The popularity of crypto sports betting sites is on the rise due to the ease with which Bitcoin, Ethereum, and other lesser known cryptocurrencies can be used to deposit.
Because it is so easy to use Bitcoin, Ethereum, Dogecoin and other lesser known digital currencies to place bets, they are becoming more and more popular with online sports gamblers.
- This is because there are a number of advantages that come with using cryptocurrencies to place bets.
- Firstly, it is much easier to deposit and withdraw money using this digital currency.
- In addition, transaction fees are usually much lower when using cryptocurrencies in traditional to traditional methods such as credit cards.
Bitcoin betting sites
This section lists the best Bitcoin betting and sportsbook sites. Exclusive bonuses are in bold in the list. If you need a bonus code, it's listed here. Otherwise, just visit the sites via the links on this page and the bonuses will be awarded automatically.
What are the advantages of betting with Bitcoin?
Bitcoin is a digital currency that can be used to make payments between two parties without the need of a bank or clearinghouse. Bitcoin has several advantages over traditional money, including anonymity, near-instantaneous transactions, and an extensive range of betting options on online gaming sites. Here are some of Bitcoin's distinguishing features in more detail.
When you start betting with Bitcoin, you are anonymous
You don't need to provide your real name, home address, phone number, credit card number, or ID/passport to request a payout. On most Bitcoin betting sites, all you need is a working email address and a Bitcoin address to deposit and withdraw your funds and any winnings.
- Keep in mind that some Bitcoin betting sites still require some KYC (Know Your Client) for withdrawals, for example.
- This may mean uploading your ID to the casino even if you are using Bitcoins. This information can be found in the banking terms and conditions available at each Bitcoin casino.
Instant deposits and withdrawals when betting with BTC
Bitcoin sportsbook sites allow for almost instant deposits and withdrawals. This is an excellent feature if you want to place a bet quickly and the games will start soon. Or if you happen to win a large amount of Bitcoins while betting, it's always nice to have the money sent to your Bitcoin address right away.
Big Bonuses for Using Bitcoin Betting Sites
Betting on bitcoin has given unique deposit bonuses unseen at mainstream online betting sites. CloudBet, for example, offers a great 100 percent first deposit incentive of up to 5 BTC!
- The incentive is paid out in 0.01 BTC increments for every 800 Loyalty Points earned and can be used within one year (365 days) at the very top of your account creation.
- There is a 100% match bonus worth up to 10,000 Satoshi. This offer is only available for casino games such as slots and not for sports betting, which is unusual.
- If you want to use cryptocurrencies other than Bitcoin, this incentive is also accessible in Ethereum and Bitcoin Cash.
Competitive odds on Bitcoin gambling sites are very good
The odds on Bitcoin sportsbook sites are usually very good and completely comparable to regular online sportsbook sites. You can also create many accounts on different Bitcoin betting sites and choose the best odds for your particular game.
What are the disadvantages of betting with Bitcoin?
Here are some of the downsides of Bitcoin betting in our opinion. Online casino licenses from Malta and the UK are generally regarded as the most reliable casino licenses on the market. Casinos must undergo a rigorous verification process to obtain a gambling license from any of these jurisdictions and strict criteria must be met.
Lack of regulations for casinos and gambling sites
However, a casino that has a gambling license from a jurisdiction other than the above is not necessarily considered to be unreliable as most licensing authorities require similar criteria to be met.
Malta & UK is not licensed in the crypto betting space
Unfortunately, the licensing authorities of Malta and the UK do not provide gaming licenses to crypto-oriented casinos. Therefore, gambling licenses from other jurisdictions such as Curacao, Cyprus, Costa Rica and Montenegro are prominent in the world of online crypto casinos and are more than satisfactory when it comes to the reliability and transparency of online gambling.
There is still no casino license for crypto gambling
At the moment no casino license has been issued for the sole purpose of crypto gambling, but it will be interesting to see if such license will exist in the future. Cryptocurrency is not considered legal tender in most gambling jurisdictions and internationally. Gambling laws do not require crypto casinos to be licensed in order to operate.
- That's why some online casinos and sportsbooks prefer to operate without a license in order to get operations up and running as quickly as possible.
- However, most crypto casinos will try to obtain such a license as it gives their players peace of mind when playing on a trusted gambling platform.
Lack of regulation in the crypto gambling market
However, there is a lack of regulation when it comes to crypto gambling. Ultimately, more rules and supervision is better for both players and operators as they provide better player protection and supervision in online gambling, especially at crypto casinos.
Do I have to pay tax on the winnings I make with Bitcoin betting?
This all depends on where you come from. Some countries levy taxes on gambling winnings, others do not. Some countries also do not tax Bitcoin. In fact, Bitcoin is often tax-exempt in many different countries, making it a very useful way to place bets. It's important to review the rules in your home country to make sure you're adhering to tax rules correctly.
Can I get my Bitcoin back if I use the wrong address?
If you've copied and pasted your address, you shouldn't have any problems when it comes to this. If you do type it and put a wrong character in it, chances are the address is not valid and the transaction will be cancelled. However, if you do enter a valid address, the Bitcoin will be sent to this address and you will lose it forever. That is why it is important to be careful when entering address information.
What happens if I'm betting with Bitcoin, but the price changes?
That's just what can happen with Bitcoin. In that respect, it is no different from other fiat currencies. They regularly go up and down in terms of what they are worth. Bitcoin does exactly the same. This is a risk you take when using it, but it's always worth remembering that it can go up in value just as it can go down in value.