An Introductory Guide to Bitcoin Betting
Feeling lucky? Cryptocurrency is inherently not for the risk averse. Markets are volatile and your funds can disappear in an instant if you haven’t taken measures to protect them. Knowing this, it should come as no surprise that it wasn’t long before some clever individuals started experimenting with the idea of gambling your cybercash.
Today, there are hundreds of casinos tending to the growing demand for cryptocurrency payment methods. Bitcoin is naturally the most popular option. In the gold rush to create the best service, several websites emerged as leaders in the industry. They offer the most reliable and potentially lucrative ways to win.
We’ll discuss them later in the post. For now, let’s find out why it’s better to bet with Bitcoin.
Benefits of Bitcoin Betting
There are five key advantages to using cryptocurrency as opposed to your credit card. The main one is anonymity. You don’t have to provide your real name, phone number, address or any other revealing information. Bitcoin betting sites typically ask for nothing more than an email and BTC address to transfer funds. Additional benefits include:
- Unique options such as mutual betting
- Funds are immediately available
- Deposit bonuses
- Competitive odds
Available Sport Types
Bitcoin betting offers just as much choice as your standard online sportsbook.
Aside from football and horse racing, you can bet on NFL, NHL and NBA on top of international sports like rugby and cricket. Each sport has its different leagues. If you’re betting on soccer, for instance, you’ll have access to the English Premier League, La Liga and Bundesliga among others.
Bitcoin Betting Websites
Some betting sites stand above the rest. One of them is Fortunejack, which is popular for its casino, sports betting, and live features. The platform has been around since 2014 and supports both Bitcoin and Litecoin. Another great option is 22Bet, thanks in part to its large signup bonuses and eSports offerings. Here are 7 other sites worth checking out:
- 1xBit Betting
- Nitrogen Sports
- FortuneJack Betting
Choosing a Website
With so many options, it can be challenging to decide where you should do your bidding. Consulting betting site guides and reading reviews will go a long way in helping you separate the pros from the posers. Look out for high ratings and solid security features. The most reputable betting sites have typically been in operation the longest.
Do I have to pay taxes on my winnings?
This depends on the rules and regulations of your country. For example, winnings in the UK are tax-free while those in the US aren’t.
What if I use the wrong address?
If you happen to key in the wrong Bitcoin address, the transaction will likely be invalid and will cancel. Regardless, it’s best to be safe and copy and paste your details.
Is betting affected by changing prices?
Like any currency, Bitcoin can fluctuate in value. This changes the size of your transfers accordingly.
So, does betting with Bitcoin sound worthwhile? If you have some spare crypto lying around, you should give it a try.