting site.
9 – Get Extra Bonuses at Crypto Exchanges
Earlier, I covered how you can get special Bitcoin sports betting bonuses. But you can cash in even more through bonuses offered at exchanges.
Many crypto exchanges provide some sort of signup bonus. For example, you might receive $5 or $10 in BTC when signing up.
The same exchange may have a loyalty program where you earn rewards based on your trading volume. You’ll receive a percentage of trading fees back in this case.
Coinbase even features an “Earn” program that allows you to get free cryptocurrencies for completing quizzes and watching videos. That said, you don’t just have to stop at the sportsbook itself with regard to bonuses.
Mobile sports betting is all about entertainment and, hopefully, winning money. That said, you don’t want to worry much about how you’re going to make deposits and cashouts.
Bitcoin betting sites help eliminate this headache. BTC serves as an easy way to move funds on and off mobile sportsbooks.
It offers a peer-to-peer network that uses miners, instead of third-party intermediaries, to facilitate transactions. It also features low fees and fairly quick transaction speeds.
If you’ve ever had trouble depositing with credits cards, e-wallets, etc., and hate the fees involved, then you should definitely consider BTC sportsbooks.
Michael Stevens has been researching and writing topics involving the gambling industry for well over a decade now and is considered an expert on all things casino and sports betting. Michael has been writing for GamblingSites.org since early 2016. ...
The information found on Gamblingsites.org is for entertainment purposes only. It is a purely informational website that does not accept wagers of any kind. Although certain pages within Gamblingsites.org feature or promote other online websites where users are able to place wagers, we encourage all visitors to confirm the wagering and/or gambling regulations that are applicable in their local jurisdiction (as gambling laws may vary in different states, countries and provinces).
Gamblingsites.org uses affiliates links from some of the sportsbooks/casinos it promotes and reviews, and we may receive compensation from those particular sportsbooks/casinos in certain circumstances. Gamblingsites.org does not promote or endorse any form of wagering or gambling to users under the age of 18. If you believe you have a gambling problem, please visit BeGambleAware or GAMCARE for information and help.