
When you sign up to an online sports betting site, you expect to be offered a variety of payment methods. But did you know that Bitcoin betting is becoming an increasingly popular option?
Here at The Game Haus, weāve long appreciated the advantages that Bitcoin has to offer online bettors. But alongside anonymity and fast transactions, there are a couple of pitfalls to beware of too. From step-by-step guides to making Bitcoin deposits and withdrawals to the pros and cons of sports betting using crypto, our guide is packed with useful information.
There are several advantages to using Bitcoin for sportsbook payments, so itās no surprise that this is becoming an increasingly popular option. Itās not just the players who enjoy the flexibility that Bitcoin offers, as the operators have also discovered there are numerous benefits. These are some of the main points to consider.
One of the biggest advantages of Bitcoin betting is the opportunity to keep your wagering activities completely private. Even if thatās not something you consider to be particularly important, it could have implications for the future. If you decide to apply for a mortgage or loan, the lender will want to view your recent financial statements. Rightly or wrongly, theyāll react negatively to any signs of gambling, regardless of the amounts involved.
Some financial providers wonāt even allow you to deposit funds at a betting site, controlling how and when you can spend your own money. But when you deposit and withdraw using Bitcoin, your transactions are strictly between you and the operator ā no financial institutions are involved. That means thereās nothing to show up on bank statements, and financial providers wonāt have a window into every single aspect of your spending habits.
Banks and financial providers donāt do anything for nothing, but you donāt need us to tell you that! That applies to players and operators alike, with transaction and processing fees pushing up overall costs for both parties.
Thereās no financial provider when you deposit and withdraw using crypto, so thereās no third party helping themselves to a slice of your financial pie. Your Bitcoin betting transactions are strictly between you and the operator, so there are no additional fees to pay.
Have you ever noticed how much longer withdrawals take at an online betting site compared to deposits? Thatās partly down to anti-money-laundering (AML) checks, which operators are obliged to undertake before releasing any player funds. Those checks usually take up to 48 hours, assuming all ID verification details have previously been logged by the sportsbook. But that doesnāt account for the extra delays, which could add another five days before you get to see your winnings.
Thatās down to the financial providers again, who take their time about transferring your money and often add some extra charges too. If you donāt think thatās fair, Bitcoin withdrawals are something you need to know about. Once agreed by the operator, your withdrawn funds will be in your personal Bitcoin wallet within a couple of hours, with no extra waiting times.
Online casinos and sportsbooks have much lower overheads than their retail brick-and-mortar counterparts, as there is none of the associated heating, lighting, and even staffing costs. All reputable operators pass those savings on in the form of better potential returns, including a few generous promotional offers.
Over at Stake.com, for example, thereās an incredible bonus awaiting new players who input TGHSTAKE when registering. Not only will you receive a massive 200% deposit match bonus worth up to $1.000, but thereās an ongoing 10% Rakeback award too. That means a proportion of all your wagering keeps getting returned to you, with the potential for that percentage to increase over time as you climb the reward levels.
Although weād be the first to suggest that sports betting using Bitcoin has plenty of advantages, itās only fair to mention that there could be a couple of pitfalls too. And one of the biggest points to be aware of is that crypto operates in unregulated markets. So itās absolutely essential that you choose your Bitcoin sports betting operator with great care, as thereās no comeback if you sign up to a scam site.
Here at The Game Haus, weāll help you pick out a safe and reputable operator, but you still need to take extra care when actioning deposits and withdrawals. Bitcoin transactions canāt be reversed, so once youāve sent your crypto to a wallet address, thereās no way of retrieving it if you sent it to the wrong place.
Although Bitcoin transactions tend to be much faster than bank and credit card payments, delays have been known to occur on the blockchain. If speed is particularly important, you should check out your options for using Ethereum rather than BTC betting, as payments are confirmed within minutes.
Every sportsbook will have its own procedures for depositing funds, but they all work along similar lines.
It always takes longer to process withdrawals, regardless of the payment method you choose. Thatās because operators need to check that you have sufficient funds in your account, that bonus wagering requirements have been fulfilled, and that no criminal activity has taken place. Itās nothing to worry about, as these checks are legal requirements, but theyāre inconvenient at best when youāre waiting to access funds that are rightfully yours.
That makes it even more annoying when banks and payment providers add on extra processing times of up to 5 business days in some cases. Nobody has ever managed to explain exactly what it is that causes payments to be delayed for so long, but whatever it is, players and operators are often charged for it too.
Itās possible to limit the delays by choosing to action Bitcoin withdrawals instead. As weāve already mentioned, Bitcoin betting payments donāt involve any middlemen, so there are no extra handling fees and no frustrating delays. Hereās how it works:
Bitcoin betting isnāt going to be the right option for everyone, but if itās something youāre interested in, The Game Haus is the place to be. Our experts have been busy tracking down all the very best Bitcoin gambling opportunities and putting them to the test.
Weāve picked out our favourites, all of which have received our seal of approval. Browse our reviews, pick out the sportsbooks you like the sound of, then check to see what BTC betting promo codes we have available. Weāve got some exclusive offers that will help your crypto betting funds stretch further than you thought possible. Itās our way of saying thank you for coming to visit us at The Game Haus.
Come on over to The Game Haus, where our experts have done all the research to come up with safe and reliable crypto casino sites. If you want to bet on sporting fixtures and events using Bitcoin, you need to come and check this out first.
Here at The Game Haus, weāve got the answers to all your online betting questions, no matter how youād like to fund your account. From free-to-play casino games offering real-life prizes to the top crypto sportsbooks, weāve got absolutely everything you need to know ā and some exclusive promo codes too.
Gambling laws vary according to the jurisdiction youāre living in, but weāve got our fingers on the pulse here at The Game Haus. Come and find out whether you can use Bitcoin to fund your online betting account, and discover some exclusive promo codes to boost your bankroll too.
The best online sportsbook is a matter of personal taste and opinion, but weāre confident we can help you pinpoint yours. Come and check out our detailed reviews and guides, and find out why so many bettors are turning to Bitcoin to make deposits and withdrawals. Be sure to check out our exclusive codes too, so you can get off to a flying start.
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