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Bitcoin has become one of the most popular ways to fund your playing at online betting sites. Loved for its anonymity and safety, it has spawned the rise of hundreds of Bitcoin betting sites.
In this guide Iâll tell you how Bitcoin sportsbooks work, and how they differ from standard playing platforms. Iâll also give you some useful hints, honed from my own experience, on picking the best site for your needs and getting the most from your BTC.
Bitcoin was âdiscoveredâ in 2008 by Satoshi Nakamoto. No one knows who Nakamoto is (or even whether the name refers to an individual or a group of experts), but he (or they) was the author of an academic white paper proposing a design for a decentralised digital currency system.
In 2009, Nakamoto and computer programmer Hal Finney made the first ever Bitcoin transaction, and the currency has grown exponentially since then.
The history gets a little murky here but itâs generally accepted that the first Bitcoin casino, Satoshi Dice, was created in 2012 by Erik Voorhees. This landmark site became something of a phenomenon for its transparency, and an astonishing 50% of all Bitcoin transactions were made on the casino. Bitcoin was not the first cryptocurrency, but was the one that really grabbed the public imagination.
In 2014, Bitcoin sponsored the Super Bowl and, in 2015, a UK bank began accepting deposits made using Bitcoin.
Many online casinos began to accept Bitcoin as a legitimate payment method, and this number continues to grow. Around this time, there was also a huge expansion in the number of crypto specific casinos, who only accept Bitcoin and other crypto coins.
Thereâs a big difference between conventional online betting sites that accept Bitcoin alongside other payment methods like debit cards or PayPal, and crypto specific casinos.
The latter started with Satoshi Dice but, in just a few short years, have exploded into their own distinct category, with unique characteristics.
Below, youâll see the key differences between crypto casinos, and online betting sites that accept crypto as one of many payment methods.
Bitcoin, or crypto, casino | Online casino and sportsbooks that accept crypto payments | |
---|---|---|
Payments | Exclusively accepts cryptocurrencies including Bitcoin, Litecoin, and Ethereum. Some crypto casinos will also allow players to buy Bitcoin using a third party app, which is a good option for newcomers trying out gambling with Bitcoin for the first time. | Accepts Bitcoin alongside other payment methods, such as debit/credit cards and PayPal. |
Casino games | Crypto betting sites have an excellent selection of casino style games featuring slots, and the classic live dealer and table games such as blackjack and poker. Bitcoin casinos are also famous for Crash crypto games. These replicate the rise and fall of cryptocurrency value and have a high speed play with the potential for big rewards if you hold your nerve. | Crypto accepting casinos have hundreds of games on their platforms. This covers slots, table games and live dealer options. There may be more emphasis on slots or a greater selection of table games than at an exclusively crypto casino. |
Sportsbook | As youâd expect from a forward thinking crypto betting site, thereâs a lot of emphasis on esports and virtual sports. But, if youâre after a bet on baseball, soccer, or tennis youâll still find plenty of markets on Bitcoin sports betting sites. While the markets and choice of bet types may not be as diverse as other, non crypto sportsbooks, thereâs still an impressive range of markets to choose from. | Crypto accepting sportsbooks give punters access to hundreds of potential betting markets and bet types. |
Bonuses | Bonuses are displayed in Bitcoin and may have a higher limit. Types of bonus can include deposit matches, rakeback, no sweat bets, and free spins. | Bonuses will be outlined in a fiat currency equivalent but can be accessed using crypto. |
There are a lot of pluses to betting with Bitcoin. Just a few of the main advantages are:
One of the biggest pros of using Bitcoin as a payment method for betting is its speed. As Bitcoin uses blockchain technology, rather than a traditional method such as online banking, payments are pretty much instant.
The second biggest advantage of Bitcoin betting is the extra security it provides compared to other banking methods. Transactions are anonymous and encrypted so thereâs no risk to your funds.
Some traditional casinos may charge you fees for making deposits or withdrawals with fiat currency methods such as debit cards, but you wonât find that at a Bitcoin casino. Transaction fees for Bitcoin are usually flat so it wonât matter how much you deposit, you wonât pay any more. Of course, this will vary across sites so check before you join.
Bitcoin sportsbooks and casinos are well known for their generous offers. The welcome deal is the most common and often gives you a matched rate on your first deposit, sometimes even more. The sportsbook arm of Bitcoin sportsbooks often have no sweat bets for Bitcoin users too, while the casino side might offer you a rakeback on your losses, or the chance to participate in a daily or weekly leaderboard to win a share of a jackpot prize.
Bitcoin betting has many fantastic benefits which make it attractive, but itâs important to keep in mind that it does have some disadvantages too.
In common with all currencies, Bitcoin is subject to daily fluctuations in value. These can be quite dramatic, and vary between the equivalent of tens of thousand dollars each day.
As Bitcoin transactions are made on a decentralised network, itâs pretty much impossible to get your funds back if you make a mistake when inputting your wallet number.
Youâre probably thinking that Bitcoin casinos and sports betting sites sound great, and youâd be spot on. But before you jump right in, there are a few things you need to be sure that every site provides to give you a safe and, more importantly, enjoyable experience.
Before playing at any betting site, you should always check that itâs licensed to offer gambling. There are unfortunately quite a few unlicensed sites who are the pirates in the calm seas of crypto casino sites. Get involved with them and youâll end up marooned without 2 crypto doubloons to rub together.
Many Bitcoin betting sites have a licence issued by the Curacao Gaming Authority, which is pretty much a benchmark for reputable gaming across the industry. You can also judge the trustworthiness of a site by its game providers – if they have links with makers like Pragmatic and Evoplay, you can rest assured that youâre at a reputable site.
The best online BTC betting websites have a focus on customer service. Theyâll make sure that whatever time youâre playing, thereâs always someone to fix any issues. Whether youâre a bit of a night owl like me, or youâre an early bird, the best sites will have a live chat feature, detailed FAQs, and a dedicated support email address to deal with any ruffled feathers.
One of the defining characteristics of Bitcoin gambling platforms is their generous bonuses. These can take many forms but the most commonly observed crypto betting bonus specimen is a deposit match when you sign up. Some of the best Bitcoin casinos also have a VIP programme which lets you build up points when you play to go towards rewards like a cashback bonus or priority access to new games.Â
Had your Betcoin betting whistle whetted and looking for a site to join? Great, have a read through my tips to identify the right crypto casino and sportsbook for you from the banners on this site. Like a snowflake, each one is unique and very cool.
As well as sportsbooks, the best crypto betting sites will often have a casino full of slots, table games, and even live dealer games. Itâs important to select a site that has the right mix of games for you, whether thatâs megaway or jackpot slots full of free spins and bonus features, or live blackjack games that can give you a real life casino experience from your screen.
Now, one thing that may come as a shock is that not all Bitcoin sites have an app. For tech embracing, forward thinking sites, this seems a bit strange. But the simple truth is that many of the top online BTC betting websites were built with mobile use in mind first so thereâs just no need for an app.
Playing at a crypto sportsbook doesnât mean missing out on any features. As well as an excellent choice of sports betting markets, which is comparable if not superior to many traditional sportsbooks, youâll still be able to enjoy live betting and live streaming on Bitcoin betting platforms.
Getting started at a Bitcoin casino is very quick and, even if youâve got no prior experience of BTC betting, it shouldnât take you long to get started.
If you donât have one, youâll need to set up a digital wallet. This allows you to keep, send, and receive Bitcoin.
Pick out your crypto casino or sportsbook of choice from my list of excellent options.
Head to the site and press the âSign upâ or âRegisterâ button. Enter your personal details including name, DoB, and address.
Before you move on, make sure to grab any promos or welcome bonuses. You might need to enter a promo code or click a box to have the bonus put onto your profile.
Now youâll need to make your first Bitcoin deposit. You can do this by visiting the âCashierâ section of your profile and selecting Bitcoin as your payment method.
Once your Bitcoin has landed in your account, youâre ready to start playing.
Bitcoin is probably the best known cryptocoin but itâs far from the only option. Many sites also accept altcoins (alternative coins), including
All of these cryptocurrencies offer a similar experience to Bitcoin but have a different value and a few unique qualities.
The rise of cryptocurrency, and Bitcoin in particular, has to be one of the biggest changes in the betting industry in the last 20 years. Bitcoin is now accepted at many betting sites and itâs very likely that it will become a more and more widely used payment method heading into the future.
In this guide Iâve given you a close and personal view of some of the best Bitcoin betting sites, and provided the lowdown on areas to consider when youâre choosing between them. Iâve also given you an insiderâs look at some pro tips which should see you on your way to an enjoyable crypto betting experience even if they canât guarantee you any more wins!
It is 100% legal to make bets using Bitcoin as a payment method. However , I would always recommend making sure that youâre only playing at licensed and reputable sites, such as the ones on my list.Â
Bitcoin withdrawals are very quick and, once processed, could be in your account within an hour of the payment being approved. If itâs your first time receiving a payment youâll need to verify your account, which can slow you down. Also bear in mind that payments might not be processed at weekends or on public holidays.
Bitcoin is a finite resource. Just like coal or diamonds, it is mined (although online rather than from the ground), and there are limited resources of it available. Thus far, around 19 million Bitcoins have been mined, out of a limit of 21 million. That might sound like a lot, but experts estimate that it will take approximately 120 years to mine the remaining coins.
No one Bitcoin betting site can be said to be the best, as every individual will have different requirements. Some people love a site that has a balance between sports and casino games, while others might be more focussed on the sports side only. Either way, my guide can give you the tools to judge each site and decide on the best one for you.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.