Bitcoin is a decentralised digital currency that has revolutionised how people make online transactions. It allows for fast, secure, and low-cost transfers without the need for intermediaries like banks. Online sports betting sites have quickly caught on to the benefits of Bitcoin and are increasingly accepting it as a form of payment.
Online Sportsbooks That Accept Bitcoin Payments
Top Sports Betting Sites That Accept Bitcoin as a Payment Method
Below are some betting sites which support Bitcoin as a transaction method.
1xBet, which covers over 60,000 events per month, is a haven for sports fans who want to experience the thrill of betting on their favourite games. Whether you’re a football, basketball, or tennis fan, 1xBet caters to all. Additionally, the betting site offers a range of features like Cashout and Bet Builder to enhance your chances of winning big. But the payment options available are what sets 1xBet apart from the competition. It supports various card payments and e-wallets, including Visa, Mastercard, and Neteller. Even better, 1xBet is one of the bookmakers that accept cryptocurrencies such as Bitcoin.
Betfinal is a bookmaker based in Cyprus that was established in 2013. A decade providing bettors with excellent platform. You’ll have a blast here with multiple bonuses and promotions, live betting, live streaming, and a virtual sportsbook. Not only that but Betfinal covers over 40 sports, including well-known events like basketball as well as obscure ones like Gaelic football. In terms of transactions, Betfinal accepts a couple of banking methods, including ecoPayz, Bitcoin, Visa, and Mastercard, through which you can deposit and withdraw funds at your leisure.
Melbet, which was founded in 2012, is a Curacao-based Bitcoin sports betting site with quite a reputation. Melbet offers a wide variety of sports to bet on such as football and cricket. Melbet accepts bets via desktop or mobile, and they’ve even created a mobile app for bettors on the go. Aside from sports betting, Melbet offers fantastic promotions, such as a 100% welcome bonus up to $200 to keep you going. One option to pay is using Visa or Mastercard. Furthermore, Melbet allows you to make anonymous transactions using cryptocurrencies such as Bitcoin.
Despite being a relatively young betting platform, Betwinner has over 400,000 existing players. How has it amassed such a large following? Well, Betwinner provides a wide range of betting opportunities, with more than 40 diverse markets and numerous live and pre-match events to choose from. Furthermore, Betwinner offers a variety of betting markets, such as Match Winner and Asian Handicap. What’s more, the site provides markets for popular sports such as football, horse racing, greyhound, golf, baseball, ice hockey, cricket, Formula One, and basketball. You can transact using banking methods like Qiwi, Yandex, and Bitcoin.
Advantages of Using Bitcoin for Sports Betting Transactions
It’s no coincidence that numerous betting sites have hopped on board the Bitcoin train. There must be a multitude of benefits that come with integrating this cryptocurrency into their platforms. Now, let’s delve into a few of those advantages.
- Faster Transactions: Most payment methods usually take days to process a transaction. Meanwhile, Bitcoin takes mere minutes to process the withdrawal so it is a great option.
- It is Decentralised: Bitcoin is not run or associated with any financial institution, bank or governments. You can therefore transact freely without worrying about what will happen to your money even in the case of an economic crash.
- Security: Bitcoin doesn’t require you to share your personal information, preventing fraud and identity theft. Additionally, there’s no need to worry about chargebacks, as once a transaction is documented, it’s set in stone and can’t be modified or undone.
- Little or No Transaction Fees: When transacting via Bitcoin, you won’t encounter additional transactional fees simply because there are no intermediaries. The only fee you’ll find is when converting Bitcoin into fiat currencies.
Comparison of Bitcoin With Other Payment Methods Used in Sports Betting
Thanks to its unique features, Bitcoin has emerged as a popular payment method in the sports betting industry. The big question remains how it stacks up against the competition?
Bitcoin transactions are usually processed within roughly 30 minutes, which is way faster than most payment methods. Take e-wallets, for example; when withdrawing from betting sites, you’ll have to wait 1 to 3 days for the payment to reflect. Card payments take even longer and you may wait 7 days to get payment to your account.
Most sports betting payment methods, particularly e-wallets like Neteller, can charge high transaction fees for international transfers. On the other hand, Bitcoin transactions typically have much lower fees, primarily associated with conversion to fiat currencies.
In addition, Bitcoin has better anonymity than other payment methods especially traditional ones. you will share your personal information if you use card payment or e-wallets but with Bitcoin transactions you will only need your address so all in all you will have better privacy and security.
How to Set Up a Bitcoin Account for Sports Betting
As we’ve seen above, there are numerous perks to transacting with Bitcoin. However, before using Bitcoin sports betting sites, you must set up a Bitcoin account. In the guide below, we’ll walk you through the steps to create a Bitcoin account and start using it for sports betting.
- Pick a trustworthy wallet provider : You need to make sure you are using a decent Bitcoin wallet providers so you don’t fall to any scams. Some popular options include Coinbase, Blockchain.com, and Trezor.
- Create an account: Pick a Bitcoin provider then register an account. This usually involves providing some information and verifying your identity.
- Add Bitcoin to your wallet: The Bitcoin you bought from an exchange or from someone you can easily add it to the account your created.
How to Use Bitcoin in Sports Betting Sites
Now that you’ve set up a Bitcoin account, all that’s left is using the crypto for sports betting. Here’s how you do it.
- Choose a Bitcoin sports betting site: Not all betting sites accept Bitcoin, so you’ll need to pick one that does.
- Sign up: So you have decided on a sports betting site that accepts Bitcoin? Excellent now comes the part where you need to sign up and it is just as easy as any other website you registered to by simply entering the required details.
- Navigate to the deposit section: After you have created an account with the sports betting site, navigate to the deposit page.
- Choose Bitcoin and enter an amount:On the deposit page pick the Bitcoin option as your deposit method and enter the amount of Bitcoin you want to deposit.
- Copy the sports betting site’s Bitcoin address: On the deposit page, you will be provided with a unique Bitcoin address for the sports betting site, which you’ll need to copy.
Sending The Bitcoin: the sports betting site will provide you with an address just send the Bitcoin you have to that address and you should be done.
- Wait for confirmation: Bitcoin transactions take a couple of minutes so wait for confirmation before placing your bets.
FAQs About Using Bitcoin in Sports Betting
Since Bitcoin sports betting transactions are a relatively new concept, various questions have been raised concerning it. Below, we’ve covered some of the most common ones and their answers.
Yes, it is. Bitcoin doesn’t usually require you to share your personal information; thus, fraud and identity theft cases are rare. Additionally, there’s no need to worry about chargebacks, as once a transaction is documented, third parties cannot alter it.
You can get Bitcoin from mining which is time consuming or you can buy it from a cryptocurrency exchange or finally get it as a payment from a service you do to someone else.
Using Bitcoin for sports betting has several advantages, including faster transactions, lower fees and greater privacy and security.