Bitcoin Betting – Ultimate Way To Lock-In Profits All over the World

Bitcoin Betting Feature Image

Estimated Reading Time: 48 minutes

Unrivaled Guide to Little Known Bitcoin Betting – How To Earn Risk-Free Income via Advantage Gambling Securely & Anonymously Everywhere in the World from the Best Bitcoin Sportsbooks!!

We cover;

  • List of Best Bitcoin Sportsbook (2 types)
  • Bitcoin Betting for Dummies including pros & cons
  • Process of 3 Bitcoin Advantage Plays (Matched Betting, Arbitrage & Value Betting)

The “Show” box underneath displays Full Contents & Jump Links for your convenience.

Bitcoin Betting 

Firstly, many people automatically think Betting = Gambling. Big Misconception. We do betting but don’t count on luck or chance. Instead, we do 6 Advantage Plays (Gambling)bitcoin sports betting advantage play 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. Bitcoin betting via bitcoin sportsbook & bitcoin casino is becoming a popular form of gambling mainly due to the secured, cost effective & anonymous transactions. In this document, we will provide you with How To Extend Our Advantage Play Profit By Making The Best Use Of Bitcoin Betting, which still few people are aware.

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 (US law makes it illegal to own or operate an online sportsbook in the United States, but the laws including UIGEA (the Unlawful Internet Gambling Enforcement Act) do not make the act of placing a wager illegal via Bitcoin, just FYI.)

Best Bitcoin Sportsbook List

Now, let’s list up the best Bitcoin Betting Exchange & Bookmakers. These sites have been selected based on the industrial reputation & our members’ feedback on security, user-interface & smooth withdrawal etc. There are two types of Bitcoin gambling operators of;

  • Exclusive Bitcoin Sports Betting Sites
  • Conventional Sports Betting Sites Accepting BTC

We add Note section at the end of the list which explain the key points of processing possible anonymous accounts opening & KYC (Know Your Customer) requirements for each type of sites.  

Firstly, let me list Bitcoin (I mean Crypt-currency) Exclusive Bookmaker;

Nitrogen Sports

nitrogen sports logo

  • Type: Exclusive Bitcoin Sportsbook 
  • License: San Jose Costa Rica, and founded in 2012
  • As you watched the above SBR Review video later, this is one of the most reputable & highly rated Bitcoin Bookmaker
  • Offer: Provide One of the Most Competitive Industrial Odds – As explained, Value Bet System: ZCode (Success Formula) use Nitrogen
  • No personal information including e-mail is needed to register, the only requirement is Setting User Name & PW
  • Totally Anonymous account (as of May 2020)
  • Restricted Countries: None
  • Start: Register Even Without E-mail Information

CloudBet

cloudbet logo

  • Type: Exclusive Bitcoin Sportsbook
  • License: Curacao, and founded in 2013
  • Probably the highest betting limits among bitcoin exclusive bookmakers
  • Offer: Conduct Regular Special Promotion
  • Only e-mail & DOB (Date Of Birth) information is required to open an account
  • Restricted Countries: UK, US, Hong Kong and Singapore
  • Basically anonymous account (may require KYC only if suspicious activity detected as of May 2020)
  • Start: Register To Grab Up To 5 BTC Welcome Bonus

Sportsbet.io

sportsbetio logo

  • Type: Exclusive Bitcoin Sportsbook
  • License: Curacao, and founded in 2016
  • Offer: Daily price boosts, weekly $500 cash leaderboards, sports live streams etc.
  • Recently added horse racing market
  • Only e-mail & DOB (Date Of Birth) information is required to open an account
  • Restricted Country: UK, USA, Australia & Estonia 
  • Not anonymous (KYC verification mandatory)
  • Start: Register To Bet mB2 & Get mB6 (Deposit & Get x3 Free Bet Of Your Stake)
  • * They actually started accepting Not Only BTC but also $ / € & Several Other Fiat Currencies

OneHash

onehash logo

  • Type: Exclusive Bitcoin Sportsbook
  • License: San Jose Cost Rica, and founded in 2012
  • Mutual Betting (Peer To Peer) System, watch the below video for details
  • Fee is set 5% but generally quite competitive odds are found
  • Restricted Countries: None
  • To sign up, provide your e-mail to get an email message with a link and click the link to get a form for a password, all done
  • Totally anonymous account (as of May 2020)
  • Start: Register & Claim 100% Match Up To 1 BTC Sign-Up Bonus

Stake 

stake casino logo

  • Type: Exclusive Bitcoin Sportsbook & Casino
  • License: Curacao, and founded in 2017
  • Very active forum called Stake Community and chat stream are available
  • Accept Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash and Ripple
  • For registration, you just need a username, password and an email address
  • Restricted Countries: USA, Curacao, Syria, Iran, North Korea, Australia, Netherlands, France and Dutch West Indies
  • Basically anonymous account (may require KYC only if suspicious activity detected as of May 2020)
  • Start: Various sports ongoing promotions fit for matched betting

 

Betcoin

betcoin logo

  • Type: Exclusive Bitcoin Sportsbook
  • License: San Jose Costa Rica, and founded in 2013
  • Offer: 50% 2nd Deposit Bonus & 25% 3rd Deposit Bonus
  • Restricted Countries: T&C says the website accepts players only from those countries and geographic regions where online gambling is allowed by law. 
  • Only e-mail (on top of setting up User Name & PW) is required as personal information to open an account
  • Basically anonymous account (may require KYC only if suspicious activity detected as of May 2020)
  • Start: Register & Claim 100% Match Up To 1 BTC + 10 Free Spins Bonus

BetBTC

betbtc new logo

  • Type: Exclusive Bitcoin Sportsbook
  • License: San Jose Costa Rica, and founded in 2014
  • No personal information including e-mail is needed to register, the only requirement is Setting User Name & PW
  • Restricted Country: UK (T&C says “We reserve the right to block your account if we find it’s from the UK. In this case if the account balance is not empty, we will reimburse the funds to the origin bitcoin address.") 
  • Totally anonymous (the chat advisor confirmed “We don’t require KYC on our users. You can open an account, place bets and withdrawal without sending any documentation")
    Start: Register & Claim 100% Deposit Bonus Up To 1 BTC.

FairLay

fairlay logo

  • Type: Exclusive Bitcoin Betting Exchange
  • License: San Jose Costa Rica, and founded in 2013 (originally in London)
  • Trustworthy Operation receiving regular independent audit on full reserve of the customer fund – see Proof Of Reserves
  • Commission on winning: 0.25%
  • Market Coverage is quite good including horse racing (see the below screenshot)
  • Obviously the highest liquidity
  • Only e-mail (on top of setting up User Name & PW) is required as personal information to open an account
  • Totally anonymous (as of May 2020)
  • Restricted Regions: New York, Washington, Costa Rica, & UK (Only Binary Market) 
  • Start: Register

fair lay market coverage

 

Now, we are listing Conventional Bookmakers that also accept Bitcoin. The following general rules apply to all bookies here;

  • Unlike Bitcoin Exclusive Betting sites, this is a traditional bookmakers, so prepare for going through KYC, no anonymous here.
  • The process for 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 bookmaker. When it comes to wait times, usually less than 15-minute to validate transaction blocks and add them to the blockchain.
  • Sometimes provide cryptocurrency exclusive offer, so check the promotion page regularly.
  • For Bitcoin withdrawals, 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 percent fee on the total withdrawal amount.
  • Needless to say, only users who have deposited using Bitcoin can take advantage of the withdrawal option to prevent money laundering.

BetOnline

Betonline Worldwide Acceptance Bookmaker

  • License: Panama, and founded in 1991
  • Restricted Countries: Australia, France & Panama
  • Given the Generous Reload Bonuses, it is ideal for Matched Bettors.
  • Reload bonus – 35% up to $1,000 for Every Qualifying Deposit Use Code “CRYPTO35 " (x6 Rollover)
  • Start HERE To Claim 100% 1st Time Crypto Bonus Up to $1,000 – Go To Promotion & Don’t Forget To Input Code “CRYPTO100 " (x14 Rollover)

Sports Betting AG

Sports Betting, BetOnline Group Bookmaker Logo

  • License: Panama, and founded in 2003
  • Sports Betting AG is a complete Clone To BetOnline and all the same policy, rules, promotion apply.
  • Restricted Countries: Australia, France & Panama
  • Given the Generous Reload Bonuses, it is ideal for Matched Bettors.
  • Reload bonus – 35% up to $1,000 for Every Qualifying Deposit Use Code “35CRYPTO " (x6 Rollover)
  • Start HERE To Claim 50% 1st Time Crypto Bonus Up to $1,000 – Don’t Forget To Input Code “100CRYPTO " (x14 Rollover)
  • * Note, the promotion code is slightly different from BetOnline.

Bookmaker EU

Bookmaker eu Sharp Punter Welcome

  • License: Costa Rica, and founded in 1985
  • Restricted Countries: France & Costa Rica
  • A Leader of Offshore Bookmaker providing highly competitive odds, and supported by ZCode
  • (Success Formula), see their review below screenshot
  • Reload bonus: 10 – 20% Up To $800 For Every Reload Depending On The Membership (x5 Rollover)
  • Start HERE to Claim 15% Sports Welcome Bonus Up To $600 (x5 Rollover)

bookmaker eu feature by zcode

5Dimes

5Dimes The Most Extensive Sports Market Cover Bookmaker

  • License: Costa Rica, and founded in 1996
  • Restricted Countries: UK, France, Portugal, Hungary, Ukraine & Costa Rica
  • One of the best online bookmakers in the world in every aspect (almost all reputable reviewing sites rank 5Dimes among top 3), also supported by ZCode (Success Formula), see their review below screenshot.
  • If you deposit exclusively with Bitcoin, they will not impose any limit on your withdrawal.
  • Start HERE to claim 50% initial deposit bonus up to $520

5dimes feature by zcode

Bovada

Bovada Bookmaker for US Players

  • License: Quebec Canada, and founded in 2011
  • Restricted Countries: Many Countries Restricted But USA Accepted (Use the below link to see if your country is accepted)
  • Unlike other bookies setting 45 minutes waiting time for the deposit, Bovada only requires 1-2 minutes, so you can bet instantly when you want.
  • You can enjoy a reload bonus of up to $250
  • Start HERE to Claim Welcome Bonus Up To $3,750

Intertops

intertops logo

  • License: Antigua and Barbuda, and founded in 1983
  • Restricted Countries: UK & France
  • One of the oldest online bookmakers in the world and have established solid reputation especially for excellent mobile betting interface.
  • Start HERE to Claim $200 Sign-Up Bonus

1XBet

1XBet Logo

  • License: Curacao, and founded in 2011
  • Official partner of FC Barcelona in Spanish La Liga
  • Restricted Countries: Burkina Faso, Cyprus, Czech, France, Italy, Kenya, Netherlands, Poland, Spain, Switzerland, UK & USA
  • Start HERE to Claim Bonus up to EUR 1,500 + 150 Free Spins

Bitcoin Betting Sites Note

  • Exclusive Bitcoin Sports Betting Sites – BTC Exclusive Betting Sites consists of platforms that work exclusively with BTC (& other cryptocurrencies). There are a few Hybrid sites that also accept fiat currency as seen in the matched betting example. You can secure high level of privacy due to the anonymous or pseudonymous sign-up. Almost all sites don’t require any detail personal documents but at some stage they will require KYC Verification except 2 Sites of Nitrogen Sports & OneHash, which we confirmed No KYC at all, means totally anonymous.
  • Conventional Sports Betting Sites Accepting BTC – The other type is traditional fiat currency bookmakers that simply has implemented BTC & other cryptocurrencies as one of the many payment options in their cashier section. All the bookmakers we list here are from our separate report of List of 20 World Best Online Bookies Without Account Restriction. So, unlike the UK & European Bookies, Caribbean Bookies hardly restrict your account (can’t guarantee lately though) and basically all of them (except one) accept US players.
  • The bottomline is that the betting sites you see in the list accept players from many countries. So, they will enable you to earn a lot of Risk-Free Extra Income from Matched Betting and Value Betting With Positive EV.
  • UK – One of the popular question we have received is which UK bookmakers accept Bitcoin? At this moment in time, only a few such as 888Bet, Netbet etc accept BTC direct deposit, but still can’t bet BTC but need to convert into fiat currency in the account. What about Bet365 bitcoin? No, Bet365 don’t accept direct BTC deposit, you may have to use ewallet like Neteller to convert BTC into fiat currency to fund Bet365, which is the case for almost all UK Bookies & casinos. So, bitcoin sports betting is still infant stage.

 

Bitcoin For Dummies

Let’s start with very basics;

Bitcoin Basics & How Bitcoin Betting Works

Bitcoin (BTC) is a Digital or the first Cryptocurrency as opposed to Fiat Currency we use in our daily life such as USD, EUR & JPY backed by each country’s government.

Peer-to-Peer Decentralized Electronic Cash System (described by unknown inventor “Satoshi Nakamoto" in 2009) is used as a method for online payment. The biggest issue of the digital cash is that unlike the physical notes or coins, it can be copied easily. Traditionally, Centralized entity like Paypal verify all transactions to avoid such double spending. However, Bitcoin’s Peer-To-Peer network enables open source (means public) to ensure the same money will not be used more than once. Simple, but nobody couldn’t establish it before Satoshi, which is so-called Blockchain as an immutable record of historical transactions.

Bitcoin’s price is determined by supply and demand. And as the below Bitcoin price chart (source: Coinbase) indicates, it has shown huge price fluctuation in such short period as 1.5 years between mid 2017 and late 2018 (from $1,000 to the peak $17,000, and becomes a bit stable at around $3,500 as of Feb 2019). Such high level of volatility clearly proves the speculative nature of cryptocurrencies at this stage;bitcoin price chart

Unlike other financial assets such as company equity, crypt-currency is not supposed to have an intrinsic value to determine the proper price. But many economist try to do it and News BTC summaries Econometric Models estimating the range between $1,080 from Demand Side and $8,700 from Supply Side. I know it is very wide, and it demonstrates how difficult to predict the price, which is obviously the risk of the crypt-currency.

However, in the meantime “When to Sell Bitcoin? ‘Never’ — Mark Yusko Says BTC Like Amazon Stock" may give you a useful insight for medium term, means the lower the price goes, the better the buying opportunity.

How Bitcoin Betting Works?

Bitcoin Betting is simply betting (or funding to) in Bitcoin at Betting Sites such as Sportsbook & Casino. Thanks to the Bitcoin’s ability to form instantaneous global transactions in a highly-secure and anonymous way, to use bitcoin for betting is a natural movement for betting sites. And many existing sites started accepting bitcoin as other fiat currencies while a lot of bitcoin exclusive gambling 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 seems to be over 1,600 cryptocurrencies. So although we use Bitcoin as a representative of cryptocurrencies in this report (Bitcoin’s market cap is surely No. 1 with well over 30% share), betting industry is accepting other key cryptocurrencies like below;cryptcurrency symbol list

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 worth while exploring how sharp punters exploit the full potential of it and gain risk-free extra income from bitcoin 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 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 – even accepting bitcoin operators, especially bitcoin casino sometimes set geo-blocking. In this case use VPN).

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.

Is Bitcoin Betting Tasty?

With the level of gambling regulation around the world, digital currencies seem like an obvious fit. As briefly said before, more and more online sportsbooks (especially in Caribbean region) are accepting bitcoin, and the bitcoin exclusive bookmakers that allow your anonymity have been mushrooming. Besides, bitcoin exclusive betting exchange (Fairlay) have also been established, which allows you to pursue matched betting & sports arbitrage.

Given The High Security Nature Of Bitcoin Transaction, Anonymous / Pseudonymous Sign-Up Condition, Bitcoin Betting Sites enable any players even from the countries where online gambling is prohibited. However, as noted before, lately more & more operators started imposing standard KYC (Know Your Customer) process before permitting withdrawal, thus suggest carefully check the restricted countries of each betting site before depositing real money. In your account, if you find “Documents" section where you’re asked to upload your ID, address proof & bank card photos etc., then it’s a clear sign that they will ask for these documents before you can withdraw your money. 

Pros for Bitcoin Betting

The below Video prepared by Nitrogen Sports (see the details later) will give you a good summary of the benefits of Bitcoin Betting;

  • High Security Nature: Bitcoin Transaction is highly secured, and Anonymous / Pseudonymous Sign-Up Condition (basically no boring KYC procedures, many of Bitcoin operators & betting sites don’t ask you anything) enables any players even from the countries where online gambling is prohibited or still legally grey area such as USA to start it. Above all, you never have to worry about identity theft & any fraud.
  • Quick & Cheap Withdrawal: As you know many casino offers free deposits but charges 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 competitive betting environment. Means, you may often find more generous promotional offers in top bitcoin betting sites.

Cons For Bitcoin Betting

On the other hand, there are following 3 cons.

High Volatility, Uncertainty & Scam Risk

Firstly, as you saw the rapid price fluctuation before, Bitcoin is 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.

Secondary, 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.

Considering the above 2 factors, it’s wise not to keep a lot of cryptocurrencies other than betting unless you are a speculative trader.

Lastly, a lot of 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 bitcoin betting sites. The Bitcoin Betting Related sites we have listed in this guide established at least good tracking record (of course past performance can’t guarantee any equivalent future) and have best in class reputation in various forums & review sites, like Nitrogen Sports highly rated by SBR video below;

Bitcoin Betting Whole Process

Bitcoin Wallet

We list following 2 established Bitcoin Wallet / Exchange;

Coinbase (Not Anonymous)

coinbase logo

  • 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 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 logo

  • 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 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.

5 Stage of Bitcoin Betting

Simple process of Bitcoin Betting is;

  • 1. Buying Bitcoin (With Your Fiat Currency)
  • 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 them to begin with. To do this you need a Bitcoin Wallet / Exchange where you buy bitcoins to fund Bitcoin Betting Sites. 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.

Watch the below video prepared by BetOnline (Traditional Bookmaker that accepts Bitcoin, see the details later), which explains the standard procedure using the above Coinbase;

2. Identifying Bitcoin Gambling Operators (Sportsbook / Casino)

There are plenty of Bitcoin bookmakers on the market. However, as cautioned, you need to be careful for selecting the reputable bitcoin betting sites. We are listing both bitcoin exclusive & conventional bookmakers accepting bitcoin later. Suggest try to use them first rather than shopping around to take other less known sites.

3. Funding Bitcoin & Betting (Use Advantage Play to Get Guarantee Profits)

Funding Bitcoin To Betting Site

Using Bitcoin to fund your accounts and place your bets is basically the exact same as if you funded your account with cash or a bank card. However, bear it in mind that;

  • Conventional Bookmaker Accepting Bitcoin: You will place bet in your chosen fiat currency like $ / € / £ and they just accept BTC as one of the depositing method, 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 video of Conventional Bookmaker Accepting Bitcoin – BetOnline Another Video. In this video, they use Coinnomi BTC Wallet rather than Coinbase though, doesn’t matter, the process is the same.

Placing Bet with Bitcoin

When it comes to placing 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 betslip and finally place the bet.

Bitcoin Betting Exchange

We are starting to use Bitcoin Betting Exchange as part of Bitcoin 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 Bet Exchange – Ultimate Guide.

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 (see it details later) as below;

Bitcoin Matched Betting Process

Outside UK / Ireland and Europe, many advantage gamblers have been frustrated by lack of enough number of soft bookies coupled with the inaccessibility to Betting Exchanges (especially for US punters). Means, they missed the opportunities of Matched Betting. Don’t worry, we show you how Bitcoin Betting will pave the way for everyone in the world.

Before, moving further, just get familiar with the following 2 basics related to Bitcoin Betting;

BTC Unit

Firstly, understand the unit you may usually use in betting BTC;

  • mBTC (Millibitcion) equates to 1 / 1,000 of a Bitcoin & numerically represented as 0.001BTC
  • uBTC (Microbitcoin) equates to 1 / 1,000,000 of a Bitcoin & numerically represented as 0.000001BTC

For your convenience, you may want to use BTC Converter.

Odds Format

Secondary, you need to use Decimal Odds Format (European) to make matched betting because Betting Exchange use Decimal Odds and Matched Betting Calculator is set based on Decimal Odds. You can use 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 a 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;sportsbet io welcome bonus image

  • 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 to these betting exchanges in your country use this method. We GEM provide various tools enabling every player in the world to enjoy advantage plays.

Matched Betting Real Practice – Conventional Sportsbooks Accepting Bitcoin

The conventional bookies we discuss are Caribbean Bookies that accept US Players. As already explained, you can bet in your fiat currencies in these bookies, therefore you can lay in conventional betting exchanges like Betfair / Matchbook or the above alternative method.

* For US Citizens or anybody who are restricted by these exchanges, we will show how Bitcoin Betting Exchange can be used in the next section.

Let’s see an example of Betonline. Always remember, we need to check T&C before betting anything.

Betonline Welcome Bonus T&C

betonline welcome bonus t and c

So, you get 100% deposit bonus up to $1,000 which require x14 Rollover (same as WR: Wager Requirement), means if you receive full $1,000 bonus you need to bet $28,000 wager before you can withdraw anything from your account. Sounds hefty? Yes, but actually no need to be intimidated. You have 30days to complete this rollover and no restriction on odds.

Matched Betting Implementation

To construct matched betting, firstly, you need to search the sports event of which back & lay odds are very close. You can search manually but if you use the software like Oddsmonkey you can save a lot of time & money. Among the bookies we list in this report, Oddsmonkey include Betonline, Sportsbetting AG (Betonline’s Clone), Bookmaker EU, Intertops & The Greek in its oddsmatcher software (see our Full Review, if you’re interested). My quick search shows;

betonline oddsmonkey oddsmatcher Bundesliga

At this moment in time, the best event is Bundesliga Leipzig vs Frankfurt with 98.94% odds match, means when you back & lay this event (on Leipzig) you will lose 1.06% regardless of the outcome.

Just recall $28,000 is the amount we have to rollover. And remember you can find this level of odds matching (98% – 102%, over 100% is arbing condition) almost anytime, so let’s simulate how the final result will be if we bet total $28,000 with the similar conditions;

betonline matched betting calculation

So, we will loose $294.74 (forget about the £ currency unit being displayed, it’s just because UK software), but $1,000 is a bonus, means $1,000 – $294.74 =  $705.76 is your pure profit (Betdaq commission shows 0% because Oddsmonkey offer Zero commission deal, if we add 2% standard commission, the net profit will be down to $560, but still good). It’s fantastic for Risk-Free Extra Income, isn’t it?

Under Lay Technique

As you will see the list later, the majority of the offers are Sign-Up Deposit Bonus & Reload Bonus that requires Rollover like this one. For this type of the offer, you can use the technique called Under Lay to maximize your profit. For full instruction, go Profits from Betting Signup Offers – Bonus WR (Wager Requirements).

Simply put, what we do is laying lower than required. Why? Because once our account balance in Betonline becomes 0, no more rollover is required, finish. Assuming our initial account balance is $2,000 ($1,000 own deposit + $1,000 bonus), we bet full $2,000 on a single event. By making under lay, if we lose (lose at Betonline) our loss will be higher but the rollover is finished. But if we win (win at Betonline), the loss is lower or even we will add profit to move into the next rollover round. See the below calculation;

betonline underlay matched betting calculation

By laying $1,788.65 rather than standard $1,978.95, our result will be $211.35 loss (means $1,000 – $211.35 = $788.65 net profit as our final profit) when we lose at Betonline. However, we add profit of $150.22 to move to the next bet if we win at Betonline. So, we can repeat this until we lose all the balance in Betonline or complete the rollover.

We use Oddsmonkey software in this example but it’s mainly for British players. BTW, many people imagine matched betting is for only UK & Ireland, wrong, by using this approach, everybody in the world including US citizens can make decent profits from this risk-free betting technique, exactly with the same process we explained above.

Use Bitcoin Betting Exchange

Now, let’s move to laying in Bitcoin Betting Exchange case. For those who can’t access to conventional betting exchanges, Bitcoin Betting Exchange gives you another solution on top of this method.

As you saw the list, there is an established bitcoin betting exchanges that are Fair Lay (Commission 0.25% on winnings)

Since there is no odds matching software that cover these bitcoin exchanges, we have to search the opportunity manually. After I quickly look around the major soccer markets, backing 1.75 on Barcelona at Betonline & laying 1.757 on Barcelona at Fair Lay in Athletic Bilbao vs Barcelona match is a reasonably close odds as below;

betonline barcelona back odds

And

fair lay barcelona lay odds

Let’s simulate the profits by assuming the maximum back stake of $28,000 again to complete the rollover;

matched betting profits calculator
Click The Image To Enlarge

We are losing $141.64, means finally we will get $1,000 – $141.64 = $858.36 profits, not bad, is it?

What you should remember here is you have to bet in BTC in Fair Lay, so you have to convert the above lay stake of $27,928.18 into BTC or mBTC. As introduced before, use software to convert;

bitcoin convertor

Therefore, 7,661.4005 mBTC should be the lay amount you will bet in Fair Lay.

Bear it in mind that Bitcoin is very Volatile, thus you will always expose yourself to the Exchange Risk during the period you hold BTC. It may work favorably or unfavorably, which is the gambling part in this matched betting process unless you’re a cryptocurrency expert & have enough confidence to predict the future price accurately.

Matched Betting Real Practice – Exclusive Bitcoin Sportsbook Sites

Lastly, let’s see how we can construct matched betting among Bitcoin Exclusive Bookmaker. One of the best sports bonus site 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;

cloudbet bonus t and c

Then, we have to know how we receive the loyalty point, which is;

cloudbet loyalty point

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; cloudbet back odds leicester

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;cloudbet matched betting calculationAgain, 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 100% First Deposit Bonus, of which T&C says;

betbtc bonus t and c

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).

Conclusion

  • As repeatedly cautioned, you need to carefully check T&C of each offer to determine if that offer provides you with positive value.
  • The cashback condition of both Cloudbet & BetBTC is quite tough, thus the matched betting between these 2 will not be worth pursuing.
  • The above doesn’t mean we should abandon Cloudbet bonus. Since BetBTC’s 4% commission is a big factor, when good opportunity with Fair Lay (commission is 0.25%) is found, it would be +EV.
  • BetBTC’s bonus can also be exploit by making matched betting with conventional bookmakers in the way we already explained in the previous section.

Bitcoin Sports Arbitrage Process

There are a lot of arbing opportunities among Bitcoin Betting sites as well, and when we look around, small arbitrage opportunities like below can be found regularly;

betonline arb watford&fair lay arb watford vs cardiff

The biggest issue at this stage is that there is no qualified software that cover 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;

When you find the arb, use Arbing Calculator.

Bitcoin Value Betting Process

The House Doesn’t Always Win

So far, we have discussed the advantage play with hedge, therefore they are risk-free but the size of the profit from each bet is limited due to the hedging nature. However, the value betting without hedge we will discuss now is not free but 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 is fond of using Nitrogen Sports (see Zcode’s review below) as Bitcoin Exclusive Bookmaker and 5Dime & Bookmaker EU as Conventional Bookmakers Accepting Bitcoin.nitrogen sports feature zcode

ZCode System Both Human & Machine Prediction 

This is probably one of the most successful sports investing system in the world. Their priority sports area is US 4 Major sports (also cover soccer & horse racing) but they are used by the punters worldwide. ZCode system comprise Computer Automated Tips based on huge data base & 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 the above full review or proven model documents. However, just let me quickly share the safe model of value betting as an example, which includes basic money management & expected profit from ZCode System, which extracted from 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. 

If you want to use Nitrogen Sports, watch the below quick video to grab how it works, and don’t forget to convert your betting unit into BTC using BTC Price Convertor;

 

Bitcoin Casino 

Best Bitcoin Casino List

We have issued the latest list of Best Crypto Casinos & Offers;best crypto casinos and offers list feature image, which includes the casinos offering Provably Fair games. The contents you can access are;crypto casino article index

 

Conclusion & Suggested Action Plans

The number of Bitcoins to ever be issued is limited to 21 million,so it cannot be churned out like fiat currencies and poured into economy. Bitcoin volume growth is to some extent predictable. So, Bitcoin is not subject to inflation, and it’s a good idea to add this asset class into your financial portfolio as a part of diversification strategies.

But, allow me to reiterate that Bitcoin is very volatile seen from the below chart . According to SFOX,

The standard deviation of BTC’s daily returns — a measure of its historical volatility — has been as high as 15.645% over the last 8 years. In contrast, fiat currency’s 30-day volatility averages around 0.5%-1.0%, while gold’s averages around 1.2%. SFOX
bitcoin price and volatility chartHowever, the good news is that the volatility has been decreasing and the price has become stable. And, as said at the beginning, the current price seems to be the low side from supply & demand analysis. Therefore, as long as you keep aware of this volatility risk and take cautious approach (basically not hold too much cryptocurrency in your portfolio), making extra money risk-free via advantage play in bitcoin betting sites would be very wise move at this stage.

We don’t like gambling and we don’t do, just read this special report carefully as many as you need and follow our instruction to exploit all the generous offer by bitcoin betting sites as well as market inefficiencies, and earn solid income every month on the side. Never forget the basic,Never Put All Your Money Into 1 Basket, then you have a brilliant financial future.

Good Luck On Your Bitcoin Betting!!

Joshua Walker (bio

Editor – Global Extra Money (GEM)