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Bitcoin Matched Betting

Crypto Matched Betting Feature ImageCrypto Betting

What’s Bitcoin Matched Betting?

Crypto Matched Betting is to do risk-free matched betting using sportsbooks that accept cryptocurrencies such as bitcoin & other major altcoins. 

Crypto Matched Betting will help;

  • people who are frustrated in the situation that they can’t access the bookmakers’ bonuses due to their geographical location
  • people who seek additional matched betting opportunities (probably after being gubbed by traditional bookmakers)

Because the below crypto sportsbooks enable punters from many countries to deposit & withdrawal via cryptocurrencies  (see Best 15 Crypto Sports Betting Sites for more choices).

 

Crypto Bookmakers & Betting Exchange for Matched Betting

 

sportsbetio logo

Established in: 2016

Licensed by: Curacao Gaming Control Board (GCB)

Product: Sports, Virtual Sports & Casino

Restricted Countries: USA, Australia & Estonia

Accepted Crypto: BTC

Bonus: Deposit & Get x3 Free Bet up to mB6 + Daily price boosts, weekly $500 cash leaderboards, sports live streams, etc.

 

Claim 300% Bonus

Note: Not anonymous since full KYC is required. Provide a wide range of sports including horse racing. Various ongoing bonus like Price Boost is available. 

betcoin logo

Established in: 2013

Licensed by: San Jose Costa Rica

Product: Sports & Casino

Restricted Countries: Only from the jurisdictions where online gambling is not allowed by law

Accepted Crypto:BTC, ETH, LTC, BCH, XRP, BSV, DASH, & ETC

Bonus: 100% Deposit Bonus + 10 Free Spins & 50% 2nd Deposit Bonus & 25% 3rd Deposit Bonus

 

Claim 100% Bonus

Note: Only email & DOB are required to open an account, thus basically anonymous (may require KYC if suspicious activity detected).

cloudbet logo

Established in: 2013

Licensed by: Curacao Gaming Control Board (GCB)

Product: Sports, eSports & Casino

Restricted Countries: UK, US, Hong Kong, and Singapore

Accepted Crypto: BTC, BCH, ETH, PAXG, USDT, USDC, & DAI

Bonus: 100% Deposit up to 5BTC

 

Claim 100% Bonus

Note: Only email & DOB are required to open an account, thus basically anonymous (may require KYC if suspicious activity detected). Probably the highest betting limits among bitcoin exclusive sportsbooks

stake casino logo

Established in: 2017

Licensed by: Curacao Gaming Control Board (GCB)

Product: Sports & Casino

Restricted Countries: Click HERE to see if the Country Restriction message appears, if not you’re OK.

Accepted Crypto: BTC, ETH, LTC, DOGE, XRP, BCH, TRX & EOS

Bonus: Stake frequently changes the offer, so suggest go their promotion page to check the latest.

 

See Latest Bonus

Note: Only email & DOB are required to open an account, thus basically anonymous (but may require KYC if suspicious activity detected). A very active forum called Stake Community is available. 

betflip logo

Established in: 2019

Licensed by: Curacao Gaming Control Board (GCB)

Product: Sports & Casino

Restricted Countries: All major countries Accepted (including UK & USA)

Accepted Crypto: BTC, ETH, LTC, DOGE, XRP, BCH, TRX, TRC & ZEC

Bonus: For the first 10 deposits, get a 111% bonus up to €1500 or 1 BTC

 

Claim 111% Bonus

Note: Not an anonymous account because KYC is required before the withdrawal. A lot of negative feedback is observed online, but we list it given the several comprehensive positive inputs from our trusted members as well as the acceptance of both UK & USA players. Suggest taking a cautious approach, which means never deposit the money you can’t afford to lose.  

 

Crypto Betting Exchange

Besides, the bitcoin exclusive betting exchange (Fairlay) has made many people pursue matched betting easier.

fairlay logo

Established in: 2013

Licensed by: San Jose Costa Rica

Product: Sports Exchange (Commission on winning: 0.25%)

Restricted Countries: USA, Costa Rica, Iran, North Korea & UK (Only Binary Market)

Accepted Crypto: BTC

Bonus: Currently, no particular bonus is offered. 

 

Register Free

Note: Trustworthy Operation receiving regular independent audit on a full reserve of the customer fund – see Proof Of Reserves

 

Crypto Matched Betting Methods

If you’re completely new to Matched Betting, suggest you start at Matched Betting for Dummies. In case you know the concept but have not really done Matched Betting, go through (1) How Bonus Works(2) Placing Qualifying Bet & (3) Profits Extraction, which give you step-by-step instruction.

Crypto Matched Betting 3 Approaches

There are 3 approaches to do so, whi are;

  • 1) Use cryptocurrency entire process both at bookmaker and betting exchange 
  • 2) Use cryptocurrency for deposit & withdrawal but bet in fiat currency at a bookmaker and lay in fiat currency at a conventional betting exchange
  • 3) Bet cryptocurrency at a bookmaker and lay fiat currency at a conventional betting exchange or vice versa. 

As you are aware, cryptocurrencies are very volatile and the price fluctuates dramatically. This means using the crypto & fiat between the back bet at a sportsbook and the lay bet at a betting exchange creates a big risk, therefore we share the example later but we don’t suggest the 3) approach.

Just get familiar with the below basics;

BTC Unit

Firstly, understand the unit you may usually use in betting BTC since nowadays 1BTC is pretty high value;

  • 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.

Odds Format

Second, 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.

 

1) Back & Lay Both Cryptocurrency

Let’s use 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! “;

sportsbet io welcome bonus image

Sports.IO T&C shows;

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) mɃ2 on Team A with 1.5< odds at Sportsbet.IO & Lay (bet on NOT win, means both lose & draw like football match case) appropriate mɃ amount (it can be automatically calculated by Free Software) with the closest odds to back odds on the same Team A at Crypto Betting Exchange namely Fairlay so that you cover all outcomes.
  • No matter what the event’s result will be, your losing & winning will cancel out each other. In 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 mɃ6 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 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.
  • The success factor is how to minimize the qualifying loss by selecting the Team whose odds gap (between Sportsbet. IO & Fairlay) is the narrowest.

 

2) Crypto Bookmaker & Conventional Betting Exchange

Some crypto sportsbooks like Stake allow you to convert BTC to fiat currency like EUR & USD in the account and bet in EUR or USD.

What does it imply? You can use traditional betting exchanges like Betfair, Smarkets & Matchbook to lay without being bothered by any cryptocurrency’s rapid fluctuation. 

Actually, deposit BTC and bet USD then withdraw BTC is the standard practice for offshore sportsbooks which I list as Offshore Hybrid (accepting both fiat & cryptocurrencies) bookies in Best 15 Crypto Sports Betting Sites. 

Offshore Crypto Sportsbooks Examples 

A few examples are;

Betonline logo black

Established in: 1991

Licensed in: Panama

Product: Sports, Casino & Poker

Restricted Countries: Australia, France & Panama

Accepted Crypto: BTC, ETH, LTC, XRP & DASH

Bonus:100% Crypto Deposit bonus up to $1,000 (code:CRYPTO100) & 35% Crypto Reload bonus for life (CRYPTO35) Plus 5% Boost to these bonuses when you use BTC

 

Claim 100% Bonus

Note: Not anonymous since full KYC is required.  Its sister site Sports Betting provides you with exactly the same bonus (only with different codes) so you get effectively double the bonuses. 

intertops logo

Established in: 1983

Licensed in: Antigua & Barbuda

Product: Sports, Casino & Poker

Restricted Countries: UK, France, Austria & Australia

Accepted Crypto: BTC, BCH & LTC

Bonus: Select from 3 Options; 200% bonus up to $50 or 100% up to $100 or 50% up to $200 Plus $50 Parley Freebet every week + occasionally 10% Reload Bonus

 

Select Best Bonus

Note: Not anonymous since full KYC is required. It’s one of the oldest sportsbooks in the world and famous for its mobile-friendly interface. The casino offers many types of bonuses. 

BetUS Logo

Established in: 1994

Licensed in: Costa Rica

Product: Sports, Horse Racing, eSports & Casino 

Restricted Countries: Click HERE to check if you are not Geo-Blocked

Accepted Crypto: BTC, BCH & LTC

Bonus: 150% Crypto Deposit bonus (100% Sports up to $5,000 & 50% Casino up to $2,500) Plus 50% Re-Up bonus which are added 25% Extra bonus on every crypto deposit. 

 

Claim 150% Bonus

Note: Not anonymous since full KYC is required. Clean & uncluttered platform thus very easy to use. Your alternative welcome bonuses & Re-Up bonus details can be found on the promotion page.

GTBets
GTBets Logo

Established in: 2011

Licensed in: Curacao

Product: Sports, Horse Racing & Casino 

Restricted Countries: Australia, France, Canada, Russia & UK, etc.

Accepted Crypto: BTC, LTC & XRP

Bonus: 100% 1st Deposit Bonus up to $500 & 50% 2nd Deposit Bonus up to $250 (& BTC Deposit Boost) + Many lucrative reload offers like Automated cash reload (5-10% depends on player’s status)

 

Claim 150% Bonus

Note: Not anonymous since full KYC is required. Intensive coverage on North American sports and provide very competitive odds especially in NFL & College FootballAll the offers are “Cash” form, which means you keep wager as well as winning rather than only winning that is often the case of free play.

 

Crypto Matched Betting Using Hybrid Sportsbook Process

Let’s use the 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 a 100% deposit bonus of up to $1,000 which requires x14 Rollover (same as WR: Wager Requirement), which means if you receive a 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 software like Oddsmonkey you can save a lot of time & money.

Among the bookies we list in this report, Oddsmonkey includes Betonline, Sportsbetting AG (Betonline’s Clone), Bookmaker EU, & Intertops 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 a 98.94% odds match, which means when you back & lay this event (on Leipzig) you will lose 1.06% regardless of the outcome.

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

betonline matched betting calculation

So, we will lose $294.74 (forget about the £ currency unit being displayed, it’s just because of UK software), while the bonus is $1,000.

This means $1,000 – $294.74 =  $705.76 is your pure profit (Betdaq commission shows 0% because Oddsmonkey offers a Zero commission deal, if we add a 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

For rollover required offers, 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 underlay, 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 a 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. And almost all crypto sportsbooks we list in Best 15 Crypto Sports Betting Sites accept US citizens

 

3) Matched Betting using Both Cryptocurrency & Fiat Currency

Firstly, as warned before we don’t suggest this approach due to the huge cryptocurrency exchange rate fluctuation risk.

However, we share below for those who can’t access conventional betting exchange. As introduced, the established bitcoin betting exchange is Fairlay (Commission 0.25% on winnings)

Since there are no odds matching software that cover the bitcoin betting exchange, 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 Fairlay 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 Fairlay, 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.

Allow me to reiterate 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.

For those who can’t access conventional betting exchanges, you may want to use Betfair White Label.

 

Crypto Matched Betting – Caution

It’s a boring task but you have to carefully check T&C for each offer.

CloudBet that offers “Join Now To Claim 5BTC Bonus” is huge.

T&C says;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 and found the Premier League Leicester 5.86 back odds at Cloudbet and 5.9 lay odds at Fairlay (Exchange) in Tottenham vs Leicester City match;

cloudbet back odds leicester

Backing Leicester at 5.86 at Cloudbet sounds like a good matched betting opportunity for relatively long odds (I search longer odds event because it looks advantageous to accumulate loyalty points based on their T&C).

Assuming we back 100 mBCT, then the qualifying loss would be;cloudbet matched betting calculation

Again, don’t be bothered by the £ unit displayed in the above calculator, just consider it as a 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 Then, 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; 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).

 

Crypto Matched Betting Caution Summary

  • As repeatedly cautioned, you need to carefully check the 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 the 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.

 

Hope this guide will help you capture ever-increasing crypto betting (bitcoin betting) opportunities including Bitcoin Value Betting.

 

Please let us know if you need any further assistance via contact.

 

Good Luck On Your Bitcoin Betting!!

 

Joshua Walker (bio)

Editor – Global Extra Money (GEM)

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