Best Bitcoin Sportsbooks in 2020
Bitcoin Betting Sites: What the best crypto sportsbooks do right:
Table of Contents:
- Best Bitcoin Sportsbooks
- Bonuses and Promotions
- Security, Funds & Personal Information
- Where Do I Start?
- A simple registration process
- A variety of cryptocurrencies accepted for deposits & withdrawals
- Minimum & maximum betting limits that suit your bankroll
- Low vig (vigorish, juice)
- Big bonuses & loyalty programs, with reasonable withdrawal restrictions
- Apps and/or responsive mobile design
- 24 hour live chat and/or toll-free phone support
- Reputable history, licensing, high level of security
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Crypto / Bitcoin Sportsbooks vs Fiat
Sports betting is all about value, not just in terms of the odds, but also in finding a sportsbook that offers the biggest bang for your buck … or bitcoin. Here are a few benefits of using bitcoin or other cryptocurrencies for sports betting:
Bitcoin as an Investment
Most financial and investment experts agree that the price of bitcoin will continue to grow for many years to come. Yes, it can be a volatile investment, but the price of bitcoin has increased dramatically over the last several years. And, looking forward at the mainstreaming of the coin, most people agree that this price trend will continue. When you keep your money in bitcoin, whether it be in an online wallet or in a sportsbook account, the value of your bitcoin will reflect market prices. This is different from other investments, like gold for example, where you have to sell your gold if you want to bet with it.
If you deposit with bitcoin and the price goes up, you will still receive those gains.
If you've ever gone to your bank and tried cashing a $10,000 check from an offshore sportsbook, you will know how frustrating it can be. In many countries, banks make it difficult (or impossible) to deposit or withdraw money to/from an online sportsbook. This isn't the case with bitcoin.
In most areas around the world, bitcoin is legal to buy, sell, and trade. It goes from a bank into an exchange, then into a wallet or directly into your sports betting account. The fact that it goes in/out of an exchange means that most banks don't have any issues with it. As far as they know, all you did was buy or sell bitcoin. So, if you have a big win that you want to cash out, it's easy and trouble-free.
Most online sportsbooks hit you with a fee to deposit and a fee to withdraw. Most Bitcoin sportsbooks do not. That’s because they don’t have to worry about dealing with banks and their processing fees. The only fee you may have to worry about at the best bitcoin betting sites, is the one your personal bitcoin wallet may charge, and that is literally pennies. That average fee amounts to about $0.04. Keep in mind that free withdrawals are sometimes limited, usually to one per week.
No Legal Restrictions
Bitcoin works with no banks, no governments. Basically, it is yours, along with all of the other bitcoin users. So bitcoin betting sportsbooks don’t have to deal with Visa, Master Card or any banking authorities. And you don’t have to deal with long registrations or transaction processing.
The nature of cryptocurrency gambling provides for anonymous registration, deposit and withdrawal at the sportsbook. So Bitcoin sportsbooks don’t ask many questions. While some books will ask for an e-mail address, the only identifiers you absolutely need are the Bitcoin addresses, yours and the sportsbook’s.
Better Bonuses & Promotions
You should shop around and check this out. You can find some good deals here. Often, sportsbooks that accept bitcoin will offer special promotions for bitcoin users. And they are healthy ones. At the best Bitcoin betting sites, you can find bonuses to join up, and rewards to play a lot. It is not hard to find Bitcoin sportsbooks that offer bonuses that match your deposit up to 100%. Also look for a VIP program, a reload bonus, and all sorts free contests for bitcoin and other prizes.
BTC sportsbooks are the most secure of the online sportsbooks. Once again, this is because of the nature of Bitcoin itself, and how it is processed. Rather than having to toss your identity out into cyberspace by giving the sportsbook your name, address, phone number, credit card number, etc., you maintain privacy by only having to use your Bitcoin address to deposit and withdraw money. Have Bitcoin businesses been hacked? Yes. What internet entity has not? But the top Bitcoin sportsbooks send your deposited funds directly to an offline “cold wallet,” away from the reach of invaders. They keep just enough in their online hot wallet to process a day’s worth of transactions. And that money is protected by top-level encryption. You will find that sites that accept bitcoin go out of their way to ensure the safety of their funds and yours
Casino & Poker
Many sportsbooks that accept bitcoin also have companion casinos and poker rooms for when you take a break from the sports. You can use your sportsbook bitcoin funds to play these casino games, which come with their own sets of bonuses.
Where Do I Start? Buying Bitcoin for My First Sportsbook Deposit
Buying bitcoin is as simple as any other currency exchange. Only, it is strictly online. You just need to get a bitcoin wallet and deposit your fiat currency into it. The bitcoin wallet will automatically assign you a unique bitcoin address. It will also convert your USD, GBP, CAD, EUR or any other currency into bitcoin at the going rate. That’s it. The whole process can be done in 10 minutes or less.</p>
Some wallets are cloud based and others can be downloaded to your PC. Many wallets offer an app for mobile access.
You can check your wallet from time to time to see how the BTC value has changed in comparison to your conventional currency.
If you are unfamiliar with Bitcoin, but know someone who has it, you can simply set up a wallet and get your friend to send you a few mBTC to get you started. Bitcoin isn’t just for spending with vendors; it’s peer-to-peer. And the Bitcoin community is noted for sharing the wealth.
There are plenty of bitcoin wallets and exchanges out there, so shop around and read reviews if you like. But we have found that Coinbase is the most established, secure and reliable wallet/exchange.
How to Transer BTC to an Online Crypto Sportsbook
If you have bitcoin to spend, but don’t know how to transfer it to an online sportsbook, continue reading. If you have spent your bitcoin before, you are ahead of the game, because the process of depositing bitcoin into a sportsbook works the same as spending BTC with any vendor or moving bitcoin back and forth between wallets or exchanges. You use Bitcoin addresses.
To deposit BTC into a sports betting site, you simply get the Bitcoin address of the site, and copy it into your personal wallet with a designated deposit amount. To withdraw BTC from the site, you just give them your Bitcoin address with a withdrawal amount. It is that simple.
Of course different sites work slightly differently with these processes. For instance, sportsbooks that deal with fiat currencies as well as bitcoin will ask you to choose a payment method as the initial step. You will usually find that by clicking on a Deposit, Cashier or Account button. Some sites even show a zero (0.0000 BTC) balance at the top of the screen, and clicking on that will take you to their BTC address.
Sportsbooks that deal in bitcoin only, will often have their BTC address displayed on the opening page in order to save a step in the process.
But after you click on the appropriate button, you will get some sort of display with the sportsbook’s Bitcoin address and usually a QR code for scanning with a mobile device. Just copy the address into the Send box in your wallet. You can designate the amount at the site’s display or in your wallet. You then send it, and let the blockchain do its work. The bitcoin reaches your sportsbook account in minutes.
Withdrawing BTC works the same way, only you are giving the sportsbook your Bitcoin address, to which they will send the money. Again, you may have to choose BTC from a Withdrawal Method list, or click on your balance or something like a Cash Out, Withdraw or Cashier button. A prompt will pop up with a blank for your BTC address and an amount. Copy your address into the blank with the amount, hit Send or Request, and your bitcoin will be on its way.
The time it takes for a cash out to go through often depends on the amount you withdraw. Sportsbooks often like to get more blockchain confirmations with larger amounts.
Make sure you know the amount limits and any other restrictions that come with bonuses.
And be sure to get the bitcoin address correct, because if you get it wrong, your bitcoin is lost.
Keep your personal Bitcoin address private, and keep a hard copy of it stored away.
As a test, withdraw the minimum amount from the sportsbook to see if it works right and moves in the time advertised.
Don’t keep amounts much larger than you plan to bet stored in the sportsbook.
Check the reputation of the sportsbook before you put any bitcoin in. The longer the site has been around, the better. The best sports betting sites stand the test of time. You can also read forums and reviews to check the reputation.
Bitcoin Cash (BCH) Sports Betting
Many people who own bitcoin also have Bitcoin Cash (BCH), a hard fork or offshoot of Bitcoin that was created in 2017. BCH was created to increase the Bitcoin block size and make for a quicker, smoother transaction process. But Bitcoin Cash works much the same as Bitcoin, and many sportsbooks that accept bitcoin also take BCH.
Bitcoin Cash has a smaller per unit value, a larger block size, and it moves quicker when it comes to purchases or deposits and withdrawals. That makes it a favorite of crypto sportsbook bettors.
But you can buy and exchange BCH in the same way you transact with bitcoin. It is also cheaper to use and comes with extra security. Many bitcoin owners use Bitcoin Cash as their everyday spending tool, while treating their regular bitcoin as more of an investment.
Are Betting Limits Affected by Bitcoin?
Wagering with bitcoin involves much the same amounts or limits, when you compare it with fiat currency betting. The only exception is the maximum bets. Some Bitcoin sportsbooks cater to high rollers, so we found limits of up to 40 BTC, even higher, for special events such as the Super Bowl or the World Cup. On the low end, you can get in the action for as little as 1 mBTC (0.001 BTC), which is the equivalent of $5 or less.
These limits of course can depend on the event and the type of wager. The minimum and maximum for a horse race, for example, will vary according to the bet type. And special wagers such as prop bets or futures, parlays and teasers, will be different.
The best online sportsbooks will make clear the minimum and maximum bet levels for each sport in their Rules sections. Many sportsbooks will automatically convert to fiat currency equivalents to make your wagers easier to gauge.
But bitcoin sports betting generally offers wager amounts to suit your bankroll, just like with fiat currency.
Does Betting with Bitcoin Affect the Vig?
Vigorish or juice is how bookmakers cover their costs and make a profit. It is also how sports bettors find value, and there is value to be found in sports betting with bitcoin. Since transaction processing is part of the cost of doing business, books save money by using bitcoin, because that cost is next to nothing. The Bitcoin sportsbooks can therefore afford to relay the savings to their customers. So people using bitcoin can often find a moneyline of, say -105 that would be -110 for fiat currency bettors.
Sportsbooks that accept fiat currency as well as bitcoin, will often promote these bargain prices for their bitcoin wagering. It is not hard to access lines from a number of online books for comparison.
Can I Make All of the Same Wagers When I Bet with Bitcoin?
Any bet type that is available for fiat currency wagering, is available to bitcoin bettors. Bitcoin wagering includes point spreads, moneylines, totals, props, teasers, parlays and the rest. You can even get into the fun of live betting or in-game betting. If you follow the thoroughbreds, you can try your luck with an exacta, trifecta - or even a superfecta at some sites – as well as a straight bet.
Many top Bitcoin books offer all sorts of special betting features, such as player props and free bets. We even found sites that allow you to lock in a profit in mid game if your team is covering. Others will allow you to buy points, usually in basketball and American football point spreads.
Most of the best Bitcoin betting sites will also give you a choice of how to list the odds, including decimal, fractional or American odds.
Can I Bet on All Sports?
Bitcoin sportsbooks are just like any others when it comes to the variety of sports and events available to bet on. And online betting always has better variety than your average neighborhood bookies. From the most popular sports, such as football and soccer, all the way to sports like competitive darts, Bitcoin sports betting has it all. From the biggest events, such as the World Cup, Super Bowl and Kentucky Derby, to less followed events, like Rugby Union championships and boxing title matches, you can find something to wager with your bitcoin.
E-sports? Got it. College and pro basketball? It’s there. Baseball, tennis, MMA/UFC, and all forms of motor racing are all on the board at sportsbooks that accept bitcoin. You can even get odds on political races.
Can I use my Mobile Device at Bitcoin Sportsbooks?
Most sportsbooks that accept bitcoin are mobile friendly. That means if you have a smartphone or e-tablet and you like to bet from anywhere there is a connection, you can bet on sports with bitcoin. You can literally have your bookie in your pocket.
But keep in mind that all mobile devices are not created equal. Nor are Wi-Fi connections. So you will just have to try out your favorite Bitcoin sports betting website with your iPhone, Android, Windows Phone, iPad or other mobile device. If you like to bet on the go, you might even do your shopping for a site with your mobile device.
You can get to a site and often play there, just by directing the browser of your mobile device to the site’s URL. Many of the best Bitcoin betting sites also have easy downloadable apps, and these apps make it easier to use the website via mobile. But check out the space they will take up on your device. Some older devices may not be able to handle the capacity of the app while allowing you to smoothly do the other stuff you like to do on mobile.
Check the site for smooth navigation, easy to read betting boards, and ease and simplicity of betting.
Is Sports Betting Legal in the United States?
The United States have gone decades without anything close to uniform laws on online sports betting. Of course every country has their own restrictions or lack thereof, so check your jurisdiction. But Bitcoin knows no boundaries; it is universal. Its decentralized, secure form of exchange can put anyone, anywhere, in the game.
Some online sportsbooks that accept fiat currency will deny people access from certain countries like the United States, just because of the IP address of the player. That is because these books also have to deal with banks and governments. But sportsbooks that accept cryptocurrency only, are not concerned with that type of oversight. To them, any customer is legal. Rarely will you find a Bitcoin sportsbook that will not accept your deposit or honor your cash out.
Yes, as long as you're betting at a reputable site. Unless you're placing bets at a scam site, odds and vig are similar whether you're betting in Las Vegas or online.
Before answering this question, lets start with this: as long as you're betting at a reputable bookmaker, both fiat and crypto sports betting are safe. So, rather than making a general statement about fiat vs crypto, we prefer to simply say - make your bets at a bookmaker that has a great reputation. In that case, you should be fine either way.
From our experience of being in the online gambling/sports betting space since 2006, our top recommendation for US bettors is the Bovada Sportsbook. While there are others that have also been around for a long time and hold a solid reputation, it is our opinion that Bovada has the best reputation for security and fairness. During the most difficult times of the industry (immediately after UIGEA for example), Bovada (known as Bodog at the time) was one of the few that were processing payments on time. Yeah, they had a few hiccups like everyone did, but they were the best. To this day they've always seemed to treat their customers right, and their betting selection has only improved.
In our opinion, CloudBet is the best betting site for non-US punters. Beyond a great bookmaker, they have a full casino, esports, and a virtual racebook. Plus, they have a massive bonus for new players - 100% up to 5 BTC.