By now, almost everyone knows or has at least heard about Bitcoin and cryptocurrencies. Today, Bitcoin and other altcoins have a myriad of uses.
For example, you can use Bitcoin to buy everything from gifts, furniture, music, concert tickets, food, etc. You can also pay for flights, book hotel rooms, pay for your college education, and a myriad of other services.
So it should come as no surprise that you can also use Bitcoin to place sports bets. While the crypto sports betting scene is currently booming, there are a few things you should consider before using your Bitcoin to bet on sports.
That’s why we’ve created a simple guide on how to place sports bets with Bitcoin, just to help you get started. The first step to learning how to place sports bets with Bitcoin is to learn about the types of sports betting platforms, as well as their advantages and disadvantages.
Learn about the types of Bitcoin sports betting platforms
Offshore Sports Betting Platforms
These sports betting platforms are typical sportsbooks that accept Bitcoin as a valid payment method. These platforms are quite popular and represent the 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 legitimate, when you withdraw, your funds will be converted back to Bitcoin and sent to your wallet.
With offshore sports betting, currency risk is generally reduced, scams are very unlikely to happen, and incorrectly graded bets can be reversed. However, the withdrawal process can be a bit slow, and most of these platforms usually require some form of KYC.
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Sports Betting Platforms For Bitcoin
These types of Bitcoin sports betting do not use fiat currency. This means that your Bitcoins are used as a way to place bets.
The main advantages of Bitcoin sports betting platforms are their fast withdrawals and the fact that there is no KYC involved. The downside is that there is currency risk involved and support is often slower or non-existent.
General guidance
Once you’ve chosen your platform, you’ll need to register an account. This usually involves you entering some personal information and accepting the general terms and conditions.
Next, you will need to deposit your Bitcoins by sending them to a designated address. Once your balance is displayed on the betting platform (usually on the right-hand side of the user interface), you can start placing bets. Choose the type of game or sport you want to bet on and, once you are sure that everything is in order, confirm the bet.
If your bet is correct, you will be able to withdraw your funds. Make sure you enter your Bitcoin wallet 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 several regulations in place that protect your interest as a customer and, more importantly, ensure that your money doesn’t go missing. It’s also important to do a background check. Take a few minutes to inspect the reputation of the sportsbook in question. Always choose well-established sportsbook brands.
Choose a good wallet
Look for some of the best bitcoin wallets and choose one that suits your needs and fits well with your device. Do not use any exchanges as your Bitcoin wallet. After buy your Bitcoin On the designated exchange, transfer your BTC to your Bitcoin wallet and not directly to the betting platform. You can then perform your betting-related tasks without having to worry about losing your money due to inconvenient and potentially oppressive betting regulations.
Beware of price fluctuations
Keeping an eye on Bitcoin price fluctuations is especially important when using Bitcoin-only sportsbooks. Don’t forget about Bitcoin price volatility and the fact that the price can change in short periods of time.
Always play on sites with zero fees
Since Bitcoin costs nothing to move from one place to another, it's almost common sense that sportsbooks currently taking a percentage of your funds shouldn't charge anything extra.
Be careful to check addresses
Probably the most important piece of advice is to make sure you don’t get distracted while betting. It’s imperative that you double-check the addresses you’re depositing to or withdrawing from, as you’re probably already aware that Bitcoin transactions cannot be reversed.
The importance of two-step verification
When it comes to online transactions, you can never be too careful. That said, it may be worth finding a sports betting site that supports two-factor authentication, as it’s a very good way to prevent your funds from being stolen.
Conclusion
Using Bitcoin for sports betting is still a relatively new concept, even though it will likely become more popular in the coming period. We hope this article has been helpful to you. Have fun betting with Bitcoin!