- Works with multiple currencies
- Completely anonymous
- Low transaction fees
Bitcoin Friendly Sportsbooks
As a payment method that is easily convertable into many different currencies, it is no surprise that Bitcoin works with numerous sportsbooks from across various different markets. BetDSI, Bovada, BetOnline, and 5Dimes, just some of many high-profile betting sites that accept Bitcoin.
Never used Bitcoin before and want to give it a shot on your next sportsbook deposit? Take a look at the list below to see if there is a suitable sportsbook for you. All of the sites have been reviewed by our expert analysts and include all the information that you would like to know – from bonuses to betting lines.
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Bitcoin is unique from most other payment methods in that it is a virtual currency rather than a real one. As bizarre as the description may seem at first glance, Bitcoin has been growing in popularity since its introduction in 2009 and offers its users with many distinct benefits.
On a sportsbook, you can use Bitcoin to deposit funds and withdraw winnings from your account. During a transaction, the amount that you withdraw or deposit will be converted into the target currency in very much the same way as the typical currency exchange from dollar to pound. Bitcoin’s compatibility with different currencies makes it very widely accepted on sports betting sites.
On top of its wide acceptance, Bitcoin also comes with almost no transaction fees. Transaction fees accumulate over time, so this can save a great deal of money for the more avid sports bettors.
The biggest advantage that Bitcoin offers for the sports bettor is that it is entirely anonymous. It is a very common concern among bettors that personal banking information may be leaked during a hack attempt. With Bitcoin, you can be sure that your financial information remains safe and secure as there is no banking information involved.
How To Use Bitcoin
Bitcoin, the virtual currency, basically functions like any currency in the world. There is a conversion process involved when you pay using Bitcoin.
Bitcoin deposits and withdrawals require you to first create a Bitcoin account, which is essentially an online wallet. Any money that you deposit into your Bitcoin account will convert from the original currency (i.e. the US dollar) to Bitcoins.
To deposit or withdraw money from your sportsbook account using Bitcoin, you simply select the Bitcoin option at the cashier page. The money will convert from Bitcoin to the target currency during deposits and vice versa for withdrawals – a process that may take an hour to complete. This is probably the biggest disadvantage of using Bitcoin.
If you’re somebody who regularly follows the financial news, you will know that the values of currencies do fluctuate on a regular basis. Bitcoin is no exception. With that in mind, it’s always a good idea to keep up to date with the most recent values of Bitcoin and the target currency.
Since BitCoin is not an real currency, you can only use it for deposits and withdrawals but not for actual wagering.