Betting on sports is now easier than ever with Bitcoin and other cryptocurrencies. If you have gone the traditional way of betting, you know that fees these gambling sites charge can be significant. The withdrawal processing times can also be very long. You have to wait for days for your winnings to show up in your bank account.
Bitcoin eliminates all that. With Bitcoin and other cryptocurrencies, now you have a faster, secure, and inexpensive way of betting online. Due to the inherent advantages of cryptocurrency, some well-known betting sites have already started to accept cryptocurrency as a payment method. There is an increasing number of betting sites that only accept cryptocurrency.
Whichever sports-book you use, there are a few things you need to know before you wager on any one of these betting sites. This does not only apply to sports betting; betting on sports is a form of gambling. So this applies to all types of gambling. Here is what you need to know:
The legality of Bitcoin Gambling
The most important condition before you start gambling is to check if gambling is legal in your country. You must check the legality of gambling in the country you are gambling from; not the country you live in. If you gamble from a country where it is illegal to gamble, you will have problems when you try to withdraw your winnings.
For customers from the United States, the laws that apply to gambling, apply to Bitcoin gambling. There are no laws that apply to Bitcoin gambling specifically.
So, is Bitcoin gambling legal in the United States? Yes. However, it is only legal to place wagers; not accept them. That is why all bookmakers that cater to U.S customers are based offshore. However, some of the gambling sites have suspended customers from the U.S due to various regulations and taxation purposes.
So, the important takeaway is this: check the legal status of the country you are betting from. A gambling site may accept customers from any country, but it is your responsibility to check the legality of gambling in your country.
Is it Provably Fair?
What is equally or even more important to check before you gamble is to check if the gambling site is provably fair.
Provably fair is a system to prove the fairness of the gambling site. It is a way to prove the cards you are dealt with or the dice you rolled, did not change. You can verify this using a hash.
A well-reputed gambling site will always be probably fair. It is those unknown gambling sites that you need to be careful of. It is not imperative for a gambling site to be provably fair. We suggest you only gamble on sites that are verified to be provably fair.
Is the Gambling Site Licensed?
Before you gamble, it is very important to check if the gambling site is licensed. If the gambling site cheated, you can always report to the registrar to take action against them. It is merely not enough to just check the license. It is also important to check what type of license they have. You need to make sure that the regulators have the power and interest to take action against them. Here is an example of a Bitcoin gambling license obtained by Cloudbet. They are licensed by E-Gambling Montenegro and Curaçao eGaming. There are so many unknown bitcoin gambling sites on the web. Cherry-picking the ones that have valid licensing is your responsibility.
Best Bitcoin Sports Betting Sites
There are many types of Bitcoin gambling sites. But today in this article, we will look at some of the best services that allow you to wager on sporting events. These include football, tennis, UFC, Formula 1, basketball, baseball and many other sports.
As you know by now, betting with Bitcoin and cryptocurrency has many advantages over traditional betting. Check out this infographic created by our friends at WinBTC, outlining all the advantages of sports betting with Bitcoin/Cryptocurrency.
If you are wondering what are the best bitcoin sports betting sites, here’s our list of top bitcoin sports betting sites:
CloudBet was established in November 2013 and has been maintaining a clean reputation since then. It has become one of the most popular bitcoin betting services available today.
They have one of the biggest welcome bonuses for new customers. First-time depositors will receive a 100% match bonus up to 5 BTC.
CloudBet is not limited to betting on sports. You can also bet on Esports. They also feature a casino with thousands of games. The site looks just as professional as some of the world’s popular betting sites; which is something most bitcoin betting sites lack. They have the highest limits of any bitcoin sportsbook. CloudBet allows withdrawals and deposits of Bitcoin, Bitcoin Cash, Ethereum, and Tether.
Sportsbet was established in 2016. As the name suggests, their main focus in on bitcoin sports betting. Although it is not limited to just sports. They have a casino section as well, featuring 2000+ games. They also support Bitcoin and few other cryptocurrencies which include Allsportscoin (SOC), Litecoin (LTC), Ethereum (ETH), Tether (USDT), Tron (TRX), Ripple (XRP).
Established in 2012, NitrogenSports is one of the oldest Bitcoin sports betting sites. It is licensed and based in Costa Rica. Unlike many other betting services, NitrogenSports allows you to create anonymous accounts. When you go to their website, an account is created for you automatically. An email address is not required. Which means you can gamble anonymously. There is a good variety of sports to bet on. NitrogenSports also features a casino section. Unfortunately, they only accept deposits and withdrawals in Bitcoin. NitrogenSports is a longstanding trusted provider with a solid reputation.
Here’s the full list of Bitcoin sports betting sites:
Anonymity, security, and fast transaction times are few of the reasons for the popularity of Bitcoin in sports betting. However, these same reasons have given rise to a new wave of scammers, impersonators, and shady gambling sites. Because of the nature of bitcoin, it is very easy to lose your money. If you sort through them, you can find legit Bitcoin sports betting sites to wager in.