When Bitcoin was initially released, a few people were not too sure whether it would last and were reluctant to give it a go. Now we are a few years down the line since release, and it is still here, so more and more people are giving it a go and placing their next wagers using Bitcoin and a Bitcoin bookmaker.
Some bookmakers accept the currency from punters and if you like to place a bet then Bitcoin betting could be the best place to start up using Bitcoin. The transfers between player and bookmaker are safe and secure as they are Bitcoin, and with no delays or minimal fees attached to the withdrawals, it is easy to see why many more people are gambling with Bitcoin.
What to Look For When Choosing a Bitcoin Bookmaker
When you are looking for a Bitcoin bookmaker to sign up with, many of the same rules apply as you would if you were looking to open a betting account with a regular bookmaker. It is important to note that some bookmakers will deal with Bitcoin as well as other currencies, while some will only deal with Bitcoin so be sure to see what options are available to you before you sign up.
If you are going for a Bitcoin-only bookmaker then the options out there are not as vast as if you were looking for a regular bookmaker, this means finding the right one is even more important. Of course, the first things to look out for are things like the odds on offer, available betting markets, sports covered and bonuses available when you sign up to a new account.
After this, when opening a Bitcoin betting account you need to look deeper and look out for things like how easy it is to set up a Bitcoin transfer with them so you can place bets and the speed at which the release and winnings to you.
Something else that bigger punters should look out for is the maximum bet limits that are imposed by some Bitcoin bookmakers. These bookmakers are smaller than regular bookmakers and don’t have the same financial power behind them, and therefore they have a maximum bet limit in place. This may be different depending on the sporting event or league you are looking at, so be sure to research this thoroughly before deciding where to go.
It is no good opening an account with someone only to realize that they limit the bet amount to smaller than you would like on your chosen sport. Small players shouldn’t have anything to worry about with a minimum bet amount as most Bitcoin bookmakers have a minimum bet of 0.001 Bitcoin.
Why Use Bitcoin for Your Sports Betting?
One of the main reasons why people use Bitcoin when placing sports bets is due to the privacy that it has. When you are betting, no one will know who you are and that includes your bookmaker. This can be very helpful for those punters who struggle to place bets with traditional bookmakers due to account restrictions.
The money transactions are another reason why many use Bitcoin to place their bets. This is a worldwide currency which means there are no conversion rates attached to it, and the only time you will have to pay a fee is the small withdrawal fees when you have a winner. On top of that, because there are no banks to go through, everything is done instantly, and the second you send money from one Bitcoin account, it arrives in the designated account it was sent to.
Making a deposit using Bitcoin is incredibly easy and as simple as depositing using another payment method. Your own Bitcoin account will be linked to that of your bookmaker and when the account is linked it is a simple task to send Bitcoin currency from one account to the other account. If you require more Bitcoin to bet with, you will first have to fund your own Bitcoin account before you can send funds from that account to your bookmaker.
Is it Safe to Bet with Bitcoin?
Transferring Bitcoin currency is extremely safe, and this is because no personal or financial information is needed to complete the transfer. All that is required is the Bitcoin to be released from one account and sent to another.
Two things you do need to check before you send a transfer are the following:
- The internet connection you are using is safe and secured, to avoid any hacks
- The bookmaker you choose encrypts their data and runs a secure website, again to avoid any hacks
If you follow those two steps, betting with Bitcoin is even more safe and secure than betting with any other currency.
Are There Any Fees for Betting with Bitcoin?
The majority of Bitcoin sportsbooks will not charge you a fee for depositing with Bitcoin, however many of them will charge you for making a withdrawal from your account. The only time you may have to pay a depositing fee is if your bookmaker charges you a currency conversion fee and you are not depositing using your Bitcoin wallet. This is easily avoidable by depositing into your own Bitcoin wallet before sending the Bitcoin across to your bookmaker. This means this is a simple Bitcoin transfer that doesn’t require any conversion, and as such, it should be completed free of charge.
You will more than likely be charged for withdrawing Bitcoin back to your own Bitcoin wallet, although it is worth noting that many traditional bookmakers charge a fee. This happens even more if you are looking to change the currency, or you are receiving payment from abroad. Those payments can take a few days to arrive with you though, even after you have paid the fee whereas Bitcoin can be transferred immediately to your account, which is one of the advantages of gambling and withdrawing through Bitcoin instead of other currencies.