The whole idea of Bitcoin sports betting is exactly the same what people have been doing for thousand of years, to wager on the outcome of an event between two or more competitors. The only difference nowadays is “how” we place bets.
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Advantages of Bitcoin Sporstbook
Bitcoin is changing the gambling industry upside down and sports betting is the biggest piece of a pie. Why? Because Bitcoin delivers something what conventional currencies are not capable of:
- Instant Transactions
- Low Transaction Fee
- Generous Bonuses and Promotions
Instant Transactions by Bitcoin Sportsbook
The main reason why Bitcoin is so popular in sports betting – convenience. I will not go into details what Bitcoin is, you can read the guide here, instead I want to deliver this message to punters all over the world that withdrawals are fast as deposits.
Therefore, if to compare any fiat currency like USD or EUR with BTC (Bitcoin), the main difference would be that fiat currency is being regulated by Central Banks, where Bitcoin is a decentralized currency and is controlled by no one. It is a peer-to-peer technology, where payment or in our cases deposits and withdrawals are almost instant.
Low Transaction Fees in Bitcoin Sports Betting
Every single time you are using debit/credit card to process a payment, you are getting charged a transaction fee. It doesn’t matter whether you paying for a good or service or placing a wager on a sport event, the transaction fee always applies. Moreover, banks or third parties issuing the credit cards are aware of all your spending patterns.
Finally, comparing to fiat currency the transaction fee almost equals to zero. Banks apply high transaction and exchanging fees. With Bitcoins you will never experience this headache ever – Bitcoin is ubiquitous. When you decide to use Bitcoin in sports betting, no matter where you reside, chargers are exactly the same for everyone.
Anonymity and Security
Bitcoin provides anonymity, which is everybody seeking nowadays. You need username, password and valid email to create an account with Bitcoin sportsbook. Therefore, your personal information cannot be disclosed or misused by third parties.
Bonuses and Promotions in Bitcoin Sports Betting
Low transaction fee while using bitcoins, gives more financial resources for Bitcoin sportsbooks to create frequent promotions and offer amazing bonuses. Always check promotion section for upcoming promos or contact support for more details.
Checklist of Trusted Bitcoin Sportsbook
When you decide to place a bet using Bitcoin and not sure which sportsbook to trust, I recommend to pay attention to following criteria while reviewing a Bitcoin sportsbook:
- Trusted Sites vs License
- Sport Events
- Bonuses and Promotions
- Customer Support
In some cases license is not mandatory, but still plays crucial role in decision making process when it comes to a gambling websites. Gambling license guarantees that provider operates under certain jurisdiction and obeys to fulfill its obligations to: respect, protect and not violate users’ personal data and gambling experience in general. Therefore, operators who obtained their gambling license can be trusted for online gambling activity.
However, license is not the key element that defines Sportsbook’s success. Reputation and trust – are the main components that define reliable Bitcoin Sportsbook from a scam. The best examples to backup this statement would be Cloudbet.com and Betcoin.ag that operate online since 2013. Thus, gambling license in this example is not playing any role whatsoever.
Another indicator of a safe Bitcoin sportsbook- sport events. When you visit Bitcoin sportsbook for the firs time pay attention on 2 things: –
- Odds offered – bigger odds are always better. Bigger payouts!
- Sport events – major sports events must be covered. If Bitcoin sports betting site is not offering major sport events, then players will go somewhere else. That simple.
Think strategically in the long-term, it is absolutely fine to have an account with each Bitcoin sportsbook. Check events, compare odds and only then place a bet where you have bigger “return on investment”.
Promotions and Bonuses
When it comes to promotions and bonuses I suggest to monitor personal email. Make sure to provide a valid email during registration in the first place. Normally, Bitcoin sportsbooks notify users about upcoming promotions via email.
In addition promotions are usually run in the beginning of the season, or before a big sport event. Moreover there is no harm if user asks customer support directly, whether you entitled for a bonus or when next promotion will take place. So stay tuned.
Direct communication channel is crucial in building successful and profitable business. Limited or poor customer service is a first signal that Bitcoin sportsbook either doesn’t control its frontline staff performance or simply doesn’t care of its customers.
I keep saying this every single post – bitcoin gambling site must have a live chat. Hence, try not to neglect and check customer support prior placing bet.
Remember, placing wagers on sports must be enjoyable and entertaining. There are number of reasons to place bets at Bitcoin Sports betting sites:
- Users are free to access sportsbook from anywhere.
- Deposits and Withdrawals are instant, without big transaction fees.
- Anonymity. No verification process required, so no concerns about data privacy.
If you decide to place a bet at Sportsbook, which is not in my list, make sure to read reviews online to ensure that sporsbook is safe prior placing a bet.