5 Reasons Sports Bettors Prefer Betting With Bitcoin

Bitcoin has revolutionized sports betting and the gambling industry, and is now the preferred method for betting on sports. Compared to traditional sportsbooks, betting with Bitcoin is fast, legal, and allows almost instantaneous payouts.

Bitcoin simplifies deposits and withdraws because, unlike traditional gambling sites, it eliminates banking forms, driver’s license copies, and/or a credit cards in order to get approved for one limited withdrawal that may take weeks to collect.

Transferring Bitcoin only takes a few simple steps. First, find the Bitcoin wallet address, qr code, or email address where you’d like to send your Bitcoin. Next, select the account you want to send it from. Finally, click send, and your Bitcoin is transferred almost instantly to the wallet of your choice.

Below are six more reasons that make Bitcoin the preferred sports betting method.

1) Bitcoin is Anonymous

Being anonymous makes Bitcoin the preferred currency to use with sportsbooks because your Bitcoin transactions can’t be monitored or traced back to you, so your betting history remains your business.

2) Bitcoin Is Secure

Cryptographic hashes allow users to track personal transactions, while remaining anonymous to everyone else. This also allows players to monitor how a game is progressing and able to verify that the casino operator is not cheating.

3) Betting with Bitcoin is Technically Legal

Gambling with Bitcoin is technically legal since many laws that govern Bitcoin gambling are still vague (although different laws apply in different countries). Although governments have just started paying attention to Bitcoin, it is still currently legal in most countries to use for betting. However, companies offering Bitcoin gambling in restricted countries may still be held to that countries jurisdiction, but many online gambling companies base their servers overseas to get around local laws.    

4) Bitcoin Transactions Are Fast

With Bitcoin, transactions are almost instantaneous. Whether you’re depositing or withdrawing Bitcoin, confirming Bitcoin transaction with the network only takes seconds. A small transaction fee (miner’s fee) is applied when any withdrawal is made, but this fee is low compared to the hefty sums charged during international bank transfers.

5) Bitcoin Is Not Reversible

When gambling online with Bitcoin, bad experiences such as charge backs from fraudulent companies will never happen. You are assured that your Bitcoin is safe and it will stay safe. This is because every transaction is recorded publicly in the blockchain system, and if a company tries to rip you off, the evidence will be shown in the blockchain (although your personal information remains anonymous), indicating whether a transaction was made or not.

6) Bitcoin Is Decentralized

This means that you can bet with Bitcoin from anywhere in the world without having to worry about your credit card or bank account getting frozen for illegal activity.

Hopefully these six Bitcoin sports betting tips help you better understand online Bitcoin sports books, and the world of online sports betting.

7 Tips and Tricks for Bitcoin Sports Betting

When it comes to online sports betting, Bitcoin is your best bet. It's easier and more efficient for players (and sports betting sites) to use Bitcoin because it helps maintain anonymity, security, and facilitates faster transactions than tradition payment methods.

Below are 7 tips and tricks for Bitcoin sports betting that will help keep you winning and out of the black.

1. Know how to manage your Bitcoin:

Let’s face it, the main goal for online sports betting is to have fun and win Bitcoin. Losing the Bitcoin you started with defeats your original goal. Always set aside a portion of your bankroll that you don’t mind losing, and never chase your losses by placing bigger bets. Most pros recommend that you should never bet more than 5% of you bankroll on any one game. Spread out your bets and increase your winnings.

2. Do your homework before placing a sports bet:

Whenever you start something new, you always do research, right? Sports betting is no different. Before placing a bet on your next game, check the statistics and trends of each team. Become an expert on a particular sports team, sport, or conference. The more narrow your niche, the easier it is to do research when betting, and the better chance you have of winning.

3. Sports betting is all about timing:

To better your odds you need to bet at the right time. For example, if you bet on a favorite, you need to wager early while pros are dropping their dough on points. If you’re going to bet on an underdog, bet as late as possible because usually there will be heavy action on the favorite before the match. This doesn’t work for all sports betting, but it’s definitely a solid guideline.

4. Pick a good Bitcoin sportsbook:

There are tons of sites available for Bitcoin sports betting, but only bet with sites you know are trustworthy and secure. The last thing you want is for a site to get hacked and you lose your bankroll. Read online reviews and see what kind of security the site offers. An up-and-coming site we recommend to beginners and pros alike is Nextbit.co (they continually release features so keep checking back). Nextbit.co uses high-level encryption and security. They also have an easy-to-use interface, and offer fast cash outs and deposits. But regardless who you bet with, make sure it’s a premium site with premium features.

5. Know the games and read the sportsbook carefully:

This is more common sense than a secret. But you’d be surprised how many people lose because they didn’t read the rules specific to the Bitcoin sportsbook they were betting with. Before you bet, always read the Bitcoin sportsbook rules carefully and know the rules of the game you’re betting on. With these helpful tips, you can now start successfully betting with Bitcoin and increase your sports betting bankroll.

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