You’ve probably heard of Bitcoin gaming or Bitcoin casinos. These are online betting sites that accept cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many more. Since this is directly associated with playing casino games, many are wondering if they can also place sports bets with cryptocurrencies.
Wonder no more because yes, you can do sports betting with cryptocurrencies. You can do so on many instant withdraw sportsbooks. Typically, this type of online bookies allows instant payouts through cryptocurrencies as this is one of the fastest and safest ways to do so.
So, is Bitcoin sports betting a thing? If so, why is it a thing? Keep on reading to learn more about it!
Why Bet with Cryptocurrencies?
So why are people switching to cryptocurrency gambling? Well, there are a few good reasons to do so. Take a look at what they are below:
When sending and receiving cryptos, you only need a wallet address and/or destination tag. This makes transactions completely anonymous and safe. However, online casinos require a security verification that might include the need for you to prove your identity. That said, you can only really gamble anonymously until a certain point.
However, there are anonymous online casinos that don’t require any verification at all. This is unless you win a big sum of money, which is still unlikely because anonymous casinos usually don’t offer progressive slots.
Speed and Timeliness
If you take a look at the online gambling sites that issue same-day or instant payouts, many of them accept cryptocurrencies. To some of them, this is the only possible way to issue payouts right away. Receiving crypto payments only usually takes a few minutes. And when it comes to deposits, it’s usually an instant transaction.
Avoid the Hassle of Bank Transactions
Since cryptocurrencies are decentralized, transactions no longer need to be validated by a higher or more formal institution. Some banks are strict when it comes to gambling-related transactions which could be a hassle for certain players and punters.
If your banks also take a look at your recent transactions to decide on your loan or mortgage approval, you might want to consider using cryptocurrencies. There are places where people aren’t allowed to take out loans or mortgages if they have had gambling-related transactions in the last few months. Avoid getting blacklisted by a bank just for doing some sports betting and use cryptocurrencies for this activity.
How to Bet with Cryptocurrencies
If you decided that online betting using cryptocurrency is the most private, easiest, and safest choice for you, next you need to learn exactly how to do it. The first step to take is to open your own cryptocurrency wallet. Create an account on a digital wallet and you’ll receive a digital address, remember to keep this number safe at all times.
Log into your digital wallet and buy coins or cryptocurrency using traditional money, just choose the amount and the purchase will be instant just like you purchase any other digital item. Remember there are different types of cryptocurrencies, the most popular being Bitcoin, Ethereum, Tether, Binance Coin, and CRP.
Once there’s crypto on your digital wallet you’re almost ready to go. Search for your desired online betting site (check out our recommendations below) and log in or create your account. At a certain point, you’ll be needing to deposit your cryptocurrency into your website account, which requires you to have your wallet open and ready. But don’t worry! Most sites give precise instructions on how to begin sports betting with crypto.
Sportsbooks that Accept Bitcoin and Altcoins
So, which online casinos and sportsbooks accept cryptocurrencies? Here are some of them:
BetOnline has a Panama gambling license and it has been around since 2004. On this site, you can bet on many sports like football, cricket, and basketball. It accepts cryptocurrencies like Bitcoin, Bitcoin Cash, Cardano, Chainlink, Ethereum, Litecoin, Ripple, and Tether.
Bovada is known as an online casino and bookie. This is a good choice if you enjoy both sports betting and casino gaming. Compared to BetOnline, however, this site only accepts commonly used cryptos like Bitcoin, Litecoin, and Ethereum.
Sportsbetting.ag also allows you to bet on different sports, whether it’s a major or minor event. This online bookie has been around since 2003 and is also licensed in Panama. This is one of the crypto betting sites that accept plenty of cryptos like Bitcoin, Bitcoin Cash, Tether, Cardano, Chainlink, Stellar, and more.
With all that said, crypto sports betting is a thing and it has no intention of disappearing from betting sites. With the popularity of cryptocurrencies, likely, more online bookies will eventually allow them on their platforms. Overall, if what you value is your financial privacy, this is one of the best payment solutions today.