Features of sports betting with Bitcoin

If you like making bets on sport, you should consider cryptocurrency. It's fast and convinient.

Here what you should keep in mind when betting on sport using Bitcoin.

You are dependent on the Bitcoin rate. Bets in Bitcoin are different from the bets that players make in the classical currency. Bitcoin has a floating rate. You may well replenish your account, play and withdraw the same amount, but in Dollars it will turn out to be significantly less or more than expected. This will happen if the price of Bitcoin falls or rises.

The transfer cannot be undone. In case of Bitcoin, transactions made cannot be reversed. If you accidentally entered the wrong address or sent money to a non-existent BTC wallet, you will not be able to return the transferred funds.

You do not provide personal information. By placing bets in cryptocurrency, you are not working with a bank. You replenish the bookmaker's account with Bitcoin, place bets and withdraw cryptocurrency without providing personal data, as is the case with card transactions.

Bookmakers treat Bitcoin differently. Sometimes bookmakers encourage the use of Bitcoin in bets and create favorable conditions for players. 

Types of bookmakers accepting Bitcoin

According to the way of dealing with cryptocurrency, we will divide crypto bookmakers into two groups.

  1. Allow you to deposit and bet using cryptocurrencies. For example, you transfer an amount in Bitcoin from your wallet to your account and bet on sports in the same currency. An example of such a bookmaker is Betobet.
  2. Convert Bitcoin to another currency. For example, you transfer an amount from a Bitcoin wallet, and you receive Dollars or Euros at the current exchange rate to your bookmaker account. 
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Advantages and disadvantages of sports betting in cryptocurrency

Pros:

  • security of operations;
  • anonymity of transfers and confidentiality of personal data;
  • high limits;
  • no commission for replenishment;
  • lack of binding to the country and the bank;
  • bonuses.

Cons:

  • there may be a withdrawal fee;
  • conversion into fiat currency with a commission at the expense of the player;
  • no transaction cancellation.

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