BlogCommunitySports Betting With Bitcoin: How Does It Work?

Sports Betting With Bitcoin: How Does It Work?

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A lot of people have gotten into sports betting. It has been a craze, especially for professional sports leagues. It makes games more exciting to watch, and it is a fun way to make extra money. It’s also made better when people bet on high-stakes games like the playoffs or the championship. It isn’t just for physical sports because esports also has a large betting market.

Betting is done mainly with money. It may be other assets as well, such as a car, house, or property. Anything that someone might be interested in may be placed as a bet, especially if it is just between buddies. In recent years, bitcoin has increased in value extremely. It has become a viable option to bet because of its value. How is it exactly done? Continue reading to know more about it. 

Getting Bitcoins For Gambling

People should know better before starting with sports betting using Bitcoin. There are a lot of available ways to get Bitcoin. The first step is finding out which sites or bookmakers actually accept bitcoin as a form of payment. There are a lot of other forms of cryptocurrency out in the market. So making sure bitcoin is accepted is vital. 

The next step would be researching who or where to buy bitcoin from safely. Bitcoin offers a level of anonymity for the people who use it. That is why it is revered by people. Most establishments offering bitcoin buy and sell only need working email. Plus identity proof. The proof can be a government-issued document or I.D. 

There is also the possibility of acquiring bitcoin from private sellers, but it can be very risky. Many bitcoin exchanges can be found online or locally. Bitcoin wallets should also be secured as this is where the currency is stored. 

Why Use a Crypto Bookmaker?

The only differences between regular bookmakers and the best bitcoin bookmakers are very few. It is the same as betting physical money. The only difference is cryptocurrency is more secure than actual cash. There is little to no chance of the bookmaker accidentally getting mugged and held up. The possibility of being hacked is still open. But people should find expert bookmakers they can trust. 

Another perk of using cryptocurrency to bet is that transactions can be instant. It doesn’t matter where the bettor or the bookmaker is. As long as they both have a good connection and signal, a transaction can be made. It will also reflect instantly in the wallet whether people win big or lose big. 

There are also no bank fees when dealing with cryptocurrency. Winners can enjoy the full amount of their winnings with a little fee whenever they withdraw. Anonymity is another advantage that cryptocurrency offers. There is little exchange of information between a bettor and their crypto bookmaker. 

Choosing a Crypto Sportsbook

People should dedicate at least a couple of hours of research to find the right sportsbook. The choice of where to place their bitcoin bets is important. It should be a place where they feel comfortable and secure. Betting alone is nerve-wracking enough.

There is no need to add to that stress. Choosing the right platform generally has a few factors to look at. 

Reputation is probably the most important factor. Look at online reviews of it, what people have to say. Maybe ask a few other people who bet using that platform. How an establishment market itself is not the same as how they are received by a crowd. 

The next is licensing. Someone is more likely to bet on casinos licensed than some dingy basement where a few people meet once a week. The same goes with crypto sportsbooks. It is better to use trusted platforms to bet rather than sketchy sites that offer deals that may be too good to be true. 

Additional factors include the processing speed of transactions. Some people prefer quick processing so that they can roll their money quicker. For some people, they don’t mind the wait. It is important to consider the speed of deposits and withdrawals of sportsbooks. It is key to making the decision on which sportsbook to choose.

Below are three of the more popular Crypto Sportsbooks to choose from:

Bovada

Bovada has an international reputation that backs itself up. It is one of the leaders in the market. Bovada is one of the few sportsbooks that started to accept bitcoin deposits and withdrawals. Anyone can bet a minimum of $20 or a maximum of $5,000 in bitcoin.  

Bovada provides smooth transactions with a $3,000 limit on withdrawals. They are a class act that doesn’t provide any fees for transactions while still providing quality service.

Sportsbetting.ag

The currency of the modern world is considered to be bitcoin. It has limitless possibilities with no ceiling, and Sportsbetting.ag takes advantage of that. They offer huge deposits and withdrawals for bettors. The minimum is $20. 

This is a platform to be used for quick transactions, 24/7 availability, and quality service. 

BetOnline

BetOnline is a little ahead of the game in crypto betting. People can use bitcoin here and other forms of crypto as well, like Ethereum and Litecoin. They may take a little more time in processing transactions. It is because they care about security. They also allow larger deposits and withdrawals. BetOnline has a small fee, but it is worth it, considering they are best. 

Start Placing Bets On Sports Events

Once everything is settled, using bitcoin for sports betting is just like using any form of money. Pick a sport, pick who to bet on, and then hope for big wins. 

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