Bitcoin payments have become really popular recently. However, not all bookmakers accept crypto payments, so here is where you can bet using Bitcoin:
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What are Bitcoin bookmakers?
As the cryptocurrency continues to increase in popularity, there are many new online bookmakers that accept only Bitcoin bets. They are the leading bookmakers that want to take their share from the Bitcoin market. We can also add to them those betting websites that accept deposits and withdrawals using cryptocurrencies and, in particular – Bitcoin.
Crypto-based online bookmakers are taking a huge risk since the cryptocurrency may collapse at some point in the future. If this happens, the crypto bookmaker will have to close. However, the situation is a little bit different for the betting websites that accept other types of payments, not only Bitcoin. Even if something goes wrong in terms of the cryptocurrencies, the additional deposit and withdrawal methods will still be an option for players to use.
What differentiates Bitcoin betting websites from the standard ones?
If we make a comparison between a Bitcoin bookmaker and a standard one, the main difference will be in two things:
- payment methods
- confidentiality of your personal information
The only accepted currency within the Bitcoin bookmakers is based on the crypto blockchain technology. Of course, apart from Bitcoin, other betting and gaming websites could also accept other similar currencies. Nevertheless, Bitcoin bookies are the most popular ones because this is the most wide-spread fiat currency. That said, standard bookmakers offer a lot more payment options.
The other main difference lies in the signup process. With Bitcoin betting websites, players don’t have to provide a lot of personal information to the bookie that is otherwise required by standard bookmakers. Choose crypto bookmakers if you want to remain anonymous. However, this could also be a disadvantage because you might end up with a bookmaker who is trying to scam you. Legit companies offer a standard verification procedure that you use to confirm our personal data. By doing this, the companies know the user behind their login details, and there are no problems when it comes down to paying out their winnings or accepting their bets.
Are Bitcoin bookmakers legit?
The online bookmakers, which are based entirely on Bitcoin payments, are legal. You can find information about their licence in the footer of their sites. However, there is no doubt that there could be illegal Bitcoin betting bookmakers on the internet, so we advise you to avoid them.
The situation is similar among betting websites that only offer cryptocurrencies as a part of their payment options. They are licenced and regulated by gambling commissions, and their activities, including payouts, are monitored.
Are Bitcoin betting websites reliable?
Every Bitcoin betting website can be as reliable as the standard online bookmakers. If the company that manages the crypto bookie has serious intentions to further develop its services in this industry, it will have a professional approach towards each of its customers. At the same time, it will also have an online gambling licence.
The online bookmakers that don’t only offer bitcoin payments but other currencies that are not based on the blockchain technology can be considered as a little bit more reliable. That’s due to the fact that if there is a drop in the price of the cryptocurrencies, there probably won’t be many crypto bookmakers and crypto casinos left. However, other websites will continue to operate.
Advantages and disadvantages of Bitcoin bets
The online bets done with Bitcoin have their positive and negative sides, so let’s take a look at the main ones:
- They protect your anonymity
- Payments are made only via one currency
- You have all standard betting option at your disposal
- They only accept bitcoin payments or another cryptocurrency
- It is possible for those websites to disappear if the Bitcoin price collapses
FAQ
Which are the best bitcoin betting websites?
We advise you to take a look at our up-to-date online chart with the top online bookmakers that accept Bitcoin bets.
Do standard bookmakers accept Bitcoin payments?
Yes, there are online bookmakers that offer deposits and withdrawals using different methods, including Bitcoin.
Do I really stay anonymous if I bet with Bitcoin?
Yes, the blockchain technology on which cryptocurrencies are based ensures your anonymity when you pay through them.