Betting Sites
The world of online betting has changed immeasurably in recent years. Remember when Bitcoin was a quirk, a cryptocurrency few people knew about, much less used? That's no longer the case. Many other virtual currencies have joined it online, and many more people use them.
While you won't see Bitcoin accepted at all websites, the world of betting certainly has embraced it. There are plenty of reasons why this is the case, and we're going to discover some of them here. If you are thinking about betting with Bitcoin, read our full guide below first.
How many Bitcoin betting sites are there?
Plenty! Some online casinos and betting sites have added Bitcoin to their original list of banking methods. Others have been created around Bitcoin, so they only offer Bitcoin and sometimes other virtual currencies as well.
The perks of betting with Bitcoin
There are lots of them, but many players find themselves drawn to Bitcoin for several major reasons:
- It's anonymous - with no need to prove your identity or share information about your credit or debit card or other payment method, Bitcoin has a clear advantage in this area.
- Bigger bonuses when depositing via Bitcoin - most online casinos offer deposit bonuses to all players. However, we have seen many casinos offering a bigger boost to players depositing via Bitcoin. Often, the percentage bonus is bigger - and you can get more bonus funds too.
- Faster depositing and withdrawals too - sometimes these are instant, but you can certainly look forward to quick and easy deposits and withdrawals. While many casinos offer instant deposits across all banking methods, few can match the speed of a Bitcoin withdrawal by using any other method.
You can see that these are huge perks to think about when you're looking for a superb betting site to sign up to.
Are there any downsides?
Yes, we think every banking method has disadvantages and Bitcoin is no different in that respect. Firstly, we would encourage you to set a long and secure password for your wallet. This is the virtual wallet you're going to keep your Bitcoin inside. If you choose something simple to break, you could be at risk of losing your Bitcoin to someone intent on breaking into these wallets.
Secondly, we would always suggest reading up about Bitcoin before you get involved with the cryptocurrency. You need to know about security, of course, but you also need to know how to choose a wallet, and which one is going to be best for you. You've got separate ones for desktop computers and for tablets and smartphones, and you cannot switch between them.
Thirdly, always make sure you triple check all the addresses you are sending Bitcoin to. Let's say you open an account with an online betting site. They'll have an address you need to use to safely send Bitcoin to your account. If you get it wrong - perhaps even by typing in one number incorrectly - that's it… you cannot get your Bitcoin back.
Finally, online casinos and betting sites must abide by regulations in the country or jurisdiction they are based in. For example, a UK casino must adhere to all the rules laid down by the UK Gambling Commission. While some of these rules can feel frustrating to players (such as needing to prove your age before you can even try a slot game there), they're present for a reason - to protect players.
With Bitcoin casinos, it's possible that no licensing is in place at all. So, there is always the risk that you could end up playing at a casino that suddenly vanishes overnight… taking your account balance with it. And you'd have zero protection if that happened.
Which betting site is right for you?
There is plenty to think about when you want to join a Bitcoin betting site. Firstly, of course, you must check that the site you have found is happy to welcome Bitcoin deposits. Secondly, you need to make sure the site offers the services you are looking for. Here are a few possibilities you might come across; most sites have one or more of these:
- Sportsbook
- Casino
- Live casino
- In-play live sports betting
- Bingo
- Poker
There might be variations on these too, such as live table games instead of standard ones where you play against the computer. Think about the games and sports you are interested in and whether you'd like a site offering a mix of those or one that focuses only on the sportsbook or a casino.
Watch for bonuses and other features too
The best Bitcoin betting site is likely to be one that has some introductory bonuses for you. For example, you might find a no deposit bonus for the casino or a free sports bet if you're into the sportsbook arena. Always read the details for these offers as they can vary between betting sites. For instance, some may have lower wagering requirements than others for casino bonuses. As for the free bet possibilities, you may find that the best deals have minimum odds you need to meet to qualify.
Once you know more about Bitcoin and you've discovered some of the best betting sites around, you can be confident you'll find your ideal site to play at with mBTC.