Betting with Bitcoin offers punters a faster, easier, and more fun way to place their bets on their favorite teams.
Bitcoin vs. Fiat is an easy battle to determine. Sending and receiving BTC from the best sportsbooks that use BTC is faster and cheaper than using fiat. But benefits aside, how exactly does one use BTC when betting on sports?
BTC Sports Betting Basics
The first thing to find out is whether or not you are legally allowed to play. This is important because there are some sports betting sites, BTC and otherwise, which will accept you as a player and allow you to deposit — but then take your winnings and freeze your account when they find out you are not allowed to be there.
The article at the top shows clearly which sites allow players from which countries. Read it and if you have any doubts, look up the terms and conditions of the site you are researching. However, if you are looking for a website that has reviews of every major online sportsbook, we highly advise you to take a look at WeGamble.
Once you find a site that will allow you to play and that suits your needs, it’s time to make a BTC deposit.
Keep in mind that sportsbooks that accept BTC actually denominate your bet amounts in fiat. You may not be betting with an actual amount of BTC. Instead, most sportsbooks treat BTC as another form of depositing money. They then convert your BTC to a fiat currency which is stable.
The first thing to do before you hit the deposit button is to double-check the address you are sending your BTC to. This may sound basic and too beginner level — but even people who have used BTC for a long time are prone to human error. And human error with BTC means you will lose your crypto forever.
To highlight the seriousness of this problem, the Wall Street Journal examined a study from Chainalysis.
“According to Chainalysis, a blockchain analysis firm based in New York City, about a fifth of all bitcoin—around $20 billion—is lost, most of it permanently. When people purchase bitcoin, the details of their transactions are stored in software called a “wallet,” which they can unlock with a personal identification number.”
All too often, people will either lose their private key to their wallet or they will send their funds to a misspelled address. Don’t become another number. Double-check your address.
You can also use a QR scanner or copy/paste the address, but still, check it to make sure it matches. After you make a successful deposit, you can play to your heart’s desire.
The next step comes when you want to withdraw. Double-checking your withdrawal address should be an obvious step now. You don’t want human error preventing you from getting your winnings. Another thing that could stop you from getting your winnings, however, is the site itself.
Before you sign up and use a sportsbook that accepts BTC, make sure you understand the terms of their withdrawal process. Some sites put limits on the amount of BTC you can withdraw per day, week, and month.
You don’t want your winnings stuck while BTC fluctuates. You might lose money if BTC sinks and you might miss out on gains if you don’t withdraw into BTC fast enough. The final tip on how to use BTC for sports betting is to find the site with the best bonuses for you.
Some sites will offer bigger welcome bonuses for BTC users. They offer these thanks to the savings which BTC brings to their own site.. savings which they can then pass onto their punters. If you’re a casual player then the welcome bonus might be more attractive since you might not be on the site that often.
If you’re a regular, then you might want to find the site that offers bonuses according to a VIP structure and rewards your loyalty. Some sites accomplish this by matching your BTC deposit with credit from their site.
Just make sure to read the terms of their bonuses too, since some sites won’t let you withdraw bonuses but instead make sure you spend them on the site. So double-check your addresses and enjoy.