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, we’ve 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.
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Advantages of Bitcoin betting
There are several advantages to using Bitcoin for sportsbook payments, so it’s no surprise that this is becoming an increasingly popular option. It’s 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.
Anonymity is assured
One of the biggest advantages of
Bitcoin betting
is the opportunity to keep your wagering activities completely private. Even if that’s 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, they’ll react negatively to any signs of gambling, regardless of the amounts involved.
Some financial providers won’t 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 – no financial institutions are involved. That means there’s nothing to show up on bank statements, and financial providers won’t have a window into every single aspect of your spending habits.
No fees
Banks and financial providers don’t do anything for nothing, but you don’t 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.
There’s no financial provider when you deposit and withdraw using crypto, so there’s 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.
Faster withdrawals
Have you ever noticed how much longer withdrawals take at an online betting site compared to deposits? That’s 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 doesn’t account for the extra delays, which could add another five days before you get to see your winnings.
That’s down to the financial providers again, who take their time about transferring your money and often add some extra charges too. If you don’t think that’s 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.
Better returns and exclusive rewards
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, there’s 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 there’s 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.
Disadvantages of Bitcoin betting
Although we’d be the first to suggest that sports betting using Bitcoin has plenty of advantages, it’s 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 it’s absolutely essential that you choose your Bitcoin sports betting operator with great care, as there’s no comeback if you sign up to a scam site.
Here at The Game Haus, we’ll help you pick out a safe and reputable operator, but you still need to take extra care when actioning deposits and withdrawals. Bitcoin transactions can’t be reversed, so once you’ve sent your crypto to a wallet address, there’s 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.
Our favorite Bitcoin sports betting sites
How to make a Bitcoin deposit at an online sportsbook
Every sportsbook will have its own procedures for depositing funds, but they all work along similar lines.
Head for your sports betting account page, then Cashier – Deposit.
Select Bitcoin as your deposit option and input your chosen amount.
Copy the wallet address generated by your sportsbook.
Open your Bitcoin wallet, and navigate to Send.
Input the amount, and paste in the address provided by your sports betting operator.
Confirm the transaction.
Funds should be available in your sportsbook account within 1 – 2 hours.
How to withdraw winnings from your Bitcoin betting
It always takes longer to process withdrawals, regardless of the payment method you choose. That’s 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. It’s nothing to worry about, as these checks are legal requirements, but they’re inconvenient at best when you’re 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.
It’s possible to limit the delays by choosing to action Bitcoin withdrawals instead. As we’ve already mentioned, Bitcoin betting payments don’t involve any middlemen, so there are no extra handling fees and no frustrating delays. Here’s how it works:
Make for the Withdrawal section of your sportsbook account.
Input the amount of your withdrawal and select Bitcoin.
Once approved, you can input the address of your private Bitcoin wallet.
Confirm the amount and the wallet address and verify the transaction.
Your Bitcoin transaction will display in your private wallet within a couple of hours.
Conclusion: Helping you enjoy the best
Bitcoin betting
Bitcoin betting isn’t going to be the right option for everyone, but if it’s something you’re 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.
We’ve 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. We’ve got some exclusive offers that will help your crypto betting funds stretch further than you thought possible. It’s our way of saying thank you for coming to visit us at The Game Haus.
Our favorite sports betting site bonuses
Bitcoin betting
FAQ
❓Is Bitcoin betting available at any online sportsbooks?
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.
🏀 Do any online sports betting sites offer Bitcoin deposits and withdrawals?
Here at The Game Haus, we’ve got the answers to all your online betting questions, no matter how you’d like to fund your account. From free-to-play casino games offering real-life prizes to the top crypto sportsbooks, we’ve got absolutely everything you need to know – and some exclusive promo codes too.
✋ Is Bitcoin betting legal?
Gambling laws vary according to the jurisdiction you’re living in, but we’ve 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.
🏅 Which is the best online sportsbook with Bitcoin payments?
The best online sportsbook is a matter of personal taste and opinion, but we’re 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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