Betting on sports is a popular gambling activity online, which is made even better by cryptocurrencies. With Bitcoin, online sports bettors can enjoy faster, safer, and transparent wagering sessions that are only possible with crypto. This makes Bitcoin sports betting a heavy favorite among online sports bettors.
But how does betting on sports with Bitcoin work? How is it different from traditional online sports betting? You will find all the answers that you need here. But before that, let us first explore more into what makes Bitcoin betting a stand out.
What Does Betting with Bitcoin Mean?
Bitcoin is the most popular one out of hundreds of cryptocurrencies on the market. It holds value that can be used for payments made on the internet. It is intangible and decentralized, and it is widely used as a means to play casino games and, in this case, bet on sports matches.
Everyone who has access to the internet can use Bitcoin, provided that they have a Bitcoin wallet where they can store their coins in. This is true as since 2009, Bitcoin has become one of the common ways to fund player accounts, especially in online sports betting.
Top 5 Bitcoin Sportsbooks
Are you ready to bet on sports with crypto? If so, then these five Bitcoin sports betting sites are the best places to go to:
Curacao-licensed FortuneJack has joined the list of Bitcoin casinos that have integrated its own sports betting platform alongside its Bitcoin casino games. It works on PC, Mac, tablet, and smartphone, and it features over 20 sports betting markets open for pre-match and in-play betting. The best part is that FortuneJack Sports welcomes players who prefer to use any of the accepted cryptocurrencies like BTC, LTC, DOGE, ETH, ZCASH, TRX, DASH, BCH, and XMR. Additionally, it features virtual sports that plyers can also wager on.
Cloudbet is one of the first online casinos and sportsbooks that accept BTC only. It began operating in 2013 with a license from Curacao and his since then become a leader in Bitcoin sports gambling. It offers local and international matches for 20 sports betting markets, all of which support the American, Decimal, Fractional, Hong Kong, and Malaysian odds. It accepts BTC, BCH, and ETH and gives away up to 5 BTC/BCH/ETH bonus to new players.
As many as 30 sports are covered on Sportsbet.io, making it among the heavy favorites of crypto sports bettors. Odds are available in Decimal, American, Indonesian, Malaysian, and Hong Kong. But unlike the others, this online sportsbook welcome both fiat money players and crypto bettors. Players can therefore use EUR, USD, BRL, JPY, INR, CAD, TRY, CNY, THB, VND, ARS, ARS, MXN, RUB for fiat, and BTC, ETH, LTC, TRX, SOC for crypto.
1xBit is the crypto counterpart of 1xBet and features a wide range of sports betting markets suitable for pre-match, in-play, and prop bets. It also has a large market for esports as it covers the most popular tournaments and leagues for Call of Duty, Counter-Strike: Global Offensive, Dota 2, League of Legends, and FiFA to name a few.
Crypto-friendly casino and sportsbook Stake is home to over 20 betting markets for both sports and esports. It supports single and multiple bets and works with BTC, ETH, LTC, DOGE, BCH, XRP, and TRX. Stake is licensed in Curacao and is a verified operator as per the Crypto Gambling Foundation.
Advantages of Cryptocurrency Betting
We have already pointed out that using crypto like Bitcoin for sports betting has a lot of benefits. Here, we will outline how your sports betting experience will improve through crypto use.
Quick Deposits and Cashouts
Admit it, inefficient banking transactions can ruin your gambling sessions. This is the reason why many players appreciate using crypto for sports betting. All deposits are instant and are sure to be credited to your account balance. But the biggest benefit here is the speed by which players receive their withdrawals.
Cashing out with fiat money takes about three to five days, but crypto withdrawals only take a few minutes to hours if needed. While the actual withdrawal speed varies as it depends on the load of the blockchain network, you can expect to receive your cashouts much faster than you would with fiat money.
Do you hate providing your personal information as part of KYC/AML? Then crypto betting is perfect for you. We all need a certain level of privacy and you will find that in crypto sportsbooks which would normally ask for only an email address and a password.
If you are worried about your credit cards or e-wallets getting tampered with, then you will love the fact that the risks of losing money is much lower with Bitcoin use. But there is a catch: crypto players must ensure that they do not keep large bankroll in their account and that they store most of their crypto coins in a high-security wallet like an offline wallet that uses two-factor authentication.
How to Bet on Sports with Crypto
Once you have logged into the Bitcoin sportsbook, you will find various options like the sports matches, odds, bet types, and so much more. This may intimidate new bettors, but luckily, placing a wager on a sports match is not as hard as it seems. Here is how to get started on sports betting with Bitcoin:
#1 Top up Your Account with Bitcoin
After signing up, head to the Cashier section of your account and load your player funds. You can do this by sending BTC to the given wallet address or by scanning a QR code.
#2 Choose a Sport to Bet on
Depending on your chosen sportsbook, you should have a variety of sports to choose from. You can start betting on popular sports matches like basketball, tennis, or football. There are also bets on entertainment events and politics. Here, you can decide whether you want to wager on a pre-match bet or and outright bet. You can also wait for the actual match to run then opt for in-play betting.
#3 Fill in Your Bet Slip
Your bet slip contains the wagers you want to make as well as your total bet amount. To fill in the bet slip, simply click on the bet you want to make. That wager will then appear on the bet slip. Sometimes the online sportsbook allows you to make multiple bets at once. After checking your bets and their corresponding amounts, click the Confirm or OK button to complete the transaction.
#4 Wait for the Game Results
If you made a pre-game wager, you have to wait until the end of the match before the profit (or loss) will reflect on your account. Meanwhile, in-play bets let you change your wager in between the game, so make sure to stay tuned during the match in case you change your mind.
Betting on sports is easily, especially when done online. Even better, with Bitcoin as your currency, you will experience fuss-free sports betting. Whatever sport you are wagering on, your betting sessions will be more exciting when you are using crypto.
Which Odds Are the Best for Bitcoin Sports Betting?
Once you know which sport you want to bet on, the next step is figuring out what kind of bet you want to place. There is a wide range of wagers, some of them more complex than others. To start, you can place a bet on these popular bet types:
A win bet—or a moneyline wager—is the simplest bet you can make on a sports match. Simply put, you are placing a bet on who you think will win a game or an event.
Popular among football and basketball games, point spreads determine the number of points a stronger team is expected to defeat the weaker one, or vice versa. The idea is to make two teams or two players equal favorites from a betting standpoint, giving them enough chance of covering the spread.
Say you decide to bet on a point spread for a sports match. On the betting market, you will see Team A with +10 points and Team B with -10 points. This means Team A is an underdog because they get 10 additional points on the spread, while Team B is the favorite because they lose 10 points. If you bet on Team A, you will win if they won the game or if they lost less than 10 points. Meanwhile, you will lose if Team A lost more than 10 points. But if Team A lost exactly 10 points, you get your stake back.
Depending on the bookmaker, the concept of total (or over-under) differs. Some sportsbooks let you bet on what the overall score of the match will be. Meanwhile, other online bookies will determine the total number of points to be scored in a game. You then choose to bet on whether the score will be higher or lower than the score they have set.
Another simple bet type, futures or outrights let you bet on anything that will happen in, well, the future. If you are betting before a major event, you can wager on which team will win the overall title. Through futures, you can also back a certain player at the beginning of a sports season.
Parlay or accumulator bets let you make multiple selections as part of a single bet. You can do this, for example, if you want to bet on more than one team to win their next game. The only downside is that this type of bet is hard to win because you have to get every prediction correct. If you lose one prediction, you lose the entire wager. But if you win, the payouts are huge.
There are many other types of bets found on online sportsbooks, some of them unique while others are exclusive only to one sport. Once you get the hang of betting on these five popular bet types, try staking your bitcoins on other wagers. Doing so will spice up your betting sessions.
Popular Sports Betting Markets
When you are ready to bet on sports with Bitcoin, you will notice that the following sports below are the most popular betting markets in almost all Bitcoin sports betting sites. Learn more about these sports and see why they are a big hit.
If you have not heard of the NFL, then you must have likely heard of the Super Bowl. Whichever the case is, the NFL is extremely popular in the United States and enjoys just the same fame in online betting. Expect to find outright bets and pre-match bets for all NFL matches, more so when it comes to in-play bets for the Super Bowl.
Basketball is a popular sport across the globe, and the credit goes to the NBA. But if you think that you can only wager on NBA matches, then you are mistaken. Bitcoin sportsbooks also features odds for the EuroLeague. If you are in the mood for some ball action, go ahead and place some bets on the NBA and EuroLeague.
Largely popular in the United States, baseball is among markets with the biggest demands. If you are baseball fan, you would be glad to know that you can bet on your favorite team’s matches in the MBL.
If there is one sport that all Bitcoin sportsbooks must have, it would be soccer. Not only is it popular in the world, it also has several tournaments and leagues that feature some of the top-paid athletes to date. Expect to find odds for the Premier League, Europa League, Champions League, and more.
Boxing and Martial Arts
Whether you are into betting on Mayweather Jr. or on Connor McGregor, online sports betting sites have the right odds for you. Expect to find the hottest boxing matches and UFC events.
NHL fans are sure to get treated to the best odds in the top sportsbooks accepting Bitcoin and other cryptocurrencies. They can also make the most of various betting options including handicap.
There are many golf tournaments that take place including US Master, The Players Championship, and the PGA Tour. Expect to find odds for these events as Bitcoin sportsbooks know that golf betting has a good number of following.
Whether it is US Open, French Open, Australian Open, or the Wimbledon, Bitcoin sports betting sites got them covered for you. You will also find WTA and ATP tours in the match selection, so prepare your bankroll for these events if you’re a diehard tennis betting fan.
You will find all these in the top Bitcoin sportsbook we have listed above. But you can also check out the odds and place bets on top sportsbooks that are yet to accept cryptocurrency. These are William Hill, Ladbrokes, Paddy Power, and BetVictor.
Is Bitcoin Sports Betting Legal?
As betting on sports with Bitcoin becomes more popular, many begin to question its legality. Answering this question, however, would require us to look at Bitcoin and at sports betting as a separate entity.
To date, Bitcoin and other cryptocurrencies can be used without any problems in most countries. Online sports betting, however, is a different story as not all territories give it the green light. For instance, if you live in the United States, then you must first check with your state laws if betting on sports online is allowed. On a different note, players based in Europe may find it much easier to bet on sports legally as most countries allow for it.
In order for you to be sure, however, we strongly recommend that you first check with the Bitcoin sportsbook’s support team if they accept players from your country. This way, you are sure that you will not be breaking any law. Moreover, feel free to speak with lawyers who are experts in this matter for more accurate insights on whether Bitcoin sports betting is legal.