What is bitcoin betting?
Just as the name suggests, betting with bitcoin. Today, there are plenty of bookmakers and casinos that allow users to stake with bitcoin instead of fiat currency (such as GBP or USD). Online betting was one of the first industries to embrace Bitcoin, and nowadays it’s possible to use the world’s first cryptocurrency to bet on almost anything.
How do bitcoin betting sites work?
Bitcoin betting sites aren’t much different from regular betting sites. The central difference is the obvious one: you place bets with bitcoin. Some platforms accept only bitcoin or other cryptocurrencies, whereas others allow you to place bets with either crypto or fiat currency. To get started, you will need to create an account with a betting site and transfer your bitcoin from your wallet in order to start betting.
What can I bet on with my bitcoin?
Given the peer-to-peer nature of Bitcoin, it is possible to bet on just about anything. Here’s a small selection of some of the most popular things you can bet with bitcoin:
- Sports. Whether it’s football, baseball or basketball, you can bet on any of the sports you’d be able to bet on elsewhere.
- Live Sports. You can also use bitcoin to place live bets on a range of sports.
- eSports. Bitcoin is a growing presence in eSports betting. Whether you are looking to bet your bitcoin on CS:GO, LoL, or World of Tanks, there are sites out there for you. We have a page to tell you all about it so make sure to check it out if you’re interested.
- Casinos. There are a wide range of online casinos that accept bitcoin. You can play on just about every game available in a regular casino, from poker to blackjack, bingo to lottery games.
- Politics. On certain sites you can bet on the outcome of elections or major votes around the world with bitcoin.
- The economy/stocks. It’s possible to speculate on economic performance and various stocks with bitcoin.
- The weather. That’s right. There are even sites that allow you to bet on the weather with bitcoin. Some of the most common markets for punters include rainfall and temperature markets.
- Extra games. Bitcoin and gambling were a perfect fit from the start, and there are many games that have sprung up specifically around Bitcoin. These include bitcoin dice, lottery games, and many ‘faucet’ games.
- Anything at all: make your own bets. Sites are springing up that allow you to set up or manage bets on anything you want, taking advantage of peer-to-peer bitcoin transactions. This aspect of bitcoin betting is still very young, but the way the Bitcoin network functions makes it very well placed for such developments.
Find betting bonus codes and free bets
Most platforms will give you great bonuses as well as free bets when you get started. Bitcoin betting sites will usually offer a range of free bets with different wagering requirements, and most casinos offer unique bonuses such as deposit matching (which usually ranges from 50% – 200% of your deposit amount). Check our reviews to find the bitcoin betting sites with the best offers.
Is depositing and withdrawing faster with Bitcoin betting?
Yes. In fact, fast transaction speeds are one of the main advantages that bitcoin betting sites have over regular sites. Bitcoin transactions are decentralised and processed on the blockchain, rather than through the banking system, so transactions are usually instant or take only a few minutes. Be aware though that withdrawal of large amount at once may take slightly longer as the site may need to verify it.
Are there limits on Bitcoin betting sites?
Yes, the vast majority of sites will have limits. Here’s what to expect:
- Betting limits: The betting limit can vary depending on the event you wish to bet on and the site, but can go as low as 0.0000001 BTC. The upper betting limit is heavily dependent on the site and sport you’re betting on.
- Deposit limits: the minimum deposit limit is usually around 0.001 BTC, but some betting sites can allow you to deposit less and some require a larger first deposit, especially if you want to take advantage of deposit matching offers.
- Withdrawal limit: Again this depends on the site you’re betting on, but some sites will have monthly limits set around £25,000 worth of bitcoin or daily limits set at about £1000.
What are the transaction fees for withdrawals and deposits?
Typically, there aren’t any transaction fees with bitcoin betting sites. But when making transfers (withdrawals and deposits) it is possible you will be deducted the blockchain transaction fees, which are usually less than £2.
Is Bitcoin betting available on my phone?
Yes, but not usually through apps. A few sites have developed mobile apps, but most need to be accessed through your mobile’s browser.
Is betting with bitcoin legal?
This depends on where you are located. In the UK, betting with digital currencies such as bitcoin is completely legal. However, only betting platforms that hold a license by the UKGC (UK Gambling Commission) are permitted to provide bitcoin betting to UK customers. Our reviews will explain the regulatory status of all our recommended bitcoin betting providers.
If you are not based in the UK, be sure to check with your local legislation to ensure that you are being compliant with the law.
How do I know they’re not rigged?
This is more relevant when betting in a bitcoin casino rather than on other forms of betting sites, and preventing a casino ripping you off is built into bitcoin gambling. Through what is known as ‘provably fair’ gambling, bitcoin casinos make it freely available to check that a game has not been interfered with and the odds of the game were not tampered with when you played. Neither the users nor the casino can manipulate ‘provably fair’ games.
How do CryptoSuper.market’s reviews work?
Good question. Our team meticulously researches both new and existing Bitcoin betting sites and casinos, narrowing them down in terms reliability, fees, user experience, value for money, and the range of games on offer. We only review the sites that have passed our quality check.
What are the risks of betting online with bitcoin?
Frankly, very few. One factor worth considering is the fluctuation of bitcoin’s value. If the prices shoot high, you could end up gambling more than you want to. However, if you are not planning on exchanging your bitcoins for fiat currency, this is irrelevant. Other than that, the other risks are the regular issues related to online gambling in general, such as scam websites. Our reviews will help you avoid those and deliver sites that are probably fair.
And what are the advantages?
There are quite a few. One of bitcoin’s most attractive features is its anonymous spending, and it also has low fees and very fast transaction fees. This is because bitcoin is decentralised: any movement of bitcoins is recorded on the blockchain rather than requiring an intermediary such as a bank. Typically there’ll be no fees with bitcoin gambling, but if there are it’ll usually be the miners’ fees, which are commonly under £2.
Should I bet with bitcoin?
It depends on your needs. If you bet with bitcoin, you will enjoy fast transactions, low or no fees, and anonymity. If that sounds appealing to you, then give it a go!
How do I get started?
That’s easy. Check out our selection of sites and reviews and compare them for you ideal bitcoin betting site, sign up for an account, deposit some bitcoin, and start betting. And as you do so, don’t forget to bet responsibly.