How to Bet with Bitcoin in 2024: A Step-by-Step Guide for New Players
Betting with Bitcoin is becoming the norm for many online punters in the industry. With the ease and security it brings, it’s one of the best options for funding your sportsbook account. However, many bettors, especially beginners, are still unsure how to bet with Bitcoin. Our experts created this well-detailed guide to help players through the process of funding and betting with cryptocurrencies.
What is Bitcoin Betting?
Bitcoin sports betting simply means using BTC to place wagers on your favourite crypto bookmaker. It’s quite similar to using fiat currencies like USD or EUR, but instead, you use cryptocurrency.
However, it is important to note that Bitcoin is highly volatile, meaning its value can fluctuate significantly within a short period. This can be due to different factors like market shifts or liquidity.
Why Bet with Bitcoin: Pros and Cons
Here are some advantages and disadvantages of Bitcoin betting:
Pros
- Offers anonymity for bettors who prefer privacy
- Fast transactions
- Little to no fees
Cons
- Extremely volatile
Getting Started with Bitcoin
Are you new to cryptocurrency and don’t know how to get started? Here is a simple guide to follow:
How to Buy Bitcoin
You need to research and pick from a list of trustworthy Bitcoin betting exchanges. Ensure the platform has excellent security protocols, like 2FA, and a good track record in terms of reputation. Next, deposit funds into your account using a bank transfer or a credit/debit card.
Setting Up a Bitcoin Wallet
Next, create a Bitcoin wallet to store your purchased cryptocurrency. Since there are different types available, you need to pick the right one for your needs. You can select either hardware, software, web, or paper wallets. Then, send your cryptocurrencies safely from any of the crypto exchanges you chose to your Bitcoin wallet.
Choosing a Bitcoin Betting Platform
Choosing the right site needs to take top priority, regardless of whether it’s Bitcoin casinos or sportsbooks. You have to consider several factors to ensure safe and enjoyable Bitcoin gambling for beginners. Here are the steps you need to take:
Research the Platform’s Reputation and License
Start by reviewing the site’s reputation by checking online reviews or feedback from experienced bettors. Ensure the platform has a good track record of paying out on time and user satisfaction. Like most decentralized casinos, a Bitcoin betting platform should have a valid license from a recognised gaming authority.
Check for Security Features and Payment Options
Since you’ll be dealing with real cash, it’s important to choose a platform that uses some of the best Bitcoin betting security measures. The site should be able to protect your funds and personal information. Look for platforms with SSL encryptions, firewalls, and two-factor authentication (2FA).
You also need to check if the betting site supports your preferred payment method (Bitcoin). Confirm how fast the platform processes cryptocurrency transactions and if it charges any fee.
Look for Bonuses and Promotions
Most Bitcoin betting beginners want that extra “something” that can increase their chances of winning. Look for attractive bonuses, promotions, and loyalty programs. While they can be quite appealing, ensure you read the terms and conditions, especially the wagering requirements.
Check Out the Customer Support
Having reliable support in times of need makes a huge difference in how you enjoy your betting experience. A good Bitcoin peer-to-peer betting site should offer multiple channels for gamblers to reach out to a representative of the brand. You can find options like live chat, email, contact form, social media, and phone. Some brands offer a crypto betting tutorial to help their punters get started.
Once you’ve considered these factors and found the perfect platform, the next step is to learn how to bet with Bitcoin sportsbook. We’ll carefully cover it in the following section.
How to Place a Bet with Bitcoin
Here is a simple Bitcoin betting step-by-step guide to put you through the process:
Depositing Bitcoin into Your Betting Account
Once you have your crypto in your wallet and your chosen betting platform, the next step is to fund your account. Once completed, the Bitcoin deposit should be reflected in your account within minutes.
Placing Your First Bet
Next, pick the markets of the sporting events you wish to wager on and select the betting odds. You can either make it a single or an accumulator bet (multiple selections). Then, enter the stake amount you are comfortable with and click “Bet”.
Withdrawing Winnings in Bitcoin
After winning your bet, you can withdraw your earnings in Bitcoin by transferring it to your crypto wallet. All you need to do is enter the amount you want to cash out and click “Withdraw.”
Tips for Safe Bitcoin Betting
Looking to increase your chances of winning? Here are a few Bitcoin betting tips you can try out:
Securing Your Bitcoin Wallet
It’s important to secure your wallet since that’s where you store your cryptocurrencies. You can try using any of the following Bitcoin gambling strategies:
- Use a hardware wallet since it keeps your private keys offline.
- Regularly back up your wallets.
- Enable 2FA for more security on your wallet.
Avoiding Common Pitfalls
There are lots of fraudulent crypto betting platforms out there offering unregulated or fake services to scam punters. Ensure you verify the blockchain sportsbooks’ licensing details and reputation. Avoid sportsbooks that offer bonuses with unreasonable wagering requirements. You can also check a Bitcoin betting tutorial that guides players on the do’s and don’ts when wagering.
Bitcoin Betting Regulations in Canada
In Canada, each province has its own gambling regulations. While wagering with Bitcoin is not illegal, it’s important to understand the laws guiding the activity, including the crypto taxes. Note that Canadians are allowed to use offshore betting platforms; however, it’s advisable to verify the licensing of the site.
Responsible Gambling
Like Bitcoin casino betting, wagering on sports can be enjoyable; however, it is important to recognise and manage unhealthy gambling habits. To secure gambling, you can try any of these tools at the sportsbook:
- Self-exclusion
- Deposit/Withdrawal limit
- Reality check
Conclusion
When choosing a Canadian Bitcoin betting platform, it’s important to carefully do your research. Consider factors like security, legality, and responsible Bitcoin gambling practices.
Remember, the key to every great bet is safety, so watch how you bet and try to prevent any bad habits. Our Bitcoin sports betting guide provides the information you need to keep your gambling habits in check.
FAQ
How do I convert Bitcoin to cash if I win a bet?
What are the transaction fees associated with Bitcoin betting?
Can I bet with Bitcoin on traditional sports events?
How can I ensure the security of my Bitcoin transactions?
