Why Bet With Bitcoin?

More and more sportsbooks are encouraging their users to bet with Bitcoin. There are a lot of advantages for the online betting sites to adopt Bitcoin. In the guide below, we’re going to examine the reasons why this deposit method has some major advantages for online bettors.

Bitcoin Advantages

Bitcoin image describing fast deposit and withdrawal

Faster Deposits & Withdrawals

One of the biggest advantages to betting with Bitcoin is the speed of deposit and withdrawal to and from your online sportsbook. Once you’ve gotten Bitcoin into your wallet, depositing into your sportsbook account is much faster than with traditional payment methods. And withdrawing is also much faster. Instead of waiting days or even weeks for your money to arrive, Bitcoin transactions can be processed in just a matter of minutes. This can vary depending on the load (the number of transactions) on the Bitcoin network and from operator to operator, but Bitcoin is almost always much faster than traditional payment methods.

Wallet icon with plus signs floating above describing big bonuses with bitcoin

Big Bonuses

Bonuses are one of the top reasons to choose an online sportsbook, making your betting more fun and stretching your deposit further. They can come in many different forms, such as Sign-Up, Referral, and Deposit Match bonuses. You'll want to look for sportsbooks offering special bonuses for using Bitcoin, which can include multiple Deposit Bonuses and Crypto Reload Bonuses, depending on the sportsbook.

Shield with a checkmark describing reliability

Reliability

It’s getting harder and harder to deposit into online sportsbooks with traditional currencies or payment methods. But Bitcoin just works, making it more and more popular for sports bettors. Tired of declined or failed transactions when you’re trying to deposit into your account? Bitcoin removes the barrier of third-party payment processors and allows you to deposit your Bitcoin into your account seamlessly and quickly. As Bitcoin becomes more popular, and sometimes the only option available, you’ll want to make the switch so you can keep betting reliably.

Bitcoin image describing higher limits

Higher Limits

Online sportsbooks often feature higher deposit and withdrawal limits for Bitcoin bettors. Experienced bettors looking for higher limits will want to make the switch to Bitcoin. Many sportsbooks offer higher deposit and withdrawal limits for Bitcoin bettors, making the switch to Bitcoin from traditional payment methods even more advantageous.

A lock and line graph describing protection from bitcoin price volatility

Protection from Price Volatility

Because your Bitcoin deposit is automatically converted into USD on the sportsbook, you’re less exposed to Bitcoin’s price volatility. You may have noticed that the price of Bitcoin is always fluctuating, which may make you worried about your Bitcoin losing value while you’re betting. But online sportsbooks automatically convert your Bitcoin into USD once you’ve deposited, so while you’re betting you don’t need to worry about the price of Bitcoin. Once you’re ready to withdraw, the USD in your account will be converted back into Bitcoin.

Bitcoin vs Other Methods

Bitcoin is widely accepted by merchants across the world. Bitcoin lets the individual be their own bank, which means there’s no big brother looking through transactions. The power is all in the user’s hands.

Considering Bitcoin takes time to register transactions on an immutable (cannot be tampered with) global public ledger called the blockchain, it’s surprisingly fast. A Bitcoin transaction takes an average of 30 minutes, versus hours, days, or even weeks with traditional currencies.

Deposit MethodBitcoinCredit CardPaysafecardDirect Debit
Transaction feeGreen checkmark (variable)$5 cash equivalence fee $1.50
Processing timeApproximately 30 minutesInstant60 secondsUp to 5 business days
Accepted EverywhereGreen checkmark (see list)Red XRed XRed X
Deposit bonusGreen checkmarkGreen checkmarkGreen checkmarkGreen checkmark
No Payment Processor Approval RequiredGreen checkmarkRed XGreen checkmarkRed X
Deposits over $5,000Green checkmarkRed XRed XRed X

Things to Consider


Security

Lock surrounded by peer to peer network describing Bitcoin security

A person’s identity on the Bitcoin network is marked with a public address, similar to the address of your home. Ownership of that public address is verified with a private key, just like the ownership of your home is verified by your possession of the keys to the home. That means it’s okay to share your public address with someone (especially if you want them to send you Bitcoin), but you should never share your private key with anyone.

The Bitcoin network is virtually impossible to hack, and its records can’t be changed. But a website can always be hacked, so we recommend that users store their Bitcoin in a digital or hardware wallet instead of keeping their Bitcoin on the exchange where it was purchased.


Currency Conversion

Bitcoin and FIAT icons circling each other indicating currency conversion

Another thing to consider is that exchanges allow you to buy Bitcoin up to many decimal places, so it can sometimes be hard to do the math and decide how many units to buy when dealing with so many digits. So always double-check your transactions before you confirm them. The good news is, as mentioned above, most sportsbooks convert Bitcoin into American dollars while a player is wagering, making the math a lot easier.


Irreversible

Rounded arrow pointing 180 degrees encircled with a strikethrough line indicating irreversibility

The last and most notable consideration is that transactions can’t be reversed. Sending Bitcoin somewhere and getting it back means counting on somebody else to participate. In the same way that betting on a huge underdog and clicking “Place Bet” is considered final, so is sending Bitcoin. In the world of construction, the saying is, “measure twice and cut once.” When dealing with Bitcoin, look over transactions twice before confirming a deposit or bet. If you’re new to Bitcoin, we recommend making a test deposit of a few dollars first, then confirming the deposit arrived in your account, before making your larger deposit.

Ready to give it a shot?

We've prepared a guide to help you get started, explaining how to buy your first Bitcoin, make a deposit on your favorite betting site, and withdraw your winnings.

How To Start With Bitcoin