Bitcoin Betting Sites

Benefits of Choosing Bitcoin as Your Prefered Betting Payment Method

Cryptocurrencies brought innovation and a kind of revolution to traditional payment methods. The main difference is the complete detachment from traditional currencies and banking systems and the lack of physical banknotes and coins. Bitcoin and other cryptocurrencies also bring many benefits when used as a payment method at sports betting sites. Let's look into the most important ones:

• Privacy: When connecting a crypto wallet to your sportsbook account, you are not sharing any personal or financial information with the operator, only your wallet address. You can remain anonymous pretty much until it's time to make a withdrawal since most reputable sportsbooks implement the KYC process to know their customers and comply with imposed regulations. Cryptocurrencies are decentralised, live on the blockchain and don't involve third-party intermediaries when conducting transactions, so your Bitcoin transactions can't be traced back to you.
• Security: All cryptocurrency transactions are heavily encrypted and conducted on blockchain technology. It is by far the most secure payment method when it comes to hacking attacks and other types of cyber attacks. The sportsbook should, of course, do its part in securing transactions, but the sole nature of crypto transactions guarantees customers' security when handled properly for crypto betting.
• Instant transactions: Almost all deposits are instant, no matter what payment method you prefer to use. With Bitcoin, even withdrawals are almost instantaneous, especially after you have completed the KYC process. 
• Low fees: Fees for cryptocurrency transactions are typically lower than those conducted in fiat. Most sportsbooks don't even charge additional fees for crypto transactions, and the only fees you pay then are the ones for using the Bitcoin blockchain, but those transaction fees are quite low.

How to Make a Deposit for Betting with Bitcoin

If you decide that Bitcoin is your preferred payment method and you already have a crypto wallet, then the depositing process is straightforward and similar to any other payment method. If you don't have a wallet with crypto, your first step would be to create your crypto wallet and purchase some Bitcoin. You have some free wallet apps available in the market, or you can choose one of the paid ones for your crypto betting activities.

• When you have a wallet with Bitcoin, the depositing process goes something like this:
• Find licensed and reputable Bitcoin betting sites where you would like to bet and pick one that you like best at the moment.
• Register an account with the sportsbook you choose. Sometimes, you will just need an email and a password at this point, but some sportsbooks ask for your name, address and ID confirmation documents upon signing up.
• Navigate to the cashier to make your first deposit. If you are looking to claim a welcome bonus at a sportsbook, you should ensure that the deposit you make is a qualifying deposit for unlocking the welcome bonus.
• Select Bitcoin as your preferred payment method. You will then have the option to scan a QR code and initiate the transaction from your wallet with some Bitcoin sports betting sites, or you can copy and paste the sportsbook's wallet address into your wallet app to initiate the transaction.

Select the amount you wish to deposit and confirm the transaction. The transfer should go through in a few minutes' time, although it can sometimes take a bit longer, depending on the network.

Once the funds are transferred into your account, you can go ahead and claim your welcome bonus and make the first bet.

How We Choose the Best Bitcoin Betting Sites

The best Bitcoin betting sites on the AskGamblers website will all be licensed, trustworthy and secure, making them safe to bet with. We consider other factors, all of which contribute to the overall sportsbook rankings:

Variety of Available Sports

Offering the most popular sports and leagues that players enjoy betting on is the very minimum a sportsbook should do. It's true that most bettors enjoy those popular sports and events, and they probably attract the most new customers, as they are the biggest events in the industry. However, the best crypto betting sites will also offer niche sports and lower-ranked national leagues.

Market Choice

Punters greatly appreciate the variety of markets they can bet on, especially if the sportsbook offers them for the sport they particularly enjoy. The variety of markets is a crucial factor for some bettors as it opens up many opportunities for certain types of bets, like bet builders. It is a factor that can push bettors towards one sportsbook or another.

Betting Features and Odds

With the competition being so fierce, offering popular betting features has become a must for sportsbooks that wish to attract bettors. In-play betting has become a standard offer, but those providing live streams of the sporting events, or a chance to use the bet builder, that clearly separates sports betting sites from others. Also, constantly offering competitive odds is vital as bettos notice when sportsbooks have lower odds than others and don't offer significantly better service in return.

Bonuses and Promotions

Punters enjoy a good sports betting bonus, whether it's a welcome bonus or a promotion for existing customers. Welcome bonuses come in the shape of free bets, deposit match or no-deposit bonuses. Customers can also get an incentive when they refer their friends to the sportsbook or some reload bonuses that award them for their loyalty.

Customer Support and Overall Experience

When something goes wrong, or they need some information, bettors first turn to the customer support team for help. Whether it's an issue with a bonus, payment, withdrawal, or something else, the customer support agent who deals with the ticket is crucial to resolving the issue. Like other factors, it also contributes to the overall experience with the sportsbook.

Disadvantages of Betting Sites With Bitcoin

Bitcoin payments also have certain disadvantages, and you should be aware of these when looking to join new betting sites that offer Bitcoin as a payment option. These disadvantages can come to light when bettors face some difficulties with their payments or withdrawals. These are the issues that even punters betting at the best crypto betting sites sometimes face:

• Difficulties with fixing a cashout issue: If something goes wrong when a sportsbook cashes you out, it can be hard to trace the issues and the cause of the problem with the payments being encrypted and anonymous. 
• Volatility and price fluctuations: These are common issues with cryptocurrencies as their price constantly fluctuates. That makes it a bit difficult to keep track of your finances at some points, but it's something that crypto enthusiasts learn to work with and make the best of it.
• Lack of regulations: While it is beneficial that cryptocurrencies are not regulated by financial institutions or governments, this can also be a problem when there is an issue with a sportsbook. Regulatory bodies that grant licences to crypto betting sites can't really control much without firm regulations that are practically nonexistent with crypto. However, the best Bitcoin betting sites do their best to assist bettors who encounter issues of any kind.

Most Important Things to Remember When Betting with Bitcoin

When considering different betting payment methods, you sometimes need to weigh all the factors carefully before choosing the best options for yourself. Some bettors don't even consider Bitcoin as a deposit method because they are not comfortable with digital currencies and their decentralised nature.

Others prefer exactly that: the anonymity and freedom they get from using cryptocurrencies as their chosen payment method. If you decide that you want to use Bitcoin for your betting, here are some things to keep in mind:

• You need to have a crypto wallet you can connect to your sportsbook account when you want to make your bets in Bitcoin
• Some promotions might not be available for Bitcoin payments, but, on the other hand, sportsbooks can offer promotions that are designed specifically for cryptocurrencies
• Beware of the phishing attacks when someone is impersonating the sportsbook to trick you into approving a bogus payment
• Any Bitcoin payments you make to a sportsbook won't be registered in your bank statements, just like any potential withdrawals
• Crypto sportsbooks offer numerous sports and betting markets, so you won't have any problems finding what you enjoy

With these highlights, you know the basics about Bitcoin sports betting sites. Before choosing a betting site, make sure to read our sportsbook reviews for more information that can help you make a decision.