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.
Benefits Of Using BitCoin To Deposit Into Online Sportsbooks
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.
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.
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:
- Bovada – Bitcoin, Bitcoin Cash
- MyBookie – Bitcoin, Bitcoin Cash, Litecoin
- BetOnline – Bitcoin, Bitcoin Cash, DASH, Ethereum, Litecoin
- SportsBetting – Bitcoin, Bitcoin Cash, DASH, Ethereum, Litecoin
- 5Dimes – Bitcoin
- BetDSI – Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Ethereum, Ethereum Classic, Litecoin, Ox, Quantum, Ripple, Rlc, Status, Zcash
- BookMaker – Bitcoin, Bitcoin Cash, Litecoin, 40+ altcoins
- GTBets – Bitcoin, Bitcoin Cash, Litecoin
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.
BetOnline Sportsbook - Bitcoin Bonus Up To $1000!
BetOnline supports a handful of popular cryptocurrencies, but Bitcoin remains by far the site’s most popular way to process deposits. Over half of all of BetOnline’s customers now use Bitcoin, and to encourage you to jump on the bandwagon, BetOnline is offering a Crypto Welcome Bonus. This Bitcoin bonus will match your deposit by 100%, and with up to $1000 in extra free plays, you can basically double your bankroll right off the hop just by depositing with cryptocurrency.
When you deposit with Bitcoin at BetOnline, your funds are instantly converted to USD, which is how they’ll show up on the site. The conversion rate will reflect the live value of where Bitcoin is trading at the moment you deposit, and BetOnline is totally transparent about the entire process. When you deposit with Bitcoin at BetOnline, just use promo code “CRYPTO100” and hit the books!
Bovada Sportsbook – The Biggest Bitcoin Bonus On The Internet!
Bovada is the most popular sports betting site in the US, and for good reason. And though the service isn’t known for its varied deposit menu, it does accept Bitcoin and Bitcoin Cash. In fact, it was one of the first sites to accept either of these cryptocurrencies, and though other competitors might offer support for a wider range of cryptos, nobody has a Bitcoin Bonus as big as Bovada’s.
When you sign up with Bitcoin (or Bitcoin Cash) at Bovada, you can claim up to $500 in sportsbook free-plays with promo code BVSBITCOIN50, which matches your initial deposit by 50%. To maximize your Bitcoin at Bovada, you can get $4500 more in free-plays to put towards the site’s robust casino menu by using code BVCBITCOIN150 (redeemable 3X). Rollover is 5X for the sports promo (which is also usable at Bovada’s racebook), and it’s 30X on casino games.
MyBookie Sportsbook – Over 70% Of Customers Use Bitcoin!
At MyBookie, 72% of customers now exclusively use Bitcoin to deposit and withdrawal. Because there are no added fees for either option, this is the best way to maximize your investment and minimize any associated expenses with your sports wagering hobby. After all, betting on the games is risky enough – you shouldn’t have to spend even more money just to fund your account or claim payouts.
While MyBookie does not offer a dedicated Bitcoin bonus, you can redeem any of the site’s several new-member and reload bonuses with Bitcoin. When you make your very first deposit at MyBookie with Bitcoin, just type in “MYB50” in the appropriate field and you’ll have up to $1000 added to your account (10X rollover). You can also claim up to $750 in casino bonuses and take advantage of the site’s $20 risk-free bet on your first wager. Returning Bitcoin depositors can get a 25% sportsbook reload bonus worth up to $500 by using promo code MYB25 when adding fresh funds to their MyBookie accounts (5X rollover).
Best Online Sportsbooks That Accept Bitcoins
|Bitcoin USA Sportsbooks||New U.S. Player Bonus||Go To U.S. Betting Site|
|Review||50% Up To $250|
|Review||50% Up To $1,000 NEW!|
|Review||50% New Member Bonus!|
|Review||50% Up To $1,000 NEW!|
|Review||100% Up To $300|
|Review||50% Up To $520|
|Review||100% Up To $500 NEW!|
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.