Having only been created since 2009, in an overall short period of time Bitcoin has soared to the top of the online gambling world. It is the number one preferred method of payment by any site that features it, especially the top crypto casinos. What makes this obvious is the fact every site that offers deposit bonuses incentivize you significantly more for funding your account with Bitcoin than any other way.
Why is Bitcoin so desirable for the player and the gambling operator? Because Bitcoin is front and center for the newest most revolutionary way to spend money: Cryptocurrency.
With cryptocurrency, all transactions are made online and are encrypted to ensure its safety. The conveniences it offers that separates itself far from other payment methods are extremely advanced. You can make payments anonymously and send them peer-to-peer. Transactions can be made instantly and the best part of all is there are no fees involved. No middleman is needed.
Since Bitcoin was the first cryptocurrency to make it huge, it was also the first to be picked up by the online casinos. Online Bitcoin gambling has since become one of the most common uses for the currency.
Where Can I Use Bitcoin For Sports Betting?
You will have no problem finding a highly reputable and valuable gambling site that accepts Bitcoin and has a sportsbook. All the top sites are in on them now. Bovada, BetOnline, Sportsbetting.ag, 5 dimes, etc. Bitcoin is such an easier method to use it has already reached a point that it goes without saying any top gambling site that has a sportsbook or not is accepting it.
The first casino to become a taker of Bitcoin was Vera and John in 2014. Their initial plan was just to try it out for the fun of the experience and they don’t even take it anymore. They are in the middle of the pack of online casinos featuring mainly slots and table games. But Bitcoin’s wealth of exceptional advantages for both parties led to its availability spreading quickly and now it is unusual to not come across it. Anyone that does not offer Bitcoin is falling behind in the times. It’s silly not to. Some sites’ existence depends solely on either Bitcoin and other multiple forms of cryptocurrency or Bitcoin exclusively.
Any of the current sites that only use cryptocurrency or Bitcoin only are small sites trying to make a name for themselves that are not able to launch a sportsbook. To simplify your search, just know that all the gambling sites that have a sportsbook will gladly accept Bitcoin.
The world of online sports betting is as complete as it ever was. They don’t just feature all the major and secondary American sports that are always on TV. It has expanded to other popular games all over the world like darts, rugby, cricket, snooker, and the recently created eSports if you are interested in betting on video game participants.
Futures betting is available as are all the different betting types for an individual game. Anything from the moneyline to halftime, to individual player props, and now live betting is becoming more and more common. Live betting is as it sounds, you can bet on games after they have started. So if you missed the beginning or if you like or don’t like what you’re seeing from a certain side, you now have the opportunity to capitalize on it.
With so many people betting on the financials market, that has become an option too and more and more sites are adding it to their board. Perhaps the furthest extreme it stretches to are the prop categories. Not as in for sports, as in for future events like an over/under for how much money the new Star Wars movie will gross at the box office, or who will become the next pope.
Entertainment betting has also become popular in recent years. That is not as easy to find, but there are lines on how specific shows will end, which characters will do certain things, and even what name will be given to a pair of celebrities’ first child. It may seem like a joke, but the sportsbooks thinking is quite logical, figuring since people will bet on just about anything, then they may as well offer a line on everything. There always edges to be had.
How Much Can I Deposit?
This is another huge luxury for the gambling operator and the player. Depositing with credit cards, wire transfers, or money orders not only charge fees, you often can’t even put that much on. This is an issue for big time or small time players. Big time because they can only put so much on at a time, and small because the fees add up to such a higher percentage of the deposit it makes it not worth it.
Bitcoin sportsbooks offer a wide range of what you can deposit. For instance, on Sportsbetting.ag the minimum is $20 and the maximum is $25,000 compared to money orders allowing no less than $300 and only up to $9,000.
Bitcoin withdrawal limits vary per withdrawal per site and you will probably come across weekly limits as well, but Bitcoin also offers a very low minimum withdrawal and the process usually takes 24 hours or less to complete.
Are Bitcoin Sportsbooks Legal for U.S. Players?
Yes, they are. Around the world, the large majority of the gambling sites, especially the big ones that use Bitcoin take business from U.S. customers. Despite those who may have been misled by the terms of the Unlawful Internet Gambling Enforcement Act (UIGEA) from 2006, it is as legal for as it has always been to deposit money to offshore gambling sites and play as long as they let you – which they do because they only have to adhere to their own jurisdiction. Sites who left the U.S. market after this Act was signed departed because they became disinterested in dealing with America. If a certain site will not take business from America you will be informed when you try to go to the site receiving a message saying you are blocked.
If there is anything to worry about, it is just the risk of sending your money to an offshore site. If something goes awry (presumably when trying to withdrawal or claim a bonus), you have very little recourse. You are at the mercy of whatever the site does as over the years many complaints have been reported about gambling sites not paying people. It is highly recommended you do your due diligence in making sure whoever you sign up with has received good reviews of reliability.
What is the Future of Bitcoin for Sports Betting?
Bitcoin is here to stay. Barring a monumental collapse in its value, Bitcoin being so far ahead is going to stay at the front of the pack. As more sites launch, Bitcoin will most likely be a part of everybody’s plan and expect to see more small time sites add to its list of payment options.
There are several other forms of cryptocurrency that are also slowly catching on. They would have to skyrocket in value majorly to have any chance of taking over Bitcoin as the number one cryptocurrency any time soon. Since some people feel that one day cryptocurrency will be the primary source for money transactions, then Bitcoin could dip down in the top choice having to compete against that many other options. But, until that day Bitcoin will be the way to go to fund online sports betting.