People love to have a bet on their favourite sports. Now, more people than ever before are having a bet on sporting events thanks to the rise in online betting sites and apps. The rise of technology has also cleared the path for an alternative payment though – bitcoin, also known as cryptocurrency.
Do you know how many betting websites accept Bitcoin in October 2020?
Best Bitcoin Sports Betting Sites
From our research, here is a list of the best Bitcoin sports betting sites:
New Customers Only. Min deposit £5. Bet Credits available for use upon settlement of bets to value of qualifying deposit. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. Time limits and T&Cs apply. Full T&C's Apply
New UK & NI customers only. 18+. Sign up using promo code ‘SPORTS60’. Deposit & place first sports bet at a minimum of £10 in one bet transaction at evens (2.0) +. £30 paid in free bets within 48 hours of bet settlement, expires 7-days after issue. Doesn’t apply to customers who place their first bet on the Virtual Grand National. E-Wallet & Prepaid Card restrictions apply. Your first bet must be settled within 60 days of bet placement. SMS validation may be required. Game restrictions apply. Maximum 30 Free Spins on selected games. Free Spins expire after 7 days. Full T&Cs apply. Full T&C's Apply
18+ New UK+IRE customers. PayPal and certain deposit and bet types excluded. Min first £5 bet within 14 days of account reg at min odds 1/2 = 4 x £5 free bets valid for 7 days on sports, stake not returned, restrictions apply. T&Cs apply. Full T&C's Apply
18+ New UK+IRE customers. Paypal and certain deposit types and bet types excluded. Min £5 bet within 14 days of account reg at min odds 1/2 = 4 x £5 free bets. Free bets valid for 4 days on sports, stake not returned, restrictions apply. T&Cs apply. Full T&C's Apply
New William Hill online customers only. Min. unit stake of £10/€10 at odds of 1/2 or greater. Only the “win” part from EW bets will count. Free bet terms, payment method & country restrictions apply. Free bets credited as 3 x £10/€10. Free bet stakes are not returned as part of the settlement of successful free bets. All Free Bets must be wagered within 30 days. Full T&C's Apply
New customers only. 18+, BeGambleAware.org. Min deposit £10. Money back as bonus. Wagering requirements: Sportsbook 3x at min. odds of 1.40 (2/5), Casino 25x. Only one bonus can be used at a time, Sportsbook bonus must be wagered before using the Casino, unless the bonus has been forfeited. Bonus will expire after 7 days of opt-in. Full T&C's Apply
There is every likelihood that you have never heard of any of these sites. That’s fine – they’re hardly household names, especially compared to the biggest kids in the sports betting yard. As discussed though, bitcoin is a new and oft-misunderstood currency. In truth, most betting sites will consider it a huge risk. It will be a while before your favourite high street bookie starts to operate a bitcoin betting site.
So, of these strange and unfamiliar sites, which should you use? Stake is commonly regarded as one of the best locations for anybody looking to bet bitcoins against sporting events. The interface is simply, the payouts are among the most generous of all bitcoin betting sites (and you can immediately withdraw your winnings to your bitcoin account), and all gambling is completely anonymous.
- 1 Best Bitcoin Sports Betting Sites
- 2 What is Bitcoin?
- 3 Digital Currency for Sport Bets
- 4 Secure Cryptocurrency Payments
- 5 Bitcoin Gambling UK
- 6 Bitcoin E-Wallet for Sports Bets
- 7 Bitcoin Sportsbook Bonus
- 8 How to Bet with Bitcoin
- 9 FAQs
- 10 Summary
What is Bitcoin?
Bitcoin is a digital currency (aka cryptocurrency) invented in 2009. As you may remember, this was immediately after a global economic meltdown, with countless banks requiring bailouts from their local governments. As a result, an anonymous individual or group decided to create a safer, secure form of currency that is not reliant on the whims of a hedge fund manager.
A bitcoin is not actually a coin at all, or any kind of legal tender. It is actually a string of numbers and digits that create a code. A bitcoin user has two keys, which are used to manage their bitcoin balance. The public key is what will be used for online betting.
This string of digits performs the same function as a debit card number of bank account number. This is also known as a bitcoin address. In addition, bitcoin users have a second key which must be kept private. Think of this as the bitcoin equivalent of a PIN or security code from the bank of a debit card. This is used to authorise any transaction made using bitcoin.
Finally, bitcoin users need a wallet. Don’t be confused by this – as we have explained, bitcoins do not actually exist in any tangible sense. In fact, this is not even wallet in the sense that PayPal and similar online payment portals use the term. Instead, a wallet is just a blockchain that holds your balance and allows you keep an eye on how many bitcoins you have any given moment.
The biggest thing to note about bitcoin is that the value fluctuates constantly. People are constantly mining for bitcoins, and demand causes a variation in value. Just one bitcoin can be worth as much as £300,000 though.
Digital Currency for Sport Bets
With the introduction of virtual currencies, the betting game has changed again. Now you’ll be able to place a bet with cryptocurrencies as well as everyday FIAT currencies. It’s easy to do, completely legal, and the currency can increase dramatically in value very quickly. Perhaps best of all, bitcoin and other cryptocurrencies can be kept completely separate from your standard bank account. This offers a boost to privacy and security.
The majority of UK sports betting tends to be on one of these sporting events:
- Horse Racing Bets
Bitcoin sports betting is becoming more commonplace, and is accepted more and more by online bookmakers that had never even heard of it a few years ago. This is thanks, in part, to its rapid rise to fame. Sure, you may not find bitcoin among the betting options of the biggest and best names in online gambling just yet, but it’s only a matter of time.
The stratospheric increase in value of bitcoin in the past few years means that there has been a steady increase in people jumping on the bandwagon. This includes online gambling sites. The potential returns for winning with bitcoin are enough to make anyone seriously consider it.
By placing a bet with cryptocurrency, you are essentially playing in a metaphorical bitcoin casino. You could win more than you bargained for if the value of this currency suddenly spikes, which it has a habit of doing. Naturally, the opposite could also happen though. Ensure you gamble responsibly, whether using bitcoin or a more conventional funding stream.
Secure Cryptocurrency Payments
The best bitcoin gambling sites are those that look after you – and your money. Although cryptocurrency is as safe to use as regular forms of payment like PayPal for sport betting, it still pays to be security conscious. Bitcoin can be deposited and withdrawn, just the same as FIAT money, but you need to make sure that your Bitcoin wallet is secure.
If your Bitcoin wallet is unsecured, it’s the same as losing a real wallet – once the money has gone, it’s gone for good. Given that bitcoin can be hugely valuable, opportunistic online thieves will never turn down the opportunity to snatch a cyber-wallet. That’s why finding a bookmaker that puts your security first is a must.
A good bitcoin gambling site will be as secure as possible and offer customers help if they need it. You can help matters immensely by using a secure wallet. You really cannot stress this enough. While an online betting site has a duty of care to keep you safe while enjoying a spot of bitcoin betting, you have to play your part too.
The good news is, although you may be paying in bitcoin, the variety of sports that you can bet on is unchanged. You can find many different betting tips online to help you when placing your bets. In addition, like most online accounts, sportsbook operators offer incentives to join them if you’re betting with bitcoin, especially if it’s your first deposit. These incentives range from:
- Free bets
- Matching your initial deposit
- Half price bets
- Recommend a friend for a bonus for both users
If sports aren’t your thing then there are plenty of other slot sites with bitcoin, along with casino tables. These will all accept cryptocurrency as a payment method. If you’re a high roller with a taste for risk, bitcoin bets online can can reap huge financial rewards. Just the smallest deposit could quickly turn into big winnings.
Bitcoin Gambling UK
Bitcoin betting in the UK is perfectly legal – although the laws are currently quite lax due to a lack of understanding by those in power. In summary, bitcoin is not legal tender for use on the high street, but is it legal to use for live betting online and other internet transactions. Using bitcoin is fine during esports betting, but don’t offer it your local newsagent to pay for a Sunday newspaper.
A bitcoin is the personal property of the person that uses it to place a wager on a betting site. Cryptocurrency is not subject to regulation from any bank or treasury. It is also extremely safe, as no personal details are included with the transaction. All you’ll be providing the betting site is the ‘address’ of your bitcoin wallet.
Of course, this can come in handy when you are placing bets. Bitcoin sports betting allows you to place a bet anonymously but securely. If you want to keep any sign of betting sites off your bank statement, use bitcoins. Gambling has never been so private.
Transactions are quick and easy and fees are virtually non-existent. As long as your bookmaker site is encrypted, your data and money are completely secure. These are just some of the reasons why an increasing number of UK punters are betting with bitcoin.
Bitcoin E-Wallet for Sports Bets
At the time of writing, there are a number of sportsbooks that accept bitcoin. You’ll find a list of them earlier in this guide. This list of potential betting sites will also surely rise quickly. Sites such as Betcoin Sports, Bovada, Bet Online and Fairlay are currently the most popular for bitcoin sports betting.
All of these companies are regulated by the gambling commission for many activities such as football betting and more. This is a big plus for these sites, because although the currency may be virtual, the rules and regulations controlling them are definitely not. This gives you peace of mind that when you place your bets it is under control by the proper jurisdiction.
Bitcoin Sportsbook Bonus
Bitcoin sportsbook bonuses are designed to entice you into setting up an account with a particular bookie. Since this is a relatively new method of payment, and there are many people who don’t know much about it, these bonuses can be extremely tempting. If you’re looking to make your first deposit with a new vendor, have a look for the best bitcoin betting sites for first-time users.
To attract patrons who aren’t too sure about the validity of the cryptocurrency, these bonuses tend to be better than conventional sportsbook sites. This will not be the case forever – as bitcoin betting becomes increasingly commonplace, offers will become less generous. Here are just some of the welcome bonuses on offer from bitcoin sports betting sites:
- Free bets
- Money on top of your first bet
- Double your odds
- Cash bonuses
- Deposit x amount and get x amount free
Of course, bonuses will vary between different sportsbook betting sites. You should always check the terms and conditions. It’s less a question of, “what is the best bitcoin betting site?”, and a more a matter of, “which bitcoin betting sites are offer me the best deal today.” Every time you make a first deposit with new vendor, you’ll be subject to all of those lovely rewards all over again.
It’s definitely worth looking around the various different sites too, as their bonus offers are changing all the time to keep up with the competition. Take a look at some of the bitcoin casino sites as well if you’re interested in different games to just live betting on sporting events.
How to Bet with Bitcoin
Once you’ve decided to take the plunge and see what all the fuss is about, you’re going to need to know how to place a bet with bitcoin. As we have been at pains to stress, bitcoin offers the same opportunities as FIAT money on betting sites but it’s not quite the same.
The first thing you need is a bitcoin wallet. All transactions are anonymous and the currency is virtual, your wallet acts as your address. Your address has two parts – one to give to the person you are sending or receiving money from, and the second part is your password. Any esports betting site will need this information before accepting your first deposit, so don’t try to skip this step.
Once you have your bitcoins, find a site that accepts cyptocurrency as payment. Obviously they’ll need to offer something that makes you want to place your first deposit with them, too – keep an eye open for any offers. Set up an account with the site as you would do with any online sportsbook, and deposit the amount you wish to have in your account.
That’s all there is to it. You can now place your bets as you would with a regular currency. To withdraw funds, just request a payment back to your own wallet. You can either keep the funds in your bitcoin wallet, hoping to ride the wave of a surge in value, or withdraw them to your regular bank account.
How do you gamble with Bitcoins?
The same way you would with FIAT money. You make a deposit using your bitcoin balance, and make a withdrawal to the very same funding source. Most bitcoin betting sites will offer immediate deposit and withdrawal services. As bitcoin value changes constantly, you could win bigger than you ever anticipated.
Is betting with Bitcoin anonymous?
Yes, you will not need to give your name or any personal information if you are betting with bitcoin. When making a deposit to your online account, you’ll just supply your bitcoin key. This acts as an address for the bookie, and transfers the funds their account. No names or physical addresses are provided.
Is betting with Bitcoin legal?
It is legal to use bitcoin to make a deposit to an online betting site, or to pay for goods and services online. As a result, any merchant that accepts bitcoin should be completely above board and legal. All the same, the laws around cryptocurrency in the UK are pretty slack. To protect yourself, make sure you only deposit funds to reputable online bookies that are approved by the gambling commission.
Is Bitcoin betting safe?
Yes, cryptocurrency is arguably the safest way to make a deposit into an online betting account. You’ll be providing an extremely limited amount to information to a merchant. Naturally, though, you also have a responsibility to keep yourself safe by securing your bitcoin wallet.
Why do people love crypto sports betting?
It’s completely private and secure, as it keeps the data pertaining to a deposit or withdrawal away from a conventional bank statement. In addition, the value of bitcoin fluctuates wildly. This means that you could come in fo an unexpected windfall from a very small deposit.
Why doesn’t my favourite betting site take bitcoin?
Give it time. Bitcoin is still new and the gambling industry is still adapting – many online bookies have only recently started to allow e-wallet services like PayPal or Skrill for a deposit. Use existing sites for now, and keep an eye open. You’re sure to find cryptocurrency cropping up on mainstream sites eventually.
Cryptocurrency is not yet mainstream, but that is sure to change sooner or later. With fewer and fewer people trusting banks – and gambling using a personal credit card now outlawed – bitcoin is likely to gain traction. The ever-changing value alone makes this an attractive proposition for web-savvy punters. Just be mindful to keep track of your spending. Whether using FIAT money or bitcoins, bet responsibility at all times.