This is a long guide, use “Show” box underneath to see full contents & select topics for your convenience.
- Best Bitcoin Betting Sports Sites List
- Bitcoin Betting Sports
- Bitcoin Betting Sports Pros & Cons
- How to use Bitcoin for Sports Betting – Process
- Advantage Play 1) – Bitcoin Matched Betting
- Advantage Play 2) – Bitcoin Sports Arbitrage
- Advantage Play 3) – Bitcoin Value Betting
Best Bitcoin Betting Sports Sites List
We are listing up the best Bitcoin Sportsbooks & Bitcoin Betting Exchange. These sites have been selected based on the industrial reputation, bitcoin sports betting forum & our members’ feedback on security, user-interface & smooth withdrawal etc. There are two types of Bitcoin online sports betting sites;
- Exclusive Bitcoin Sports Betting Sites
- Conventional Sports Betting Sites Accepting Bitcoin (Hybrid of fiat currency & cryptocurrency)
Now, we are listing Conventional Bookmakers that also accept Bitcoin & cryptocurrencies. The following general rules apply to all sportsbooks here;
- Unlike Bitcoin Exclusive Betting sites, no anonymous accounts here.
- The process for sports betting bitcoin deposits and withdrawals is the same as any other Bitcoin transaction explained later. Therefore, you’ll simply need to obtain each bookmaker’s wallet address from the site’s Deposit page, open your own wallet, and send your preferred amount of Bitcoin, of which minimum amount is required $10 – 25 depending on the bookmaker. When it comes to waiting times, usually less than 15-minute to validate transaction blocks and add them to the blockchain.
- Sometimes you will find exclusive sports betting bitcoin bonus, so check the promotion page regularly.
- For Bitcoin withdrawals, the minimum amount is set around $10 – 50 and the maximum limit is $1,000 – No-Limit (5Dimes), and 48-hour wait seems to be the standard, generally much quicker than other methods.
- No fees of any kind are charged to Bitcoin deposits & withdrawal but BetOnline charges 2% fee on the total withdrawal amount.
- Needless to say, only users who have deposited using Bitcoin can take advantage of the Bitcoin withdrawal option to prevent money laundering.
Bitcoin Betting Sports
Online sports betting with bitcoin is becoming a popular form of gambling mainly due to secure, cost-effective & anonymous transactions. In this guide, we provide you with how to extend our Advantage Play profit by making the best use of Bitcoin betting sports, which still few people are aware.
How does Bitcoin Betting work?
Bitcoin betting sports is simply betting (or funding to) in the sports betting site that accepts bitcoin. Thanks to the Bitcoin’s ability to form instantaneous global transactions in a highly-secure and anonymous way, sports betting using bitcoin is a natural movement in the industry. And many existing online sportsbooks started accepting bitcoin as other fiat currencies while a lot of bitcoin exclusive sportsbook sites are also emerging.
It’s said that over $4.5 billion has been wagered through bitcoin sports betting since 2014. Gamblers obviously make the most of the security, efficiency & privacy which can separate accounts from existing banking and e-wallet platforms.
Now, there seem to be over 1,600 cryptocurrencies. So although we use Bitcoin as a representative of cryptocurrencies in this guide (Bitcoin’s market cap is surely No. 1 with well over 30% share), using the below popular cryptocurrency betting sports is becoming the norm in the betting industry;
Despite the speculative nature of cryptocurrencies, Bitcoin and blockchain, its underlying technology, will most likely to hold a key to the new age in global finance and it’s worthwhile exploring how sharp punters exploit the full potential of it and gain risk-free extra income from bitcoin and sports betting.
Is Bitcoin Betting Legal? What About Tax?
Although the legal status varies from state to state & some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies, Bitcoin or cryptocurrencies are completely deregulated and the majority of the countries don’t make the usage of bitcoin itself illegal.
Means, there is basically no restriction on using Bitcoin to fund betting sites (actually any online merchants). In fact, UK Gambling Commission officially views Bitcoin as cash equivalent and started new license condition effective from 31 Oct 2016 (but so far, except Netbet, there are no established UK bookies accepting Bitcoin and many Bitcoin Exclusive Bookies don’t allow UK punters to sign up). BTW, according to on howmuch.net the current Bitcoin legality by country is;
The key issue is whether online gambling is legitimate in the jurisdiction you reside and whether the operator holds the relevant license.
For this matter, you need to check with the laws and rules of where you live as they also vary by location. However, simply put, except 8 countries in the world (Cyprus, Poland, North Korea, United Arab Emirates, Singapore, Brunei & Cambodia), players have little worry about gambling online. For further details, go to How To Make Money From Offshore Sports Betting With 3 Advantage Plays.
When it comes to tax, this is absolutely depending on the jurisdiction. In the UK, any gambling gain is not subject to income tax even Professional Gambler don’t need to even declare (also see further details in the above report). However, you may be liable to CGT (Capital Gain Tax) if your holding bitcoin’s price increases, but only on disposal, check the details in HMRC Policy Paper. Anyhow, given the sensitive nature of the subject, suggest you consult your tax specialist for any cryptocurrencies related decision.
Bitcoin Betting Sports Pros & Cons
Pros for Bitcoin Betting
- High-Security Nature: Bitcoin Transaction is highly secured, and Anonymous / Pseudonymous Sign-Up Condition (many Bitcoin exclusive sportsbooks don’t ask for KYC documents) enables any players even from the countries where online gambling is prohibited or still legally grey area such as the USA to start it. Above all, you hardly worry about identity theft & any fraud.
- Quick & Cheap Withdrawal: As you know many sportsbooks offer free deposits but charge a hefty fee on withdrawal. But given the absence of any middleman, basically blockchain transaction doesn’t cost you and very quick typically takes only minutes.
- Better Offers: Low transaction cost of BTC together with the much lower costs of developing a cashier section reduce service costs, which allows casinos to provide a competitive betting environment. Means, you may often find more generous promotional offers in top bitcoin betting sites.
Cons For Bitcoin Sports Gambling
On the other hand, there are 3 cons.
- Volatile: Its price bounces up and down every day because it’s still largely traded speculatively. The price may become stable eventually, but at this stage, it is still high risk.
- Uncertainties: Bitcoin is yet experimental, thus still a lot of uncertainties. It is not a household payment method but just only a limited number of places accepting it as a payment method. Importantly, although Bitcoin is Not Regulated currently and Difficult To Regulate, nobody knows how each government controls it in the future, check Your guide to cryptocurrency regulations around the world and where they are headed.
- Scam: Many people may view anonymity & un-traceability as an advantage. But naturally, it will invite a lot of rogue sites. Given the lack of legislation and ease of scamming people, it’s inevitable to make careful DD (Due Diligence) before you chose sports betting sites that accept bitcoin. In the above list, we select only the sportsbooks with good tracking record (past performance can’t guarantee any equivalent future though) and have best in class reputation in various forums & review sites.
How to use Bitcoin for Sports Betting – Process
We have drawn 5 Stage of Bitcoin Betting process as;
- 1. Buying Bitcoin (With Your Fiat Currency) with Bitcoin Wallet
- 2. Finding Bitcoin Gambling Operators (Sportsbook / Casino)
- 3. Funding Bitcoin & Betting (Use Advantage Play to Get Guarantee Profits)
- 4. Withdrawing Winnings
- 5. Selling Bitcoin (Converting Into Your Fiat Currency)
1. Buying Bitcoin
Firstly, you need to purchase Bitcoin. To do this you need a Bitcoin Wallet / Exchange where you buy bitcoins to fund Bitcoin sportsbook. A bitcoin wallet is exactly like Paypal where you load money onto it. You can use it for shopping or sending to / receiving from other people’s wallets. The only difference is that the money is not kept in your fiat currencies such as USD, EUR & GBP but is converted into Bitcoins. And you can’t physically withdraw your Bitcoin but you need to exchange it back to your original or preferred fiat currency.
Bitcoin Wallet for Sports Betting
We list the following 2 established Bitcoin Wallet/Exchange;
Coinbase (Not Anonymous)
- Coinbase is said to be “The Most Beginner Friendly Bitcoin Exchange” in the world since it was founded in 2012, located in San Francisco USA. If you reside in the USA and store in a USD wallet (on top of BTC wallet), your fund is insured by FDIC in case Coinbase becomes insolvent.
- You need to go through basic KYC (Know Your Customer) and you can connect your bank account, credit/debit card & PayPal to buy Bitcoin and sell & withdraw into them.
Changelly (Almost Anonymous)
- Changelly is one of the most trusted anonymous bitcoin exchange/wallet founded in 2013, and currently licensed in Malta.
- Changelly’s trading algorithms are integrated into large and reputable trading platforms, like Binance & Bittrex, so they can pick & provide the best exchange rate possible in the span of milliseconds.
- You need to submit an only e-mail address and nothing else, and you can use credit/debit card to buy Bitcoin and sell & withdraw into them.
- Start HERE to enjoy Semi-Anonymous Condition.
Watch the below video prepared by BetOnline (running 100% deposit bonus up to $1,000) being listed in the above list, which explains the standard procedure using the above Coinbase;
2. Identifying Bitcoin Sportsbook Operators
There are plenty of Bitcoin online bookmakers on the market. However, as cautioned, you need to be careful about selecting the reputable bitcoin betting sites. Make sure to see our list first rather than shopping around to take other less known sites, and do further due diligence by yourself if you feel necessary.
3. Funding Bitcoin & Placing a Bet (Use Advantage Play to Get Guarantee Profits)
Funding Bitcoin betting sportsbook
Using Bitcoin to fund your accounts and place your bets is basically the exact same as you funded your account with cash or a bank card. However, bear it in mind that;
- Conventional Bookmaker Accepting Bitcoin: You will place a bet in your chosen fiat currency like $ / € / £ and they just accept BTC as one of the depositing methods, means although you fund BTC into Sportsbook, your BTC will be automatically converted into your fiat currency in the account.
- Bitcoin Exclusive Bookmaker: Your BTC funding from wallet will be deposited & stored in BTC without any conversion, and you will bet in BTC in their platform.
So, we show you how these work in BetOnline another video (it shows bitcoin sports betting app). In this video, they use Coinnomi BTC Wallet rather than Coinbase though, doesn’t matter, the process is the same.
Placing a bet with Bitcoin
When it comes to placing a bet, it’s again Bitcoin exclusive bookmakers are no different than the conventional online sportsbooks. For Conventional Bookies accepting BTC, as explained above, you will bet in your fiat currency so everything is exactly the same. You can locate a list of sports events on their website, select the one you want which will be shown in the bet slip and finally place the bet.
Bitcoin Sports Betting Exchange
We use Bitcoin Betting Exchange as part of Bitcoin Sports Betting Sites since we need to use it to accomplish advantage plays. Note, don’t confuse it with Bitcoin Exchange as we introduced in 1. Buying Bitcoin. Bitcoin BETTING Exchange is the one like Betfair, Matchbook & Smarkets where you bet against your fellow punter instead of against the house with 2 sides of “back” and “lay” bet. Back means you bet on a bet’s outcome to happen while lay means that you want the bet’s outcome Not to happen. In case you are not familiar with how it works, suggest take a look at How to make money on the Betting Exchange.
The key point here is how to make Risk-Free Advantage Plays namely Matched Betting & Value Betting. Again, the basic concept is exactly the same as what we do in traditional bookmakers & betting exchange, which we will demonstrate how to do by using the real examples later. Just in case, you’re not familiar with such concepts, suggest take a look at;
4. Withdrawing Winnings & 5. Selling Bitcoin (Converting Into Your Fiat Currency)
Withdrawing BTC to your BTC Wallet and converting into your fiat currency to receive in your bank account/credit or debit card is exactly the opposite process of what you have done in the above 1. – 3. Anyhow, watch the summary video using BOVADA sportsbook (currently welcome bonus up to $250) as below;
Advantage Play 1) – Bitcoin Matched Betting
Many people automatically think of Betting = Gambling. Big Misconception. We do betting but don’t count on luck or chance. Instead, we do 6 Advantage Plays (Gambling)based on mathematical edge to beat the bookies, casino & bingo. When it comes to the Sports Betting, we use Matched Betting / Sports Arbitrage / Value Bets Without Hedge to lock-in profit or consistently earn extra income for long-term.
Importantly, this method applies to almost all countries and will pave the way for US Punters to enjoy our Advantage Gambling. This is one of our efforts to encourage US citizens to start earning risk-free extra income via sports betting especially after the Repeal Of PASPA (Professional and Amateur Sports Protection Act of 1992) in May 2018. Remember that US law makes it illegal to own or operate an online sportsbook in the United States, but any laws including UIGEA (the Unlawful Internet Gambling Enforcement Act) do not make the act of placing a wager illegal via Bitcoin, so bitcoin sports betting in the USA is basically no problems, just FYI.
Matched Betting Process
Matched Betting Worldwide
Many people imagine matched betting is for only UK & Ireland, wrong,
- this approach enables everybody in the world including US citizens to make decent profits by using Bitcoin sportsbooks we list in this guide
- for Germany, Austria and Switzerland residents, suggest this programme that focuses on these 3 countries
- when it comes to Australia, this service is supposed to be the best.
Besides, bitcoin exclusive betting exchange (Fairlay) has made many people pursue matched betting easier.
Before, moving further, just get familiar with the following 2 basics related to Bitcoin Betting;
Firstly, understand the unit you may usually use in betting BTC;
- mBTC (Milli bitcoin) equates to 1 / 1,000 of a Bitcoin & numerically represented as 0.001BTC
- uBTC (Micro bitcoin) equates to 1 / 1,000,000 of a Bitcoin & numerically represented as 0.000001BTC
For your convenience, you may want to use BTC Converter.
Secondary, you need to use Decimal Odds Format (European) to make matched betting because Betting Exchange uses Decimal Odds and Matched Betting Calculator is set based on Decimal Odds. You can use the Odds Converter.
Matched Betting Quick Recap
If you know the concept but have not really done Matched Betting, you may want to go through the practical instructions of (1) How Bonus Works, (2) Placing Qualifying Bet & (3) Profits Extraction, which will be helpful.
But just briefly, Matched Betting is all about exploiting bookmaker’s bonus such as Sportsbet.IO Welcome Offer of “Make a deposit and place your first qualifying bet on any sport and you’ll receive x3 your stake as a free bet! “.
Remember, you need to go through T&C for each offer. Sports.IO says “Place a bet on any sport (can be pre-live or live, single or multi) of EXACTLY mɃ 2 (µɃ 2,000) / €10 / USD 10 — with odds over 1.50, Receive an mɃ 6 (µɃ 6,000) / € 30 / USD 30 — free bet within 48hrs “. The bold parts are important, they also accept fiat currencies and you need to select the event with over 1.5 odds, then you will get x3 Free Bets.
With these conditions, matched betting is Essentially Doing;
- 2 transactions of Back (bet on win) USD10 on Team A with 1.5< odds at Sportsbet.IO & Lay (bet on NOT win, means both lose & draw like football match case) appropriate USD amount (it can be automatically calculated by Free Software) with the closest odds to back odds on the same Team A at Betting Exchange such as Betfair or Matchbook so that you cover all outcomes.
- No matter what the event’s result will be, your losing & winning will cancel out each other. In the real practice, usually, 2 bets are not perfectly offset due to the odds difference & exchange commission therefore you make a small loss called Qualifying Loss.
- However, now you receive USD30 Free Bet. What you need to do is repeating the exact same process but using the free bet for the back bet at Sportsbet.IO. Then, this time the stake you bet at Sports.IO is Free Bet (not your money but free money), therefore it (free bet value – qualifying loss) will become your net profit. Usually, at least 80% of the bonus value can be extracted as a pure profit.
- Success factor is how to minimize the qualifying loss by selecting the Team whose odds gap (between Sportsbet. IO & Betting Exchange) is the narrowest.
For fiat currency betting exchanges, this report shows all top 4 betting exchange latest sign-up offers & how to extract cash risk-free from each offer including Betfair £100 Free Bet, which is supposed to be one of the best offers in the industry.
In case you can’t access these betting exchanges in your country use this method.
Matched Betting Real Practice – Exclusive Bitcoin Sportsbook Sites
Let’s see how we can construct matched betting among Bitcoin Exclusive Bookmaker. One of the best sports bonus sites is CloudBet that offers “Join Now To Claim 5BTC Bonus”, which sounds great. As usual, we need to carefully check T&C before start doing anything;
Then, we have to know how we receive the loyalty point, which is;
Looks not simple. Anyway, in order to simulate how profitable this deal would be via matched betting, I just quickly searched opportunities in Cloudbet and Fairlay (Exchange) and found the Tottenham vs Leicester City instantly as below;
Backing Leicester at 5.86 at Cloudbet sounds good matched betting opportunity for relatively long odds (I search longer odds event because it looks advantageous to accumulate loyalty point based on their T&C). Assuming we back 100 mBCT, then the qualifying loss would be;Again, don’t be bothered by £ unit displayed in the above calculator, just consider it as 4mBCT loss. Then, how can this be translated into the loyalty point and eventually the cash bonus? Their T&C says Loyalty points = stake (in mBTC) x price score (up to 1) The price score is the square root of the odds minus one. Since we stake 100 mBTC (0.1 BTC) with the odds of 5.86, then Loyalty points = 100 x (√5.86 – 1) = 142.1 So, what will this be the cash bonus, 142.1 / 800 = 0.181 point and 0.178 x 10 mBTC = 1.78 mBTC
So, we lose 4 mBTC to get 1.78 mBTC cash bonus, means 2.22 mBTC net loss. Not good.
Wait, don’t forget that BetBTC also provide a 100% First Deposit Bonus, of which T&C says;
Applying Leicester bet to this instruction; 100 mBTC (lay stake) / 20 mBTC = 5 point so, 5 x 0.1mBTC = 0.5 mBTC
All summing up, (4 mBTC) + 1.78 mBTC + 0.5 mBTC = (1.72 mBTC) resulting in still negative EV (Expected Value).
- As repeatedly cautioned, you need to carefully check T&C of each offer to determine if that offer provides you with a positive value.
- The cashback condition of both Cloudbet & BetBTC is quite tough, thus the matched betting between these 2 may not be worth pursuing.
- The above doesn’t mean we should abandon Cloudbet bonus. Since BetBTC’s 4% commission is a big factor, when the good opportunity with Fair Lay (commission is 0.25%) is found, it would be +EV.
- BetBTC’s bonus can also be exploited by making matched betting with conventional bookmakers in the way we already explained in the previous section.
Advantage Play 2) – Bitcoin Sports Arbitrage
Bitcoin Sports Betting Arbitrage Process
There are a lot of arbing opportunities among Bitcoin sportsbook sites as well, and when we look around, small arbitrage opportunities like below can be found regularly;
The biggest issue at this stage is that there is no qualified software that covers these bitcoin betting sites. You can manually search the opportunities but practically it is not worth your time.
Given the extremely short-lived arb opportunities, your effort & time will not be paid off without software. So, until the time the high-quality software like RebelBetting starts covering bitcoin betting sites (note that RebelBetting already cover almost all Caribbean Conventional Bookies we list here ), suggest you take an opportunistic approach.
Having said that, the following 4 Guides may help you understand the basic & advanced techniques and do more efficient arbing activities;
- Arbitrage Betting – The Surebet – The Best Guide To Understand Sports Arbitrage
- Sports Arbitrage – Cheat Sheet For Dummies To Be Seasoned Arber Overnight
- Ultimate Guide To Extend Matched Betting Profits With Exchanges
- Pinnacle Arbitrage – Alternative to Laying on Exchanges
- *Pinnacle also accept Bitcoin (see our Pinnacle Full Review)
When you find the arb, use Arbing Calculator.
Advantage Play 3) – Bitcoin Value Betting
The House Doesn’t Always Win
So far, we have discussed the advantage play using a hedge, therefore they are risk-free but the size of the profit from each bet is limited due to the hedging nature.
The value betting without hedge is not risk-free but can be much bigger profits with much less risk than normal sports betting. Why? See the below explanation extracted from my separate article;
“The House Always Wins” is the standard saying in the gambling industry. It’s simply based on the fact that the bookmakers/casinos set marginal edge over the players. Means what the bookies pay out to customers is always smaller than the actual chance of the event happening. As a result they will make guaranteed money in long term even they lose in occasional huge jackpot. Why? Because they own a mathematical edge, called House Edge in Casino & Over-round in Sports Betting. Value Betting, on the contrary, is the player’s ability to identify such mathematical edge against a bookmaker or another user on the exchange. Simply put, in Sports Betting, when the selection’s probability of happening is less than it should be, namely Under-round condition, then it offers value and we will not lose but make significant profits in the long run.
We achieve big profits by identifying value bets via Software, Top Tier Tipster and System. We use ZCode System which can best fit for Bitcoin Betting & Worldwide Players including US punters to share the safest model of value betting in bitcoin betting sites.
ZCode System Both Human & Machine Prediction
ZCode System is probably one of the most successful sports investing systems in the world. ZCode is used by the punters worldwide. ZCode system comprises Computer Automated Tips based on huge database & Human Expert Tips. Please take a look at; ZCode Full Review for details.
ZCode System Value Bet Process – Safety Model For Newbie
The best way to understand this fantastic system is going through ZCode Proven Model where you will learn the step-by-step process to make $1,500 profits every month on the side.
Importantly, the above guide includes 75% permanent subscription link which is not always active. So, go the guide and check if it’s currently working, if yes, you have your day.
We always value our readers’ feedback, if you have any opinion or suggestion on how to improve our site or any list of information you would like to see in our site or any questions you would like to ask, please let us know via contact.
Good Luck On Your Bitcoin Betting!!
Joshua Walker (bio)
Editor – Global Extra Money (GEM)
Bitcoin Sportsbooks Additional Info
One Hush – Peer to Peer Mutual Betting video
Fairlay – Market Coverage (including horse racing)
Bookmaker EU – ZCode System’s review
5Dimes – ZCode System’s review
Good Luck On Your Bitcoin Betting Sports!!
Joshua Walker (bio)
Editor – Global Extra Money (GEM)