mytopsportsbooks bitcoin betting guide
As bitcoin increases in both popularity and relevance, the number of sportsbooks now offering bitcoin as a payment option has skyrocketed. so how do you know which ones are safe and won’t unexpectedly close shop taking your btc with them? In this article, mytopsportsbooks provides a guide to the best and safest bitcoin sportsbooks, as well as why using a safe bitcoin sportsbook is important.
Reading: Sportsbooks that accept bitcoin
There are two types of sportsbooks that accept bitcoin:
- bitcoin-only sportsbooks
- offshore sportsbooks now accepting bitcoin.
While some bitcoin-only sportsbooks may end up being safe, their limited track record and relative ease of setup make them a target for unscrupulous operators. Unfortunately, the number of defunct bitcoin sportsbooks like bitbook.biz and betvip.com is growing every day. this can make selecting a bitcoin sportsbook a difficult process. when these sportsbooks decide to close shop, it happens very quickly and often leaves customers with no recourse to recover funds.
the most reliable and trustworthy bitcoin equipped sportsbooks
On the other hand, offshore sportsbooks, with proven track records of years in the business, now accepting bitcoin deposits, are the safest to trust. These sportsbooks were some of the first online, with some having a history of over 20 years in operation. To guide you through the world of bitcoin-equipped sportsbooks, we’ve listed the best options below.
bovada’s international reputation precedes it. An industry leader in all areas, bovada was one of the first sportsbooks to accept bitcoin deposits and provide bitcoin withdrawals
bovada’s minimum bitcoin deposit is $20, while the maximum is $5,000. bovada’s withdrawal limit is $3000 per transaction.
The bitcoin interface within bovada is top-notch, making the entire process of depositing, staking, and withdrawing with bitcoin seamless.
There are no fees of any kind for bovada bitcoin deposits and withdrawals.
Read our full bovada review.
2. sports betting.ag
bitcoin is the currency of the internet age; knows no borders or geographical restrictions. sportsbetting.ag celebrates this and removes all geographical restrictions for its clients who deposit in bitcoin.
sportsbetting.ag processes deposits 24 hours a day, 7 days a week, and processes withdrawals during normal business hours Monday through Friday. If a withdrawal is requested during normal business hours, sportsbetting.ag clients will receive credit to their bitcoin wallets within 24 hours, which is very fast compared to most traditional forex withdrawals.
The maximum deposit with bitcoin at sportsbetting.ag is a whopping $25,000 when you sign up online. the minimum deposit is $20. each bettor is entitled to one free bitcoin withdrawal per month.
Read our full review of sportsbetting.ag.
betonline is very involved in the world of cryptocurrencies; They not only accept bitcoin, but also offer ethereum and litecoin deposits.
bitcoin withdrawals on betonline take a maximum of 48 hours and are usually processed in a much shorter period of time. In our investigation, we found that the withdrawal process took less than 60 minutes and was requested during regular business hours. deposits are processed even faster and the bitcoin you transfer to the site will be available in your account in two hours or less.
betonline’s maximum bitcoin deposit is $25,000 and maximum withdrawal is $10,000.
When you make a withdrawal on betonline, the sports bookmaker charges a standard fee of 2%. this fee applies to all coins and withdrawals; it is not specific to bitcoin.
Read our full betonline review.
gtbets subjects bitcoin bets, deposits and withdrawals to the same rules as its traditional financial methods to ensure the safety of its customers. this includes identity verification, and all gtbets users must provide documentation (eg valid state/government photo ID) prior to receiving a withdrawal and prior to making their sixth deposit.
the maximum bitcoin deposit at gtbets is $5,000. your minimum deposit is $35.
Free bitcoin withdrawals are available at gtbets once every rolling 30-day period. Additional withdrawals are allowed once a week, subject to a 5% fee. however, this fee maxes out at $60 for bitcoin withdrawals.
unlike other sportsbooks, if you deposit in bitcoin, gtbets allows you to withdraw via an alternative method.
Read our full gtbets review.
Although the name of the site evokes old-fashioned bookmakers, mybookie.ag is not Luddite and is ready to serve bitcoin-loving customers.
the maximum bitcoin deposit and withdrawal limits are the same. both are set at $10,000.
Deposits will take a maximum of one to two days to confirm. bitcoin deposits are often verified in a much shorter period of time.
however, withdrawals take a bit longer and are only processed during regular business hours Monday-Friday. Once a withdrawal is successfully processed, bettors will receive their funds within a week.
read our full mybookie.ag review.
*were you surprised not to see draftkings, fanduel or betmgm in our top 5? those brands are not yet available to sports bettors in all 50 states. in fact, it’s not even close. The brands we chose offer much better coverage in the US, and can offer you better odds and higher bonuses because they’re not spending money on TV advertising or lobbying efforts.
4 reasons why it is important to use secure bitcoin betting sites
If you don’t do your research when choosing between the various bitcoin gambling sites, you risk sending money to the bad guys. there are many sportsbooks with unreliable banking, payouts and withdrawals, and hundreds of online sportsbooks have run into bankruptcy and solvency issues in the past (which was one of the motivating factors behind this site, to get started). There are four main reasons why you should use a secure bitcoin sportsbook.
Fortunately, once again, we’ve done the research for you. All of the sportsbooks we recommended above not only accept bitcoin, but also have a long and proven track record of reliability, sound financial planning, and top-notch customer service. Given their excellent reputation, we are confident that these sportsbooks are safe options for your money and bitcoin.
1. no risk of losing your money
Our readers often ask the question “is bitcoin a gamble?”, but blockchain speaks for itself. the level of security offered by cryptography is built into the system. The sportsbooks we recommend will convert your BTC to USD at the time of deposit; they convert usd back to btc at the time of withdrawal. not only are you protected against bitcoin volatility this way, but you are also protected against any bitcoin hacker targeting your sportsbook.
everyone has heard the horror stories of bitcoin exchanges being hacked. When you store bitcoins through a “hot wallet” (one that lives on the internet), it is possible for hackers to access all of the bitcoins in the wallet and deplete all of the funds. bitcoin security may be foolproof, but this does not apply to the wallets themselves. If you are using a bitcoin-only sportsbook, there is no guarantee that they are taking the proper security precautions to protect your bitcoin; Improper storage, even with the best of intentions, can be disastrous. If a bitcoin-only sports book gets hacked, you might lose all of your btc.
When you place bitcoin bets with a traditional sportsbook and they convert it to USD, your funds are 100% safe. there is nothing hackers can get their hands on this way. If security is your primary concern, as it always should be, traditional full-service sportsbooks are your best bet. leave chance to your own sports bets.
2. more betting options and better odds
Bitcoin-only sportsbooks, because they don’t have the long history and experience of established books, don’t offer punters the same bets and odds as traditional books. bitcoin-only bookmakers tend to have pretty monotonous lines; they don’t offer lines on more obscure sports and leagues, and there aren’t as many betting options for sporting events.
If you want a wide range of multiple bets, other bets, live bets or higher odds, there is no doubt that your best option is a traditional sportsbook, with its betting experts. There is no substitute for experience when it comes to offering full service betting options, which is why we recommend sportsbooks that have bitcoin integrated, rather than solely focusing on it.
3. faster payments and high standards of responsibility
Traditional sportsbooks pride themselves on fast withdrawal times and the ability to be held accountable if they fail to meet these rigorous standards. Brand new, bitcoin-only sportsbooks often don’t meet these same fast payout standards. their financial and customer service departments are not as developed, comprehensive, and staffed as traditional books. Of course, this means that withdrawal delays are regular and expected.
4. top notch customer service
The sportsbooks we review have fully developed customer service. Whether you prefer to contact customer support via email, phone or live chat, traditional sportsbooks have you covered. Due to the size and relative newness of bitcoin-only sportsbooks, they do not offer the same full-service customer service. furthermore, their response times are often delayed. stick with a traditional sportsbook that is integrated with bitcoin if you want a guarantee of fast customer service.
what makes a legitimate bitcoin sportsbook?
Bookmakers are always looking to improve their position in the market by improving their functionality and ease of service. Consequently, the best sportsbooks began offering bitcoin betting to their clientele around 2014. But it wasn’t just quality sportsbooks that sought to carve out a bitcoin niche. Other “bitcoin only” sportsbooks also began to appear on the internet. but you won’t find any of these on our list of recommended sites. These “bitcoin only” sportsbooks are less trustworthy than traditional sportsbooks, and none of them meet our exacting standards for what constitutes a safe bitcoin sportsbook.
As always, it is important that sportsbooks are licensed and adhere to high standards of responsibility to their clientele. Because traditional sportsbooks deal in fiat currency and must work in conjunction with banks, complying with KYC and AML requirements, their licenses subject them to much stricter requirements than bitcoin-only sportsbooks. Many bitcoin sportsbooks have some kind of license, a “license” for them means much less than in a traditional sportsbook. even some of the largest bitcoin sportsbooks have dubious licenses, which are difficult to crack and understand.
The sites we advocate are the ones that score the highest on our meticulously crafted safety metrics. Unless a sportsbook has a long history of outstanding dependability, we will not back it, Bitcoin equipped or otherwise. As such, the following list only includes safe, mainstream sportsbooks that have adopted Bitcoin as a payment method.
key advantages of bitcoin sports betting
If you are familiar with the sports betting registration process and sports betting in general, starting a bitcoin wallet will be a natural fit. Like online banking, you need an account, a strong password, and money to buy and sell. it’s no different than using amazon or ebay.
However, what you are buying and selling is money rather than goods. Once you have a digital wallet, which can be attached to a bank account or credit card, you are ready to gamble using bitcoin. Please note that because bitcoin can be transferred very quickly and in large increments, sportsbooks often encourage the use of the cryptocurrency.
avoid fees with bitcoin
One of the biggest drawbacks to traditional banking at online sportsbooks is the fees associated with withdrawals and sometimes deposits. these are not necessarily collected by the sports book, but may come from the credit card company, a third party that sends cash (electronic fee, sending fee, etc.), or may be noted as a processing fee.
For the most part, there is no fee to use bitcoin. sending them can cost mere pennies (which is literally the cost of using a blockchain). Regardless of sending or receiving bitcoins, you don’t get a nickel or a dime along the way.
near instant deposits & withdrawals
Nobody likes to wait. Using bitcoin at sportsbooks makes transactions fly by, which is why it has become incredibly popular.
There’s no long drive time, no signing of a check when it arrives in the mail, and no pause between making a deposit at a sportsbook and having funds available to wager. Whether you’re starting an account or getting paid, bitcoin is to banking at sportsbooks like venmo is to a night out with friends.
take advantage of bonuses
Sportsbooks love bitcoin. they don’t have to deal with credit card restrictions and fees. Not to mention the time and hassle of delivery companies or cables. Because bitcoin is the easiest banking option for sportsbooks, they often incentivize punters to use cryptocurrencies.
There are often lucrative bonuses, promotions and benefits for using digital currency. deposit limits and withdrawal maximums are often high or non-existent.
In a nutshell, if you are interested in using bitcoin, sportsbooks will suit your needs. it’s easier on the betting site and they’ll make you a deal to pay in their preferred method.
bitcoin storage & collect
In the same way that you can have an account where you can buy and sell stocks, or engage in online banking, there are many reputable digital wallets available. you sign up for a free account and use it to buy, sell or hold any currency you want. this is a place where you can convert bitcoins to dollars or vice versa, and move money from one institution (bank, credit card, currency) to another.
If you’re sending a payment, go to the wallet, indicate where your money is going and how much, and hit send. if you are requesting cash, you land on the wallet after you have given simple instructions. from there you can transfer it to your bank, or just use it for storage.
a superior product
if efficiency appeals to you, bitcoin is perfect for you. the blockchain is incredibly secure because every transaction is verified by multiple people, it’s very fast, and sportsbooks love bitcoin punters.
If you get a last minute suggestion about a game and want to spend a lot of money on it, moving money with credit cards or transfers takes time and can be limited. bitcoin transfers are faster and not limited. Being able to act when an opportunity presents itself is vital to sports betting success.
next steps for bitcoin betting
You’ve taken the step, congratulations! Using bitcoin to fund your bookmaker will make things easier and reward you greatly. but what strategies should you use to make your bets win? What information do you need to know about various bets? What are your options when betting? Earning a few bucks is exciting, but the real fun is winning, and our resources can help you achieve that goal. get the answers before you start betting with bitcoin.