How to Bet with Bitcoin

By Austin Miller

Not everyone knows how to bet with Bitcoin. It’s easy once you find a good Bitcoin betting site and see how simple it is to make Bitcoin deposits.

What to look for when betting with Bitcoin:

Where to Bet with Bitcoin

Bovada – The Best Bitcoin betting site in US

Fees

Bovada will not charge any additional fees for depositing with Bitcoin.

Speed

After making your Bitcoin deposit, you will be able to use these funds within a few minutes.

Bovada is a great overall sportsbook. Their markets are huge, and their site is designed very well. Add to that extra Bitcoin bonuses, and they come out on top of the competition.

Read Bovada Review
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Sportsbetting – Fastest Bitcoin payments

Fees

Sportsbetting.ag will not charge you any fees for making a Bitcoin deposit.

Speed

This Bitcoin betting site is lightning fast! You’ll likely get your funds in less than 10 minutes.

Sportsbetting.ag is a great sports betting site. Our Bitcoin deposits here arrive in record time! We have clocked in times as fast as 6 minutes! This is a great site for everyone, but especially for Bitcoin bettors looking for quick action.

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Tiger Gaming – The best Bitcoin betting site in Canada

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Tiger Gaming (CA, Sports betting)

Fees

Tiger Gaming does not charge you any fees for your Bitcoin deposit.

Speed

The BTC deposit here is very fast. In fact, the wallet address expres in 15 minutes.

Bitcoin betting sites are more rare for Canadian bettors compared to their US counterparts. Tiger Gaming is a great betting site for all bettors, but especially for Bitcoin bettors looking for a secure approach.

GTBets – The best mobile betting site for Bitcoin

Fees

GTBets does not charge any additional fees for bettors depositing Bitcoins.

Speed

Bitcoin deposits arrive very quickly at GTBets. Ours arrive in less than 20 minutes every time.

GTBets has a distinctive look, and its mobile version sticks to its guns. You’ll enjoy easy navigation, big bonuses, and an extra safe Bitcoin deposit portal.

Read Guts Review

BetOnline – The best bonus for Bitcoin

Fees

There are no fees for depositing Bitcoins at Betonline

Speed

You will get your Bitcoins into your account within minutes of making the deposit.

In addition to a great welcome bonus, you also get a 35% bonus everytime you deposit with Bitcoin. They also accept several other cryptocurrencies, such as Ethereum and Litecoin. These are great ways to boost your Bitcoin gabling!

Read BetOnline Review
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Advantages and Details on How to Bet with Bitcoin

There are lots of reasons to get started with Bitcoin betting. While it is new to many bettors, once you get started, it will come easy. And there are lots of reasons to dive in! 

A big one is the price tag. While some betting sites will charge fees (sometimes big ones) for depositing via check or direct deposit, almost none will do the same for Bitcoin deposits.

In the same line, plenty offer larger welcome bonuses with reduced rollover requirements. You get more money and can withdraw it even faster. 

Plus, your identity is more anonymous with Bitcoin. Because there is no central institution housing identifying information and shipping it off to the tax authorities, the IRS won’t necessarily know about your taxable winnings. 

With so many reasons to get started, it’s just a matter of how to bet with Bitcoin. We’re here to help you! 

How to start Bitcoin betting?

Once you have your favorite Bitcoin betting site picked out, you still need to know how to bet with Bitcoin. It is fairly easy, but requires a little bit of setting things up before you go to make a deposit. 

Just like opening an account at a bank, or applying for a credit card, you have to set up the infrastructure before you can use Bitcoins for betting. 

Because not all of us have Bitcoins, we will show you how to go about getting started with Bitcoin betting. There are a few things to keep in mind that we understand may be novel for bettors who are experienced with other deposit methods.

Getting a Bitcoin Wallet

A Bitcoin or cryptocurrency wallet is where you can store your digital cash. These come in two principal varieties.

Electronic wallets tend to be more convenient. You can access them with a password or with some form of two-step verification. 

These often all you to store your coins in an app, or a website. Many online exchanges also double as wallets. Coinbase is a perfect example of this extremely convenient option.

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Coinbase is a popular and safe Bitcoin exchange. It also doubles as a wallet.

However, what you gain in convenience, you lose in security. Because it is stored online, it is more subject to hacking than a physical Bitcoin wallet.

Physical BTC wallets are often external hard drives or thumb drives. Because it comes with all the verification of an online wallet, but with the added security of being able to disconnect it when you are not using it, it is even more secure.

In order to take your coins, someone would need to take the physical wallet AND hack it. However, if the drive is damaged, you risk losing your coins as well. 

Both have their advantages. It’s a matter of choice and priorities. 

Getting Bitcoins for Betting

Before using Bitcoins to bet, you will of course first need to get Bitcoins. Once you have your wallet set up, this is the next step in how to bet with Bitcoin.

Getting Bitcoins into your Wallet

You can do this by visiting an exchange. In some cases the exchange will also be your wallet, which is the most convenient. 

  • But if you opted for a more secure, rather than a convenient option, then you will transfer from the exchange to your wallet. 
  • Just connect your bank account, credit card, or other payment method accepted by the cryptocurrency exchange. 
  • Once you purchase your Bitcoins, then use your wallet’s unique address to send it from the exchange to your personal wallet. 

How Bitcoin payments work at sports betting sites?

The last step in how to bet with Bitcoin is moving your BTC’s into your account at your favorite Bitcoin betting site. 

This process often looks very similar across many sports betting sites.

After selecting the Bitcoin from the list of deposit methods, they will normally provide you with a QR code and a BTC Wallet address. This address corresponds to your betting site account.

You then go to your wallet, and use the QR code or address to send the BTC. Make sure to send BTC and not other cryptocurrencies, as this could produce an error. 

While some are faster than others, most Bitcoin betting sites will have your BTC available in less than 20 minutes. 

Depositing BTC at Intertops

How to Bet Safely with Bitcoins

There are some extra advantages and things to keep in mind when it comes to secure gambling with Bitcoins. 

You have increased anonymity with Bitcoins. This is an extra level of security from KYC (know your customer) protocols. As well as keeping your entertainment budget private.

Many sites use encrypted connections to ensure extra levels of privacy and security. Intertops, for example, is an expert in this. 

Deposit limits are often larger with Bitcoins. This means you might have to set your own deposit limits in order to bet safely. 

Another consideration is the security of your Bitcoin wallet. Make sure to protect your key, and to keep your physical wallet in a safe place. 

Overall, betting with Bitcoin comes with some security advantages and some disadvantages. If you are more worried about taxes than hackers, it might be a good option for you. 

Bitcoin is a fast, cheap, and safe deposit method

Speed

Betting with Bitcoin means getting your funds into your account fast. No waiting days for checks to clear. You can send it over and get betting almost instantly. Having a fast deposit method means getting the best odds and having the most fun.

Cheap

Another reason to bet with Bitcoin is the price point. We are all watching our bottom lines, and Bitcoin will help keep it tight. Many sports betting sites charge no fees, and plenty will even offer additional bonuses. 

Identity Protection

Using Bitcoin means having more access to identity protection. Banks and other large financial institutions have to report your personal information to the IRS. Bitcoin is not regulated by such KYC protocols, meaning the government is relying on you to report your own winnings.  All transactions are pseudonymous in Bitcoin.

About the Author

Austin Miller
Austin Miller
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