By now, almost everyone knows or has at least heard about Bitcoin and cryptocurrencies. Nowadays, Bitcoin and other altcoins have a plethora of uses.
For instance, you can use Bitcoin to buy everything from presents, furniture, music, concert tickets, food, etc. You can also pay for flights, book hotel rooms, pay for your university education, as well as for a plethora of other services.
Hence, it shouldn’t be much of a surprise that you can also use Bitcoin to place sports bets. Even though the crypto sports betting scene is currently on a rampant rise, there are some things you should consider before using your Bitcoin to bet on sports.
That is why we have created a simple guide on how to place sports bets with Bitcoin, just to help you get started. The first step towards learning how to place sports bets using Bitcoin is knowing the types of sports betting platforms as well as their advantages and disadvantages.
Know the types of Bitcoin sports betting platforms
Offshore sports betting platforms
These sports betting platforms are typical sportsbooks that have accepted Bitcoin as a valid payment method. These platforms are fairly popular and represent the go-to services used by bettors who want to bet on sports using Bitcoin. When you place a bet, your Bitcoins are converted to USD. If you are lucky and your bet is legit, when you withdraw, your funds are converted back into Bitcoin and sent to your wallet.
With offshore sportsbooks, the currency risk is usually reduced, scams have a very low chance of happening, and bets incorrectly graded can be reversed. However, the withdrawal process can be a bit on the slow side of things, and most such platforms usually require some sort of KYC (know your customer).
Pure Bitcoin sports betting platforms
These types of Bitcoin sportsbooks do not use fiat currency. This means that your Bitcoins are used as they are to place bets.
The main advantages of pure Bitcoin sports betting platforms are their quick withdrawals and the fact that there’s no KYC involved. The downside is that there’s currency risk involved, and the support is usually slower or non-existing.
Once you have chosen your platform, you will then have to register an account. This usually involves having to enter some personal information and to accept the general terms and conditions.
Next, you will have to deposit your Bitcoins by sending them to a designated address. Once your balance is displayed on the betting platform (usually on the right side of the UI), you can start betting. Choose the type of game or sport you want to bet on, and once you’re sure that everything is in order, confirm the bet.
If your bet was correct, then you can withdraw your funds. Make sure you enter your Bitcoin wallet’s address correctly.
Basic advice, things to keep in mind
Opt for licensed and regulated sportsbooks
You should always opt for a licensed and regulated sportsbook. There are various regulations in place that protect your interest as a customer and, more importantly, they ensure that your money won’t disappear. It’s important to do a bit of background check as well. Take a few minutes of your time in order to inspect the reputation of the sportsbook in question. Make sure you always choose well-established sportsbooks brands (i.e., 5Dimes, Bovada, BetOnline, Heritage Sports, etc.). If you are bullish on using pure Bitcoin sportsbooks, the same principle applies (i.e., Nitrogen Sports)
Choose a good wallet
Look up some of the best Bitcoin wallets and choose one that fits your needs and goes well with your device. Do not use any exchange site as your Bitcoin wallet. Once you buy your Bitcoin at the designated exchange site, transfer your funds to your Bitcoin wallet and not directly to the betting platform. Then, you can perform your betting-related tasks without having to worry about losing your money due to inconvenient and potentially oppressive betting-related regulations.
Beware of price fluctuation
Keeping an eye on the Bitcoin price fluctuation is especially important when using Bitcoin-only sportsbooks. Don’t forget about Bitcoin’s price volatility and the fact that the price can change in short periods of time.
Always Play at zero-fees sites
Since Bitcoin doesn’t cost anything to be moved from one place to another, it’s almost common sense that sportsbooks currently holding some percentage of your funds shouldn’t charge anything extra.
Be careful to double check the addresses
Probably the most important advice is to make sure you’re not distracted when betting. It’s imperative that you double check the addresses to which you are depositing or from where you are withdrawing funds since, we’re sure you know by now, Bitcoin transactions can’t be reversed.
The importance of Two-Step verification
When it comes to transacting online, you can never be too careful. That said, it might be worth finding a sports betting site that offers support for two-factor authentication as this is a very good way of preventing your funds from being stolen.
Using Bitcoin for sports betting is still a relatively new concept, even though it’s likely to become more popular over the following period. We hope that this online guide was helpful. Have fun betting with Bitcoin!