Bitcoin sportsbooks have inundated the online gambling industry over the past five years, which in turn has grown the industry for bitcoin bettors as a whole. Since bitcoin has already proven to be the chosen currency by a vast number of people, and countries (e.g., El Salvador) have adopted bitcoin as a national currency, players should expect bitcoin sportsbooks to continue to grow with the continued popularity of the currency.
This article will present perspective bitcoin with several factors that they should consider before selecting one or more of the top bitcoin betting sites. Thereafter, the article briefly explains how a bitcoin bettor can use his or her cryptocurrency to gamble on sports events, like college football or horse racing, via online sportsbooks. The third and final section of this article will summarize some of the benefits and drawbacks of using a bitcoin sports betting site rather than deciding to start betting on a normal sportsbook or online sportsbook that uses fiat currency, rather than crypto, to place sports bets.
Factors to Consider When Selecting a Crypto Sportsbook
Unlike traditional online casinos, bitcoin sportsbooks accept bitcoin cash for players to make crypto bets on sporting events. Before diving into the world of crypto sportsbook gambling to try to identify the best crypto sportsbooks and gambling sites for crypto, players should first access their financial situation, their purpose of trying to win money on the crypto sportsbook, and where the player is located. Indeed, any one of these initial questions could change a player’s decision to gamble. For example, what types of regulations and protections can a player expect when they begin to place bets for online sports betting?
This portion of the article is to help prospective crypto sportsbook gamblers consider what action items are most important to them before registering at one or more sportsbooks. And after the player registers, the player should begin slowly to not only learn what the player enjoys about the sportsbook, be it the types of bets or the favorable odds compared to other bitcoin betting sites, but also perhaps some of the sportsbook’s limitations, such as not enough betting options (e.g., parlay, under/over, etc.). Using crypto gambling sites and an online bookmaker takes time to learn, and new players must be patient.
The first, and most important factor to consider, is to determine if the player is able to access and legally gamble on a crypto sportsbook. For example, in the United States of America, many bitcoin sportsbooks are banned due to lack of licensing or the government’s failure to accept the jurisdiction as a safe option for U.S. citizens to gamble. On the other hand, some bitcoin sportsbooks make it their purpose to become registered to operate in a large number of countries to avoid being barred from obtaining more players. This factor cannot be understated – a player must always do their homework to confirm that it is legal for the player to gamble on the crypto sportsbook pursuant to the laws in that player’s country.
The second factor that sports bettors need to consider is not surprisingly the crypto sportsbook’s trustworthiness and reputation. There are a number of ways a player can figure this out. First, a player will want to confirm that the crypto sportsbook is fully licensed. For example, many of the best bitcoin sportsbook sites are located in and regulated under the laws of Curacao, which is a country that has favorable laws for a sports betting crypto site. In addition to the sportsbook’s legal status, a player must review bitcoin sportsbook reviews to determine the crypto sportsbook’s reputation among players that did, or are still currently, using the crypto sports betting website. Reviews for a crypto betting site are easy to find online, and a player should not rely on reviews solely posted on the crypto sportsbook’s website because these reviews may be filtered to only display positive reviews (or worse, could be fake). When analyzing a crypto gambling site, a player should try to figure out how the sportsbook resolves customer issues. Many times the most telling signal to determine the reputation of a crypto sportsbook is to see how the sportsbook directly interacts with the players. Players can do this by reviewing public complaints about the sportsbook and seeing if the sportsbook works with a third party to handle customer disputes in an alternative dispute resolution setting. If a sportsbook offers this ADR option, customers should feel more comfortable that the sportsbook cares about its reputation and is in it for the long haul. Lastly, the player should make sure that this is not a new crypto sportsbook, but rather is an established company that has at least close to a decade of experience. For example, many reputable crypto betting sites were founded in 2014, while other online betting sites began as normal bitcoin betting sites in early 2000. Although a new crypto sportsbook should not be immediately seen as an illegitimate enterprise, players will need to do more research before getting comfortable with the company’s reputation.
The third factor to consider is what the best crypto betting sites are actually offering players. Understanding what crypto betting sites offer players is key. This means that the player needs to get up-to-speed regarding what kinds of sports players can gamble on, the types of bets a player can make, and the odds that are being offered. First, a player should understand that there are a number of different sports on a bitcoin betting exchange. And some cryptocurrency sports betting sites provide players with live gambling options, meaning that the player can bet on things happening in the game after the game has started. Second, determining a sportsbook’s odds and comparing them against another sportsbook is crucial. Because there are only several ways to represent the odds of some team/person/animal winning, it is fairly simple to understand what crypto sportsbook is offering the best odds on the same sporting event. Lastly, many bitcoin betting sites offer more betting options than others. For example, players should make sure that a sportsbook can offer betting options such as parlays (betting on two or more games in a single bet), under/over (betting on the total number of points that will be scored in the sporting event), and point spread (betting not only on what team/individual/animal will win the sporting event but also betting by how much such competitor will win or lose the event). Players should realize that some crypto betting sites do not offer the same variety of lines and competitive odds for each event. A player needs to understand if the odds for a particular sporting event are acceptable by reviewing other website options.
Fourth, a player should take into consideration the fact that making a crypto bet using digital currency provides players with the ability to engage in anonymous betting. Having financial privacy in the bitcoin betting markets is very important to some players, and is something that a traditional sportsbook or online sportsbook cannot offer. This will also allow players to keep their gambling activity private from people they may know. Sportsbooks will obviously be unable to report a player’s gambling habits if the player’s identity is unknown.
Fifth, a factor that many players do not consider until it is too late, a player must understand the payout terms and conditions. In other words, once a player wins, the player must understand when and how to withdraw their winnings. Some of the most reputable crypto sportsbooks offer extremely fast bitcoin withdrawals in a number of hours. This means that a player can cash out the profits from a bet right away and then invest the profits into a more stable currency. Players should understand that many crypto sportsbooks limit how many weekly withdrawals a player can make. These caps can also be daily and/or monthly, depending on the crypto sportsbook. Because cryptocurrencies fluctuate often, a player must understand what the current value is of the cryptocurrency when the winning occurred and decide whether the cryptocurrency may go down in value soon (in which case the player will want to withdraw the funds immediately and invest in something else) or will increase in value (in which case it may make sense to not withdraw the winnings as fast and use the winnings to try to earn more of the cryptocurrency.
The sixth and final factor to consider is a crypto sportsbook’s bonus offers to players. For example, many crypto sportsbooks provide gamblers with a sign-up/welcome offer that can include free cryptocurrency to gamble with or will provide players with a cashback offer. There are often also trial offers that players can utilize. Using these trial offers can give players an opportunity to see if the sportsbook’s format is offering is something that interests them.
Mechanism for Gambling with Crypto on a Bitcoin Sportsbook
After finding a dependable crypto sportsbook that a player can trust, a player will need to follow the next two steps to begin gambling on a crypto sportsbook. First, the player will need to purchase a cryptocurrency. To do this, a player will need to have a bitcoin wallet, which can be obtained online with a third-party company. Indeed, many bitcoin wallets are free and securely store a player’s cryptocurrency while offering high-end customer service. A quick online search will help a player select the right bitcoin wallet, and players should consider reviewing this article. After choosing the crypto sportsbook and obtaining a bitcoin wallet, the player will need to purchase cryptocurrency with their money. The money will be transferred to the cryptocurrency and be stored in the bitcoin wallet.
The final step will be to then initiate bitcoin deposits from the player's bitcoin wallet to the player's sports betting account on the betting site. This is why it is so important for a player to confirm that the crypto sportsbook is reliable and trustworthy. The last thing a player wants to happen is for a crypto sportsbook to lose a player’s cryptocurrency before having the opportunity to gamble with it. Once this process is complete a player can start having fun placing crypto bets and engaging in BTC sports betting on a top bitcoin sportsbook.
Benefits and Potential Drawbacks After Deciding to Use Bitcoin Betting Sites
As with everything, there are pros and cons with using a bitcoin sportsbook rather than a traditional sportsbook that uses fiat currency. Luckily, the best bitcoin sportsbooks offer players more pros than cons.
With respect to the pros, the best bitcoin betting site gives players financial privacy. A player’s activities will be hidden from credit rating agencies, the government, a player’s bank, and a player’s significant other/family (if wanted). This privacy gives players the freedom to do what they want with their money without being scrutinized by others, and there is no need to use otherwise shady offshore betting sites. Using bitcoin instead of fiat currency to gamble in the sports markets also gives players lower fees. For example, oftentimes traditional sportsbooks have excessive fees associated with depositing and withdrawing money to and from a bank or with credit card transaction fees. Because the cryptocurrency can be seamlessly transferred to and from a crypto sportsbook to a player’s crypto wallet, the sportsbooks are able to charge far fewer fees. A third positive is related to allowing players to play from anywhere. Traditional sportsbooks can be heavily penalized and receive large fees if they accept players from countries that forbid gambling with the site. Because cryptocurrency can come from anywhere and players operate anonymously, crypto sportsbooks accept players from around the world. Players should note, however, that if bitcoin sports betting sites realize that the player is from a restricted country, that sportsbook may hold the winnings as to not knowingly violate any laws. The last pro of using a crypto sportsbook is that there may be more promotions and more frequent bonuses due to the sportsbook having lower fees than a traditional sportsbook dealing with regulatory issues that come from using cash money. For example, upon a player making a bitcoin deposit, the bitcoin sportsbook pays the player reload bonuses. Indeed, many players report that with avoided costs, crypto sportsbooks provide more perks and promotions.
There are several cons that players should be aware of before using most bitcoin sportsbooks. The first drawback is the lack of regulation over crypto sportsbooks. Not surprisingly, given the nature of bitcoin, a party must ensure that the crypto sportsbook is licensed – if not, or if the sportsbook otherwise has a bad reputation, the player runs the risk of being a target for scams. The second biggest drawback is price fluctuation. Unlike using normal cash money, BTC can obviously rise and drop in value fairly quickly. Players should also recognize this risk when they purchase cryptocurrency, regardless of whether the player intends to use the crypto in a crypto sportsbook.
Conclusion
Crypto sportsbooks are an exciting way for players to use cryptocurrency to gamble on their favorite sporting events. Before choosing one or more crypto sportsbooks, players should analyze each factor discussed herein and consider the pros and cons of using a crypto sportsbook rather than a traditional sportsbook. After understanding the risks and benefits, players have the ability to feel confident in the crypto sportsbook they choose.