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Bitcoin betting sites

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As online sportsbooks have basically become a staple in the world of sports betting, there’s been a shift towards something bigger and betters. Crypto betting sites have been emerging all over America and many people are interested in joining them. At the very top are bitcoin betting sites which use the digital coin as the primary currency on their platforms.

As one of the most popular altcoins in the world, it’s only natural that the best sports betting sites have this cryptocurrency available for their customers. But, are there really any benefits to choosing a bitcoin sportsbook over a normal one that uses regular money?

In this article, we’ll take a look at what a bitcoin sports betting site is and how it works. We’ll also guide you on how to sign up for one and make a bitcoin deposit. Another thing we’ll also cover is the different American sports you can bet on using bitcoin and give you a brief history on how bitcoin betting sites have emerged over the years.

Yes, Bitcoin betting sites are legal in the US. But, Federal laws around betting in the US state that it’s up to the state to legalize gambling activities in their jurisdiction. That being said if sports betting is legal in your state, then bitcoin betting sites are also legal. However, before you get excited about joining the first crypto sportsbook you come across, you need to be aware of whether they are allowed to operate in your state. Each state has its own laws regarding online gambling sites and betting.

For example, they have different legal ages your can bet, different tax requirements, different geolocation requirements, and so on. That’s why, when you sign up for a new US sportsbook, you may be asked to provide proof of your age and where you’re physically located. This is a requirement at both bitcoin betting sites and normal currency accounts.

How to deposit on a Bitcoin betting site

To deposit on a Bitcoin betting site, you just been to follow the steps below:

  1. Search for a betting site that accepts Bitcoin as a payment method.
  2. Sign up with your personal details.
  3. Verify your identity.
  4. Go to the deposit section.
  5. Choose Bitcoin as your deposit method.
  6. You will be provided with a long web address.
  7. Copy it.
  8. Open your E-wallet.
  9. Paste the web address.
  10. Enter the amount you would like to deposit.
  11. Confirm.
  12. The Bitcoin will be in your betting account in seconds.

The good news is that the process of signing up with the best bitcoin betting sites is not complicated at all. In fact, you basically go through the same registration process as you would with a normal sports betting site.

To get started, you need to go online and search for bitcoin betting sites in your state. Based on the results you get, take the time to check if they are registered to operate legally in your state. Also, look out for bonuses such as welcome offers for new sign-ups.

Once you’ve identified your preferred bitcoin sportsbook, scroll around it to see what type of features they have. For example, do they cover your preferred betting markets and what betting types are available? Also, check to see if it’s a purely bitcoin sportsbook, or if it also takes other cryptocurrencies and traditional money. At the end of the day, you don’t want the excitement of finding a bitcoin sportsbook to distract you from the basic necessities of an enjoyable online sports betting experience. Crypto sportsbooks need to be held at the same or even higher level of service as a normal sports betting site.

Benefits and drawbacks of Bitcoin betting sites

It’s clear from the above that there are many advantages to playing at a bitcoin sportsbook because it’s an exciting new way of transacting online that’s secure and private. Many people now have the opportunity to combine their love for sports, betting, and emerging technologies. That being said, are there any downsides you need to consider when it comes to a sportsbook that takes bitcoin or cryptocurrencies? Let’s weigh the pros and cons of signing up with a bitcoin sports betting site.

Pros of bitcoin betting sites

  • Bitcoin is decentralized: What does this mean? It means that it’s not controlled by an individual or a government institution. Banks, for example, are ultimately controlled by the national reserve bank, for example. Since bitcoin is decentralized, it’s owned by “the people” and all transactions are visible to anyone on the blockchain.
  • Low fees: The sportsbook itself is unlikely to charge you a fee for transactions, but if they do, it’ll probably be very low. However, remember to check for fees from your crypto exchange provider when you do the transfer or if you swap one crypto for another.
  • No taxes (dependent on state): Some states’ betting laws are yet to catch up with the fast-moving advancement of crypto transactions and earnings. Therefore, some don’t have laws that oblige you to pay taxes on crypto betting winnings. It is, therefore, important that you double-check your tax obligation on a state and federal level from a financial advisor. Especially one with experience in cryptocurrencies.

Cons of bitcoin betting sites

  • Not all betting sites accept Bitcoin: though Bitcoin is one of the most popular cryptocurrencies, with some even claiming that it’s now more mainstream than ever, not all sports betting sites accept it. Your favorite sportsbook might not accept cryptocurrencies, which limits your choices and can be frustrating.
  • Untraceable: Because of their high-security level, bitcoin sportsbooks may be difficult to trace down, especially if they are offshore. That’s why you should always rather go for locally registered crypto sportsbooks whose location is known by the state gambling regulatory body.

Top sports to bet on with Bitcoin

The sports scene in America is big and some of the best crypto sports betting sites even sponsor a few teams. With each new crypto sportsbook comes a wider range of sports markets in that you can place bets on. Having a lot of options is great for punters looking to check out new sports tournaments and betting types. Each sport requires a different approach when you bet on it. We explore this below:

  • Football: A combination of the whole team’s performance and individuals play a big role when you bet on Football. It’s a complex sport to bet on, and so, many people who do so are avid fans who understand the ins and outs of the game.
  • Soccer: Both local and international soccer leagues are available at the best crypto sportsbook. Just like with football, the team performance, as well as certain players, can make or break a bet. It’s important that you’re aware of current states and most recent performances before you wager on a soccer game.
  • Tennis: Unlike team sports, tennis is a game played by individual players. Top seeds are almost always guaranteed to win, but major upsets are not unusual. You also get doubles teams, which add another level of excitement for punters.
  • Baseball: As one of America’s most popular sports, there’s a high chance you’ll find this market at a crypto sports betting site. The MLB has some of the best baseball players in the world, and it’s always worth checking out and placing a few bets on.
  • Basketball: NBA lovers know the talent and athleticism that goes into playing the sport. Placing live bets on a basketball game, for example, is very thrilling as odds continuously change.
  • Boxing: Only two people are in the ring for a boxing match, so, your betting choices are limited. However, this doesn’t mean it’s not one of the most exciting sports to bet on. With various outcomes that could end a boxing match or determine a winner, your wagers could win you big if you’re lucky enough.
  • MMA: Similar to boxing, MMA relies on the performance of each fighter to determine a winner. If you’re interested in betting on an MMA fight, study the fighters’ most recent performances to see who could win and how.
  • Golf: With many world-class golf tournaments played throughout the year, you’ll always have something to bet on if you love this sport. As with any other game, find out who is playing and place your bets based on their recent performances.

Alternative cryptocurrency betting sites

If you’re not convinced that a bitcoin crypto betting site is right for you, fortunately, there are other altcoins you could use. There are many stablecoins you could consider such as Cardano, Tron, Ripple, and many more. Here are the top cryptocurrencies perfect for online sports betting.

  • Ethereum: this groundbreaking cryptocurrency is one of the safest in the world. With Decentralized Apps (DApps) and smart contracts capabilities, it makes your online betting experience one of the most secure around.
  • Litecoin: This is a tweaked version of Bitcoin which is meant to be faster, cheaper, and more sustainable. When you use it for your online sports betting, you’re guaranteed some of the fastest and cheapest transaction times in the industry.
  • Dogecoin: What started off as a meme about cryptocurrencies turned into a valuable coin. Dogecoin is one of the biggest surprises in the crypto world as it showed how a coin can go from zero to hero based on people’s belief in its value. Online betting sites have also recognized that it’s a coin that many daring punters want to use, so, they’ve added it to their cashiers.

There are many more exciting coins you could use at online sports betting sites. The best ones will give you a wide variety of cryptocurrencies to choose from. It’s up to you to decide which ones best suit your online betting needs.

A timeline of Bitcoin betting sites

The growth of bitcoin betting sites has been driven by the need to solve transactional challenges. Since there are many restrictions when it comes to moving large sums of money, along with high fees, online sportsbooks have turned to cryptocurrencies for help. Punters, as well, welcome these alternative payment methods that make the online betting experience fast and secure.

  • 2009 Bitcoin is born as a solution to the restrictive government-controlled monetary system.
    In the Mid 2010s – more and more bank card transactions are blocked from being able to make online betting transactions. This obviously created a lot of frustration for both bettors and betting sites
  • 2018 – It became common to find online sportsbooks that accept bitcoin and other similarly popular cryptocurrencies

Most experts believe the future of bitcoin sports betting is very bright. Some estimate that up to 60% of all crypto trade will go via casinos and online sportsbooks.

FAQ

What is the age requirement to bet with Bitcoin?

The age requirement is based on the state's gambling and betting laws. So, if your state says the legal age for online sports betting is 21, you, therefore, need to be over the age of 21 to bet with bitcoin. Generally speaking, the laws, rules and regulations about betting online at a normal casino apply to a crypto sportsbook too.

Is my Bitcoin safe on betting sites?

Yes, your bitcoin is very safe when it’s on a betting site. The strict security protocols that online sportsbooks follow help to ensure that all your funds and personal details are safe. This is also another reason why you should only bet with a legal sportsbook that’s regulated by the state.

How to check if a Bitcoin betting site is legit?

To check if a Bitcoin betting site is legit you can start off by checking their licensing information. This is usually available in the footer of the site. Click on it to see the details and to make sure that they are licensed to operate in your state. Another way to check if a site is legit is to google reviews about it. Make sure that the review site is a reputable one, as well.