Betting in Bitcoin

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Betting in Bitcoin

Since their inception at the turn of the millennium, online casinos have been at the forefront of technology adoption. From mobile gaming to automated verification and the use of virtual reality, the industry is constantly evolving. This is normally great news for players, as most innovation is a step towards a better, safer, fairer, and more transparent experience. One of the most recent innovations has been the adoption of cryptocurrencies, including Bitcoin, as a way to replace traditional payment currencies.

How do You Bet Using Bitcoin?

To start betting using Bitcoin you simply need two elements. First, you need to own Bitcoin or another cryptocurrency. There are several ways to buy Bitcoin online right now, but your safest option is to use reliable exchanges such as Coinbase or CEX.io. These platforms let you buy digital tokens using a debit or credit card, as well as a range of other payment methods. In addition, they also provide you with a free, in-built wallet that you can use to store your coins until you transfer them to the Bitcoin casino.

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As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies.

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This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

This is, in fact, the second important element you need to bet using Bitcoin. Since not all online casinos support Bitcoin payments, you need to find one which does. Although there are hundreds of platforms on the Internet which accept crypto payments, you need to use caution to choose trustworthy ones.

The Advantages

Get Bitcoin

There are several important advantages to betting with Bitcoin and Altcoins over fiat currencies. The following are some of the main ones.

Anonymity

Although the levels of anonymity vary based on the terms of a particular online casino, you can be certain that you will face fewer hurdles to make withdrawals. In addition, since you are not using a card to make payments, your bank will not be aware of your casino payments.

Instant Deposits and Withdrawals

When paying in Bitcoin, funds are normally available in your account instantly. Furthermore, even withdrawals are transferred immediately, subject to approval from the casino. This makes cryptocurrency payments significantly cheaper and faster than bank transfers.

Deposit Bonuses

Since accepting cryptocurrency payments is significantly cheaper for casino operators, they tend to encourage players to choose this option in return for exclusive rewards. Bigger match deposit bonuses, more free spins, and even no-deposit bonuses can be available if you opt for Bitcoin payments instead of traditional options.

Odds

Once again, due to the lower cost of supporting cryptocurrency payments, odds at most Bitcoin casinos are better than at traditional ones. Such competitive odds are also available at Bitcoin sportsbook sites.

Options

The use of Blockchain technology combined with cryptocurrency payments has led to the creation of several innovative betting options and services. For example, Smart Contracts are aiding payouts to be processed quicker and safer, without requiring input from a casino member.

The Disadvantages

Unfortunately, betting with Bitcoin is not all roses. There are some disadvantages which you need to be aware of.

Lack of Regulation

Casino regulation has long been considered to be an important way to distinguish reliable casinos from potential scams. Although many countries license casinos, Malta and the UK are thought to be the leaders in terms of trustworthiness. Neither jurisdiction has yet offered licensing to Bitcoin casinos.

There are several reliable Bitcoin casinos that are not regulated, but this makes it harder to identify a genuine operator from a dangerous one. With decreased checks from authorities, there is a noticeably larger threat coming from cryptocurrency casinos than there is from traditional ones.

Fluctuating Values

One of the reasons behind Bitcoin’s global growth is due to its volatility. The value of most cryptocurrencies fluctuates significantly throughout the day. There are several reasons why Bitcoin’s price changes, including its popularity amongst day traders and speculators. For you as a player, this change in value means that you can never really be sure what value is stored in your casino account.

Risk

Cryptocurrencies are associated with more independence and anonymity, but the flip side to this is decreased oversight. If you are a victim of credit card fraud you can get assistance from Visa or Mastercard, but in the case of Bitcoin payments, your options are fairly limited.  Although there are specialised services which can help you recover lost Bitcoin, the outcome is far from guaranteed.

Betting in Sports

The same wave which led to the growth of Bitcoin casinos also gave rise to Bitcoin sportsbooks. Today, you can bet on practically all disciplines, including eSports, using Bitcoin, Ethereum, Litecoin or any other supported coin. Just like with traditional sportsbooks, major leagues and tournaments from around the world are available, and you can normally look forward to better odds and faster payouts.

The popularity of sports betting has given rise to virtual sports, which are virtual alternatives to real competition. Especially popular when a real match is cancelled due to weather or something else, these games provide an animated and immersive experience which combines entertainment with fresh betting opportunities.

Choosing a Bitcoin Betting Site

Bitcoin Betting Sites

Picking the right Bitcoin betting platform can be tricky, especially if you’re a new player. The following sites provide a combination of safety and entertainment, in addition to bonuses and support. It is likely that at least one of these match your gaming preferences.

FortuneJack

FortuneJack is a Curacao-licenced Bitcoin-friendly casino which offers hundreds of game titles and genres powered by some of the best developers in the industry. Featuring a variety of bonuses, including no-deposit bonuses and welcome packages, FortuneJack is a great place to start your Bitcoin betting adventure. Payments can be made in eight different coins, including Bitcoin Cash, Dash, and Monero.

1xBit

1xBit is a truly global crypto casino. Available in 60 languages, it offers both a web and a mobile solution that is capable of supporting up to four games at once. The casino provides some of the most generous welcome bonuses in the industry and offers different rewards to loyal players. Supporting eight different digital coins, you can play at 1xBit using coins including Litecoin, Ethereum, and Dogecoin.

Bitomania

Offering everything from online casino games, live casino games, and a sportsbook, Bitomania makes up for its simplistic design with copious amounts of choice. The Bitcoin-only casino only accepts the world’s largest cryptocurrency but offers awesome welcome packages and ongoing promotions. Its sportsbook offers a variety of disciplines, including football, darts, and boxing.

Fixed Odds vs Pari-mutuel Betting

When betting on sports, players are increasingly given the option of choosing an alternative to fixed odds. Pari-mutuel betting allows similar bet types made by different punters to be placed together in a pool. Once the house take is removed from this pool, payoff odds are calculated and the pool shares the winning bets. As a result, the true odds of pari-mutuel are not determined until the pool is closed. In addition, pools are betting against each other rather than the house, and this normally results in better odds. 

The debate over which betting system is better is ongoing, but Bitcoin sportsbooks which offer both options are able to attract a greater variety of players.

Final Thoughts

There are several reasons why it is certain that Bitcoin casinos and sportsbooks are here to stay and grow. From better rewards to faster payments, using cryptocurrencies is becoming increasingly easier and widespread. In addition, the adoption of Blockchain technology has led to the creation of better betting options and fairness mechanisms. Whilst there is still much to do in terms of building a trustworthy Bitcoin casino industry, things are certainly heading in the right direction.

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