Bitcoin wallets total about 22 million; studies show that the growth in Bitcoin betting is speeding up.
Cryptocurrencies are best for Sports Betting
With the advent of the blockchain, gambling and online betting have become part of the norm, so it was not a big leap to put cryptocurrency and sports betting into the same sentence. Apart from the broad base of sports to bet on, the blockchain protocol 100% transparency and security seems to be guiding the uptake for Cryptocurrency Sports Books.
There has always been a high level of secrecy surrounding the betting industry. The blockchain technology that underlies cryptocurrency gives complete anonymity making it difficult for others to trace payments online.
This means that moving money around online in the form of cryptocurrency makes all transactions, whether fiat or crypto deposits and withdrawals, safer than before. The owners of crypto wallets have the added security of two-factor authentication giving further protection to their personal credentials and funds. The simple methods should not be viewed with skepticism by the uninitiated, and I hope to illustrate this in the article.
Understanding the Odds
The principles are the same for the odds whether the sportsbook quotes in fiat (GBP, USD, EUR) or BTC, ETH and other cryptocurrencies. In the “current odds,” sportsbooks do experience exchange rate fluctuations, but the differences are negligible, and punters tend to overlook them unless there is a gross discrepancy.
In reality, the BTC value could increase (or FALL) while your bet is in the hands of the sportsbook. Do not let this interfere with how you measure your odds. Calculate BTC market price against Fiat; it has nothing to do with the betting odds.
Example: If you place a bet on the NFL champions to win the title, odds quoted at 4:1 EUR/$10, the return will be EUR/$40, plus your stake back. On a cryptocurrency sportsbook, it is possible to get a return of EUR/$400 for the same bet if the BTC increases by ten times against the dollar or Euro, but the odds remain the same.
The Pros and Cons of Cryptocurrency Sports Betting
The argument *for * Cryptocurrency Sportsbooks far outweighs the negatives. However, I have given three of each to look out for before getting to my review on the best sportsbooks available.
- 2FA Security-blockchain anonymity
- Universal Betting / Multiple Digital Currencies & Good Bonuses
- Quick Transactions
- Websites are not always easy to navigate
- Cryptocurrency volatility
- No refunds in cryptocurrency
2FA is a two-step verification process to add a second layer of security and protection to an online account.
Single-factor authentication refers to username and password – such as signing in to an email account.
The addition of the phone or device as part of the authentication process adds the extra layer of security. The use of U2F that was designed by Google and Yubico will add a very secure layer of protection if there is any chance that your information could be vulnerable to hackers.
The blockchain protocols keep Crypto Sports Betting users anonymous, and there is no trackable money trail left like that with traditional sports betting. The privacy afforded means that bets are nearly impossible to trace keeping the wagers (bets) anonymous and personal banking details safe from online hackers.
There are laws against betting in many countries. Traditional sports’ betting has been plagued with corruption from bookies and hackers. The banking (deposit and withdrawal) part of the game has also caused headaches, especially for international wagers. Cryptocurrency has given people a much bigger “world” to work in and freedom to bet freely without prosecution. Using cryptocurrency is
legal in the USA (betting is not legal in all states), and the crypto sportsbooks have made the way open for US bettors.
The use of multiple digital currencies, Bitcoin, Ethereum and thousands of altcoins registered around the world, gives bettors on cryptocurrency sportsbooks a far more significant advantage over traditional sports book agencies.
Traditional betting sites and bookies have always offered sign-up bonuses and windfalls on very large or impossible odds as part of their marketing tools. Cryptocurrency sportsbooks put this practice to even more new customers and pay much higher bonuses for smaller wagers than their traditional counterparts pay.
Low Transaction Fees and Quick Deposit/Withdrawals – Fast Cashouts
Quick and efficient withdrawals feature as one of the main components when choosing an online sportsbook site.
Traditional bookies often make customers pay a withdrawal fee to take out their winnings. Cryptocurrencies like Bitcoin are electronic and take this unfair practice out of the game, making winnings easily and quickly transferred to the punters’ digital wallet.
Cryptocurrency Sportsbooks give customers a much better method of depositing and transferring cash to offshore bookies. It now takes seconds, where the traditional approach could take days, and there was still the chance of fraud or theft by the bookie.
This is identical in reverse for withdrawals: from an “e-wallet,” it is a painless and straightforward process to get funds transferred back to fiat. Bitcoin ATM’s are another way to get winnings as fiat.
One of the most notable disadvantages of cryptocurrency sportsbooks is the online experience. The only way to check this out is to visit every aspect of the site, and this is not always possible without first becoming a customer by filling out a registration form.
Still, with the simple application process of just an email and date of birth, there is no stopping you from just putting a block on the site and ditching them to spam if you decide not to continue.
Cryptocurrencies vary in price, but the stand-alone crypto is Bitcoin. The current price is so high that it can fluctuate up or down by hundreds of dollars, sometimes in one hour, but certainly on a daily basis.
This means that players on cryptocurrency sportsbooks must keep a close eye on where they place their winnings; no point in winning big on the races to have it wiped out by Bitcoin investment market in a day.
However, this is not always the case, and there are many other cryptocurrencies to use, where the coin price is a little more stable and relates well with fiat on cash out.
No Refunds in Cryptocurrency
There just is not a refund policy in cryptocurrencies. Nevertheless, if you do find a cryptocurrency offering refunds, please do not hesitate to let me know – I would love to stand corrected.
Finding the Right Sportsbook
Having looked at what you should be getting from Cryptocurrency Sportsbook, I have given five of my favorite (not in any order of preference): you can make up your own mind about them.
NitrogenSports has been around since 2012; based in Costa Rica and owned by IdealMedia, partnered by some of the leading corporates in the world. NitrogenSports continues to gain accolades from users and reviewers with a worldwide following of many hundreds of thousands with a “game” in just about everything from NFL, golf, soccer, NBA, Formula 1 and e-sports. The site has a minimum bet of 0.001BTC. The maximum bet varies with each sport.
- The signup process is slick: two-way authentication process – no personal information is required (not even an email address).
- Depositsandwithdrawalsarestraightforward:althoughthereareinstancesofbetween10 minutes to just under one hour.
- Customer support response is quick via email/ticket system and always helpful.
- The site is available on all devices.
1xBit started out as 1xBet back in 2007. The sportsbook is linked to Bitcoin for cryptocurrency sports betting, but also accept numerous altcoins and cryptocurrencies. The site is very full, some users find it confusing and more than a little cluttered. Despite this, IxBit gives value to customers with a large number of sports to bet on.
- Customer support via live-chat is fast and efficient.
- Customers get 100% first deposit match bonus worth up to 1BTC
- Android mobile app
The Mbit sportsbook is well organized, and the bet-slip makes it one of the most user-friendly available. Mbit operates under full license of Curacao Gaming Commission and has been running in top gear for worldwide players around four years. The sportsbook allows bettors the option to use Bitcoin, Etherium, Litecoin, Dogecoin and Bitcoin Cash, giving good odds on a wide range of sporting events and online e-sports. The site is one of the most simplistic easy to use in online cryptocurrency sports betting with clearly defined markets for live and pre-match betting. Besides, new punters can earn a welcome bonus of up to 50mBTC.
- The website is straightforward and easy to use, allowing easily placed, spontaneous bets.
- Welcome Bonus for new Customers, up to 50mBTC depending on initial deposit.
- Customer support is swift via live chat.
- No problems were experienced with deposits and withdrawals.
- Phenomenal odds offered on a vast assortment of sports and e-sports.
Sportsbet cryptocurrency sportsbook registered in Estonia is quite new to the industry (2016), but already has a reputation among the betting fraternity that keeps it among the top five amongst its peers. Two of the popular and innovative features offered are player props betting and virtual sports. Also, the sportsbook gives good odds and live betting on an assortment of regular games. The site boasts a modern, easy to navigate look with readily available customer support.
- The easy registration process requires an email address and date of birth.
- Customer support is 24/7, live chat or email and is efficient and helpful.
Cloudbet, registered under license in E-Gambling Montenegro is one of the Bitcoin Sportsbook leaders. The Cloudbet reputation remains unblemished since its inception in 2013. The site offers sports betting in an extensive range and gives users live betting options and the chance to play at 65 live-dealer casino tables, Bitcoin poker, roulette, and slots.
New customers get a welcome bonus of up to 5BTC (based on initial deposit), and there is a minimum bet of 0.001BTC. This is great for beginners, but Cloudbet has the high rollers in mind too with a maximum bet for the major leagues of 36BTC!
The site is easy to navigate and offers much for all level of customer with all preferences exceptionally well catered for.
- Cloudbet is one of the generous sportsbook sites offering 100% up to 100mBTC (first time) Welcome Bonus
- High betting limits for professional players
- A very simple and quick sign-up process; email and date of birth.
- Instant withdrawals (although Cloudbet FAQ states that it can take up to 24 hours to process withdrawals; this contradiction is a bit unexpected!)
- Customer support is 24/ via live chat or email.
- Mobile application available
Trade By Trade Cryptocurrency Sportsbook
We recently launched Bet by Bet, which is the Crypto Sportsbook by Trade by Trade. We really think our platform is great. Users have state of the art security, the best odds, in an easy and trustable platform you already know. Why don’t you go see it for yourself now and let us know what you think? 😉
Cryptocurrency gives sports betting books new scope.
Betting remains what it always was: a form of gambling. The difference now is that cryptocurrencies bring more to the table regarding a broader and more secure way of betting, with a wider range of players, added financial security and better odds than ever before.
The industry, although not as regulated as traditional betting, is kept honest by the players themselves and many sites have hit the dust. It behooves everyone who enters the world of gambling to shop around and make the right choices. After all, this is hard-earned money you are playing with, and there is never any point in crying over spilled milk.
Do not just play with Bitcoin; there are thousands of other cryptos, just make sure you can cash out in your fiat currency.