Bitcoin Betting Sites

Written by Paul Kemp

Paul Kemp

Paul Kemp is an experienced sports writer covering Soccer, NBA and NHL. He also writes in depth reviews of sports betting sites based on his personal experience.

, | Updated: October 21, 2024

One of the newest and most exciting payment systems, Bitcoin has been making headlines for a few years at this point. This cryptocurrency exploded in popularity over the last two years and users have seen the benefit of widespread adoptions.

The same is true for the online sports betting industry, with many gambling websites accepting Bitcoin as a legitimate banking option. This has led to an increase in the number of sportsbooks that accept Bitcoin deposits and many prospective gamblers have become interested in the cryptocurrency. With this in mind, we will cover everything that you need to know about using Bitcoin for the purposes of online gambling, giving you insight into the good and the bad aspects of this new payment method.

Top Bitcoin Sportsbooks Ranked by Trustpilot Rating

Comparison of Top Bitcoin Sports Betting Sites

Top 15 Betting Sites for Bitcoin

1. 1xBit

   

   Bet Now

   Licenses

   No official license information

   Min Deposit

   0.01 mBTC20.00 mETH9.16 mLTC

   Min Withdrawal

   0.21 mBTC

   Withdrawal Time

   10 to 30 minutes

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: support-en@1x-bit.com security@1x-bit.com Phone: N/A
   

   

   • A fantastic selection of sports to wager on
   • A plethora of in-play betting markets
   • Live streaming of some of the top sporting events
   • A crypto-friendly sportsbook
   • 24/7 customer support services
   • The betting site supports many languages

   1xBit is a crypto-friendly sports betting platform that made its foray into the iGaming market in 2016. The sportsbook carries the stamp of approval from the Government of Curacao. The brand has proved its reliability multiple times throughout the years. Nowadays, it is the first choice of punters looking for a reliable sportsbook. 1xBit accepts wagers on a wide range of sports.

   Unsurprisingly, football provides the most betting options. Bettors can wager on events from popular leagues such as the English Premier League, German Bundesliga, Spanish La Liga, and others. The sportsbook also offers lines for other sports, including basketball, tennis, ice hockey, boxing, chess, and cricket, to name just a few. Sports fans can wager on sporting events that have already started and enjoy excellent live streaming services.

2. Bovada

   

   Bet Now Review

   Licenses

   Union of the Comoros

   Min Deposit

   • $10 - Crypto, Player Transfer, MatchPay• $20 - Bank Cards• $50 - Direct Bank Transfer

   Min Withdrawal

   • $10 - Voucher, MatchPay• $250 - Check by Courier• $1,500 - Bank Wire• $10 - All crypto except USDT and ETH• $50 - USDT and ETH

   Withdrawal Time

   • Bitcoin - Up to 24 hours • Bitcoin Cash, Ethereum, Tether, and Litecoin - Up to 1 hour• Check by Courier - Approximately 10-15 Business Days • Bank Wire - Approximately 10-15 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: service@bovada.lv Phone: N/A
   

   

   • Brand with flawless reputation
   • Online since 1994
   • Great event coverage
   • Superb in-play odds
   • Fully mobile compatible
   • Multi-tier loyalty program

   Bovada is a US-friendly sportsbook that takes pride in its solid reputation and massive customer base. The sportsbook officially went online in 2011 and has quickly made a name for itself. Bovada’s extensive market coverage will undoubtedly correspond to the preferences of thousands of sports fans. To cater to punters from different regions, the betting site supports odds in American, decimal, and fractional formats.

   Bovada also offers a decent range of ongoing live markets. Bettors will be able to benefit from live statistics. The sportsbook also provides live streaming services. The feature that many punters will enjoy is the Prop Builder. It allows sports fans to create their own props in a hassle-free manner. At Bovada, sports fans will also be able to wager on many horse races held at popular tracks such as Gulfstream Park, Del Mar, and Delaware Park.

3. Everygame

   

   Bet Now Review

   Licenses

   No official license information

   Min Deposit

   $10

   Min Withdrawal

   $100 - $150

   Withdrawal Time

   * Bitcoin and ecoPayz - 48 hours* Checks (the US only) - 5 business days* Bank wires - up to 15 business days* SEPA - up to 4 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: bet@everygame.eu Phone: Scheduled calls only
   

   

   • Extensive market coverage
   • A decent range of payment methods, including cryptocurrencies
   • Generous promotions for newcomers and existing punters
   • Intuitive user interface
   • Smooth-running browser-based app
   • The minimum bet per match is just $1

   Formerly known as Intertops, Everygame is a reputable sportsbook that accepts punters from different parts of the world, including the United States. Intertops was launched in 1996 and has quickly established itself as a trustworthy betting site.

   At Everygame, punters can benefit from some tasty promotions and excellent customer support services available at all times. Sports fans will be more than pleased with Everygame’s significant market coverage. Soccer, tennis, basketball, ice hockey, and golf are some of the most popular sports among members of the betting site.

   Everygame provides lines for non-sporting events, including politics, the stock market, and Powerball. In-play betting is also supported, but punters should know that the sportsbook does not offer live streaming services.

4. BC.Game

   

   Licenses

   Тhe Curacao Gaming Control Board (OGL/2023/118/0060)

   Min Deposit

   No minimum deposit requirements

   Min Withdrawal

   $/€20

   Withdrawal Time

   Cryptocurrencies - minutes to a few hoursE-wallets - within 24 hoursBank cards bank transfers - 2-5 business days

   Deposit Methods

   

   Sponsorships

   LCFC; Cloud9 - CS2; Cloud9 0 Dota2; Jason Derulo

   Contact Details

   Live Chat: YesEmail: support@bc.gamePhone: N/A
   

   

   • Supports plenty of cryptocurrencies
   • Detailed live statistics
   • Boosted odds for some matches
   • Accepts wagers on popular and niche sports
   • Live streaming available for selected events
   • Quick withdrawal processing times

   BC.Game went online in 2017, and in 2022, the operator added a sportsbook section to its portfolio. Despite being relatively new, the sportsbook has everything needed to please the preferences of the majority of sports fans. It provides odds for over 30 sports, including but not limited to soccer, tennis, baseball, cricket, basketball, ice hockey, and boxing. The betting site also accepts wagers on eSports and virtual sports.

   BC.Game features a fantastic live betting section. Besides, it allows punters to keep track of the game in real time and benefit from live statistics. Sports fans can switch between several odds formats, including European, American, Hong Kong, Indonesian, Malaysian, and fractional. The sportsbook supports over 80 cryptocurrencies, providing bettors with the opportunity to top up their accounts and cash out their profits in a near-instant manner.

5. 22Bet

   

   Bet Now Review

   Licenses

   Curaçao (#8048/JAZ2017-067) Kahnawake Gaming Commission (#00882)

   Min Deposit

   $/€1

   Min Withdrawal

   $/€10

   Withdrawal Time

   • Cryptocurrencies - 15 minutes• E-wallets - up to 24 hours• Credit & debit cards - up to 7 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes email: support-en@22bet.com Phone: +357 99 816806
   

   

   • Coverage of over 1,000 sporting events each day
   • Over 100 payment methods
   • Minimum deposits of $1 only
   • A broad range of limited-time and recurring sportsbook promos
   • Native iOS and Android apps
   • Dedicated customer support in several languages

   22bet is a popular sportsbook that went online in 2017. The betting site’s main strength is its extensive market coverage. 22bet offers a myriad of betting options for soccer fans. Punters can wager on nearly any major soccer league. If soccer is not to your liking, you should not shy away from joining 22bet as it provides lines for over 35 other popular and niche sports.

   It is worth mentioning that bettors can wager on non-sporting events such as the weather and TV Games. At 22bet, sports fans have the chance to experience the thrill of live betting. An aspect in which the betting site excels is the odds it offers. Furthermore, the betting site offers some lucrative promotions that will pique the interest of every sports fan.

6. MyBookie

   

   Bet Now Review

   Licenses

   Curacao

   Min Deposit

   $20

   Min Withdrawal

   • P2P - $100 • Bitcoin - $20• Cards - 45

   Withdrawal Time

   • Bitcoin - 24 hours• Bank Wire - 5 to 7business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live chat: YesEmail: help@mybookie.agPhone: 844-866-BETS (2387)
   

   

   • Superb on mobile phones
   • Great loyalty promotions
   • All US sports covered
   • Prompt customer support
   • Trustworthy brand
   • Extensive Live Betting market coverage

   Launched in 2014, MyBookie is a reputable sportsbook that can please the preferences even of the most demanding sports fans. The betting site offers high-value odds for major sporting events. Punters can pick from an outstanding selection of sports, including soccer, baseball, basketball, cricket, tennis, eSports, cycling, etc. Odds for US politics and Emmy Awards are also available.

   MyBookie members can also place in-play bets on major international sporting events. Assuming you have any queries, you can contact the sportsbook’s friendly and knowledgeable customer support team. MyBookie offers decent promotions for new registrants and existing punters. While on the subject, we must mention that those of you who enjoy betting on horse competitions can benefit from some hot deals.

7. Sportsbet.io

   

   Licenses

   Curaçao Gaming Control Board (OGL/2023/110/0072)

   Min Deposit

   BTC 0.000007=mBTC 0.007ETH 0.00013LTC 0.002

   Min Withdrawal

   BTC 0.001=mBTC 1ETH 0.01LTC 0.1

   Withdrawal Time

   Within 15 minutes

   Deposit Methods

   

   Sponsorships

   Hull City, New Castle United, FIBA WASL, Imperial Esports

   Contact Details

   Live Chat: YesEmail: hello@sportsbet.ioContact Us Form
   

   

   • Various betting markets
   • A native app for Android users
   • Available in different languages
   • Round-the-clock customer support services
   • A wide range of bet types
   • Tempting promotions for new registrants and regular punters

   Sportsbet.io is a crypto-oriented sportsbook that can provide you with a premium betting experience. The betting site offers odds for various sports, and some of the most popular are soccer, tennis, basketball, and baseball. Punters can also wager on greyhounds and horse races. Punters looking for a betting site that offers competitive odds for virtual sports should register with Sportsbet.io. If you want to spice up your betting experience, visit the in-play section.

   Bettors who prefer to wager on their favorite sport while on the go can use the instant-play version of the sportsbook. Given that your device runs on Android, you can also download the Sportsbet.io dedicated app. The betting site has several promotions on offer as well as a rewarding VIP program.

8. 20Bet

   

   Bet Now Review

   Licenses

   Curaçao (#8048/JAZ2017-067) Kahnawake Gaming Commission (#00882)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • E-wallets - 12 hours• Cryptos - 24 hours•Credit/debit cards - 7 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes email: support@20bet.com Phone: N/A
   

   

   • Great coverage of top sporting events
   • A generous Welcome Offer
   • Supports different secure and easy-to-use payment methods
   • All punters automatically join the VIP program of 20Bet
   • Android and iOS users can bet on the fully-optimized mobile version of 20Bet
   • 24/7 live chat customer support

   20bet is a secure betting platform that supports various payment methods, including cryptocurrencies. Besides, it offers some generous promotions for new signees and returning punters. Sports fans are treated to a wide range of bet types, including handicap, draw no bet, half time/full time, odd/even, totals, etc.

   At 20bet, there is no shortage of betting markets. The sportsbook provides coverage of popular sports such as soccer, tennis, basketball, ice hockey, baseball, and others. Punters can also wager on less conventional sports such as Gaelic hurling, Indy racing, stock car racing, squash, etc.

   If you set up an account at 20bet, you will also be able to enjoy a breathtaking live betting experience. Sports fans can view the odds in several formats, including decimal, fractional, American, Malaysian, Indonesian, and Hong Kong. Punters who have questions regarding their betting experience can always contact the sportsbook’s professional customer support agents.

9. Stake.com

   

   Licenses

   Antillephone, Government of Curaçao (8048/JAZ2021-027) UKGC (38898) Columbia (C1751) Mexico (DGAJS/SCEVF/P-06/2005-TER EN) Peru (N° 4748-2024-MINCETUR/VMT/DGJCMT, N° 4749-2024-MINCETUR/VMT/DGJCMT)

   Min Deposit

   No minimum deposit requirements

   Min Withdrawal

   BTC: 0.00003928ETH: 0.00070433LTC: 0.03065997USDT: 2.50000000DOGE: 16.29724947BNB: 0.00635485

   Withdrawal Time

   Up to 4 business days

   Deposit Methods

   

   Sponsorships

   UFC, Everton Football Club, Enyimba Football Club, Team Secret (eSports), Stake F1 Team, Esporte Clube Juventude, Davis Cup & Billie Jean King Cup, Caio Borralho, and more

   Contact Details

   Live Chat: Yes Email: support@stake.com
   

   

   • Many promotions on offer
   • A whole array of sports betting options
   • Fast cryptocurrency deposits and withdrawals
   • Offers live streaming services
   • Bet Builder feature available for some sports
   • Punters can benefit from the cashout option

   Stake.com is not unfamiliar to sports fans who are not wary of using cryptocurrencies. The betting site was launched in 2017 and has acquired licenses from the Government of Curacao and the UK Gambling Commission.

   The sportsbook enjoys an outstanding reputation thanks to the lightning-fast withdrawals and plenty of features it offers. Stake.com boasts a lineup of betting markets. Members of the sportsbook can wager on some of the most beloved sports such as soccer, basketball, ice hockey, cricket, and eSports.

   Stake.com allows bettors to make live bets even on the go. In addition, the betting site provides a live stream option. Other appealing features are the early cashout and Bet Builder. It is worth mentioning that the sportsbook offers professional customer support services around the clock.

10. XBet

    

    Bet Now Review

    Licenses

    Curacao

    Min Deposit

    • $45 - MasterCard, VISA • $20 - Cryptocurrencies • $100 - Person2Person

    Min Withdrawal

    • $100 - for all payment methods except Bitcoin ($25)

    Withdrawal Time

    For customers with verified accounts - within 48 hours

    Deposit Methods

    

    Sponsorships

    N/A

    Contact Details

    Live Chat: Yes Contact Us Form Phone: 1-855-219-5809
    

    

    • US-friendly
    • 25% Reload Bonus
    • Excellent odds
    • Sportsbook and casino
    • Second-to-none customer service
    • Supports all popular odds formats

    XBet is a US-friendly sportsbook known for its wide variety of betting options. It provides lines for over 20 sports, including soccer, tennis, basketball, biathlon, baseball, etc. At XBet, you will have the chance to wager on popular soccer events such as FIFA World Cup and UEFA Champions League. Basketball fans can punt on games from high-profile leagues, including but not limited to NBA, NCAA, NBL, BBL, etc. XBet also features an excellent racebook.

    Punters looking for a sportsbook that offers a wide range of betting options should join XBet. Teaser, parlay, straight, Asian handicap, and future bets are just some of the bet types you can go for. In addition, the sportsbook provides a Prop Builder option. Sports fans can also wager on sporting events that have already started.

11. BetUSR

    

    Bet Now Review

    Licenses

    Curacao

    Min Deposit

    • Bitcoin - $20• P2P - $100

    Min Withdrawal

    • Bitcoin - $25• Bank Wire- $100

    Withdrawal Time

    • Bank Wire - 5 to 7days• Bitcoin - 48 hours

    Deposit Methods

    

    Sponsorships

    • Tramaine Williams at 2020 WBO 122lb World Championship • Jamel Herring in his 2021 fight vs. Carl Frampton

    Contact Details

    Live Chat: Yes Phone: 1-844-444-BUSR(2877) Email: support@busr.com
    

    

    • Accepts punters from the United States
    • Supports cryptocurrencies and fiat currencies
    • A decent range of pre-match and live betting markets
    • Lucrative promotions for newcomers and existing bettors
    • Plenty of horse racing betting options
    • In-browser app compatible with nearly any Android and iOS device

    BUSR is an online sportsbook geared toward the US market. The bookie provides lines for all popular sports in America. With over 20 sports to wager on, you will surely enjoy an excellent betting experience at BUSR. Odds for US politics are also available.

    BUSR has a brag-worthy racebook. Punters can place bets on thoroughbred and harness horse racing. Competitions from major US racetracks such as Belterra, Canterbury Park, Delaware Park, Horseshoe Indianapolis, and others are covered.

    At BUSR, punters can enjoy various live betting opportunities. Another feature that many sports fans will appreciate is the Prop Builder. Of course, every punter’s goal is to make money. That is why the bookie offers some tasty promotions. The accepted payment methods are not a lot, but sports fans can still fund their accounts and cash out their profits easily and quickly.

12. Duelbits

    

    Licenses

    Curacao Gaming Control Board (OGL/2024/1507/0838)

    Min Deposit

    $5

    Min Withdrawal

    $5

    Withdrawal Time

    A few minutes

    Deposit Methods

    

    Sponsorships

    Conor McGregor, Luis Suarez

    Contact Details

    Live Chat: Yes Email: support@duelbits.com Phone: N/A
    

    

    • Free deposits and withdrawals
    • A generous VIP program and a Rakeback system
    • Fast and reliable customer support services
    • Early cashout option is available
    • Six odds formats
    • Excellent market coverage

    Avid sports fans looking for competitive odds should consider joining Duelbits. The brand was initially launched as an online casino only. But in 2022, the operator added a sportsbook to its portfolio. The betting platform has quickly attracted the attention of thousands of punters due to its extensive selection of betting markets. Some of the sports you can wager on if you join Duelbits include soccer, basketball, tennis, baseball, ice hockey, cricket, and eSports.

    The live betting section will provide you with the opportunity to place bets on some of the most popular sporting events while the game is unfolding. In addition, punters can take advantage of live statistics, standings, and timelines. Duelbits is a crypto-friendly sportsbook. However, it also supports several traditional payment solutions. The promotions up for grabs will help you boost your bankroll.

13. Rabona

    

    Licenses

    Curacao (8048/JAZ)

    Min Deposit

    $/€10

    Min Withdrawal

    $/€20

    Withdrawal Time

    Bank cards - 2-5 daysEwallets, Crypto - instant

    Deposit Methods

    

    Sponsorships

    N/A

    Contact Details

    Live Chat: Yes Email: support@rabona.com
    

    

    • Many reliable payment methods
    • A fantastic selection of sports
    • Various in-play betting options
    • Efficient customer support services
    • Dedicated racebook section
    • Lucrative promotions for sports fans

    Rabona is a sportsbook that can correspond to the preferences even of the most demanding sports fan. The betting site offers a myriad of betting markets, including but not limited to outrights, moneyline, over/under, handicap, and odd/even. Soccer fans can wager on top leagues such as UEFA Champions League, Primera Division, Copa Sudamericana, Premier League, Serie A, Bundesliga, and others.

    Other sports that enjoy great coverage at Rabona include tennis, basketball, ice hockey, American football, baseball, volleyball, etc. Fans of live betting will not be disappointed if they join Rabona. Additionally, members of the sportsbook will be able to place wagers on some of the top horse racing events in the world. The betting platform also has a section dedicated to virtual sports.

14. BetOnline

    

    Licenses

    Panama

    Min Deposit

    Cards: $25Crypto: $20Wire Transfer: $500

    Min Withdrawal

    Crypto: $20Wire Transfer: $500Courier Check: $500

    Withdrawal Time

    Wire Transfer: up to 15 daysCheck: Up to 7 daysCrypto: Up to 24 hours

    Deposit Methods

    

    Sponsorships

    Major League WrestlingVantage Tag Systems

    Contact Details

    Live Chat: YesEmail: help@betonlinecs.agPhone: 1-888-426-3661
    

    

    • Enhanced odds
    • Accepts punters from the US
    • Early odds on many sporting events
    • Huge selection of sports and events to choose from
    • Provides lines for popular horse races
    • Variety of bet types

    BetOnline is a reputable sportsbook launched in 2004. Over the years, the brand has proved itself as a reliable betting site. At the moment, BetOnline’s customer base keeps on growing at a rapid pace thanks to the advantageous features and eye-catching odds it offers. Punters are treated to various bet types, including straight, parlay, teasers, props, if bets, etc.

    At BetOnline, punters can also place in-play wagers on sports such as soccer, baseball, tennis, and others. Sports fans who enjoy the thrill of wagering on horse races will certainly enjoy a whale of a time at BetOnline. The sportsbook covers horse races held at major racetracks in the United States.

15. Sports Betting.ag

    

    Licenses

    Panama

    Min Deposit

    Cards: $25Bank Transfer: $1,000Check: $1,500Money Orders: $300Person to Person: $100Crypto: $20

    Min Withdrawal

    Crypto: from $20 to $200based on methodPerson to Person: $50Other Methods: $500

    Withdrawal Time

    Crypto: Up to 48 hoursBank Transfer: Up to 15 daysMoney Order: Up to 7 daysPerson to Person: Up to 5 days

    Deposit Methods

    

    Sponsorships

    N/A

    Contact Details

    Live Chat: YesEmail: help@sportsbettingcs.agPhone: 1-888-843-9027
    

    

    • Prompt deposits and withdrawals
    • High-quality odds on a plethora of sporting events
    • Various cryptocurrencies supported
    • Smooth navigation
    • Offers live streaming services
    • Functional and easy-to-use betslip

    Sportsbetting.ag is an excellent choice for punters looking for high odds and a varied selection of betting markets. The betting site accepts wagers on well-liked sports, including baseball, basketball, American football, golf, martial arts, soccer, and tennis. Sportsbetting.ag stands out with its Odds Boosters feature.

    Punters who like placing in-play bets will be delighted to learn that the betting site not only accepts such wagers but also offers live streaming services. Sportsbetting.ag prides itself on its racebook that provides lines for major horse racing events.

    The sportsbook pampers its newcomers with a generous Welcome Bonus. The bookie also offers some irresistible deals for regular punters. And the nicest of all is that the betting site accepts payments via cryptocurrencies. As you know, such transactions take up to 24 hours to clear.

How Bitcoin Functions?

Bitcoin is different from any other payment service type that you will find on the Internet and this is the primary reason why it has gained popularity since it came out about a decade ago. Bitcoin is a cryptocurrency, which relies on so-called blockchain technology. This type of system is completely different from other payment infrastructures in a variety of aspects. So what is a blockchain and how does it affect Bitcoin? In the sense of cryptocurrencies, all transactions are stored in a public ledger where each user shares the same records with all other users. In order to create a stable system, all users need to share the same records down to a single letter and even the smallest desynchronization on a user’s version of the blockchain. Essentially, this means that there is no option to change already recorded transactions and tamper with the ledger as the changes would invalidate their version of the blockchain from the main one.

But then again what is a block? A block is like a page in the ledger where a given number of transactions are recorded. Each block is tied to the next one and that to the one after it. This is where the term blockchain comes in since every block is connected to subsequent blocks. Furthermore, it is practically impossible to change the transactions in the blocks as you would then have to alter the records in the block after it and so on. This is what makes Bitcoin so secure.

One of the defining aspects of Bitcoin is the fact that the whole system is decentralized. There is no central body that controls all of it, rather governance is placed in the hands of the people who process the payments. You may have heard of them, they are called ‘miners’. These people use dedicated computers to solve complex algorithms and process the transactions for which they are rewarded with Bitcoins. They are located all over the globe and each of them has a small fraction of the blockchain. Therefore, for major changes to occur in the Bitcoin infrastructure, there needs to be a majority of miners that support the new additions. This makes Bitcoin a more democratic system and more fair for all involved.

Another all-important aspect of Bitcoin is that it is in no way connected to the traditional banking systems that we know. It is a completely separate system and transactions are carried out in different denominations of Bitcoin. The value of a Bitcoin is also entirely dependent on the current state of the market. It is not pegged to any particular currency and it is set by the demand at any given moment. The abbreviation for Bitcoin is BTC which is used to refer to 1 unit of Bitcoin. Another common denomination used is the Satoshi, name after the supposed creator of the platform, which worth BTC0.00000001 or one-eighth of a Bitcoin.

Opening an Account

Unlike many other payment services, Bitcoin does not have accounts in the classical sense. Instead, users create wallets which they can use to store and move their Bitcoins. These wallets are part of the blockchain system but are more commonly provided by third-party services, providing users with some convenience. A Bitcoin wallet is characterized by two integral parts – a public address and a private key. The public address is what identifies a particular wallet and it is made up of up to 35 alphanumeric characters. The private key serves as a password, hence the ‘private’ description. It is a unique string of characters and is specific to a particular wallet. With access to the private key of a wallet, you can fully control your wallet and send transactions. However, it is very important to either memorize it or keep it written somewhere safe. You should never give out your private key to anyone as that would give them full control of your wallet and the opportunity to drain your balance.

Depositing to your Sportsbook Balance

It is quite easy to deposit to your online sportsbook balance using Bitcoin, once you actually have everything set up. To do so, you would need to know the sportsbook’s public address in order to send the transaction. This can be in the form of a string of text or presented to you as a QR code, which you can scan with your smartphone. It is very important that you enter the correct public address down to the last letter. Any mistake will result in you sending the funds to a different address and they will be lost.

Once you issue the payment, it should clear in a few minutes after it has been verified and recorded on the blockchain. Something that you should keep in mind is the exchange rate for the particular time of day and which rate the sportsbook is taking into account when exchanging your Bitcoin for traditional currency.

Withdrawing from your Sportsbook Balance

The withdrawal process using Bitcoin is no different to depositing. Once you have finished placing your bets, you can head over to the Cashier page and select the Bitcoin option for withdrawal. There you would need to enter your own public address in the form and confirm the amount that you wish to cash in.

Once you complete the request, the sportsbook will take some time to review it and when this process is done, the staff will issue the payment. It should take a few minutes to clear and you can have your cash back in your wallet.

Cost and Fees

As far as the cost of using Bitcoin is concerned, there is no clear-cut answer how much it is going to set you back. This is due to the fact that Bitcoin – and other cryptocurrencies of the same type – use a scaling system to determine transaction fees. Users are able to determine what fees they are going to pay for a transaction, within certain limits, which is not really seen in any other payment solution. The caveat is that transactions with higher set fees are prioritized by miners and those transfers are processed faster. Essentially, the quicker you wish your payment to go through the more you have to pay. Is this a detriment or a benefit? That depends.

In normal market conditions, a typical Bitcoin transaction is processed after 10 minutes or so and you can pay as little as $0.30 in BTC, for example, to have your payment cleared. However, during periods of increased usage, the Bitcoin blockchain is known to become overloaded and transactions become slower. In such cases, the users who pay the most in fees take precedence over others. In the worst case scenario, it could take a couple of hours for your transaction to clear, which is still faster than a traditional bank transfer.

Something else you have to take into account is the fluctuating price of a Bitcoin. Since the value of Bitcoin is not set in stone, you can end up paying more. When the value of Bitcoin is high, the $0.30 example above could very well be worth $0.60, $1.60 or more, while the amount in BTC remains the same. The same is also true for when the value comes down. It all depends on the current state of the crypto market.

Security and Privacy

As far as security and privacy are concerned, you will not find a more suitable service than Bitcoin. The whole idea behind this experiment was for users to have full control of their funds in a way that none could interfere. Bitcoin is disconnected from traditional payment solutions and this means that you can use it without anyone figuring out who you are. This level of anonymity is unprecedented and no other service can offer it.

As for security, we have covered above how the blockchain is designed in such a way as to be practically impossible to change. It is entirely improbable for someone to falsify payments or make changes to already completed transactions. Your personal Bitcoin wallet is also secure more than you would believe. It is nigh impossible for anyone to correctly guess your private key and much less to match it to the correct public address. Though it should go without saying that this security is only present for as long as you keep your private keys hidden.

Advantages of Bitcoin

Having covered all of the important basics of Bitcoin, it is a good idea to take a look back and see which aspects of the service are to the benefit or detriment of users. Below, we have outlined the features that you will certainly appreciate once you start using the service.

First and foremost, one has to address the speed of the transactions. Bitcoin has some of the fastest payment speeds in the world, at least when compared to more traditional banking solutions. A Bitcoin block is mined every 10 minutes, clearing a number of transactions each time this happens. On an average day, it should not take longer than 15 minutes for your deposit to go through. While one could argue that other payment methods such as credit cards offer instant deposits, this is only a half-truth. A credit card transaction takes up to several business days to process on for the recipient, which we experience first hand when we cash in our winnings via a credit card. With Bitcoin, you can count on incredibly quick deposits and withdrawals in real time.

Another aspect that you have to consider is the anonymity and privacy extended to you by Bitcoin. Since cryptocurrencies are completely separated from the traditional banking infrastructure, nobody ever knows who owns the wallet, unless that is made explicitly clear by the owner. Therefore, you need to worry about the sportsbook, or anyone else for that matter, gaining access to your banking information. There is simply no possibility for them to obtain that data. Additionally, the decentralized nature of blockchain technology ensures that nobody can simply steal your funds. The blockchain is stored on hundreds of thousands of computers all over the world and even if a few go off the grid, the rest still carry the same distributed ledger. This means that your funds are safe, as long as you keep your private key safe.

Disadvantages of Bitcoin

While there are some very significant advantages to using Bitcoin, we would be fooling ourselves if you said that it is without issues. In fact, there are some very significant drawbacks to using this payment solution and you will find most of them described below.

The first and most common issue that users have with Bitcoin is that there is absolutely no customer support when it comes to utilizing the platform. As we have mentioned above, Bitcoin is a decentralized product and there is no one person that can help you if things go wrong. If you do not understand something there are always community forums and guides that you can read, but more serious problems are practically unsolvable. For example, transactions made on the blockchain are permanent and there is no reclaiming your funds after they have been sent unless the recipient is kind enough to return them. With 30-digit long strings of keys, there is always the possibility that you hit the wrong button on the keyboard and send your BTC to someone you do not know.

Furthermore, Bitcoin is not simple enough for you to simply pick and use without reading up on how it works. While many third-party services have tried to streamline the process, the platform is too different from anything else that we know that you can get by from the get-go. The learning curve is real and odds are that when you first get into cryptocurrencies that you will certainly experience difficulties.

Another thing that you have to take into account is that you first have to purchase some Bitcoins before you can use it to fund your sports betting hobby. To do so, you would have to register at a crypto exchange and go through all the hoops that that entails. It is an additional step that you do not normally need to go through with other services.

Then there is the issue of the floating value. Bitcoin’s value is driven entirely by the free market and it can shift dramatically over the course of a few days or even hours. For example, in December 2017 the value of Bitcoin peaked at just shy of $20,000 and after that experienced a quick decline to less than half of that. As of this writing, the value of a single Bitcoin is slightly above $4,000. Such swings are entirely possible in the cryptocurrency market and it is a risk of using the platform. It is entirely plausible that you deposit $100 in Bitcoin one day and then the market shifts, changing your bottom line.

This is a more technical aspect but a vital one nonetheless. Bitcoin is the first cryptocurrency of its kind and it has been almost 10 years since it was released to the general public. In tech that is a ridiculously long time and new cryptocurrencies have come out that do things better and more efficient than Bitcoin. While Bitcoin has been changing over the years, that change has come slow since a majority of the miner community need to accept the new additions to the system.

Conclusion

There is no doubt that Bitcoin is a revolutionary way of banking but as is with every new technology, the early adopters are the ones who have to deal with all of the unforeseen problems. There is nothing wrong with Bitcoin if you can manage the negative aspects of it. You can always read up about how it works and be careful when making transactions, which negates the two largest negatives of the platform. It mostly boils down to personal preference. There are some serious advantages that you have to weigh against the disadvantages and form your own opinion about the subject.