Bitcoin Sports Betting Tips For Beginners
Bitcoin is one of the most widespread cryptocurrencies among punters. As you probably know, Bitcoin is a digital currency that has no physical form like other currencies. This cryptocurrency found its place in many aspects of life. Hence, it comes as no surprise that Bitcoin sports betting grows at an exponential level. Nowadays, many punters prefer depositing their sportsbook accounts via Bitcoin wallets and there are a good-enough number of reasons for this trend.
First of all, this digital currency is touted to be decentralised in the sense that nobody controls it. Secondly, your anonymity remains intact when using a Bitcoin wallet as a payment method. What is more, the transaction fees are lower compared to the charges imposed by the banks. Among all other things, payments via Bitcoin are processed in a prompt fashion. In addition to that, Bitcoin has an advanced protection system against identity theft and fraud.
Having all this in mind, we can understand why a growing number of punters go for sportsbooks that accept Bitcoin as a payment method. But prior to jumping headfirst into some sportsbook that works with Bitcoin, better read this article that will provide you with several tips about betting on sports with Bitcoins. This guide on sportingpedia.com explains how to use Bitcoin at betting sites.
The Legality of Bitcoin
Before you start eyeing the opportunity to benefit from this digital currency for placing bets on various sports events, we would like to inform you that not every country embraced the digital currencies as a legal payment method. This is extremely important for licensed sportsbooks that adhere to the laws.
It is interesting to mention that the majority of countries that brag about their prolific gambling and sports betting markets regulated the use of digital currencies, making players’ lives easier. This is the case with the United Kingdom, where the digital currency is accepted as a legal payment method and all the bookies that hold a license issued by the UK Gambling Commission are allowed to process crypto payments.
Due to legal specifications and restrictions, most online bookies prefer to perform payouts in actual currencies. However, some sportsbooks allow punters to withdraw their profits in Bitcoins.
Newbies Should Be Wary and Realistic
Even the most aspiring and versed punters might make mistakes in case they start using Bitcoins without acquiring the needed knowledge. To avoid unpleasant occurrences, we would advise you to carefully read how this cryptocurrency works prior to placing bets right away. Moreover, bettors should be aware of the fact that 1BTC can be divided into eight decimal places.
If you are an inexperienced punter or you are not particularly familiar with this digital currency, we would recommend you to start your Bitcoin sports betting career with placing small bets. We would also like to remind our readers to keep their feet on the ground and set realistic goals.
Even if you are lucky enough to enjoy several consecutive winning bets, we would advise you to keep on making reasonable wagers despite the urge of investing more money in your favorite activity. In a nutshell, both experienced and amateur punters should be disciplined and tailor proper bankroll management.
How to Deposit/Withdraw By Using Bitcoin at Sportsbooks?
To make a deposit or withdraw funds by using Bitcoin, you will need to set up an account with a crypto-wallet such as Coinbase Wallet, Electrum Wallet, Trust Wallet, etc. There is an abundance of brands which process crypto payments. Creating a cryptocurrency wallet is not only extremely easy, but also free of charges. At bettingexpert's guide you can find detailed information explaining how to creat a Bitcoin wallet.
Depending on the platform of the sportsbook, some bookies offer both real-money and crypto accounts. While there are bookmakers that allow punters to make deposits and withdrawals in Bitcoin, others require bettors to exchange the crypto for actual currency when pulling out funds.
As for the costs, the taxes for cryptocurrency transactions tend to climb up due to the increased demand for such services. What punters should know is that the crypto transactions are processed in a matter of 10 to 15 minutes. Bettors who are converting an actual currency to Bitcoin are charged a conversion fee. If you decide to place bets using Bitcoin, you should keep in mind that the cryptocurrency is susceptible to market fluctuations.
Following that stream of thoughts, it is always better to use a Bitcoin wallet to top up your sportsbook account instead of a Bitcoin exchange as the latter follows clumsy anti-money-laundering regulations. Interestingly enough, some online exchanges restrict punters of making Bitcoin transactions to sportsbooks.
Find a Trustworthy Sportsbook
Finding a reliable sportsbook that accepts crypto payments is no picnic. As a matter of fact, the online sports betting market is oversaturated with bookmakers who are trying to attract the attention of a growing number of punters. But instead of signing up with the first sportsbook you come across, we would recommend you to check its license and reputation.
Another thing you should consider is whether the particular sportsbook is friendly to newcomers in terms of bonuses. What is more, checking the betting options a specific sportsbook offers is also of crucial importance, especially if you have certain preferences. Choosing a Bitcoin sportsbook is to your advantage as bookmakers tend to incentivise punters to make use of cryptocurrencies. In that sense, you will come across bookies that offer special promotions for Bitcoin users.