Bitcoin Betting Guide 2020

Best Bitcoin betting bonuses for December 2020:

• 22Bet offers a 100% first deposit bonus up to 122 € to sports betting.
• Cloudbet has a huge first deposit bonus of 100% up to 5 BTC – also to betting!
• 1xBit offers very good first deposit bonus of 100% up to 1 BTC – for casino and sports betting.

If you are new to Bitcoin and Bitcoin casinos, here you can read the brand new Beginner’s Guide to Bitcoin Casinos 2020 to get started!

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Bitcoin betting guide

Bitcoin betting benefits from Bitcoin’s unique features. Read more about betting with Bitcoin from this guide.

What are the benefits of betting with Bitcoin?

The main benefits are anonymity, almost instant deposits and withdrawals, and a wide variety of betting choices at online gaming sites. Here are the unique features of Bitcoin explained in more detail.

1. Anonymity

You don’t have to provide your real name, home address, phone number, credit card number or ID/Passport just to request a payout. At most Bitcoin betting sites you only need a working email address and a Bitcoin address to deposit and withdraw your money and possible winnings.

Please note that some Bitcoin betting sites still need some KYC (Know your customer) for withdrawals for example. This can mean uploading your ID to the casino even though you are using Bitcoins. This information can be found in the banking terms and conditions that are available at each Bitcoin casino.

2. Instant deposits and withdraws

Bitcoin sportsbook sites allow for nearly instant deposits and withdrawals. This is an excellent feature if you want to place a quick bet and the games are starting soon. Or if you happen to win a big amount of Bitcoins in betting, it is always nice to have the money sent right away to your Bitcoin address.

3. Big deposit bonuses to Bitcoin betting sites

Bitcoin betting sites have unusually big deposit bonuses that cannot be seen in regular online betting sites. For example CloudBet offers a huge 100% first deposit bonus up to 5 BTC! The bonus is released by 0.01 BTC increments for every 800 loyalty points you earn and you have a full year (365 days) to clear the bonus.

This bonus is available for both casino games like slots and also for sports betting, which is quite rare. If you would like to deposit other cryptocurrencies than Bitcoins, this bonus is also available in Ethereum and Bitcoin Cash. Here you can read more about Ethereum and Bitcoin Cash casinos.

4. Competitive odds

Odds at Bitcoin sportsbook sites are usually very good and fully comparable to regular online sportsbook sites. You can also create many accounts at different Bitcoin betting sites and choose the best odds for your specific game.

5. Innovative betting options

Bitcoin sportsbook sites also offer very unique betting options, like the mutual betting at Onehash. What is mutual betting? It means that all bets on the same event are placed together in a pool. The payout is calculated by sharing the pool with all winning bets. So there are no fixed odds and you are practically playing against other bettors, not the house. Onehash is only taking a small commission of each bet placed.

This is OneHash cryptocurrency sportsbook site that offers a special mutual betting option.

What are the disadvantages of betting with Bitcoin?

Here are some of the disadvantages of Bitcoin betting in our opinion.

1. Lack of casino and betting site regulation

The online casino licenses from Malta and United Kingdom (UK) are generally thought of as the strongest online casino licences. What does it mean to be a strong license? For a casino to get a Malta license for example, the casino has to have an age and identity verification process, checks for payment verification and many measures to control your playing in case of a gambling problem.

At the moment the Malta and UK casino licenses are not accepting Bitcoin casinos. So the only choice for a Bitcoin bettor is to choose a casino with a weaker player protection like Curacao, Cyprus, Costa Rica or Montenegro. Some Bitcoin and cryptocurrency sportsbook sites can work also without a casino license at all.

A weaker license or lacking license doesn’t necessarily mean that you will get scammed instantly when making the account. But in general, more regulation means usually more player protection in case you run into problems. It is interesting to see if the cryptocurrency sportsbook sites will get more stronger licenses in the future.

2. Fluctuating cryptocurrency value

As everyone knows, Bitcoin and other cryptocurrencies can have a lot of turbulence in the EUR/USD exchange rate. Of course, one Bitcoin is always one Bitcoin, but some players can find it disturbing that your 100€ deposit in Bitcoins can be worth 80 € next week…or 120 €.

Predicting the value is really hard even for professional traders. But this is the fact you have to face if you choose to place bets with cryptocurrencies.

3. Security and personal mistakes

When using Bitcoin and cryptocurrencies, you have all the freedom but also you are the only one responsible for the security and personal mistakes.

If you use VISA or Mastercard and buy a flight or something from an online store, you will usually get your money back if the company goes bankrupt or somebody refuses to send you the item. Also if someone hacks your internet bank account, the bank is usually responsible for returning you the funds if the security flaw hasn’t been your flaw (like forgetting the passwords to a cafe for example).

Using Bitcoin, it is solely your fault if you deposit the cryptos to a wrong address. Or if somebody hacks your crypto account due to an easy password – that’s your fault. Also if a crypto exchange is hacked or goes bankrupt (genuinely or just vanishes), you most likely will lose all the funds.

So be careful with Bitcoin and other cryptos! It’s all up to you.

The lobby of Cloudbet, one of the best Bitcoin sports betting sites.

Which sports types can I bet with Bitcoin?

When it comes to choosing a sport to wager on, Bitcoin sportsbooks offer a choice that is as wide and varied as a standard online sportsbook. As well as being able to wager on football, or soccer if you’re of the American persuasion, you can bet on Rugby, NFL, NBA, NHL, Cricket, Horse Racing and much more.

On top of all these different sports there are also the individual leagues that can be wagered on. So if you like betting on football you will have access to the English Premier League, Bundesliga, Serie A, La Liga and all other top level leagues. On top of this there will also be access to smaller leagues such as the Belarusian league. Each game will also include a range of different markets making the total choice on offer utterly incredible.

In the modern world it’s not just athletic sports that are available either. The current rise in eSports means that it has made its way to Bitcoin sportsbooks. You can place wagers on a host of the top contests from League of Legends to Fortnite. There are also virtual sports which are computer run simulations that offer odds on simulated sporting events.

Can I place live bets with Bitcoin?

Live betting is also known as in play betting. This is when you place a wager on a market of a game that is already taking place. So for example, if a game of Rugby is in the second half you might choose to place a wager on how many points will be scored during the time that is left.

In play betting is available at the vast majority of Bitcoin sportsbooks, but you should check over the terms and conditions at the site before trying to place a bet. This is because not all online sportsbooks offer this facility.

Many betting sites offer live bets. Here’s an example of a Bitcoin live betting page at Cloudbet.

Odds at Bitcoin sportsbooks

Put simply the odds at Bitcoin sportsbooks are pretty much in line with what the industry offers. This is because the odds are calculated based on a number of different statistical metrics. So it doesn’t matter what the currency that is being used to place a wager is, the probability of each bet isn’t impacted.

As such you won’t have any disadvantages in terms of payouts when it comes to using a Bitcoin sportsbook. Of course special offers might cause small changes in odds that are offered, but Bitcoin sportsbooks also have their own special promotions that run so you still won’t lose out by playing at a Bitcoin sportsbook.

Bitcoin sports betting bonuses

The sports betting bonuses that are available at Bitcoin sportsbooks are very similar to the ones that you will find at standard sportsbooks. Depending on the sportsbook, players will be offered promotions such as: acca boosts, increased odds on certain games, free bets and matched bonuses.
The promotions that are running at any one time can change on a regular basis. This is why it’s important to look through our reviews of trustworthy Bitcoin sportsbooks and then from there you will be able to find what promotions are currently running. Remember, you can sign up to more than one sportsbook at a time, so you can pick and choose the best bonuses for you!

How to choose the best Bitcoin betting site

Choosing the best Bitcoin betting site can often be a difficult choice. There are a lot of them around these days, it’s not like five years ago. There are also some that will take advantage of you given half the chance. That’s why you should look through our Bitcoin betting site guides. From here you will be able to find out which Bitcoin betting sites are trustworthy and which will offer you the best service.

Just take a look at our highest-rated sites and you can rest assured that you will be treated properly and fairly. We don’t recommend sites that behave in an improper manner, so it’s just a case of finding the site that has all the features you need and then using our link to sign up.

FAQ

Will I have to pay taxes on my winnings?

This all depends on where you are from. Some countries apply taxes to winnings from gambling, some don’t. Some countries don’t tax Bitcoin either. In fact, Bitcoin is often exempt from taxation in a large number of different countries, which makes it a very useful way to place bets. It’s important to look over the rules in your own country to make sure that you are complying with tax rules correctly.

Can I get my Bitcoin back if I use the wrong address?

If you have copied and pasted your address then you shouldn’t have any problems when it comes to this. If you do type it and put in a wrong character then there is also a good chance that the address won’t be valid so the transaction will be cancelled. However, if you do put in a valid address then the Bitcoin will be sent to this address and you will have lost it forever. This is why it’s important to be careful when entering address details.

What if the price of Bitcoin changes?

That’s just what can happen with Bitcoin. It’s no different to any fiat currency in that regard. They regularly move up and down in terms of what they are worth. Bitcoin does exactly the same. This is a risk that you take when using it, but it is always worth remembering that just as it can go down in value, it can also go up in value too.