Not many had the chance to try out Bitcoin on their own, however, the ones that did will certainly agree that this is a currency like no other. The cryptocurrency has revolutionised how online payments work, how online businesses operate, thanks to the Blockchain technology, and that’s not all.
Since its implementation at betting sites all over the UK, Bitcoin has steadily won much ground, and it proved to be a reliable deposit method for sports betting. If you’re new to the entire phenomenon, in the following section we’re going to tell you all about top bitcoin betting sites as well as exactly how Bitcoin works. Stay tuned to find out everything about Bitcoin betting sites!
Because Bitcoin is still a relatively new concept, the fluctuations in its value as well as the lack of regulations and legislation, the number of UK betting sites adopting it as a payment method is low.
Even so, like with everything new in the industry, some betting sites decided to implement Bitcoin payments. Moreover, it was proven to be a smart move since all punters that wish to deposit using cryptocurrency are now heading heir way. Don’t worry, we will clear the mystery right now by presenting the top Bitcoin betting sites.
BetMotion is a worldwide appreciated betting site that also offers a casino and bingo product among sports betting. The fact that they were quick to implement Bitcoin as a payment method shows their commitment towards innovation and maintaining an appealing product.
Not only that they implemented Bitcoin as a payment method, but they also offer a 10% bonus for any deposit you make using this cryptocurrency. It’s natural that they encourage any punter that decides to use Bitcoin, since making the cryptocurrency more popular is to everybody’s advantage.
Compared to classic currency, depositing with Bitcoin is not at all complicated and in case you’re new to the entire procedure, you will find step-by-step instructions on their website.
A betting site that was already making a difference by offering their services to punters in the United States, BetOnline also incorporated Bitcoin as a deposit option. The link between the US market and Bitcoin is somehow natural since that’s the birthplace of the famous cryptocurrency.
Apart from being a new deposit method, there’s no difference between depositing through Bitcoin or any other traditional payment method. You will be able to free bonuses, claim promotions as well as withdraw your funds whenever you hit a win.
You can use Bitcoin to deposit and withdraw funds as well, and you won’t have to worry about fees or long processing times. Even though it’s still relatively new, Bitcoin has revolutionised the betting industry.
Bodog is another big name in the betting industry that decided to add Bitcoin as a payment method. Moreover, this decision proved to be a very inspired one since they now enjoy the full attention of punters that own cryptocurrencies. Being available for both deposits and withdrawals, Bitcoin established itself as a very reliable payment method at Bodog, and there are no fees you need to worry about.
Deposits made with Bitcoin are not instant, however, the security provided by the Blockchain can’t be matched by any of the traditional payment methods. Apart from increased safety, Bitcoin holds another huge advantage for punters that choose Bodog for their bets; betting can now become 100% anonymous, and that’s something every punter desires.
You could already spot some advantages that Bitcoin gives you as a payment method for betting sites. However, this section proposes to look deeply into the subject and provide exactly those advantages that make the difference.
These advantages should slowly help Bitcoin overcoming this apparent reluctant approach showed by betting sites and convince the entire industry that great improvements can be reached by implementing cryptocurrency. In the following sections, we will be focusing on what are the advantages Bitcoin brings to the table in its relationship with betting sites.
So, without further ado, here are the main advantages of Bitcoin:
So, here are the four main advantages that depositing with Bitcoin can bring you compared with other payment methods. Let’s take them one by one and see exactly how it goes.
Betting enthusiasts that use Bitcoin as a deposit method have the extra advantage of not being forced to disclose any of their details. Not only that but since the blockchain provides a transparent transaction environment, no type of personal data is needed. It comes extremely useful for those punters that wish to keep their activity for themselves, and that’s a feature that can be used to make Bitcoin even more popular than it is now.
Sure, traditional deposit methods have security systems of their own, and they can provide a good level of safety for users. However, it’s nothing compared to what blockchain brings. It’s unhackable and thanks to the simultaneous authorisation from multiple computers linked in the blockchain, it’s very transparent at the same time.
From the betting perspective, this is a great feature that Bitcoin can guarantee. With all the safety features brought by Bitcoin as well as the ones put in place by the betting sites, you can enjoy your bets with absolutely no worries.
Even though betting sites might limit the amounts you can deposit through traditional payment methods, things change with Bitcoin. Of course, there are limits here as well; However, due to the outstanding conversion rate, Bitcoin deposits will allow you to deposit a lot more.
Betting sites that accept Bitcoin as a deposit method already have higher deposit limits altogether, however, using cryptocurrency gives you an extra edge.
All right, let’s say you had a good betting session using Bitcoin and you managed to win three times more than what you initially staked. That’s an achievement itself, however, what if you can further increase your profit?
Thanks to the fluctuations in Bitcoin, you can hold on to your winning a while longer before converting them into traditional currency and boost your winnings even more. It’s like combining sports betting with iForex and emerging a winner.
All right, so you had a shot at the advantages that Bitcoin brings to the betting scene. However, as with everything else in life, there are downsides as well, and you deserve to know them. As everything proposing a new approach, Bitcoin is also flawed. It’s not something huge considering that the disadvantages mostly come from the fact that Bitcoin is still a new thing in the betting industry.
Perhaps it’s better to jump directly to the disadvantages you might encounter when using Bitcoin for betting:
One of the main disadvantages that cryptocurrency punters have to endure is the lack of popularity. This limits the reach of a punter that wants to deposit with Bitcoin and can be frustrating on some occasions. Even though it is a reliable deposit method, the reasons why most of the betting sites are not adopting this payment method are still unknown. The fact that Bitcoin is not widely accepted at betting sites comes with a secondary negative effect. The betting sites that do accept Bitcoin can implement abusive rules, taking advantage of the fact that they do provide this certain service.
Another downside of using Bitcoin for sports betting comes in the vital moment of converting it into regular currency. Most of the platform that allows punters to perform this operation have fees that are not always low. Again, since using Bitcoin for day-to-day activities is still considered to be a niche, users might encounter some difficulties. One ray of hope comes from the fact that more and more betting sites, as well as exchange platform, start to surface and competition will bring costs down.
Let’s assume that you don’t want to convert your Bitcoins into traditional currency straight away and rather keep it as a backup fund. This would mean that you have additional ways of transforming Bitcoin into currency usable everywhere. Moreover, some Bitcoin ATM are being launched to support this movement. However, compared to the traditional ATMs, they’re barely noticeable.
Know that you are well aware of the advantages and disadvantages of using Bitcoin for daily placed bets at betting sites, you must be wondering what the exact process of using Bitcoin to deposit is. Well, luckily for you, we have prepared a detailed guide with the necessary steps to successfully deposit with Bitcoin.
The entire process of buying Bitcoins or mining them is far too elaborate to cover in this review. There is an extensive database of articles on the Internet on how you can get Bitcoin. Instead, we will be focusing on the steps needed to use Bitcoin at betting sites through a wallet.
Being backed but the revolutionary Blockchain system, Bitcoin deposits and withdrawals represent the future of transactions. It’s just a matter of time until this method increased in popularity and will become something that is used by punters on a daily basis. Compared with other deposit methods, the time, limits and fees applied to Bitcoin are very competitive. Below, you have some real examples from betting sites that are accepting this payment method.
|
Betting Site |
Deposit Speed |
Fee |
Limits MIN/MAX |
|
BETMOTION |
Instant |
N/A |
£125 / £20,000 |
|
BODOG |
Instant |
N/A |
£10 / £15,000 |
|
BETONLINE |
Instant |
N/A |
£50 / £25,000 |
|
Betting Site |
Withdrawal Speed |
Fee |
Limits MIN/MAX |
|
BETMOTION |
Instant (Once processed by bookmaker) |
N/A |
£10 / None |
|
BODOG |
Instant (Once processed by bookmaker) |
N/A |
£20 / None |
|
BETONLINE |
Instant (Once processed by bookmaker) |
N/A |
£50 / None |
As you already noticed, the Bitcoin wallet has a dedicated app for mobile users. This means that if you’re doing most of your sports betting from a mobile device, you’ll have full support. A dedicated system guarantees ease of access and speed in Bitcoin transactions since both Bitcoin and modern betting sites are aware that the future lies in mobile customers.
When talking about alternatives to Bitcoin we have two separate discussions. First of all, you have all the traditional deposit methods as alternatives. Then, if we’re talking cryptocurrency, you have an entire set of new cryptocurrencies such as Ethereum, LiteCoin or Dash.
If you think about traditional deposit methods as alternatives for Bitcoin, then clearly you must take a look at e-wallets such as:
Offering instant deposits and withdrawals with no fees, these e-wallets are strong competition for Bitcoin. Skrill and Neteller win extra points here because both allow upload of funds through Bitcoin.
With the success Bitcoin enjoyed over the years, it was only natural that other cryptocurrencies developed. There are thousands of new cryptocurrencies on the market each week. However, the ones that managed to make a name for themselves are:
Each one of these cryptocurrencies tries to challenge the supremacy of Bitcoin. Unfortunately, these have a long way to go if they want to match Bitcoin’s market share. However, due to the high cost of a Bitcoin, you can look into these new rising cryptocurrencies for cheaper alternatives.
|
PROS |
CONS |
|
ANONYMITY |
NOT AVAILABLE AT MOST BETTING SITES |
|
BLOCKCHAIN SECURITY |
HIGH EXCHANGE RATES TO TRADITIONAL CURRENCY |
|
HIGH TRANSACTION LIMITS |
DEPOSITS MIGHT BE DELAYED A BIT |
|
FAST WITHDRAWALS |
|
There’s no direct way of transferring Bitcoin to PayPal. However, there are a lot of online services allowing you to convert Bitcoin into traditional currency and then upload those funds to PayPal.
No, since Bitcoin doesn’t exist as a stand-alone currency, you first need to create a Bitcoin wallet to use the cryptocurrency at betting sites.
Just like a regular ATM machine, a Bitcoin ATM is a machine that allows you to exchange Bitcoin and regular currency. The main difference between a traditional ATM and a Bitcoin ATM is that they connect to the internet for real-time transactions.
The price of Bitcoin varies quite a lot. It’s become so volatile that most sports betting community members have quit following the Bitcoin value. At the moment of writing of this text, the Bitcoin was worth $6,186.
There aren’t ANY Bitcoin bookmakers in the UK because the cryptocurrency isn’t recognized by the UKGC. If you’re looking for one, you might have to look for MGA licensed betting site options, or opt for the last resort bookies, the unauthorised, rogue ones.
