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The use of Bitcoins as an alternative payment system has become increasingly popular as more and more companies find an online presence. And now — whatever your favorite sport is — you can bet on it with bitcoin — worldwide. As a currency that is based entirely online, it has become a preferred reward system for many sportsbooks. These sportsbooks act essentially as interactive forums where individuals can lay bets on the outcome of different sports, ranging from anything to golf and wrestling to league-oriented professions like soccer and football.
There are a number of reasons that some of the top online sportsbooks have begun — often exclusively — to use Bitcoins as their preferred currency system. As a result, using Bitcoins allows users and providers to avoid legalities concerning gambling laws — in certain countries or states where betting and gambling is illegal, Bitcoin is not subject to the same circumscriptions. The same applies to Bitcoin Fantasy Sports.
The virtue of being completely online also opens up two other benefits: This bodes well for sportsbooks since often times their method of wagering can be time-based. Because of its peer-to-peer system, it also means that there are no fees such as those attached to credit cards, and the fees that are present are paid by the purchaser rather than the vendor. Generally this is equivalent to a digital wallet. To actually acquire currency, one can either receive Bitcoins in the form of payment for goods or services from other users, barter for new Bitcoins from friends, or buy them outright from certain bitcoin exchanges more here using your own bank account.
In general, some of the top Bitcoin Sportsbooks have managed to attract a loyal and growing number of patrons by carving out a niche for themselves and offering better odds, variety of betting options, and usability than their opponents.
Some more popular ones include Nitrogen Sports and Cloudbet , both which have a vast number of different sports available for newcomers to gambling and tested veterans alike.
But when it comes to gambling — whether on future games or live — variety is just one of several things to take into account before signing up with a sportsbook. The grade of a given sportsbook is contingent on a number of factors, with sites like CloudBet, Sportsbook. Knowing which odds are the best, compared to other sites, and knowing how to use the wagers to your advantage go hand in hand.
As with all betting, there is also the matter of minimum and maximum wagers, and regardless of your proficiency with online betting this should play a role in your decision. Knowing your own skill level, and having some idea of your overall ratio of success will enter into your decision about which sportsbook you most closely identify with. Another consideration is bonuses. A number of sites — most notably Cloudbet — will even offer welcome bonuses for users signing up for the first time.
For example, a site may offer a full bonus up to 0. Some sites also offer free bets, where you can make a wager without having to put down any currency. There are also bonuses related to whether or not you refer friends who also sign up, and bonuses that reduce the juice — this is a term that refers to the amount a given sportsbook will charge you when you make a bet on something — thereby giving you a slight edge.
Fishing around sportsbooks to see what sorts of bonuses are available, and how they translate into earnings for you, is a good way to weed out which sites have a proven track record and which are scams. Obviously another important factor is security. In order to counter this, the better online sportsbooks have nearly all taken measures against fraudulent activity even in the case of some introducing a DDoS shield to protect against cyber-attacks. A two-step authentication process is in place for most sportsbooks as well, which involves a username and a passcode in conjunction with SSL encryption.
In some cases — such as with Nitrogen Sports — merely visiting their site will open an anonymous account, while other sites may require a username and valid e-mail. Still those data can be fake, as long as you have access to the email address you use for the signup. Generally the sites that have been around the longest tend to be the ones that are the most trusted, and you can always do a little digging to see when a sportsbook came online which can give you a pretty good idea of how trustworthy they are.
The pros of using a Bitcoin Sportsbook have already been alluded to, and include the ability to make lightning fast transactions in real-time using up-to-date metrics on live sports. There is also the anonymity granted by using an E-wallet, and the limited amount of personal information needed to sign up for these sportsbooks, which can give some peace of mind.
The cons, however, are related to the same thing: Bitcoin can be a risky and volatile venture, and for individuals new to using it there are a number of pitfalls. There is also, of course, the unpredictability of gambling itself. While there is a degree of skill in the betting pools, especially with league sports, a greater portion of the outcome is based on luck, and every player needs to be cautious and aware of this. Gambling on sports can be a fun — and sometimes easy — way to make money and interact with other players who are just as enthusiastic.
The rise of virtual currency in the form of Bitcoins represents a revolutionary way to bet online, by putting a huge selection of your favorite sports at your fingertips and challenging you to guess and deduce the outcomes of games in a safe and secure environment. While there always risks associated with betting, part of its charm lies at the crossroads where skill and luck meet — ultimately it comes down to being informed, understanding the rules and process of each sportsbook, and being cognizant of the stakes: Compare your Top 3 Bitcoin Casinos: Maximum Payout No Max.
Pro great odds good usability one of the best on the market. Contra no live chat. Pro awesome design great social features community chat very good security. Contra lack of different betting options. Bonus points winning system. Contra No welcome bonus. Minimum Deposit No minimum deposit. Contra No crypto currency is accepted Customer Service needs polish. Maximum Payout No Limit. Contra Does not accept Credit Cards No direct phone support Website needs to be redesigned feels cluttered.
Featured Sports Counter Strike: Pro good odds wide range of sports accepts also litecoin. Contra account management could be better. Pro great bonuses many deposit and withdrawal options website very userfriendly many betting markets and games.
Contra lots of data required for signup. Location Douglas, Isle of Man. Contra Identification is needed for transactions no anonymity Does not accept Bitcoin. Pro fast withdrawals 0 confirmation deposit. Contra not an intuitive website. Pro huge selection of sports good bonus great mobile betting. Contra old fashioned design. Contra layout looks a bit outdated. Best Bitcoin Sportsbook The use of Bitcoins as an alternative payment system has become increasingly popular as more and more companies find an online presence.
Of course you can bet on all your favorite sports events with bitcoin: How to start with Bitcoin? So what makes a good sportsbook? What are the odds? For example, some football pools use Asian handicaps that have five different wagers: Minimum and maximum wagers? Welcome Bonuses for Bitcoin Betting Another consideration is bonuses. Security And Reliability Obviously another important factor is security. Anonymous or fully registered? Bitcoin Sportbook Conclusion Gambling on sports can be a fun — and sometimes easy — way to make money and interact with other players who are just as enthusiastic.