It feels like the term Bitcoin appeared not that long ago and was suddenly on everyone’s lips. But this payment method or the associated booking system is no longer that new. As early as the beginning of 2009, over ten years ago, the use of Bitcoins began.
In the area of betting providers on the Bangladesh market, the volume is still very limited. So far, only a few bookmakers offer apps with cryptocurrencies such as bitcoins. Since this can change quickly in the future, we will show here how sports betting works with Bitcoin bettung and other cryptocurrencies.
The number of bookmakers offering Bitcoin sports betting has been increasing for years. Find out here the advantages and disadvantages of Bitcoins as a means of payment, with which provider you can best place Bitcoin bets and much more!
What is a Bitcoin anyway?
The word Bitcoin is a word creation from the terms ‘bit’ (storage unit in information technology) and ‘coin’ (English for coin). Bitcoin is a digital currency, a so-called crypto currency, that only exists on the Internet. There are no coins or bills that could be used for payment. Btc is used as the abbreviation for the currency.
The biggest difference between the currencies Euro and Bitcoin is: While you can pick up the Euro, i.e. your money in your wallet, Bitcoins are only available virtually . So they are not haptic. However, that doesn’t make them any less serious, as you will see later based on our experience.
In addition to Bitcoins, there are other cryptocurrencies that are also known as “Altcoins”, with “Alt” being short for alternative. Ethereum is such an alternative to Bitcoin that has been around for a couple of years.
Bitcoin sports betting review
How does Bitcoin work?
Even if Bitcoin is not tangible, it has the same meaning as other currencies such as the euro, the dollar or the British pound: You can use it to pay for goods and services. As mentioned, Bitcoin is an exclusively digital currency, or rather, a crypto currency. With your “normal” money you can buy Bitcoins, as an investment or for paying on the Internet. All bitcoins consist of encrypted – i.e. cryptic – data blocks that are used and transferred digitally.
The payment processes are carried out anonymously. The software required for this always creates unrecognizable addresses for the retailer and the Bitcoin value is stored in so-called digital wallets. In this wallet you manage your bitcoins. There are several alternatives for this on the Internet, as you can see in the “Requirements” section below.
What is Bitcoin suitable for?
There are not yet many bookmakers who accept Bitcoin as a regular payment method alongside “classics” such as credit cards, ecopayz, Neteller and Skrill. Such providers include sportsbet.io or 22bet. The latter has a very large selection, at this point a little foretaste:
The biggest advantage of Bitcoin lies in the way it works: Payments are anonymous and no data such as account numbers, birthday or address are used – of course, this also applies to sports betting with Bitcoin. This means that no sensitive data can be accessed during the payment process.
Deposits: In
addition, the credit is credited to the betting account within a very short time, just like with other types of deposits. There are no long waiting times. This is also the case with an ePurse such as ecopayz, Neteller or Skrill, but there may be delays with bank transfers or credit cards.
How high the minimum or maximum amount is, of course, differs from provider to provider. At one provider, for example, the lower limit is € 25 and the maximum is € 1,000 for the deposit. 22bet only requires a minimum amount of € 1 for the deposit, a maximum amount is not specified there.
Payouts:
With the betting providers who offer Bitcoin as a deposit type, it is usually also possible to have your credit balance paid out in Bitcoin. Most of the time you even have to, because a bookmaker is not an exchange. You usually have to choose a currency and stick with it.
As usual, the withdrawal process takes longer than that of the deposit and the amounts that can be withdrawn also vary.
Here, the customer can have an average of € 100 to € 2,500 paid out at the bookmaker per week. We have at 22bet experiences made, according to which this bookmaker allows withdrawals from an amount of 1.50 €.
Which providers have Bitcoin sports betting?
We have already given an overview above which bookmakers allow deposits and bets with cryptocurrencies such as Bitcoins.
As mentioned before, the Bitcoin wave among providers in the German sports betting market is still very limited. With Sportsbet.io, a sports betting provider where you can use btc has closed its betting offer for customers from Germany.
In our test, however, we found trustworthy betting providers where you can deposit with Bitcoin. If you click on the logo in our table, you will come straight to the bookmaker . There you will find a button for a Bitcoin deposit in the corresponding menu, identical to other deposit processes. Now you just have to follow the given steps to let the cryptic currency migrate from your e-wallet to your betting account.
In the screenshot above you can also see which other cryptocurrencies are available from the provider.
As with “conventional” bookies, there are of course better and worse options among the Bittcoin betting providers. We have compiled the top addresses for Bitcoin bets below in our BTC bets comparison .
Parimatch – one of the best Bitcoin betting providers on the market
Parimatch is a real pioneer when it comes to Bitcoin sports betting: The provider has been active on the market since 2013, making it the world’s first Bitcoin bookmaker. So if you like to bet with the virtual currency, you’ve come to the right place. In addition to sports betting ,Parimatch sign up overall offering also includes live betting , a casino and a live casino.
Sportsbet.io: Bitcoin sports betting and solid selection
Sportsbet.io is a reputable Bitcoin provider licensed from Curaçao. It did well in our editorial team’s test:
The bookmaker always provides you with around 20 different sports and e-sports games, including some live streams. The betting odds key is relatively high and the new customer Parimatch bonus can be unlocked using simple bonus rules. Sportsbet.io’s offer is rounded off by the fact that the betting tax is completely eliminated .
Pro: Deposit at bookmakers with Bitcoin
Bitcoin betting providers have a whole host of advantages that make them so interesting for bettors.
Advantage 1: anonymity
One of the great things about a Bitcoin account is that the account holder is often completely anonymous . Because various bookmakers with a Bitcoin acceptance do not require the disclosure of an identity. All that is required is an email address that customers can use to keep in touch with customer service. But even that is not absolutely necessary for many bookies. In addition, it is quite easy to set up an email address just for this purpose.
You do not have to worry about storing personal information or even submitting proof of identification for account verification. So you don’t leave any traces that could expose you as a sports bettor, and the Bitcoin bookmaker can never use your data against you or for dubious purposes.
Advantage 2: Account can (almost) not be blocked
The absolute anonymity given in many places means that Bitcoin bookmakers can barely block your account. This is of course interesting for dubious players, but honest betting fans also benefit:
Advantage 3: Lightning fast payouts
Because after the bet has been placed and the betting result has been announced, the winnings go to the player immediately. Even with a large profit distribution , there are usually no delays.
This means:
You do not have to fear exceeding a limit, which can lead to an account blocking, nor an unfair approach on the part of the bookies, who may hold back your high profits until they have made enough income again.
Advantage 4: Payments are fast, secure and cheap
Due to the way Bitcoins work, depositing and withdrawing at Bitcoin Sportsbook is very quick and safe. The payment infrastructure is provided solely by the Bitcoin system, which in turn enables money to be transferred at almost no additional cost .
Due to the flexible payment option with Bitcoins, it is also easy to send the money from one bookmaker to another or to transfer the winnings to friends’ accounts immediately. Even transferring them to third-party customer accounts at other betting providers is usually not a problem.
Cons: Disadvantages of Bitcoin sports betting providers
Bitcoin sports betting certainly has many advantages, but of course there are also counter-arguments to consider here.
Disadvantage 1: Payment method not yet established everywhere
Compared to other payment methods, Bitcoins are still rather a shadowy existence and many betting fans do not have sufficient experience with it. However, years ago, new online betting providers were also very fresh on the market and here, too, customers first had to gain their experience.
Disadvantage 2: Lack of legal regulation of crypto bookies
There is also a risk that some crypto betting providers will turn out to be fraudsters or not work profitably enough and therefore go bankrupt. As advantageous as anonymity is, it unfortunately also ensures that there are hardly any standards and legal regulations among Bitcoin betting providers .
Since the transfer of Bitcoins is so quick, bettors are not dependent on depositing larger amounts. If you do not trust your betting provider immediately, you can instead transfer smaller amounts several times – always just as much as is needed for placing the bet. There are hardly any bookmakers with faster payouts than Bitcoin betting providers!
Disadvantage 3: Fluctuating market values
The fluctuating market values have an impact on the stake limits . Usually the maximum is 1 to 5 BTC. Depending on the course, this corresponds to several thousand euros.
The Bitcoin rate can be stable for a long time, but it is also subject to violent fluctuations . This is both an opportunity and a risk for the weather.
Disadvantage 4: Bitcoin’s future status as a currency independent of banks and states
Due to the special construction of this means of payment, banks and states cannot regulate the transactions. A big seriousness factor is the future handling of Bitcoin:
It is entirely possible that individual states or communities of states will at some point integrate the currency more broadly into economic processes or, conversely, come to the conclusion that it is not acceptable. In the first case, digital money is likely to continue to establish itself quickly. Under the latter conditions, customer acceptance can at some point drop to such an extent that Bitcoins are hardly worth any more and cannot keep up the path of success that is often predicted today .
The importance of Bitcoin for sports betting today
The market for Bitcoin in sports betting is very large and the number of sports betting websites that accept Bitcoin as a regular currency is growing.
One of the reasons for this is that Bitcoins are a good loophole for the US gaming market. Because currently gambling in the USA is only allowed in the states of Delaware, New Jersey and Nevada. In all other states, gambling is illegal, including Bitcoin bookmakers . Due to the anonymity, Bitcoin betting providers are now springing up like mushrooms for American citizens.
The US government cannot actually control Bitcoin transactions, but transfers with other means of payment can. Financial institutions have historically frozen countless online casino and sports betting accounts by invoking the Wire Act 1961. Since Bitcoins are not transferred, but rather paid to websites, there is no danger here with the crypto currency.
Bitcoin’s policy officer Naomi Brock well says that bitcoins revolutionized the online sports betting market in the United States. Because now Americans can also bet and gamble unhindered. Since the transaction in Bitcoins is carried out immediately and cannot be reversed, the online bookmakers also benefit. Because in the past there were more and more problems with fraudulent chargebacks.
Recommended reading: Find out everything about the ” Bitcoin bonus for sports betting ” here!
How safe are Bitcoin sports betting?
Due to the encrypted data, payment transactions with Bitcoins are very secure and cannot be falsified. The only point of reference remains the transaction history of all payment transactions created by the Bitcoin system. The bitcoins are not actually on your computer or other end device, but always stay in the blockchain, i.e. in the network. You can pick it up there with your private key to make transactions.
In the end, no recipient of money, including bookmakers, cannot understand where the money is coming from. Of course, this also makes it difficult or even impossible for fraudsters to access your data. It is precisely this anonymity and the resulting security that make the use of Bitcoins so attractive.
So that you are absolutely safe with Bitcoins when traveling, make sure that the wallet (see above) is reputable and that your data is protected as well as possible. For more information, read on here:
Bitcoin betting requirements
So that the bitcoins are not “lost”, you need a wallet, as with the usual coins and bills – the e-wallet mentioned above. This digital wallet is created through free programs on the internet. The Bitcoin value can be stored here. Websites like blockchain.info can also serve as an account. The btc are then still in the blockchain, but you have access to the digital account with the wallet.
But where can I buy bitcoins for my sports betting? The Bitcoins themselves can be obtained from Bitcoin ATMs (also called Bitcoin ATM) or Bitcoin exchanges, where you can exchange your own currency for the corresponding value. Just as you knew it from your vacation in the old days of the Deutsche Mark.
This also means that exchange rate fluctuations must be taken into account. So you can make profits when you exchange real money for cryptocurrencies. You know the principle from the odds at sports betting providers, here it is also worthwhile to turn on the odds calculator ..
In order to receive your first bitcoins, it is of course also possible to accept bitcoins simply by paying someone else.
You can buy bitcoins with euros and other real money currencies. Of course, you don’t do this in cash, but again with a payment method such as credit card or ecoPayz.
How do sports betting payments work with Bitcoin?
In our graphic we show you how deposits and bets work with Bitcoin. First you have to install a Bitcoin wallet on your device. You can find them, for example, via the Google Play Store.
Now you have to get coins on the net in exchanges or so-called Bitcoin machines. Tip: It can be worthwhile to keep an eye on the price to buy btc when they are cheap.
At the betting provider, you only have to select Bitcoin when making a deposit. You will then receive a Bitcoin address for payments via Bitcoin from the betting provider. You then enter this in your Bitcoin wallet and determine the amount because you want to top up with the betting provider.
How do I pay out at Bitcoin Sports Betting?
Have you successfully placed a few bets on good odds? Well, then off and cash out your winnings! The payout works very similarly to the deposit. You choose Bitcoin as the withdrawal method, which is only possible if you have also deposited Bitcoins beforehand, and specify how much you want to withdraw.
Then follow the instructions that lead you to enter your Bitcoin address. However, if you then want to convert your Bitcoins into real money, you have to go to an online exchange. Fees may apply and the exchange rate may fluctuate.
What advantages do bookmakers have with bitcoins and cryptocurrencies?
The advantages that sports betting with Bitcoin and Altcoins offer are in the area of security and anonymity. The cryptographic procedures make the currency forgery-proof and the encryption protects privacy better because payments are more difficult to track.
Bitcoins could be stolen mainly through viruses and other malware. You can protect yourself against this, for example, by storing the private key, a kind of individual code through which only the respective owner has access to their Bitcoins, on a device other than their Bitcoin wallet. Because only combined with both can you use the bitcoins in the blockchain.
What are the disadvantages of bookies with bitcoins and cryptocurrencies?
One of the most obvious drawbacks of betting with cryptocurrencies is its low prevalence. There are hardly any bookies that use this payment method.
In addition, cryptocurrencies such as bitcoin and ethereum are subject to greater price fluctuations than physical currencies. When exchanging your winnings for real money, the course can lead to losses. In addition, fees may be due when switching from btc to euros.
In addition, the payment method is very secure, as your Bitcoins can only be used with your private key. But if you lose the key, you can no longer access it either. Imagine how annoying it would be to have made big profits with a new customer bonus and then not be able to pay out the betting balance.
Is there a Bitcoin sports betting bonus?
No, we haven’t found a special Bitcoin bonus at any bookmaker so far, neither as a welcome bonus nor any other betting bonus.
Wherever Bitcoin deposit is possible, we were also able to receive the welcome bonus by making an initial deposit with Bitcoin or another crypto currency. Of the 22bet bonus is available, for example, with Bitcoin payments. Sportsbet.io also allowed the crypto currency for its betting bonus before you could no longer play at the bookmaker from Germany.
As I said, there are not many betting providers who work with Bitcoins at all, so there are no bonuses. If payment becomes more widespread and sports betting providers see their advantages in it, they may reward a Bitcoin deposit with a bonus.
For example, when Trustly came up with the first bookies, there was one here and there Deposit bonus or other bonuses especially for the first transaction with this method. For example, Netbet issued a € 5 free bet.
5 important tips for dealing with Bitcoin in sports betting
At this point we would like to summarize some important recommendations for behavior when dealing with Bitcoin.
You should definitely pay attention to the following points if you want to conclude Bitcoin sports betting.
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Anonymity : If you only pay with Bitcoin, you can remain completely anonymous with some bookies . All you have to do is enter an email address. Of course, this has certain advantages, but on the other hand, with this anonymity, you also forego certain minimum standards and adequate regulation of corresponding offers. You should therefore only deposit as much anonymously with a bookmaker as you really need for your respective stake. If you don’t park money with such Bitcoin betting providers, you will significantly minimize the risk of fraud.
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Enter several times to check if a payment is only triggered once, they can not be stopped more or even reverse. Before making a transaction, you should therefore check carefully whether the address of your Bitcoin wallet is correct . Check this one more time digit by digit. If a typing error creeps in here, it can be extremely annoying, especially with large payouts!
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Highly profitable bonuses : If you, as a customer, pay a bookmaker with your credit card, for example, this entails various risks for the sports betting provider. He usually books the money immediately, but your card may not have enough funds. In this case, the bookie can undo the process, but this is associated with a certain amount of effort – especially if a bonus has also been issued and has already been played with it. Since with a BTC payment the amount goes to the bookmaker immediately, practically nothing can happen to the bookmaker. This is one of the reasons why you can often benefit from exorbitant bonuses at Bitcoin sports betting benefit. But always carefully consider whether you want to and can play through them.
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When converting from Bitcoin in real money is with the anonymity conclusion : The anonymity of cryptocurrency is one of their biggest advantages. As soon as you decide to convert profits into real money on a corresponding trading platform, you have to provide proof of identity . At this point, at the latest, your activities are – at least partially – traceable.
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Bitcoin storage and access data : You can save your credit either online in a cloud or directly on your computer or on a suitable USB stick or memory card. Only you have the specific access data for your respective wallet. That means a lot of security , but also that your Bitcoins are irrevocably lost if you forget your log data. This is also the case if, for example, you lose the USB stick on which your Bitcoins are stored.
How can you buy bitcoins for sports betting?
The easiest way to buy bitcoins is on special online marketplaces. In Bangladesh one of the top addresses for buying the currency:
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1You first have to register on one of these Bitcoin marketplaces.
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2After the customer account has been created, a verification is carried out. This is usually done by means of a post or video identification process based on the presentation of your identity card.
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3Then you have to connect your activated account with a common payment method, for example Apple Pay and Parimatch mobile app download.
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4thThen you can immediately buy or sell bitcoins. You have the choice of trading full Bitcoins or shares, such as 0.03 BTC
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5To initiate the purchase process, you simply enter the desired amount in the search and can then choose from a large number of offers.
There are also numerous online portals where you can purchase other digital currencies in addition to Bitcoin. One of the best known is undoubtedly Bitstamp.
In Austria, Switzerland and some other countries, special ATMs for crypto currencies are now even being made available. Various payment options are also available here, such as cash or credit card payment.
What is Bitcoin anyway?
Transactions are usually almost free and extremely fast (a transfer is usually confirmed after a very short waiting period), but they can no longer be revoked.
The technology behind the cryptocurrency Bitcoin is the so-called blockchain . All data is stored decentrally via nodes across the globe. That leads to enormous security. In theory, hackers could gain access to parts of the system, but since all information is never kept in one place, it is practically impossible for them to manipulate it.
The idea behind Bitcoin is very old. However, the crypto currency has only been really “suitable for everyday use” and has been largely established for a few years. Since then, more and more Bitcoin sports betting has been offered and, because of its many advantages, is being used more and more frequently.
One of the biggest advantages of Bitcoin is that the currency is independent of economic factors in a state or traditional banking systems. The cryptocurrency is inflation-proof and political crises cannot harm online money. On the contrary, as the past few years have shown, they often tend to lead to a price increase.
Bitcoin is, however, subject to price fluctuations. These can even reach strong ups and downs within hours. In general , however, the means of payment is considered to be relatively stable and has been on the upswing for several years .
Since there are no states or banks involved, Bitcoin transactions are not affected by any exchange rate effects. For example, if you now transfer 1 BTC to a friend in Buenos Aires, the transaction will be completed within a few minutes. Usually only a small transaction fee is charged for hardware, software and electricity costs. With a conventional bank transfer, a corresponding transfer would take several days and mean significantly more fees. In addition, you would have to deal with the current exchange rate of the Argentine peso in order to actually be able to transfer the desired amount.
Conclusion: Bitcoin is still on the fringes of sports betting
The crypto currency Bitcoin has been around for a relatively long time with sports betting providers as a payment method, but many players still have no experience with it or have concerns. The general title as “dubious”, “criminal” or “dangerous” does not do justice to the currency or most of the betting providers who have them in their portfolios:
However, as with any other bookie, you have to look carefully to whom you are entrusting your money. In addition, there can be disadvantages if the digital currency is handled incorrectly. However, when you take our tips into account, both aspects should no longer be an issue for you, so that you can enjoy the various advantages that Bitcoin sports betting brings with them to the full and with as little risk as possible.
FAQ – Questions & Answers about sports betting with Bitcoins
❓ Do I have to pay tax on profits from Bitcoin sports betting?
≻ No, betting winnings never have to be taxed, regardless of which payment method you used to withdraw them.
Of course, you still have to pay the 5% betting tax that sports betting providers pay to the state for all bets placed and usually pass them on to the customer. But this only applies to bookmakers in Bangladesh.Which customers from Bangladesh cannot use at all, no betting tax is levied. A bookmaker that can be reached in Bangladesh and does not pass on betting tax is which also has a lucrative betting bonus.
❓ Are Bitcoin Sports Betting Legal?
✅ Yes. Bitcoin is simply a means of payment. It is just as legal to bet with a cryptocurrency as it is with euros. Other online transactions can also be made with btc or other crypto currencies such as ethereum.
❓ Are Bitcoin betting providers reputable and safe?
≻ Not all betting providers offer Bitcoin as a payment option, but that has nothing to do with the lack of seriousness or security of the payment method. Cryptocurrencies are just not widely used yet. We assume that in the not too distant future many well-known betting providers will add Bitcoin payments to their programs.
✅ Just like cryptocurrencies, the payment methods Neteller and Skrill did not have a good reputation for a long time. You may have already noticed that you are often not allowed to use them if you want a new customer bonus. But that has nothing to do with the seriousness of Neteller and Skrill, but has technical reasons that lie in the transactions between bookies and payment service providers.
❓ Can I only place Bitcoin sports betting with a mobile device?
✅ No, although Bitcoin is well suited as an electronic means of payment for mobile payments, you can also pay with Bitcoin sports betting from your PC. You then only need your btc wallet on the computer.
❓ Is Bitcoin only suitable for eSport betting deposits and withdrawals?
≻ No, but it actually makes sense, with Bitcoin eSports betting wanting to complete. After all, it’s a digital payment and eSport is a digital sport. In addition, bitcoins were widespread as a means of payment in the world of gaming very early on.
✅ Even so, it has nothing to do with the sports you want to bet on whether Bitcoin is the right payment method for you. You can bet on all sports and odds with Bitcoin betting credit.
Alternatives to Bitcoin
Instead of btc, you could use other cryptocurrencies such as ethereum sports betting use that has been rising for a few years. But they are just as uncommon and have the same disadvantages as exchange rate fluctuations and fees.
If you place great value on anonymity when betting, you can use the paysafecard for your deposits. The problem here, however, is that no payments can be made with this and one would have to look around for another alternative in this regard.
With PayPal sports betting you can at least forego using your account details when making deposits and withdrawals. All you need to do here is enter the email address stored in your PayPal account in order to be able to carry out the payment process. It’s the same with ecoPayz, Neteller and Skrill. However, the latter two often exclude from the welcome bonus.
If you want to play in every bookmaker’s betting range, our experience has shown that you would be well advised to top up your betting balance with a credit card. We have found this payment method at every bookmaker from Netbet to bahigo to Interwetten.
