As the age of the Internet continues to produce more and more strange trends and technical advancements, all kinds of new products and services constantly pop up. Some of these come and go, while others gain immense popularity. Perhaps the most interesting Internet phenomenon of recent times – and maybe ever, given the groundswell of fundamental change it represents – is the rise of Bitcoin and cryptocurrency. Also quite interesting is that fact that online, offshore sportsbooks were among the very first commercial business to accept Bitcoin deposits (with some conspiracists even claiming that sports betting was the direct impetus for the creation of Bitcoin in the first place).
Simply put, Bitcoin is a form of Internet currency, created by an unknown man or team using a false name (“Satoshi Nakamoto”). Bitcoin pioneered the technical concept known as the “blockchain,” which is a revolutionary, quantum-hacking-resistant data ledger that provides the greatest-known transaction encryption. Bitcoin is traded like a stock or commodity, and its value goes up and down depending on market trends. There is a very active online Bitcoin community, so it only makes sense that sports betting sites would embrace this technology. And they have!
Even better, because Bitcoin is decentralized, there are no banking institutions or government agencies involved in any Bitcoin transaction, making it ideal for things like sports betting where privacy is key. As such, Bitcoin is beginning to be accepted by more and more companies and service providers worldwide. With no “home nation,” Bitcoin currency has no national affiliation and therefore is not subject to conversion fees like many other currencies.
Read on and learn how Bitcoin can now be used to deposit into several of the sportsbooks for USA players. We also explain the advantages and disadvantages of Bitcoin sportsbooks as well as the rules and stipulations governing Bitcoin use at legal offshore sportsbooks.
Best Online Sportsbooks That Accept Bitcoins
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Can I Use Bitcoin With Online Sportsbooks?
You can use bitcoin with online sportsbooks as long as those online sportsbooks are located offshore. With only one exception – the state of Wyoming – all in-state sportsbooks are prohibited from accepting bitcoin deposits as well as any other cryptocurrency deposits. This means that offshore sportsbooks are the best places for any crypto user to go to wager on sports.
Best Bitcoin Sportsbooks
There are several online sportsbooks that accept cryptocurrency, and they are unfiromly located offshore. The best of them are listed here, and accept not just bitcoin, but multiple cryptos. In addition, these sportsbooks also offer extra bonuses for crypto users, as well as fast withdrawals and deposit times for those who deposit and withdraw in crypto.
The Biggest Bitcoin Bonus On The Internet!
Bovada features a top tier bitcoin sportsbook, with no fees and instant processing times on bitcoin deposits, as well as free withdrawals. They offer a great Bitcoin welcome bonus with a 75% match up to $750, with a 5x rollover for sports betting and horse racing. This bonus can also be used in their casino, where it has a 30x rollover, so you can play through it however you’d like.
Bitcoin Bonus Up To $1000!
An excellent Bitcoin sportsbook for the high rollers, BetOnline offers a sky-high max deposit of $500,000 for BTC users. Their transactions have no fees applied, and processing time is instant, even for big money transfers like that. Their withdrawals are similarly generous, as you are able to take out as much as $100,000 when you withdraw from BetOnline.
Over 70% Of Customers Use Bitcoin!
A sportsbook that has been a longtime crypto adopter, MyBookie conforms to industry standards by not assessing any fees on bitcoin usage, as well as allowing transfers to happen nearly immediately, although they do give themselves up to 24 hours to fully process transfers. In our experience, this is rare, and their BTC transfers tend to be instant, but it is possible.
Generous Bitcoin Deposit Bonus
One of the more diverse cryptocurrency sportsbooks, it would be more of a shock if SportsBetting didn’t accept bitcoin than if it did. It operates similar to BetOnline in that it accepts up to $500,000 in BTC and will pay out up to $100,000 in BTC at any given time. No fees are applied to bitcoin usage and transfers of bitcoin are instantaneous.
Safe And Reliable Bitcoin Deposits
Like MyBookie, XBet gives themselves a bit of a grace period - up to 24 hours - to process Bitcoin withdrawals and deposits. It is unlikely in the extreme that they actually need this grace period, but it is possible. XBet does not have any specific crypto bonuses, which is a knock against them as a crypto sportsbook.
Bitcoin Deposits and Payouts
Accepting bitcoin deposits from $10 to $50,000, XBet has a large range of deposit options. Their BTC deposits are free, and deposits happen instantly. They allow themselves up to two hours for withdrawal processing, but once the withdrawal itself is processed, it is transferred instantly BetUS offers a 200% matching crypto signup bonus.
Benefits Of Using Bitcoin To Deposit Into Online Sportsbooks
So, what are the benefits of using Bitcoin to deposit into online sportsbooks? Well, there are a great many reasons why, but the quick and dirty answer is that it will save you the most money, and be the most efficient method of deposit and withdrawal.
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100% Success Rate On Deposits - Bitcoin is not tied to any nation and therefore cannot be regulated by any nation. While the U.S. can attempt to stop transactions to and from betting websites that involve U.S. currency, they cannot do anything about exchanges using Bitcoin.
No Surcharge When Used At Online Sportsbooks - Currently most other sportsbook deposit methods on other betting sites incur some form of fee charged by the service used to deposit. Because depositing with Bitcoin is essentially exchanging one form of currency for another, there is no fee.
Quick + Instant Deposit Capabilities - Bitcoin is very quick to deposit, with most transactions being processed within 1 to 2 hours. Many forms of deposits often can take days or weeks to ship to the provider of a site and then be processed by said provider. Bitcoin is exchanged over the Internet and therefore are converted and credited relatively quickly.
Big Bonuses - The bonuses available at many online sportsbooks for using bitcoin are enormous. The sportsbooks love bitcoin players - they just do! This means that you generally get the best signup and deposit bonuses when you deposit with bitcoin as opposed to other methods of deposit.
Drawbacks Of Using BitCoin To Make Sportsbook Deposits
Value Always In Flux - So, this is a bit of a thorny subject. Bitcoin is a currency, but many people are invested in it like a commodity. One could say that any currency is subject to change, but with Bitcoin, the degree of the changes has been drastic in the past. The basic gist is that you could purchase a large quantity of Bitcoin one day, and overnight the price could drop, leaving you with coins that were worth only a fraction of what you purchased them for, effectively wasting your money. However, keep in mind that the reverse is also true – given the relative volatility in the value of Bitcoin compared to more traditional currency options. You could end up purchasing Bitcoin only to find the price has gone up, and you have made money simply by purchasing the coin.
Might Need To Convert To Dollars - If you are using Bitcoin purely as a medium of transferring your money to and from sportsbooks, you will at some point likely convert that money back into dollars. This requires selling the Bitcoin on an exchange, which is a process that is easy to do, but still adds some time to your cashing out. This is not a relevant concern if you plan on keeping your winnings in Bitcoin, however.
Using Bitcoin To Withdraw From Online Sportsbooks
Bitcoin is possibly the most popular and most convenient form of currency to withdraw from online sportsbooks. There are low minimum requirements across all online sportsbooks that allow for Bitcoin withdrawals and these transactions come almost instantly as well. As for how Bitcoin bettors actually go about withdrawing the coin from their accounts, the finds go directly back to your online cryptocurrency wallet wh ere they can then transfer those funds to their bank accounts like normal. All in all, the process could take less than 20 minutes and happen even faster once bettors can the hang of things.
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Bitcoin Sportsbook Bonuses
Other Cryptocurrencies Accepted By US Online Sportsbooks
Bitcoin is the most popular and widely-accepted cryptocurrency in the world. It originated the concept, after all, and its blockchain technology constitutes a watershed development in the history of online data security. As such, Bitcoin has spawned a burgeoning market of other competing cryptocurrencies, which are called “altcoins” and each has its own standards and trade names. All of the top online, offshore sportsbooks accept Bitcoin, and most of them accept the bigger altcoins like Ethereum, Bitcoin Cash and Litecoin, but some sportsbooks are more friendly to smaller altcoins than others. Here is a short list of the cryptos currently accepted at our favorite online sportsbooks:
Benefits Of Bitcoin Usage At Online Sportsbooks
100% Success Rate - Bitcoin deposits always succeed, there’s no issues with bank interference or anything like that, so you know your money is getting where you want it to go.
No Fees - Bitcoin deposits and withdrawals do not have fees attached to them by the online sportsbooks or by any bank.
Fast Transaction Times - When you deposit with Bitcoin you have access to a currency with incredibly fast transaction time, for both deposit and withdrawals. BTC is often the fastest way to deposit and withdraw at online sportsbooks.
Big Bonuses - The biggest bonuses at online sportsbooks are typically reserved for crypto users if they accept crypto.
Drawbacks Of Bitcoin Usage At Online Sportsbooks
Occasionally Slower Than Other Crypto - Some cryptocurrencies, like Litecoin, are occasionally faster than Bitcoin, but BTC is still faster than any traditional method.
Value Varies With Market - Like all cryptocurrencies, BTC is traded, so there is some volatility inherent in owning it.
Can’t Withdraw Unless You Deposit - Withdrawals must be done to the same wallet you deposited with, so you cannot withdraw with BTC unless you deposited with BTC.
Bitcoin At State Regulated Sportsbooks
Bitcoin is widely unusable at state regulated sportsbooks such as FanDuel and DraftKings, with one exception. In Wyoming, you are able to use Bitcoin with those sportsbooks, but only in Wyoming, and only at the sportsbooks available in Wyoming. You cannot, for example, have FanDuel’s PA app installed, go to Wyoming, and use BTC. You can, on the other hand, use Bovada in Wyoming as well as Pennsylvania and access BTC, thanks to Bovada’s offshore status.
How To Deposit With Bitcoin At Online Sportsbooks
Step 1: Get A Bitcoin Wallet
You can create a bitcoin wallet on a variety of apps, such as CashApp, as well as several apps developed specifically to serve as crypto wallets. A crypto wallet will simply hold your money while you transfer it. Make sure your wallet and password are safe and secure, as they are your proof that the wallet is yours.
Step 2: Purchase Bitcoin On A Crypto Exchange
You can purchase bitcoin on a variety of different online exchanges. Some apps, such as Cash App, perform the function of an exchange and a wallet at the same time. Others will require you to link your wallet to the exchange after you purchase your BTC to transfer it to your wallet.
Step 3: Send Bitcoin To The Sportsbook
In order to accomplish this, you simply have to choose the Bitcoin deposit option at the sportsbook of your choice, and enter your wallet address and the chosen amount of bitcoin to deposit.
How To Withdraw With Bitcoin At Online Sportsbooks
Step 1: Use The Sportsbook You Deposited With
Bitcoin sportsbooks only allow you to withdraw in bitcoin if you deposited in bitcoin. This is because they do not want to be used as money-laundering clearing houses, so they make sure transfers only go to and from the wallets that initiated them.
Step 2: Perform The Withdrawal
This part is simple - you just select the bitcoin withdrawal option, enter your wallet address and the amount you want to withdraw, and you’re good to go.
Best Sportsbooks That Welcome Bitcoin Deposits
There are a huge number of online sportsbooks that accept Bitcoin, but due to the nature of Bitcoin itself, support for the cryptocurrency is not an actual indication of a sports betting provider’s reliability or good standing in the wagering community. Because Bitcoin is decentralized, there are many scams and criminals that use the currency, too. Separating the fly-by-night scam sites from reputable books can sometimes seem a truly daunting task. Fortunately, we've have done all of that work for you and can confidently express the best sportsbooks that welcome Bitcoin.
In fact, because it takes meddlesome banking institutions and governmental oversight out of the equation, Bitcoin is fast becoming the preferred payment mechanism at all the top online sportsbooks. Not only does depositing on gambling sites with Bitcoin make for quicker money transfers but it also comes with no fees, lesser minimum requirements, higher maximum allowances, and the peace of mind knowing that your personal information is not associated with the online gambling site. The following online bookmakers have been accepting Bitcoin for years, and each provides you with plenty of incentive to use this new form of payment.
Bitcoin Use At Online Sportsbooks – Conclusion
Overall, Bitcoin is an extremely unique proposition as far as funding your sportsbook accounts go. It offers unique advantages as well as unique disadvantages. It can be a bit difficult to understand conceptually, and a bit esoteric in terms of setting up your wallet and securing it and making sure that you are able to have access to it in the future, but the advantages are enormous. Transactions are very fast, the fastest of the available methods, and they are secure. It is, however, impossible to talk about Bitcoin without mentioning its famous volatility. Much of the allure of Bitcoin came from speculators, who bought the currency and advocated for widespread adoption, then sold the currency, treating it more like an investment than a currency.
This can and has caused large fluctuations in the price of Bitcoin, and this is something to be aware of when funding – it is likely best to do so in a short time frame if you are using Bitcoin to fund your sports betting so that you don’t forget about your coins for a few weeks and come back to less money than you left there. Of course, you could also come back to much more money than you left there, so, perhaps Bitcoin is a gamble of its own! Overall, if you are tech-savvy enough to use it, which is a much lower bar than people think, Bitcoin is an excellent method of depositing and withdrawing funds at online sportsbooks.