The gambling industry on sporting events is always evolving. With the rise of the Internet, online gambling has emerged as a new dominant form. The emergence of Bitcoin is one factor that has had a profound effect on business during this period of change. In this post, we’ll go through the basics of using Bitcoin for sports betting, from creating an exchange account to purchasing Bitcoin to making bets.
The Rise of Bitcoin in Sports Betting
Bitcoin went from being a risky investment to a constant in many people’s digital wallets over the past 10 years. Like many other fields, the world of sports betting has been quick to take advantage of the digital gold rush. Bitcoin is popular for sports betting because it has some unique qualities, such as the possibility for high profits, the fact that it is relatively anonymous, and the speed with which it can be transferred.
Because the bitcoin market is growing, so is Bitcoin sports betting. As this industry grows, it brings more people, more trust, and more attention to the Bitcoin market. Also, Bitcoin’s instability makes betting even more exciting by giving bettors another way to win or lose.
Getting Started with Bitcoin
Before you can start betting with Bitcoin, you need to have some in your digital pocket. Here’s how to get started.
Registering on a Bitcoin Exchange
First things first, you need to register on a Bitcoin exchange. Exchanges like Binance or Bybit are great because they already have a certain reputation and it’s good. These exchanges are unquestionably safe and you can buy more than just bitcoin on them. So, these two options will suit your purpose very well.
The registration process typically involves providing your email address, setting up a secure password, and accepting the platform’s terms of service. Be prepared to set up two-factor authentication as well, an additional security step that guards against unauthorized access to your account.
Verifying Your Identity
After registration, you’ll have to verify your identity—a process known as Know Your Customer (KYC). This process usually requires you to upload a government-issued ID and proof of address. While it may seem tedious, it’s a critical step that exchanges must take to comply with international anti-money laundering laws.
Buying Bitcoin
Once your account is set up and verified, it’s time to buy Bitcoin. Most exchanges offer a simple and straightforward process to purchase Bitcoin using your preferred payment method. Be sure to compare rates across different exchanges to get the most bang for your buck. Remember, buying Bitcoin is an investment, so it’s wise to keep track of market trends and volatility.
Finding a Good Betting Site
Having procured your Bitcoin, the next step is finding a good Bitcoin sports betting site. Here’s what you need to keep in mind:
- Security: Look for sites with robust security measures like two-factor authentication and encrypted transactions.
- Reputation: A reputable betting site should have good customer reviews and be recognized by gambling regulation authorities.
- Betting options: The site should offer a wide variety of sports and betting markets.
- User Experience: The site should be easy to use, with a user-friendly interface and accessible customer service.
- Bitcoin specific bonuses: Some sites offer Bitcoin betting bonus rewards for using Bitcoin as your betting currency.
- Mobile betting options: Bitcoin mobile betting allows you to place bets on your favourite sports from anywhere, anytime. So, a good site should have a fully optimized mobile platform.
Key Features of a Good Bitcoin Sports Betting Site
The perfect Bitcoin betting site offers:
- Speedy Transactions: Bitcoin transactions should be faster than traditional currency transactions.
- Anonymity: Bitcoin transactions can provide a degree of anonymity that traditional currencies can’t.
- Lower Transaction Costs: Bitcoin transaction fees are generally lower than traditional currencies, saving you money in the long run.
- Wide Range of Sports: A variety of sports to bet on increases the chance of finding a match you’re comfortable betting on.
- Flexible Betting Options: A range of betting types like prop bets, spread bets, over/under, etc.
- 24/7 Customer Support: Should any issues arise, a dedicated customer support team should be available to assist.
- In-Play Betting: Another key feature to consider in a Bitcoin sports betting site is in-play or live betting. This allows for dynamic, real-time wagering on ongoing games. Check out In-play Betting: Real-time Wagering in the UK for an exciting example of this feature.
Not everything in our world is perfect, so these sports betting sites have their own particular disadvantages, and you can read more about them here. In short, we can attribute the lack of regulation and the volatile value of cryptocurrencies to the disadvantages.
But having studied these issues, this is no longer a problem, as there are a huge number of betting sites that are well regulated. The value of Bitcoin is another matter, and we only know how best to dispose of this coin at a particular time.
Making a Deposit
Once you’ve chosen your site, you’ll need to deposit your Bitcoin. In most Bitcoin sports betting sites, this involves sending Bitcoin from your exchange wallet to the wallet address provided by the site. Always double-check the recipient’s address before confirming the transaction to avoid any mishaps.
Understanding Bonuses for Bitcoin Deposits
Many betting sites offer bonuses to attract Bitcoin users and this sites you can find them at NonGamstopBookies.com, for example. These bonuses can take various forms, such as deposit matches or free bets. It’s vital to read the terms and conditions of these offers; while they can enhance your betting experience, they often come with wagering requirements or other conditions that you must meet before you can withdraw your bonus winnings.
Types of Bitcoin Deposit Bonuses
Bitcoin deposit bonuses have become a popular attraction in the world of crypto betting. These bonuses are often offered as a way to entice new users or reward loyal customers. Here are some common types:
- Cashback bonuses: These bonuses refund a certain percentage of your losses over a specific period. For example, a 10% cashback bonus would return 10% of your net losses to your account.
- Bitcoin deposit free spins: As the name suggests, these bonuses grant you a certain number of free spins in casino games after making a deposit with Bitcoin. They’re usually tied to specific slot games and may come with wagering requirements.
- Percentage deposit bonuses: These bonuses match a percentage of your deposit with bonus funds. They usually range from 10% to 200% or even more. For instance, a 100% deposit bonus would give you an extra 1 Bitcoin for a deposit of 1 Bitcoin, effectively doubling your betting bankroll.
- Free Bet Bonuses: These bonuses allow you to place a bet using bonus money provided by the betting site, instead of your own funds. Typically, you’re awarded a free bet after making a deposit or placing your first bet. This bonus is great for trying out new betting strategies or exploring different sports without risking your own Bitcoin.
How to Bet Using Bitcoin
Now comes the exciting part—actually betting with Bitcoin. The process is similar to betting with traditional currencies: choose a sport, select a match, and place your bet. When you win, your winnings will be credited to your account in Bitcoin, ready to be withdrawn or used for future bets.
Tips for Successful Bitcoin Sports Betting
To wrap up, here are some tips for successful Bitcoin sports betting:
- Manage your bankroll carefully: Never bet more Bitcoin than you’re willing to lose.
- Stay updated on Bitcoin’s value: Because of Bitcoin’s volatility, the value of your winnings can change rapidly.
- Take advantage of bonuses: Bitcoin betting bonus offers can give you extra value for your Bitcoin, but always remember to read the terms and conditions.
- Do your homework: Research the teams, players, and conditions before placing your bet.
- Stay calm and enjoy: Sports betting should be fun, not stressful.
Conclusion
As the world gets more digital, it makes sense that the way we bet would change in the same way. Bitcoin sports betting has a lot of advantages over other ways to bet, such as faster deals and possibly higher profits. By following the steps and tips in this guide, you’ll be well on your way to making your first Bitcoin sports bet.
