The best online sportsbooks allow you to use Bitcoin for quick, safe, and cost-effective deposits and withdrawals. Read on to learn more about the benefits of using this popular banking option.
How to Fund a Sportsbook Account Using Bitcoin
You can sign up for an online sports betting account and then visit the cashier section to make your first deposit. Bitcoin will be listed as one of the deposit options at sportsbooks such as BetUS, MyBookie, BetOnline, SportsBetting.ag and Bovada, so click on that.
Type in the amount you intend to deposit and select the bonus you would like to receive. You will see a wallet address. You can either copy and paste it or scan the QR code from your own crypto wallet.
Send the amount listed to the sportsbook wallet, and your funds should arrive in a matter of minutes. The BTC will be converted instantly to USD, allowing you to bet in dollars, and you can then get paid out in Bitcoin when sending money back to your wallet if you win.
Benefits of Using Bitcoin Sportsbooks
Bitcoin deposits are very secure. You get paid out much quicker if you choose Bitcoin, as there are no middlemen – such as banks, wire transfer providers or e-wallet providers – to hold up the process. There are small mining fees to be paid, but they are often minor, and some sportsbooks refund you them.
It is also an anonymous way to send money across international borders, which appeals to many crypto users.
Sportsbooks like Bitcoin, as it allows them to transact directly with bettors, without the need to pay conversion fees, handling fees and so on to middlemen. For that reason, they encourage you to make Bitcoin deposits by providing you with a larger bonus than players that use traditional methods.
Bitcoin Sportsbook FAQs
Why bet with Bitcoin?
Bitcoin allows you to rapidly send money to your sports betting account. It is secure, convenient, and cost-effective. The sportsbook can then convert your funds to USD, allow you to bet in USD and then pay you in Bitcoin when it is time to cash out, meaning you will not need to worry about fluctuations in the valuation of BTC.
Why do sportsbooks use Bitcoin?
Sportsbooks like Bitcoin as a deposit and withdrawal method because it allows them to transact directly with their customers. There is no need for middlemen to get involved in the process, slow things down and charge handling fees. They find it quicker, cheaper and easier to use Bitcoin, so they actively encourage you to use BTC, often by providing larger bonuses to crypto users.
Should I bet with Bitcoin?
You will unlock several benefits if you use Bitcoin for deposits and withdrawals at an online sportsbook. You generally enjoy better bonuses as an incentive to use Bitcoin, and you will also be paid out much quicker than customers that use alternative methods, such as e-wallets and bank transfers.
Is it safe to place sports bets with Bitcoin?
It is perfectly safe to send Bitcoin to an online sportsbook and to be paid out your winnings in Bitcoin. It is a straightforward, highly secure transaction from one wallet to another, which is verified on the blockchain. Some sportsbooks allow you to bet in Bitcoin, but most convert your BTC to USD, so you can bet in dollars.
What are the benefits of using Bitcoin at sportsbooks?
Speed, security, convenience and cost-effectiveness are some of the key benefits you will receive by using Bitcoin for deposits and withdrawals at sportsbooks. The best sports betting sites can also earn better margins by accepting Bitcoin, as it cuts out the need for banking fees, so they are able to offer better odds and larger bonuses.
How much does it cost to use Bitcoin at sportsbooks?
You will not be charged a fee for using Bitcoin at online sportsbooks. However, you will be charged a small network fee for sending BTC on the Bitcoin blockchain, as this is a reward for the miners that confirm and verify the transaction by solving the cryptographic equation. Some online sportsbooks will reimburse you this fee.
What are the disadvantages of Bitcoin at sportsbooks?
The only real disadvantage to using Bitcoin is that you will be charged a mining fee for sending funds on the network. However, many sportsbooks reimburse you for this. If fees are high on the Bitcoin network, you can often choose alternative cryptocurrencies with lower fees, such as Bitcoin Cash and Litecoin.
What is the best Bitcoin sportsbook?
There are some pure Bitcoin sportsbooks, which allow you to bet in Bitcoin, but most will convert your BTC to USD. The leading operators in this field are BetUS, MyBookie, xBet, BetOnline, SportsBetting.ag, and Bovada. They all provide a very strong all-round sports betting experience, plus large and attractive bonuses, and they will pay you out very quickly in Bitcoin.
Does MyBookie accept Bitcoin deposits?
MyBookie is a high-quality online sportsbook that accepts Bitcoin deposits. If you visit the help center at MyBookie, you will find a wealth of information about how to buy Bitcoin, how to deposit with Bitcoin, and the apps and websites you can use to make the process smooth.
Can you make a Bitcoin deposit at BetOnline?
BetOnline actively encourages customers to make Bitcoin deposits. You get a 50% deposit bonus if you use a standard deposit method, but that goes up to 100% if you use crypto, and BetOnline will add an extra 5% if you go for Bitcoin as opposed to an altcoin. You will also receive a very quick payout if you choose Bitcoin as your withdrawal method, as the funds often arrive on the same day you request them.
How do you bet with Bitcoin on UFC?
You can set up an account with a high-quality online sportsbook that accepts Bitcoin, such as BetUS, MyBookie, BetOnline or Bovada. The sportsbook will provide you with an address, which you can send BTC to. It will be converted to USD and credited to your account, so you can then visit the UFC section, click on a bet you want to place to add it to the slip, enter the amount you would like to wager, and then click to confirm the bet.