How To Bet On Sports With Bitcoins

How to Bet on Sports with Bitcoins

The sports betting market hasn’t been this versatile in years. With greater emphasis on parlays and better odds being dished out constantly by the majority of online sportsbooks, the market has been adding new and easier ways to bet on your favorite sports.

Going mobile is also a big trend that’s been gradually adopted as well, though the use of Bitcoins as an online cryptocurrency in online betting is surely the most profound “player” in the world of online sports betting.

The idea behind the notion is quite simple – using the inherit convenience, security and simplicity of Bitcoins to allow bettors and enthusiasts alike the chance to participate in the online betting scene.

While the start was met with caution and uncertainty, nowadays betting on sports with Bitcoin is quickly becoming the norm for most bettors, thanks to a plethora of advantages that we will discuss in the text bellow.

The Basics

For bettors who have no prior experience using Bitcoins as well as betting enthusiasts who have yet to place their first bet, the process of making that first step into Bitcoin sports betting starts with the creation of a Bitcoin wallet account.

Currently there is a plethora of available Bitcoin wallet providers, with versions available for mobile, PC and Web-based. It is good practice to first familiarize yourself with what Bitcoin is and how the cryptocurrency functions before making a purchase with real money that will be converted into Bitcoins for your personal use via your Bitcoin wallet.

Once you receive your Bitcoin wallet address you can proceed to the next step – finding a suitable Bitcoin sportsbook where you will place your first bet.

Bitcoin Sportsbook Selection

The Bitcoin market has exploded over the years with hundreds of new Bitcoin betting sites and online casinos, so it is essential to browse through in order to find the one that is right for you.

Newcomers should look for several things in particular:

  • Large choice of sports available
  • A selection of betting options
  • Better betting odds
  • Option for Live bitcoin betting
  • Autonomous and instantaneous deposits / payouts

Placing a Bet

Since most Bitcoin sportsbooks do not force bettors to set up an account, you can simply browse their list of available sports matches, whether live or upcoming and pick a different type of bet. This can be either a straight bet, a various selection of parlays and more, depending on the sportsbook.

What is also important is the bet odds that can either fluctuate or stay firm once the bet is placed – this is due to the nature of betting itself, as well as the Bitcoin currency.

Once this process is complete, you will be required to enter your Bitcoin wallet address again in order to receive the winnings should your ticket be successful. You can also track the progress of each game and whether the odds are changing (if the bet is placed once a game is live).

Variation of Sports

The list of available sports at Bitcoin sportsbooks grows each year, with even local teams and tournaments being represented. The “standard” football, basketball, soccer, baseball leagues are augmented with newer ventures such as e-sports that are constantly growing in popularity.

Live Betting

For those seeking the thrill of actively participating in the live-betting process, calculating the ever changing odds and getting the best of their predictions then Live betting is the way to go. With Bitcoins you can easily make a quick bet and win big.

Collecting Your Winnings

The wait time on most Bitcoin sportsbooks is very small – some sportsbooks even offer instantaneous payouts once the games are concluded. In practice however, the site has to analyze and then transfer the funds from their cold storage of Bitcoins in order to hand out the winnings.

This means you will wait from 2 to 24 hours for the transactions to be processed and be sent to your Bitcoin wallet address.

Conclusion

Bitcoin betting is already amassing a huge following of new and experienced bettors thanks to the inherit simplicity of the cryptocurrency and the overall design of the betting process. With mobile Bitcoin sports betting as well as a increasing interest in live Bitcoin sports bettingthe market is continuing to grow thanks to the excellent odds, lots of betting options and games on offered.