MyTopSportsbooks Bitcoin Betting Guide
As Bitcoin surges in both popularity and relevance, the number of sportsbooks now offering Bitcoin as a payment option has exploded. So how do you know which ones are safe and will not close up shop unexpectedly taking your BTC with them? In this article, MyTopSportsbooks provides a guide to the best and safest Bitcoin sportsbooks, in addition to outlining why it’s important to use a safe Bitcoin sportsbook.
There are two types of sportsbooks that accept bitcoin:
- Bitcoin only sportsbooks
- Offshore sportsbooks that now accept Bitcoin.
While some Bitcoin-only sportsbooks may end up being safe, their limited track record and relative ease to set up make them a target of unscrupulous operators. The number of defunct Bitcoin sportsbooks, like BitBook.biz and BetVip.com, is, unfortunately, growing every day. This can make selecting a Bitcoin sportsbook a difficult process. When these sportsbooks decide to close up shop, it happens so quickly and often leaves customers without any recourse to recover funds.
Most Trusted and Reliable Bitcoin Equipped Sportsbooks
Offshore sportsbooks on the other hand, with proven track records of years in business, that now accept Bitcoin deposits are the safest to trust. These sportsbooks were some of the first online, with some having track records of 20+ years operating. To guide you through the world of Bitcoin-equipped sportsbooks, we’ve listed the best options below.
Bovada’s international reputation precedes it. An industry leader in all areas, Bovada was one of the first sportsbooks to accept Bitcoin deposits and provide Bitcoin withdrawals
Bovada’s minimum Bitcoin deposit is $20, while the maximum is $5,000. Bovada’s withdrawal limit is $3,000 per transaction.
The Bitcoin interface within Bovada is top-notch, making the entire process of depositing, betting, and withdrawing with Bitcoin seamless.
There are no fees of any kind for Bitcoin withdrawals and deposits at Bovada.
Bitcoin is the currency of the internet age; it knows no boundaries or geographic constraints. SportsBetting.ag celebrates this and erases all geographic restrictions for its clients who deposit in Bitcoin.
SportsBetting.ag processes deposits 24/7, and processes withdrawals during regular business hours from Monday to Friday. If a withdrawal is requested during regular business hours, SportsBetting.ag clients will have their Bitcoin wallets credited within 24 hours, which is lightning-fast compared to most traditional currency withdrawals.
The maximum deposit with Bitcoin at SportsBetting.ag is a whopping $25,000 when signing up online. The minimum deposit is $20. Every bettor is entitled to one free Bitcoin withdrawal per month.
BetOnline is heavily involved in the world of cryptocurrency; not only do they accept Bitcoin, but they also offer deposits in Ethereum and Litecoin.
Bitcoin withdrawals at BetOnline take a maximum of 48 hours and are usually processed in a much shorter time frame. In our research, we found that the withdrawal process took under 60 minutes is requested during regular business hours. Deposits are processed even faster, and the Bitcoin you transfer to the site will be available in your account in two hours or less.
BetOnline’s maximum Bitcoin deposit is $25,000 and the maximum withdrawal is $10,000.
When you withdraw at BetOnline, the sportsbook charges a standard 2% fee. This fee applies to all currencies and withdrawals; it is not specific to Bitcoin.
GTbets subjects Bitcoin bets, deposits, and withdrawals to the same rules as their traditional financial methods to ensure their clients’ safety and security. This includes identity verification, and all GTbets users must provide documentation (e.g. valid state/government photo ID) prior to receiving a withdrawal, and prior to making their sixth deposit.
The maximum deposit in Bitcoin at GTbets is $5,000. Their minimum deposit amount is $35.
Free withdrawals in Bitcoin are available at GTbets once every rolling 30 day period. Additional withdrawals are allowed once a week, subject to a 5% fee. However, this fee maxes out at $60 for Bitcoin withdrawals.
Unlike other sportsbooks, if you deposit in Bitcoin, GTbets allows you to withdraw via an alternate method.
Though the site’s name evokes old-fashioned bookmakers, MyBookie.ag is no Luddite and is readily equipped to serve Bitcoin-loving clients.
Maximum Bitcoin deposit and withdrawal limits are equal. They are both fixed at $10,000.
Deposits will take between one and two days to confirm, at the longest. Often, Bitcoin deposits are verified in a much shorter time frame.
Withdrawals take a little longer, however, and are only processed during regular business hours from Monday to Friday. Once a withdrawal is processed successfully, bettors will receive their funds within one week.
4 Reasons Why Using Safe Bitcoin Betting Sites Is Important
If you don’t do your research when choosing from the various Bitcoin betting sites, you run the risk of sending money to bad actors. There are many sportsbooks with unreliable banking, payouts, and withdrawals, and hundreds of online sportsbooks have encountered bankruptcy and solvency issues in the past (which was one of the motivating factors behind this site, to begin with). There are four main reasons why you should use a safe Bitcoin sportsbook.
Thankfully, we have, once again, done the research for you. Every sportsbook that we recommend above not only accepts Bitcoin, but also has a long, proven history of reliability, sound financial planning, and top-notch customer service. Given their upstanding reputations, we are confident that these sportsbooks are safe options for your money and your Bitcoin.
1. No Risk of Losing Your Money
Our readers often ask the question “Is Bitcoin a gamble?”, but blockchain speaks for itself. The level of security offered through crypto is built into the system. The sportsbooks that we recommend will convert your BTC into USD at the time of deposit; they convert USD back to BTC at the time of withdrawal. Not only are you protected against Bitcoin’s volatility this way, but you’re protected from any Bitcoin hacker targeting your sportsbook.
Everyone’s heard the horror stories of Bitcoin exchanges getting hacked. When you store Bitcoin via a “hot wallet” (one that lives on the internet) its possible that hackers can get access to all the Bitcoin on the wallet, and drain all the funds. Bitcoin’s security might be infallible, but this doesn’t apply to wallets themselves. If you’re using a Bitcoin-only sportsbook, there’s no guarantee that they are taking the proper security precautions to protect your Bitcoin; improper storage, even with the best intentions, can be disastrous. If a Bitcoin-only sportsbook gets hacked, it’s possible you could stand to lose all your BTC.
When you place Bitcoin bets with a traditional sportsbook, and they convert it to USD, your funds are 100% safe. There’s nothing for hackers to get their hands on with this way. If security is your chief concern, as it always should be, traditional, full-service sportsbooks are your best option. Leave chance to your sports bets themselves.
2. More Betting Options and Better Odds
Bitcoin only sportsbooks, because they don’t have the long history and experience of established books, don’t offer bettors the same bets and odds that traditional books do. Bitcoin only sportsbooks tend to have fairly drab lines; they don’t offer lines on more obscure leagues and sports, and there aren’t as many betting options for sporting events.
If you want a wide range of multiple bets, other bets, live bets, or sharper odds, there’s no question your best option is a traditional sportsbook, with their expert oddsmakers. There’s no substitute for experience when it comes to offering full-service betting options, which is why we recommend sportsbooks that have integrated Bitcoin, instead of solely focusing on it.
3. Quicker Payouts and High Standards of Accountability
Traditional sportsbooks pride themselves on quick withdrawal times, and the ability to be held accountable if they fail to meet these rigorous standards. Brand new, Bitcoin-only sportsbooks often don’t abide by these same standards of quick payout. Their financial departments and customer service departments aren’t as fully developed, well rounded and fully staffed as traditional books. Of course, this means that delays in withdrawal are regular, and expected.
4. Top-Notch Customer Service
The sportsbooks we review have fully developed client service. Whether you prefer to contact customer service via email, phone, or live chat, traditional sportsbooks have got you covered. Because of the size and relative newness of Bitcoin only sportsbooks, they do not offer the same full-serve customer service. Further, their response times are often delayed. Stick with a traditional sportsbook that’s integrated Bitcoin if you want a guarantee of prompt customer service.
What Makes a Legitimate Bitcoin Sportsbook?
Sportsbooks are always looking to improve their standing in the market by enhancing their functionality and serviceability. Consequently, the best sportsbooks started offering Bitcoin betting to their clientele around 2014. But it wasn’t only the quality sportsbooks that sought to carve out a Bitcoin niche. Other “Bitcoin only” sportsbooks started popping up on the internet, as well. But you won’t find any of these on our list of recommended sites. These “Bitcoin only” sportsbooks are less reliable than traditional sportsbooks, and none of them meet our exacting standards for what constitutes a safe Bitcoin sportsbook.
As always, it’s important that sportsbooks are licensed and held to high standards of accountability for their clientele. Because the traditional sportsbooks deal with fiat currency and must work in tandem with banks, meeting KYC and AML requirements, their licenses subject them to much more stringent requirements than Bitcoin-only sportsbooks. Many Bitcoin sportsbooks have some kind of license, a “license” for them means a lot less than it does at a traditional sportsbook. Even some of the biggest Bitcoin sportsbooks have dubious licenses, that are difficult to decipher and understand.
The sites we advocate are the ones that score the highest on our meticulously crafted safety metrics. Unless a sportsbook has a long history of outstanding dependability, we will not back it, Bitcoin equipped or otherwise. As such, the following list only includes safe, mainstream sportsbooks that have adopted Bitcoin as a payment method.
Bitcoin Sportsbooks Key Advantages
If you are familiar with the sportsbook sign-up process and betting on sports in general, starting a Bitcoin wallet will come as second nature. Like online banking, you need an account, a secure password, and money to buy and sell. It’s no different than using Amazon or eBay.
However, what you’re buying and selling is currency instead of goods. Once you have a digital wallet, which can be attached to a bank account or credit card, you’re ready to bet using Bitcoin. Note that because Bitcoin can be transferred very quickly, and in large increments, sportsbooks often incentivize using the cryptocurrency.
Avoid Fees with Bitcoin
One of the biggest drawbacks of traditional banking at online sportsbooks is the fees attached to withdrawals and sometimes deposits. These aren’t necessarily levied by the sportsbook but can come from the credit card company, a third party sending cash (wire fee, shipping fee, etc.), or be noted as a processing charge.
To a very large degree, there is not a fee for using Bitcoin. Sending them may cost mere cents (that is quite literally the cost of using a blockchain). Regardless of sending or receiving Bitcoin, you do not get nickel and dimed along the way.
Almost Instant Deposits & Withdrawals
Nobody likes waiting. Using Bitcoin at sportsbooks makes transactions fly by, hence why it has become incredibly popular.
There isn’t a long handling time, no signing for a check when it comes in the mail, and no lull between making a deposit into a sportsbook and having funds available to wager. Whether you are starting an account or getting a payout, Bitcoin is to banking at sportsbooks as Venmo is to a night out with friends.
Cashing in on Bonuses
Sportsbooks love Bitcoin. They don’t have to deal with the restrictions and fees of credit cards. Not to mention the time and hassle of delivery companies or wires. Because Bitcoin is the easiest banking option for sportsbooks to operate with, they often make incentivize using cryptocurrencies to bettors.
Frequently there are lucrative bonuses, promotions, and benefits for using digital currency. Depositing limits and withdrawal maximums are often high or nonexistent.
Simply put, if you are interested in using Bitcoin, sportsbooks will cater to you. It is easier on the betting site and they will cut you a deal to pay in their preferred method.
Storing Bitcoin & Cashing Out
In the same way that you may have an account where you can buy and sell stocks, or engage in online banking, there are lots of reputable digital wallets available. You sign up for a free account and use it to buy, sell, or hold whatever currency you like. This is a place where you can convert Bitcoin to dollars or vice versa, and move money from one institution (bank, credit card, currency) to another.
If you are sending a payment you go to the wallet, indicate where your money is going and how much of it, and hit send. If you are requesting cash, it lands in the wallet after you have given simple instructions. From there you can transfer it to your bank, or just use it as a holding place.
A Superior Product
If you are attracted by efficiency, Bitcoin is perfect for you. The blockchain is incredibly safe because multiple people verify each transaction, it is very fast, and sportsbooks love Bitcoin bettors.
If you get a last-minute tip on a game and want to put serious cash on it, moving money around using credit cards or wires takes time and can be capped. Bitcoin transfers are faster and not limited. Being able to act when opportunity calls is vital to successful sports betting.
Next Steps of Bitcoin Betting
You’ve made the plunge — congrats! Using Bitcoin to fund your sportsbook will make things easier and heavily reward you. But what strategies should you use to make your bets winners? What information do you need to know about various wagers? What are your options when it comes to betting? Getting a few bucks down is exciting, but the real fun is winning, and our resources can help you accomplish that goal. Get the answers before you start betting with Bitcoin.