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Bitcoin Betting Sites: How to Bet Online with BTC

12.02.2024, 12:50

When using traditional betting sites, some users often express concerns regarding their privacy, data safety, and problems with deposits & withdrawals. Thankfully, the Bitcoin betting industry is growing in popularity precisely because bitcoin betting platforms efficiently fix all these issues. If you're still unfamiliar with crypto-based betting, we'll introduce it in this article.

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Thunderpick

Thunderpick Wild Rift Betting

Thunderpick features plenty of events and teams to bet on

The giant of Bitcoin betting sites, Thunderpick is the "flagship" of crypto-based platforms. Founded in 2017, Thunderpick quickly became the fan favourite as it heavily invested in esports coverage and even hosted many large-scale esports events of its own. It's not just the recognition that makes it the #1 in this list: Thunderpick boasts an impressive title portfolio with over 20 disciplines to choose from. The bookmaker accepts a variety of stable crypto coins, offers fantastic betting bonuses (such as a welcome bonus for up to $500), and more.

Bitsler

Founded in 2015, Bitsler is among the most developed betting sites. Not just among the Bitcoin esports betting sites - Bitsler rivals even the established brands with decades of history. As it's solely esports-focused, Bitsler brings its users an unparalleled esports betting experience. From large and popular titles like League of Legends and CS2 to even highly niche stuff like Age of Empires and WarCraft 3. Bitsler accepts over 25 coins (including its own Bitsler Coin) for payments.

Deposit

Using Bitcoin On Traditional Betting Platforms

Many established brands that do not specialize in BTC betting still accept this crypto - and many others - as a form of payment. We're talking about massive brands such as GG.BET, Betway, Bovada, and many others. However, it doesn't let you take advantage of all the benefits presented by the best Bitcoin betting sites.

GG.BET: Best All-Rounder For Online Sports Betting

GG.BET is perhaps the most popular sports betting site today, with a near-global reach and hundreds of different sports disciplines and esports titles available for bets. It joins the rank of crypto sports betting sites since it accepts cryptocurrencies alongside conventional cash, namely Bitcoin, Ethereum, Litecoin, DOGE, and many others. GG.BET is known as a great all-rounder since it has pretty much everything a sports betting platform would need: nice football betting coverage, great bonuses (even including free bets for beginners), wide reach, amazing betting odds, and a wide selection of matches to bet on.

Cloudbet

Cloudbet is the pioneer of crypt0-based betting sites. Founded in 2013, Cloudbit was the first to adopt betting on popular esports titles such as Counter-Strike 2, League of Legends, Dota 2, and others, in addition to traditional sports betting selection it already featured. Although its interface is a little old-fashioned, it's still easy to navigate to games of our choice. With plenty of available sports & esports betting bonuses, the platform is beginner and low-budget betting friendly. Cloudbet is Bitcoin only.

Cloudbet Interface

Cloudbet houses many disciplines, even niche ones

Question

What is Bitcoin?

In case you've missed it, Bitcoin is a new-age type of decentralized digital currency. It's a form of payment outside the control of any group or person - as opposed to the fiat currency we use in our day-to-day lives.

Bitcoin Betting Pros & Cons

You might be wondering - what makes Bitcoin betting sites so special? In fact, there are a few advantages they have over traditional sports books that can't be replicated. Let's talk about the biggest pros of Bitcoin betting.

Unparalleled Privacy Bookies that use traditional payment operators will always ask for sensitive information to verify your identity. Furthermore, even the act of depositing or withdrawing the funds can be compromising. With BTC-based betting sites, this danger is eliminated entirely, as Bitcoin allows for completely anonymous transactions. As for safety… It's the safest currency for a reason: the encrypted blockchain technology eliminates any possibility of foul play.
Easy & Fast Signup Signing up for traditional betting sites is often a long and arduous task. Users have to submit a lot of their data, which then has to be checked by the platform to verify it. It's easy to imagine that it may sometimes last for days, if not weeks.

With Bitcoin betting sites, your wallet is your verification already. Not only does it save you from sharing a lot of important information online and potentially risking it, but it's also much more convenient as registration becomes an instant process this way.

No Transaction Fees Bookie's margins, fees, and just simple losses eat up a lot of the betting budget. Thankfully, bitcoin betting sites eliminate one part of that - which is transaction fees. These fees follow every transaction online, whether it regards betting or not. When using a Bitcoin betting site, these are not charged. It's not much, but it adds up in the long run!
Unparalleled Speed Bitcoin betting is lightning-fast compared to other payment methods. Take, for example, bank transfers, which may take up multiple days to get processed. Bitcoin transactions, on the other hand, are nearly instant! This goes for deposits, withdrawals, and even the time it takes for the bookie to register your bet win.
Winnings Not Taxed Another great benefit of using a decentralized, anonymous currency. As it's impossible to track down anonymous Bitcoin transactions by a third party, gamblers are not required to declare their online winnings. That means these are not taxed! You can keep the full sum for yourself.

However, it's not all sunshine and rainbow when Bitcoin betting. Although we believe that the benefits do heavily outweigh the cons, but there are indeed some problems that you may encounter. Let's list most of them!

Less Variety While the best Bitcoin betting sites provide more than adequate options when it comes to  title coverage, the traditional betting sites offer more variety. Thankfully, you don't have to use just the crypto-focused esports betting platforms. Large sportsbooks often accept payments in Bitcoin and other cryptos - these are fine to use, as well!
Errors Hit Hard This goes for any time you want to use your crypto wallet. One needs to be hypervigilant when entering a Bitcoin wallet address for transactions - one typo and the funds may go elsewhere, and you'll lose them forever. Getting them back is virtually impossible in this case, as no regulatory body can step in and resolve the issue. This con, however, isn't related to any bitcoin betting site - but it's still a concern any time you bet on online games with crypto and want to withdraw the funds.
Cryptocurrency Volatility To bet on Bitcoin betting sites, you'll need BTC - or some other crypto coin. However, especially with how turbulent 2022 has been, cryptos aren't exactly the most stable kind of currency. The value fluctuates like crazy compared to fiat currencies, so keeping track of your funds is hard. If you're savvy, it's possible to take advantage of that, however!

Setting Up For Bitcoin Online Betting: The Basics

Bitsler Interface

Bitsler covers all the big events, but also many smaller ones as well

While cryptocurrency effectively works just like fiat currencies for the purposes of payments, it does have some quirks you'll need to be aware of. First, we'll need to set up a few things. Mainly a crypto wallet.

Bitcoin - or any other crypto coin - wallets are pretty simple to set up. There are many choices to pick from, too: dozens of different software-based crypto wallets such as Coinomi, Trust Wallet, Bitcoin.com, and many others. Software wallets are quick and easy to set up, but if you'd like another layer of protection, it's possible to purchase a hardware crypto wallet for even more safety.

Withdrawal

Hardware crypto wallets are electronic devices for safely storing crypto. When using them, your funds are nearly impervious to theft and hacking.

Whether you choose a software or a hardware wallet, they're protected by an additional password called the seed phrase. Once an account is set up, you'll receive a randomly generated string of words. This will be the passkey to the wallet - keep it safe and secure!

State Of Crypto Betting Industry

As cryptocurrency's popularity exploded in early 2021, many online betting operators saw an opportunity to shift toward the newest trend. The last word in this debate ultimately hinges on lawmakers' opinions - and, luckily for crypto enthusiasts, the opinions are mostly accepting, albeit cautious.

When it comes to the United States, the notoriously difficult market for the online betting operators, a few states were surprisingly quick to permit crypto of online betting. Namely, Wyoming and Colorado spearheaded online crypto betting as early as 2021. Other states followed by opening up discussions regarding the possibility of that, such as North Carolina, Texas, Nevada, and Colorado.

BTC betting is awaited by many betting fans worldwide as "the next big thing." Mainly, the currency's deregulated, decentralized nature makes it fairer to use compared to fiat currencies. Between "premium charges" imposed by the majority of established bookies and numerous transfer and withdrawal fees, it's frustrating to see your winnings thin out before your eyes - knowing that your losses will not be compensated in any way.

Premium charges are commonplace on established online bookies that let users bet in large volumes. They refer to the platform taking a share of user's winnings in case of a particularly large bet. For instance, one of the largest online betting platforms, Betfair, has a premium commission of a whopping 20% for winnings of 250,000 GBP and above.

However, it's not all perfect in the crypto betting world, either. Looking at the catastrophic effects of the 2022 crypto crash tells us a story about compromise. Bitcoin betting offers a solution to existing issues but also creates some of its own challenges that users need to learn to deal with to remain successful.

Bitcoin Betting Alternatives

Bitcoin is the most recognizable and popular choice when it comes to crypto coins, thanks to its decentralized and stable nature. However, way more viable cryptos can also be used for betting. Let's take a look at some of the most popular examples.

Ethereum

Ether, or Ethereum, is a cryptocurrency second only to Bitcoin in recognition and popularity. Just like Bitcoin, it's a blockchain-based decentralized currency, which explains its wide use today. As its one of the leaders of the crypto industry, ETH betting sites, or at least betting sites that accept Ether as payment, are commonplace.

Litecoin

Another cryptocurrency modelled after Bitcoin, Litecoin, was created using a slightly modified Bitcoin database. It was created 11 years ago and has a couple of advantages over its predecessor, namely speed of transaction and lower fees. Leading crypto-based betting websites, such as Thunderpick, Bitsler, etc., allow for LTC betting.

Ripple

Ripple is a currency exchange system - it's more correct to refer to its token as XRP. For those who prefer the safety of fiat currencies, Ripple offers more of a standard approach to online banking, as many banking institutions expressed interest in using it to speed up transactions. The platform is still decentralized, however: it's managed by a network of independent servers, not a single entity. Online betting with Ripple is possible when used on most crypto-oriented bookies.

Tether

If you're a beginner in crypto, Tether might be the best choice for you as it is specifically designed to provide a stable currency - hence the name! Since it's an asset-backed coin, it's not nearly as volatile as other cryptocurrencies. In fact, it's more stable than many fiat national currencies. When using Tether on betting sites, it eliminates the need to constantly monitor the exchange before every bet you place.

Dogecoin

Created with the explicit purpose of making a joke, Dogecoin surprisingly surpassed the status of the very first "meme coin" and became one of the strongest crypto coined standing today. If your goal is to bet online with Dogecoin, you're in luck: all crypto-based bookies accept Dogecoin as valid payment, and even many non-crypto platforms accept it for deposits and withdrawals. It takes a lot of effort to do so, though: Dogecoin is an extremely volatile currency.

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