Betting on sports using Bitcoin has become a lot simpler than you can imagine. Recently, sportsbooks have been more accepting of Bitcoin bets and even give out larger bonuses for users who use cryptocurrencies, opposed to those who stick to traditional currencies. It’s also much nicer being able to both play and win in BTC.
We list the Top Bitcoin Sports Betting Sites
#1 – Cloud Bet
If you are looking for a safe and reputable bitcoin casino with multiple betting options, including sports betting and esports this is your best option.
You can literally bet on every major sporting event including NFL & NCAA football, NBA & NCAA basketball, MLB, NHL as well as boxing, rugby, MMA, and much more.
This is by far the best bitcoin focused sportsbook.
#2 – Bovada
This is one of the oldest sports books in the world, and they were also one of the first to focus on offering bitcoin deposits and withdrawals. A clear favorite Bovada offers betting on all of your favorites sports, they also offer a world class casino, poker rooms, live dealers, and much more.
#3 – Bet Online
Bet Online has an impeccable reputation and they have achieved this by offering some of the best customer service in the world, along with great odds. You can wager in BTC, and they offer options to wager on nearly any sporting event that you can think of. They also offer all new players a generous sign-up bonus. Also check out the great casino games.
A global leader in offering world class sports betting, they offer multiple cryptocurrency deposit options including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM).
#5 – GT Bets
This is another solid option for players who are want to wager on sports using Bitcoin (BTC) or other cryptocurrency. This is a smaller outfit than the others that we recommend, the benefit of this is they really go out of their way to offer the best in customer service, and they always aim to payout winnings as fast as possible. Make sure to checkout the promotions page.
The Basics of Bitcoin Sports Betting
Players must comprehend the fundamentals of crypto-currency betting before they even place their bets. There is a wide variety of bets you can choose from, each of them having its own pros and cons based on their type, wage and value. Some of the most popular ones are:
- Point Spread
- Live Bets
Moneyline: Choose the Winner
The most straightforward way to get into Bitcoin sports betting is Moneyline. The player receives a payout that is directly linked to the result of the event that is happening. The odds are expressed with fractions, decimals or American odds. We will use American style round the entire post, to keep things most understandable.
American odds detail what it would take for the player to win a certain amount of money on a particular bet. Imagine that the Super Bowl is happening and the player wants to win 100$. Odds are usually displayed as:
Pittsburgh Steelers (-200) vs. Dallas Cowboys (+180)
This means that if the player wants to win the 100$, they are required to place a 200$ bet in favor of the Steelers. In contrast, if the Cowboys win and the player has bet on them, they get paid out a sum of 180$.
Sportsbooks root the payouts by the current trends across the betting market; this is the reason why the payouts are much less than the bets themselves.
Parlay: Stacking Up Wins
Parlay betting allows the player to stack up games in order to enlarge their win. Usually, up to three games are required to place a parlay bet. The player can also use point spreads and moneylines to be stacked on a parlay.
While the payouts are generally larger, the only downside is that the player needs to win all the bets in order to be paid out.
“Props” or propositions bet means that the player bets on a certain occurrence of the event, not the result of the event itself. For example, the player can bet that Dak Prescott can score 25 points in a game or whether Andy Dalton does around 23 passes.
Point Spread: Marginal Winners or Losers
The catch of this type of bet is to bet on a game with even odds, meaning that the favorite needs to win by a certain amount while the underdog needs to lose by an even amount. If we use the game from the previous example, the bet would look like this:
Pittsburgh Steelers +3.4 (+130) vs. Dallas Cowboys -3.4 (-130)
For the player to win 100$, they need to place a 130$ bet. At the same time, the Steelers need to win by at least 4 points to ensure that the bet is won; if the Cowboys lose by 4 points or less, the player is also paid out.
This type of betting is especially popular with NFL and NBA games, because it is really easy to assume the favorite and the underdog on an even playing field.
Futures: Future Wins
By the title of the bet, it is obvious that the player bets on a prediction that is in the far future.
For example, you can bet on a certain NBA team to take the crown in the next championship:
Chicago Bulls +420
Meaning that if you place a 100$ bet, you can be paid out a sum of 420$. The downside being, that any other team can win the championship, leaving your bet to a loss
Choices of Bitcoin Deposits and Withdrawals
Generally, sites that allow crypto-currency betting enables players to continue wagering on their preferred sports; to keep things simple they usually cite BTC bets in dollars. Because of this, the sites protect the players from price swings that go up to 30%, as well as offering them larger payouts, sometimes even higher than 200%.
Using Bitcoin on sportsbooks is really easy. Firstly, you need to buy Bitcoins from your credit card, which can be simply done with exchanges such as Kraken or Coinbase. Once you have the coins, you transfer them to the sportsbook’s crypto wallet address. Transactions usually cost a couple of cents, and they appear on the sportsbook almost instantly. This process can be easily done through mobile apps or websites.
The only thing you need to note is that bitcoins trade to 12 decimals, in contrast to traditional currencies trade to 2. It is possible that sometimes a transaction can be completely free, but most sites limit users to a minimum and maximum exchange amount for deposits and wagers as well.