Bitcoin betting—a subset of cryptocurrency betting, is the use of bitcoin to place bets on games. While the players in the traditional gambling industry stake their bets in dollars, pounds, or any other fiat currency, bitcoin gambling revolves around cryptocurrency. The cryptocurrency in this case is predominantly bitcoin, but that does not preclude other crypto assets from being used. Players fund their accounts with bitcoin, place their bets using bitcoin on their favorite bitcoin betting sites and get their winnings in bitcoin as well.
And because of its vast potential for profit, the big players in the bitcoin betting scene are constantly intensifying efforts to stamp their mark. Bitcoin betting sites are coming off the blocks in their numbers, with each one offering unique features to make them stand out. So if you’re looking to join in the trend, you’ll have your head turned in several directions. And if you are in this situation, we’ve penned a list of the things to look out for on a bitcoin betting site.
Bitcoin betting works in the same way that regular cash-based betting does, but with a few notable exceptions. To start your bitcoin betting journey, you’ll need to open an account with a bitcoin betting site or platform. Next, you get to download and install a wallet that will be responsible for keeping your bitcoin assets. You can go on to purchase the units of bitcoin that you can afford to buy from a cryptocurrency exchange and then transfer the assets to your wallet.
After funding your wallet with the bitcoin assets, you can proceed to fund the betting account which you’ll use in placing your bets. Your bets will be placed using the bitcoins in your wallet to fund your wager. And when you hit the winning ticket, your winnings will be paid out into your wallet in bitcoin. You can choose to transfer the bitcoins into an exchange that converts cryptocurrency to fiat currency.
Bitcoin betting is one in a long line of cryptocurrency crossovers in the sports betting scene. From esports betting and crypto casinos to crypto horseracing and bitcoin games, the list goes on. Here, we’ll discuss some of the most important factors you should consider while looking for a bitcoin betting site to sign up for.
Your bookmaker should give you options regarding the betting markets available for you to explore. The best bitcoin betting sites offer thousands of sports games and a greater number of odds. You should be able to wager on a vast array of games—from horse racing to soccer and even casino games. So if your turf is the dirt tracks of Monaco in Formula 1 or the shiny clay patch in Tennis’s Roland Garros, your bookmaker should have you covered.
A good betting site goes beyond offering Moneyline bets and accumulators. They should be able to offer much more. From virtual sports bets and future bets to live bets and parlays, there should be options on the table. So before you settle for any of the bookies making the rounds, check their offers thoroughly to find out the quality of their packages.
Bonuses and promotions are the sweeteners that bookmakers throw in to appeal to new customers and keep the older ones. When you sign up for a betting platform, one of the first things that welcome you to the fold is the sign-up bonus that is offered. And if you’re about to try your hands at crypto betting for the first time, you’ll need this bonus to test the waters. Although the bonus that most bookies offer is just enough to take on a few spins, it should be enough to get you started on your journey.
And when you start betting with them, they will throw in a few incentives to keep you in the picture. These incentives come in the form of deposit and no-deposit bonuses. While the former match your deposits by a percentage increment, the latter will give you some free credit in the bank, along with certain conditions. So if your bookmaker is renowned for its generosity when it comes to bonuses and promotions, it is probably a good sign.
The best bitcoin betting sites should also be open to business with other cryptocurrencies. This is because other coins contribute to the total volume of crypto deals in the market. Some of these coins will have their own moment from time to time, and you don’t want to miss out on the big boom because you only have bitcoin in your wallet. So while looking out for a bookmaker to side with, ensure that they also place your wagers in coins other than bitcoins.
Altcoins like Ethereum(ETH), Litecoin(LTC), Dogecoin(DGE), and Tether(USDT) are some of the most popular coins in the industry. So your bookmaker should support bets in some of these coins, in addition to the king of coins—Bitcoin. In essence, sports betting with bitcoin is quick and easy. And one of the reasons is that payments made through blockchain betting platforms are known to be smooth and fast.
The sports betting industry is subjected to constant scrutiny for the most part, and it is not always easy to find a platform that ticks all the regulatory boxes. Nowadays, with a lot of betting sites springing up here and there, it is becoming increasingly difficult to pick out the good guys. Some parade licenses may not count in the grand scheme of things, while some have provisional licenses.
The UK Gambling Commission and the Malta Gaming Authority are the authorities when it comes to gambling licensing. And if your bookmaker makes it to their good books, you can be more confident in their operation. If these authorities do not recognize your bookmaker, you’ll have to tread with extra caution while dealing with them. Although it does not necessarily mean that they are an illegal platform, they are more likely to not make the cut when the regulatory bodies wield their big ax.
Security is a very important factor to consider in your choice of the bookmaker. And without a solid security provision, your account will be vulnerable, and your funds, at risk of being illegally accessed. The best bitcoin betting sites place a premium on the security of their users’ accounts, and they employ a host of measures to see to this. One such measure is the rigorous encryption of user data, making for increased privacy and drastically reduced risk of fraud action.
They give out unique APIs and private keys that account for every single transaction they process. So if hackers attempt to make a forced withdrawal, you’ll immediately be notified. Another strong security-conscious measure they take is the strict verification process they employ in their system. If your bookmaker can boast of these security features, among others, you(and your precious Bitcoin) are in safe hands.
The betting industry is responsible for billions of dollars in prize winnings and millions of devoted stakeholders. The industry has witnessed massive changes over the years and is adopting new trends to maintain its strong appeal. One of the latest trends in its vast collection is crypto betting. It has become an instant hit among the players due to its many benefits. And because it is beginning to attract increased attention, we’ve devoted this article to finding out what makes a good bitcoin betting site.