Crypto sports betting is popular among gamblers, and to have a worthwhile igaming experience, you need the best crypto sports betting site in your corner. Fortunately, our team did all the legwork of sifting through the dozens of cryptocurrency and sports betting sites out there to recommend the ones meeting all our requirements. In addition, we guide you through how crypto sports betting works and more.
Crypto sports betting site is a website that offers regular sports betting, except that you place bets using digital currencies.
It’s not surprising that you are looking into bitcoin sports betting. There’s a surge in appetite for cryptocurrency-based services. An increasing number of industries are adopting Bitcoin and altcoins as alternative payment methods. Crypto gives a fresh breathe of life to online trade. It has created a new ecosystem online that replicates the existing traditional currency-based economy. Online gaming, which includes gambling, sports betting, and lotteries, too, is a beneficiary.
Besides, crypto transactions are way faster than fiat. So, sportsbooks are adopting this mode of payment to facilitate instantaneous transactions.
But as with every good thing comes a dark side. The same technology that solves the problem has also created an avenue for rogue sites to rob unsuspecting punters. As a result, many gamers are still reluctant to enjoy the benefits of the digital currency revolution.
In this guide, we provide in-depth knowledge of how cryptocurrency betting works. Also, we help you identify and compare the best sports betting sites that accept cryptocurrencies.
But before you dive in to place a bet with bitcoin, you need to learn a few things basics of cryptocurrency sports betting.
A cryptocurrency or crypto is decentralized peer-to-peer digital cash that solves the double-spend problem in layman’s terms.
There are more than 5,000 different cryptocurrencies in circulation, but the most common ones include;
In many cases, crypto betting simply refers to bitcoin betting as Bitcoin is the pioneer and the most sought-after token digital token.
To save you the trouble, think of these digital coins as casino chips or perhaps arcade tokens. They are part of a sophisticated online payment system based on blockchain technology that uses an online ledger with inviolable cryptography to secure online transactions.
You use crypto to buy goods and services, just as you would use conventional money. So, you can use cryptocurrency to stake on games as you would use the fiat currency. However, not all gambling platforms accept cryptocurrency.
While cryptocurrency is virtual money, blockchain is a ledger that stores crypto transaction data.
But this is not a conventional database, which is often under one central authority. Blockchain spreads the data across the network with no central authority. It is decentralized! Miners record crypto transactions in blocks and chain those blocks using cryptography, hence the name blockchain.
In the Bitcoin Whitepaper, the anonymous Satoshi Nakamoto, the author of this concept, argued that the decentralised ledger was crucial for the viability of Bitcoin.
In other words, the blockchain is the self-regulating distributed network that ensures the digital currencies cannot be spent twice and seamlessly flow from one user to another without a third party. So, you can send your Bitcoins from your wallet to the bookie without involving a third party, as it is in the case of using credit cards.
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Since the advent of online casinos and internet gambling, most governments have crafted draconian laws to curtail the growth of the internet-based ecosystem, which starve them of control. Sports betting has particularly suffered tremendous setbacks. But thanks to the rise of cryptocurrencies, the bureaucrats have been left helpless.
In gambling, technology has broken the geographical barriers to create one massive semi-autonomous haven. Through crypto sports betting sites and casinos, players can now wager with crypto and win real money.
Most new online punters won’t believe this, but there was a time loading your online casino or betting account could take at least ten days.
Back then, the only way to fund your account was via bank transfer or debit/credit card. The entire process was long and tedious. By the time the funds got to your account, the fun and excitement had already fizzled out.
Well, those were the bad old days of online gambling. Things have quickly changed! These days, online casinos and sportsbooks offer dozens of payment options. Plus, competition among services providers has become stiffer. Today, if a platform doesn’t provide what you want, you effortlessly take your money elsewhere. That’s it; it’s your way or no way. And with the cryptocurrency craze at its peak, cryptocurrency-backed gambling platforms are the new trend.
Cryptocurrency betting is a relatively simple concept. It’s is using crypto as a deposit currency to wager on games. Much of it is the same as regular online Betting, except that you use digital currencies, such as Bitcoin, Bitcoin Cash, or Ethereum, instead of the fiat currency. In essence, traditional online sports betting and cryptocurrency betting sites are similar. The critical difference is how they accept transactions. The latter has cryptocurrency as a payment option, meaning they accept digital currencies. In some cases, these platforms also include the fiat option. One point to note is that the price and value of crypto fluctuate a lot. That’s to say, the expected return when you cash out may be different from when you place the bet. Here is a step by step guide on how to bet at a crypto casino, from depositing to withdrawing your winnings in real money:
To bet at a crypto bookie, just like in conventional Betting, you must have the funds. But in this case, you need to have cryptocurrency, whether the popular BTC, Bitcoin Cash or ETH. You hold these funds in what we call a cryptocurrency wallet. It is this wallet that enables you to deposit and withdraw funds.
A cryptocurrency wallet is a system that records how many digital coins of a particular type you have. Then, it enables you to hold and transfer them to and from an individual, merchant, or service provider.
There are two types of crypto wallets offline and web-based wallets. For an offline wallet, you download and install it on your PC or phone. Since it doesn’t work through third-party online software, it’s the most secure. However, if you love convenience, you can go with the web-based wallet.
Creating a digital currency wallet, take, for example, a Bitcoin wallet, requires you to sign up typically and set up a password. The wallet service provider then assigns you an alphanumeric code that acts as a wallet address in making crypto transactions.
These digital currency wallets work like Skrill and Neteller, except that you disclose your address when transacting with crypto wallets.
Once you’ve set up a crypto wallet, you can now acquire the digital currency you want to use. You can do this through:
When you buy the cryptocurrency, you use the wallet address you created. Remember, crypto transactions are irreversible. So once the funds are in your wallet, you can go ahead and pick your favourite sportsbook.
Once you have completed the first two steps, now load your sportsbook account. Before you created a wallet, we assume you had already decided on the bookie you wanted to use. It would be best if you did so because most sportsbooks support a select few digital currencies. If you skip the step, you might end up having crypto that your favourite sportsbook doesn’t list. But as is the case, Bitcoin remains the most popular cryptocurrency. Thus, most cryptocurrency betting sites offer Bitcoin but supplement with altcoins.
To carry out the third step, go to your crypto wallet and send money. Loading your crypto betting platform account doesn’t need credit or debit card details. Instead, you use a wallet address.
You’ll get your bookie’s account wallet address at the cashier section. Copy and paste it to your wallet’s recipient address when sending money. These three simple steps will do the trick;
Many crypto betting sites will only use cryptocurrency as another way to add money to your account. Once you load your account, the site may load a fiat amount equivalent to the cryptocurrency. They will claim they do this to protect the value of your bet from price swings while betting. However, you are clearly on the losing side. It is tricky! What you receive is entirely reliant on the bookmaker’s conversion rate. Thus, you stand to lose the value of your funds due to exchange commissions.
We recommend you go for bookies that use the existing token. That’s to say, if you deposit in crypto, the bookmaker maintains your account in crypto and pays out in crypto, too. Besides, the cryptocurrency betting sites often offer poor rates, which means you could lose a lot during this exchange.
Note: Price fluctuation shouldn’t be an issue here. You can change your coins into fiat outside the bookmaker. Peer-to-peer platforms, like Binance, offer very competitive rates that give you the actual value of your money.
Bookies often offer welcome bonuses to new users. As a savvy punter, before you choose a sportsbook, check out the offers on the table. The free money helps you build your bankroll. So, after fulfilling the deposit requirement, claim your bonus, if any. Some bookies will require that you claim the bonus via live chat or email, but others automatically add it to your account with your deposited funds.
Now that your account has funds, the next step is to pick your favourite sports and wager on them.
The bookie lists the bets you place either in fiat or cryptocurrency value. Some bookies quantify your placed bets in popular fiat currencies like the US dollar because cryptos are volatile, and the value of your expected return fluctuates. But as we have already discussed, that depends on the sportsbook you are using.
If you win your bets, the sportsbook pays your bookie account. You can effortlessly withdraw your winnings. Just log in, go to the payment section of the site and draw. Input your wallet address and proceed to the platform to transfer the funds to your crypto wallet.
We, humans, love choices, so when it comes to Betting, too, we wouldn’t settle for any less. There are several options, but classified mainly into two categories, namely:
These are traditional online betting sites but with dual capabilities – supporting both fiat and cryptocurrency.
You can use cryptocurrency and government-issued monies such as the US dollar, Euro, or the Sterling Pound in such a bookie.
These sportsbooks accept only cryptocurrencies. In most cases, however, they don’t confine you to single crypto as they may support BTC and a host of altcoins.
Other than speed, cryptocurrencies also allow users to enjoy pseudo-anonymity, which enhances their privacy. Moreover, such cryptocurrency betting sites have a high withdrawal limit and don’t charge transaction fees.
There are a lot of challenges that these online betting sites solve. The most prominent one is transaction delays. When you place bets using the traditional bookmaker, transactions can take time. As a result, sometimes, you may even miss out on the more enormous odds.
Take, for example, if you were to deposit funds to your betting account using direct wire, it could take up to five days to reflect. It’s worse for withdrawals as it may take up to ten working days to receive your winning check.
And while e-wallets and debit cards have helped a little, such methods put your private details at risk. Besides, these options have lower deposit limits.
With the BTC betting site, crypto deposits happen instantly. That’s right. Payments using cryptocurrency are superfast as there are no third parties involved. No banks, no government! The transactions are peer-to-peer.
That freedom, or lack of regulation, however, is a problem. For one, there’s no way to reverse a crypto transaction. Secondly, regulators have little control over the businesses on this setup. Thus, rogue bookies can easily trick you, and there’s not much you can do.
In a nutshell, here are the pros and cons of crypto sportsbooks:
When using crypto sportsbooks, the events whose outcome you can predict don’t change. But there are a variety of sporting activities, and some bookies also include esports. Here are some of the events you’ll find at a crypto bookmaker:
Sports bet captures the traditional sports events like soccer, American Football, tennis, basketball, cricket, and much more.
To place your crypto bets, you pick the market odds and wager on the event before kick-off. You bet on outcomes or the spreads. You usually get paid after the match.
eSports, or electronic sports, are professional video gaming. It has witnessed a massive rise in popularity. Most of these events happen in front of live audiences, which has made them credible in the realm of professional sports. The events even have sponsorships and prize money. We have had global online tournaments for games like League of Legends, Call of Duty, Dota 2, FIFA21, and much more. So, you can be an instant fan of eSports crypto betting if these games are your jam.
Betting on esports is similar to traditional sports. The most common market is outright match outcome.
Live Betting, also called in-game Betting, allows bettors to make wagers on an ongoing sports event. It’s a wild side of betting that every savvy punter loves. First, you get a feel of the game and before deciding the market to back. So, you predict the events and outcome based on how the sides involved are currently playing. For example, you can predict which team or player will score next in soccer. In boxing, you can back which player will suffer a knockdown.
Whether betting with crypto or traditional money, you need to understand sports betting odds and how different sites represent them.
When you visit a sportsbook, there’s a value that reflects the chances of every outcome of a sports event listed. This value is what we call the odds. But what are they?
You’ll hear people define ODDS as the chances of an event happening. But that’s not true. For example, if there’s a match, a team has three possible results – it wins, draws, or loses. So, if the odds are the chances of an event happening, we should have each chance represented by one-third, isn’t it?
Therefore, the most accurate definition of odds is the ratio between the amounts staked by betting parties based on the expected probability of each result. Or simply, it is the price a sportsbook is willing to pay for a particular outcome.
While online betting sites allow you to decide the betting odds to use, you need to understand how they work and different variations in the market.
How to Read Betting Odds
A sportsbook has three ways to display betting odds:
To successfully bet with bitcoins or other cryptos, you must learn to read sports betting lines to know odds work. Sportsbooks display the odds differently, based on your location and the sports you’re betting on.
The Moneyline odds are standard in the United States and American football as a sport.
American odds list favourite negatives and underdogs in positives.
For example, New England Patriots (-180) vs New Orleans Saints (+150)
The team with the negative on odds are the favourite. In this case, New England Patriots are the favourites to beat the New Orleans Saints.
The odds tell how much it will cost you to win $100 if you back a favourite and how much you can win if you risk $100 if you back an underdog.
And when you see a PK, that means there’s no favourite, and the game is open.
These are the traditional odds and are common in horse racing. However, unlike the complex American money line, these odds quote the net total paid to the better before tax.
For example, if Sportsbet.io backs Manchester United at 1/5, it means you’ll get $1 for every $5 you bet. That means the total payout would be $6.
These are most sportsbooks use as they are straightforward and easier to understand. However, unlike with other odds that involves a lot of explanation, here, what you see is what you get – the figure quoted is precisely what the sportsbook pays.
The odds are essentially equivalent! While Moneyline or the American odds takes the form of both positive and negative numbers, you can easily convert them to fractional or decimal odds.
To convert fractional odds to decimal odds, write the fraction in the decimal value and add it to one.
To convert Moneyline odds to decimal odds, the negative and the positive symbols guide you. For the positive, divide the line by 100 and then add 1, while for the negative, divide 100 by the Moneyline, add 1. So, like in our example New England Patriots (-180) vs New Orleans Saints (+150), the odds will be as follows:
As you have already noted, cryptocurrency gambling works differently. Also, since a new site opens its doors to players almost every week, it is challenging to pick the best crypto sports betting site. What’s more, each platform claims to offer the best service and entice you with cash bonuses and other goodies. Therefore, they can easily lead you to make a quick decision.
However, when selecting the best crypto betting websites, these factors should influence your decision:
Sports betting platforms may be accessible anywhere but consider your local laws. So the first question to ask yourself is, “Is it legal to place sports bets with crypto?”
Why is this question important? Betting is not legal in most countries. So, access to some betting sites is restricted. Commonly, US-based best Bitcoin gambling sites may not allow players from some states. Also, European Bitcoin sports betting sites may decline your application depending on which country you reside.
Once you find yourself on the right side of the law, make sure the site itself, too, conforms. A crypto sports betting platform that does not have the necessary licenses is not safe for placing bets. The online sportsbook you choose must operate legally. That gives you recourse in case of dispute in the future.
Also, you want to choose a crypto bookmaker that has a good reputation in the industry. For example, if the bookie has a history of not honouring payouts, what business do you have with them? Similarly, a site that faces cyber hacks or frequent crushes may not offer you the best service.
Sportsbooks don’t cover all sports events and games. But at least some try to cover as many sports events and games as possible. So, it’s not surprising to miss table tennis, chess, and some other sports events. So, you must go through the sports events the website lists.
In some cases, the bookmaker may not include significant sports events. Put a heavy focus on sports and tournaments or events that interest you. If you are looking for specific events, choose a robust crypto sportsbook in those geographic locations. Also, pay attention to the odds. Some sites are mean with their odds – settle for better sports coverage and fatter odds.
Regarding the betting markets, settle for a site that doesn’t confine you to a few options. For example, the most common outcome to predict in soccer is picking one of the three options: a home win, draw or away win. Still, there are other markets like goals, corners, cards, and much more. Also, as a wise punter, sometimes you don’t just predict a single event in a match. Instead, you identify events in multiple games and create your accumulator. Such an option not only create superior odds but also adds fun and excitement.
Also, most BTC betting sites double as online casinos. If you love casino games, you may want to settle on a gambling site that has your favourite table games and online slots. What’s the point of registering with many crypto gambling sites when you can get all that under one?
A good user interface enables you to quickly pick up matches and sports events to add to your bet slips. If the website confuses elements, this interaction between you and the site might be complicated, causing you to waste a lot of time. The sporting events are time-bound. Arranging them in chronological order helps. Some highlights of the most popular games also come in handy. Settle for a crypto sportsbook that understands this.
Good cryptocurrency casinos and sportsbooks don’t rely on one payment option. Instead, they offer Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and numerous others. But the best ones go-ahead to support the fiat payment systems like e-wallets to allow you to deposit and withdraw funds.
Others even will allow their customers to exchange their cryptocurrency after bets. However, they may not offer you the best rate because of the overhead cost of such a responsibility. All in all, when choosing a betting platform, settle for the one that offers you the most convenient payment methods.
Top-rated sportsbooks and online casinos prioritize the speed and efficiency of processing withdrawal requests. This factor tops the list of most punters in identifying the best platforms. But why does speed matter?
Easy access to your funds builds customer trust and safety perspective. So, you are more relaxed and confident that no matter the amount you win, you’ll get paid.
The quick withdrawal process is an indicator that the sportsbook has excellently set up its internal systems. Perhaps they have a dedicated team that handles such requests such that they process them internally with minimal delay.
Customer service is a critical factor when deciding the crypto sportsbook to use. The help desk should be readily available whenever you need help. Quality customer service creates a symbiotic relationship between the punters and the service providers.
First, consider the type of contact options the site provide. For example, you don’t want to rely on email alone, as that might take at least 24 hours to hack a response. Instead, you need to consider live chat options and telephone services. Also, check customer feedback on testimonials and review sites.
There are hundreds, if not thousands, of crypto betting sites competing for your attention. As such, only go where you get value. In addition, most of them offer lucrative signup deals to lure you. But before you consider these discounts, ensure the sites meet the other factors we have already discussed.
Discounts help you build your bankroll and extend your playtime. For example, some betting sites occasionally refund you a percentage of what you’ve spent over a period. We call such kind of an offer the cashback bonus.
You can lose a potential huge WIN just because of one match. Some sportsbook pays a fraction of what you expected. It’s better than not receiving anything at all.
In some cases, you predicted several matches, and all of them, save for one or two, are still playing. ‘Cash Out’ feature enables you to settle bets early. In reality, the sportsbook buys you out of the deal. Though you get less than what you would have if your wager went as predicted, it saves you from the risk of loss if the bet didn’t go your way.
You may have seen bookmakers hold different competitions or carry our raffle draws. Some bookies even offer bonus points to players for every bet. Then, of course, you can later exchange these points for money or other prizes. All that is in an attempt to attract and retain customers.
Like the traditional bookmakers, crypto sportsbooks, too, offer players, both existing and new ones, different bonuses. As a player, you can take advantage of these bonuses, which you can generally group into three categories:
As always, bonuses come with strings attached! Therefore, it would do you a lot of good to read the fine prints before you pick any bonus.
While bonuses are great tools to expand your payroll, they are not always free. So, it is wise to check the conditions attached to them before your claim them.
Here is a detailed review of these sportsbook bonuses:
Sign up bonus comes in the form of a match up deposit bonus. So, it’s for new players where the bitcoin casino matches your first deposit up to a certain percentage. Some casinos give up to a 200% match-up bonus. For instance, if you deposit 0.024 BTC, the casino gives you up to 200% of that amount as a bonus. As always, the size should not hoodwink you to believe the casino is generous; it’s the wagering requirements and subsequent conditions that determine the quality of the bonus!
Free Bets are common for sportsbooks. It may come as a loyalty bonus or welcome package. For example, the crypto casino gives you a bonus bet of a specific amount for free bets, but in most cases, the odds of the games you bet must not be lesser than a predefined limit.
If you bet and wins, the amount becomes available for withdrawal to your cryptocurrency wallet. Such free bets can be an excellent way to try your luck on high odds.
Money back or rebate is a bonus based on your loss over a period. For example, Sportsbook will give you back a percentage of the money you spent on the platform over a week or perhaps a month. In most cases, the bonus does not have a wagering requirement. But in some cases, the bookie returns it as a free bet.
While these three are the main bonuses, bookmakers are creative and come with their special promotions. For example, bookies create their custom-made offers during famous tournaments like the World Cup or Olympics. Also, they can carry out draws where people who bet on select games stand a chance to win a ticket to games or win memorabilia. So, always check out bookies that offer the following bonuses:
Sportsbook cash-out option may not necessarily be a bonus, but it’s a classic feature worth mentioning. Bookies offer it for the live betting option. It allows you to withdraw cash from an active bet of an ongoing event. In other words, punters get part of their expected win before the game ends. Of course, the amount you get depends on the status of the game. If the game is going in your favour, then the amount you qualify for is significantly large as the bookies consider it as a way of buying you out of that bet. But if the bet is against your favour, it helps you cut your losses.
Blockchain and new tech have impacted all industries; gambling is no exception. Already, there’s a massive demand for crypto and blockchain-based sportsbooks.
Sports betting software can benefit massively from the full adoption of crypto into the industry. Playing is only fun if you don’t wait for an unnecessarily long period to get your hands on your winnings. So, players crave quicker and safer ways to transact with bookies. On the other hand, Sportsbooks want to cut operation costs, which is what digital currency offers. That’s the force behind the surge in acceptance of blockchain technology.
Crypto significantly cut operational costs as they encourage peer-to-peer transactions by negating the roles of banks. So, no need for the substantial processing fees charged by third parties. Moreover, the savings bookies make from the adoption extend to the consumers. It can be in the form of bonuses to encourage punters to wager using crypto or lucrative odds.
Soon enough, we are likely to see sportsbooks with crypto exchanges develop sportsbook native digital wallets. Such a move would allow players to easily wager with their holdings without necessarily going through the tedious creation of a separate wallet. Already, we see big players like DraftKings making partnership deals with crypto exchanges.
We also expect governments to loosen legislation as they lose a lot in terms of revenue. Government can tap on this opportunity to earn income. By legitimizing crypto sports betting, they can collect taxes and encourage investors to explore blockchain technology further. In the US, Wyoming has already changed its legal framework opening the door for cryptocurrency sports betting.
Crypto sports betting sites offer better value than traditional bookies. However, the legislation challenge and the slow acceptance of digital currencies are holding these sites back. Minimal industry regulation means players are on their own. Some platforms can easily take advantage of this gap to swindle punters of their hard-earned money.
But since Blockchain technology has impacted the internet industry, there’s a sustained push to pass laws that encourage such innovation. With that, BTC Casinos and sportsbooks are gaining ground.
In the interim, players need to work with crypto casinos that transact business within the law’s limit. But, even though cryptocurrency is a legal grey area, players can ensure their safety while staking on games at a crypto-backed sportsbook. So, don’t fall short in your choice – choose the best crypto sportsbooks at all times.
Yes. If you are familiar with sports betting on traditional sites, nothing changes when choosing to place a wager with crypto. The key difference is you are using digital currency instead of conventional money. The transactions on the cryptocurrency network are safe. Care must be taken, though, not to send money to the wrong wallet address. Also, keep in mind that crypto transactions are irreversible.
Yes. There’s no written law that forbids these currencies. However, in places like China, the law prohibits banks from transacting crypto-related transactions. In such cases, even if you win, it’s impossible to convert them into the traditional currency. Consequently, before placing sports bets with crypto, ensure that you understand what your local laws say about crypto.
No! Cryptocurrency trading is buying digital currencies and selling them later, hopefully at a higher price than you bought them. That doesn’t sound like betting. It could pass for gambling, but only if you are in it for overnight riches.
On the other hand, betting is staking something of value on an uncertain outcome of an event to win more.
