Bitcoin betting on the sports world is getting exciting. When you bet with bitcoin on a sporting event you save on fees, speed up withdrawals of your winnings, and generally have a better experience.
The prerequisite, of course, is that you’ve picked one of these bitcoin betting sites.
After you’ve picked a site that has all the sports you want and operates in your country, then it’s time to dive into the basics of placing a sports bet with bitcoin.
Sports Betting with Bitcoin — Funding.
Perhaps you’ve found a sports crowdfunding project that inspires you to get into sports betting, or perhaps you’ve always enjoyed a healthy wager on your favorite sports team.
Betting with bitcoin brings multiple advantages, so let’s look into funding.
The first thing you need to place a sports bet with bitcoin — is bitcoin!
There are multiple ways of acquiring it.
- Buy from an exchange. This is the easiest method and probably the fastest. You sign up for an exchange and upload your ID to pass their KYC check. Once verified, you can purchase any amount you wish through bank transfer or credit card/debit card.
- In person. This method is best if you want to remain anonymous while betting on your favorite sports teams. Some bitcoin gambling sites allow you to remain anonymous if you deposit and withdraw in crypto only. Take note though that when meeting someone in person to buy or sell crypto — make sure you are in a safe place.
- Bitcoin faucets. There are certain businesses that will reward you with bitcoin for looking at advertising banners and other tasks. These payouts are quite small but perhaps over time you’ll be able to acquire enough to use in sports betting.
Also keep in mind that you don’t need to stick to Bitcoin for sports betting. A recent article states:
“Bitcoin is, without a doubt, the most popular and well-known cryptocurrency, although there are many other digital currencies on the market. It’s estimated that there are currently over 1,500 different cryptocurrencies, more or less popular, with which their users can buy services and goods. Also, Bitcoin is not the only cryptocurrency that’s accepted by online sports betting shops and casinos. Online casinos and sports bookmakers approve several well-known and lesser-known cryptocurrencies.”
Sports Betting with Bitcoin — Storage.
After you’ve acquired your cryptocurrency of choice, you’ll want to store it safely. Make sure to pick a method that allows you to both deposit and withdraw your cryptocurrency. After all, some of the best bitcoin gambling sites will also let you withdraw in crypto.
- Exchanges. The same place you bought bitcoin from is the place you can store it and withdraw back to. Keep in mind that though this method is the easiest, it also carries some risk. There have been hacks on exchanges that left users devoid of their funds. Try to use a reputable, big exchange with great security if you go this route.
- Hardware wallets. These types of wallets are usually as big as a USB stick. You can store your funds securely offline here and no one can access it unless they physically have your stick. This method may not be as convenient as an exchange, but it tends to be safer.
- Phone wallets. These crypto wallets are in between an exchange and a hardware wallet. You’ll carry your crypto with you on your phone. This makes it easy to access for deposits and withdrawals, but at the same time you’ll be guarding your phone religiously.
Sports Betting with Bitcoin — Place your bets!
Finally after you purchased some crypto and figured out a method of storing it, you’ll want to place your bets.
Each of the best sports betting sites that accept bitcoin (listed in the first link above) have different requirements and regulations for depositing your crypto. Overall they follow one pattern: deposit your crypto to the crypto address they give you.
Once you do that, well, you’re off to the races!
Then, when you’ve won big, if you want to withdraw in crypto…you’ll want to find the address of yours which you can deposit your winnings into. If your winnings are in Bitcoin then the transfer shouldn’t take more than an hour for all the transactions to confirm. If you’re winnings are in Ethereum or another crypto then the transfer will be even faster.
That’s it. Now go place your bets!