How to Bet with Bitcoin

Sports betting, a realm where predictions dictate financial outcomes, has embraced digital evolution. Traditionally reliant on cash, modern bettors now harness cryptocurrency's prowess, navigating the digital platform with ease. Let's delve into the crucial steps for procuring cryptocurrency for sports betting:

Form Your Wallet

‍Initiate your journey by creating a secure crypto wallet if you don't have one, a foundational step.

Buy the Crypto

Extensive research aids in selecting a reliable and stable cryptocurrency to purchase.

Many iBetting platforms support native fiat currencies, which are automatically converted to crypto in your account balance.

Select the Appropriate Site

Choose a sports betting platform that accommodates and utilizes cryptocurrency for seamless transactions. Make sure the website has secure connection (SLL), check "About us" section, terms and conditions and read reviews. This step is entirely your responsibility.

Check the Sporstbook Rules

Make sure you clearly understand the rules of betting. E.g. for football bets you need to know what are interrupted matches, first-half/second-half bets, bets on time intervals, bets on statistics of a football match and basic sport rules e.g. red and yellow cards, goals counting, etc.

Deposit

The final step involves depositing the selected amount into your iBetting platform's crypto wallet.

Let's explore the withdrawal process on a specific iBetting website in more detail. The information was kindly provided by BetOne – a legal iBetting and Gambling platform.

1. Log in to your account and click Withdraw.

2. Select a currency.

3. Select a network.

Make sure you use the right network for a specific crypto.

4. Enter the wallet address, specify the the amount and click Withdraw.

5. Check the address of the crypto wallet and press "Confirm".

Please be aware that a fee may be charged by the cryptocurrency provider when processing withdrawals.

Easy to deposit and withdraw

Transitioning from traditional funding methods to Bitcoin offers a significant advantage, streamlining the deposit and withdrawal processes. With Bitcoin ownership, these financial transactions are just a few clicks away. It's essential to note that certain sportsbooks might permit Bitcoin withdrawals exclusively if it was the method used for the initial deposit. This integration of Bitcoin into sports betting operations enhances accessibility and expediency for users.

No fees

Bitcoin transactions with sportsbooks are often fee-free, providing a notable advantage over traditional methods that impose withdrawal minimums and additional charges. Bitcoin payouts typically have lower minimum requirements compared to conventional options.

Fund only what you need

Bitcoin facilitates a personalized approach to funding sportsbook accounts. Users can maintain only the necessary balance at each book, eliminating the stress associated with keeping large offshore balances. Whether topping up for a bet or withdrawing profits during a winning streak, Bitcoin allows swift and cost-effective transactions, enhancing control over funds.

Volatility

Bitcoin's value exhibits rapid fluctuations, impacting the value of your sportsbook account if maintained in Bitcoin. Some platforms, like Nitrogen Sports, keep balances in Bitcoin. If Bitcoin's value rises, it benefits users; however, a decline in Bitcoin's value affects the bankroll.

Sportsbooks often convert Bitcoin deposits into U.S. dollars, shielding bettors from Bitcoin's value changes. Yet, the proportion stored in crypto wallets may vary.

Exchange/wallet fees

While sportsbooks typically don't impose fees on Bitcoin transactions, users may encounter costs related to buying and transferring Bitcoin. Although recent months have seen reduced transfer costs, users should be aware of potential fluctuations and research associated fees.

Blockchain delays

Transferring Bitcoin among exchanges, wallets, and sportsbooks may experience delays due to blockchain processing times. Processing time variations can occur based on the sportsbook and blockchain traffic during deposit or withdrawal.

GG.BET

GG.BET is an international betting platform created by esports experts, offering one of the most extensive selections of esports markets. Covering over 30 disciplines, including console and mobile games, the platform also provides more than 40 traditional sports options. Additionally, users can bet on AI-driven virtual football, basketball, and tennis leagues. GG.BET is registered in the Republic of Cyprus and complies with AML regulations.

BetOne

Operating under the laws of Curaçao, BetOne delivers a sleek interface and excellent user experience. It supports betting on popular sports such as soccer, tennis, basketball, ice hockey, volleyball, and MMA. Users benefit from a 100% welcome bonus on their deposit amount.

Vave

Vave boasts an impressive sportsbook featuring competitive odds across 30+ sports and niche leagues. From the English Premier League to the FIFA World Cup, users can bet on major competitions globally. The platform offers live in-play wagering, bonuses, loyalty perks, and VIP programs alongside its extensive casino games.

sportbet.one

Sportbet.one offers a 125% welcome package, providing an immediate bonus boost of up to $1000. The platform has a low minimum deposit of $20 in crypto and a reasonable 35x wagering requirement, making it accessible to players of various levels.

Stake

Stake accepts Bitcoin and offers odds on a wide variety of sports, including esports. The "Live Events" section features live streams for wagering on basketball, soccer, and tennis, while esports fans can bet on match winners or specific rounds through Twitch live streams.

In conclusion, embracing Bitcoin for sports betting brings both advantages and considerations. The convenience of swift transactions and minimal fees stands out, yet Bitcoin's price volatility and potential blockchain delays require bettors' careful attention. The ability to fund precisely what's needed and avoid excessive offshore balances adds a layer of security. Ultimately, the decision to use Bitcoin for sports betting hinges on one's risk tolerance and understanding of the crypto landscape. As the crypto betting arena evolves, bettors should stay informed, considering both the potential gains and the associated risks in this dynamic ecosystem.

Can I use Bitcoin to bet on sports?

Yes, Bitcoin is increasingly being accepted as a form of payment in the sports betting industry. Many online sportsbooks now allow users to deposit and withdraw funds using Bitcoin. This provides users with advantages such as faster transactions, lower fees, and increased privacy. However, it's important to note that the acceptance of Bitcoin in sports betting can vary between different platforms, and users should verify the payment options offered by a specific sportsbook. Additionally, users need to be aware of the volatility of Bitcoin's value and consider potential fees associated with purchasing and transferring Bitcoin.

How to do sports betting with crypto?

Yes, you can use Bitcoin and other cryptocurrencies for sports betting. Simply create a crypto wallet, acquire the desired cryptocurrency, choose a crypto-friendly sportsbook, deposit crypto, place bets, and withdraw winnings in cryptocurrency.

Which bet can I fund with Bitcoin?

You can fund various types of bets with Bitcoin, including but not limited to straight bets, parlays, teasers, and live in-play betting. Most sportsbooks that accept Bitcoin offer a wide range of betting options across different sports and events.

Is that legal to bet crypto on Sports betting?

Yes, betting with crypto on sports is legal in certain jurisdictions, but regulations vary widely by country or region. Always verify that the platform you're using holds a valid license and displays its registration details. Ensure compliance with your local laws before participating.