Bitcoin has gained significant popularity worldwide and it’s now to the point where we can use Bitcoin to our advantage when it comes to line sports betting.

The popularity of Bitcoin has many online sportsbooks now accepting this cryptocurrency for online wagering. The best part is betting with Bitcoin operates in the exact same manner that traditional online sports betting does, but there are several advantages to betting with Bitcoin that we will tackle later in this section.

While some betting sites keep your Bitcoin deposit as Bitcoin, others convert to fiat currency which can cause a few percentage points in fees. We will also get to the fee aspect of using Bitcoin later in the section.

Whether you own Bitcoin or you are thinking about buying some, check out our Bitcoin Betting Sites section as we look to answer some of your questions when it comes to the most popular cryptocurrency in the world.

Best Bitcoin Betting Sites

The popularity attached to betting with Bitcoin continues its upwards trajectory. Betting sites are leaning more and more towards Bitcoin as it is a more efficient form of doing business for them, and they can therefore pass the savings onto their customers in the form of bonuses for first-time depositors.

With Bitcoin, processing speeds are increased, and that’s one huge thing we look for in a Bitcoin betting site. We want to make sure we can withdraw funds in an extremely timely manner. We can also identify sites that provide bonuses for first-time depositors that deposit with Bitcoin. Again, the use of Bitcoin is a cheaper way for betting sites to do business, so they have no problem passing some of those cost-savings along to new users.

Betting sites that provide efficient processing speeds and pass on Bitcoin bonuses to new users are the ones you want to use when betting with Bitcoin. That said, you may find some sites offers more competitive odds or are more favorable to say, the NFL, than others. Depending on your betting needs, there may be a site you feel works better for you.

Most of these sites are extremely competitive with their odds on a wide range of sports, and most also offer processing speeds that dwarf those of traditional cashier methods. If you are betting with Bitcoin, we do recommend a site that offers a Bitcoin bonus upon a first-time deposit.

Feel free to explore all of the recommended sites and settle on the one that works best for you!

Pros and Cons of Betting with Bitcoin

There are certainly advantages to betting with Bitcoin for online sports betting, but you should also be
aware of possible disadvantages when it comes to the most popular cryptocurrency in the world.

Pros

Cheaper Fees
It costs a few percentage points to purchase Bitcoin and convert it back into fiat currency (such as dollars), however, once that transaction takes place there are minimal fees involved with Bitcoin. The best part about this is when you withdraw Bitcoin from betting sites, the vast majority of them charge no fees in relation to this transaction. At the end of the day, this means more dollars in your pocket and less of your winning being taken back and therefore hindering your bottom line.
Efficiency and Safety of Deposits
Bitcoin also presents a notable advantage when it comes to processing speeds. Instant withdrawals are not uncommon among the best Bitcoin betting sites while others can be processed within a matter of hours. These processing speeds are simply unheard of with traditional cashier methods and is what a great deal of online sports bettors have been craving for years.
Anonymity
Let’s be clear: Bitcoin is not completely anonymous. That said, tracking the blockchain is an extremely tedious process and there is little reason for anyone to do so unless there is reason to believe you are doing something illegal with Bitcoin (although Bitcoin is still perfectly legal). If you are dealing with a Bitcoin-only sportsbook, you may not even be required to make an account which gives you near-anonymity by not having to provide personal information such as name or address.

Cons

Price Volatility
Although it’s been a great overall investment in recent years, the value of Bitcoin fluctuates daily. Like the stock market, the value of your Bitcoin can be prone to short or long-term fluctuations, both positive and negative. We have to keep in mind that while Bitcoin winnings can be advantageous, they are still exposed to a possible drop in value, which hits our bottom line. Of course, the reverse could be true as well where our Bitcoin winnings become even bigger with a rise in Bitcoin’s value. As long as you are okay with the risk associated with price fluctuations, Bitcoin is a solid way to bet online.

Why Use Bitcoin Betting Sites?

Bitcoin betting sites are roaring in popularity. Most major betting sites accept Bitcoin as it has its advantages for both parties involved. In fact, Bitcoin isn’t the only cryptocurrency that is accepted at the major betting sites as Litecoin and Ethereum are also accepted at some online betting sites.

Withdrawal Efficiency and Savings

The main reason we like Bitcoin betting sites is the combination between processing speeds and savings when it comes to withdrawals. Profiting from online betting is nice, however, the first thought that likely enters your mind after accumulating profits is taking on the arduous task of actually getting your money.

The time it takes to receive your Bitcoin from the recommended betting sites is unheard of in traditional cashier methods. It can also cost around 5-10% of your profits to withdraw funds from a betting site, and that just doesn’t make any sense. Profitable sports betting is hard enough, little own giving away up to 10% of your profits, which hurts your bottom line.

Safety and Near-Anonymity

There is also the safety aspect. If you are a bettor that doesn’t feel comfortable giving away your credit card information or have general privacy concerns, Bitcoin is the way to go. Bitcoin’s safety and near-anonymity is a big advantage for folks who feel uncomfortable with how the credit card deposit method operates.

Bitcoin Bonuses

Lastly, exclusive Bitcoin bonuses are another reason to use this cryptocurrency as your deposit method. Due to the savings the betting sites receive on processing costs, they would prefer depositors use Bitcoin. Therefore, some betting sites offer Bitcoin-exclusive bonuses such as Bovada which offers players a sports bonus of 75% up to $750 for their first Bitcoin deposit.

Clearly, there are many advantages to betting with Bitcoin. The betting sites save money from it and the depositor does too. The processing times are beneficial as is the safety involved.

Betting with Bitcoin is massively popular for a reason, and now you know why.

About the Author
Rick Rockwell profile picture
Rick Rockwell
Sports/Casino Writer
Content Covered on TSG: Blog and News
Rick has been a professional writer for over 14 years with an extensive resume spanning projects and clients from around the world. But, his passions have always been sports and sports betting. Whether it’s being a credentialed media member to major sporting events, climbing into a racecar or a pro wrestling ring, Rick’s sports and sports betting knowledge, passion and versatility is on display with each article he writes for TSG.
mail Click to Contact Rick
More From Rick Rockwell