Bitcoin owes its eminence to its anonymity and transparency, and those are two reasons most online gamblers, bettors, players, and wagerers prefer it over traditional, fiat currencies such as USD, EUR, and GBP.
Concurrently, let’s look at some of the best Bitcoin sportsbooks in 2018. Only three amongst the hundreds available are enlisted mainly because they offer the best services, fastest payouts, and highest overall value to all levels of sports bettors. In addition, this piece leaps deeper into how the Bitcoin Sportsbooks industry is and its predictable future.
Safe 2018 Bitcoin Online Sportsbooks
Licensed in Costa Rica and launched in 1996, BookMaker.eu is a prominent player in the field of online sports betting. With such a declarative name, one would expect BookMaker.eu to offer some of the best bookmaking services on the Internet — and it does!
From top-rated to lesser-known sports, BookMaker.eu offers sports betting on Soccer, Basketball, Baseball, and many more sporting events. And in addition, the website operates a racebook and casino where players can stake on thoroughbred horse races and casino games (Slots, Blackjack, and Video Poker) respectively.
As a Bitcoin sportsbook, BookMaker.eu is one of the earliest sportsbooks to start processing BTC transactions. And since then, BookMaker.eu has stayed on top of the game with super-fast, low-fee BTC transactions, various sports and games availability, and a stellar reputation that speaks volume.
The website also accepts VISA, MasterCard, American Express, Neteller, ecoPayz, Person-to-Person Transaction, BankWire, and Bank Draft. Besides, BookMaker.eu welcomes new players with a 15 percent cash bonus for the sportsbook and a 50 percent bonus for the casino.
The story behind MyBookie.ag is intriguing because of its integration with British-based online gambling website BetonSports. BetonSports was quite popular in the 2000s though it was launched in 1995, and unluckily lost its competence in 2009 when the founder was sentenced to years of imprisonment for racketeering, tax evasion, and other criminal acts.
However, the connection between MyBookie.ag and BetonSports does not mean MyBookie.ag is a criminal business. Instead, the MyBookie.ag team members are experienced and highly-respected gambling enthusiasts; the company is licensed by Curacao eGaming Licensing Authority; and the website uses a 256-bit encryption and SSL certificate.
Further, the BTC mode of transactions is fully accepted with a minimum of $25 and maximum of $10,000. Interestingly, players can deposit, withdrawal, and bet online and over the phone. (For online betting, $10 minimum and $1,000 maximum; for betting over the phone, $25 minimum and unlimited.)
Sports are numerous, all bet types are accepted, bonuses are impressive and diverse (50 percent first deposit up to $1,000, $20 risk-free bet, 25 percent reload up to $500, etc.), and the website also features a racebook, casino, and live casino. Nonetheless, the website has a single drawback: there are no e-wallets such as Skrill or Neteller. This is an industry-standard as some players prefer to deposit via BTC and withdraw via an e-wallet or bank transfer, or vice versa.
First, XBet.ag is probably a product of the same team behind MyBookie.ag. Everything from the website design to the written content is almost identical. And although this might seem fishy to most players, it actually means XBet.ag is just as reputable as MyBookie.ag.
XBet.ag processes both withdrawals and deposits via Bitcoin quickly — though not as swift as BookMaker.eu. And just like its sister brand, players can also stake on casino games and horse races in addition to its main sports-booking provision. Players also relish two mouth-watering promotional bonuses: a 100 percent first deposit bonus up to $300 and a 50 percent reload bonus up to $250.
Lastly, the minimum and maximum amounts are the same as MyBookie.ag’s: $10 and $10,000 respectively — and betting is also available over the phone and online. Additionally, the amounts as well as daily, weekly, and monthly limits vary per customer level: Newbie, Bronze, Silver, and Gold.
Bitcoin Sportsbook Deposits and Withdrawals
The average transaction time for a Bitcoin sportsbook deposit or withdrawal is an hour plus 18 minutes according to aBitGreedy.com. Compared to the likes of debit cards, credit cards, bank transfers, and e-wallets, the speed of BTC is technically a drawback. However, the gambling industry still loves BTC for a number of reasons — which are further explained in a section below.
BTC deposits and withdrawals still depend on the sportsbook processing them. Some sportsbooks will take two to four hours to process a simple $50 equivalent of BTC while some — especially the three anterior sportsbooks — process thousands of dollars equivalent of BTC in an hour or a little above.
Some sportsbooks even use a Bitcoin Transaction Accelerator to cut the time to mere minutes. ViaBTC, ConfirmTX, BTC TX Accelerator, BTC.com, SpeedyBit.io, instantBTC.net, and FreeBTCAccelerator each offer a free and/or a paid transaction acceleration service.
Rise of Bitcoin as a Payment Method
Today, BTC is being used for any transaction imaginable — shopping, dining, gambling, donating, crowdfunding, service and product payments, fees, etc. — both online and offline (via the 2,800+ Bitcoin ATMs available worldwide). According to Investopedia, Bitcoin is currently the “biggest buzzwords in the financial space.” This success has turned most authorities and organisations to either be green with envy or see it as a wake-up call to also get into the cryptocurrency market.
In fact, Bitcoin’s worldwide success is so envied that the People’s Bank of China has tried imitating the concept — though centralised — countless of times (from released mobile apps to launched and anticipated state-owned digital currencies) with nothing to write home about.
Similarly, many government companies have also studied (and are studying) the Blockchain technology and cryptography algorithms; these include the China Banknote Bank Credit Card Industry Development, the Bank of China Credit Card Industry Development, the China Electronics Standardization Institute, the Banknote Blockchain Technology Institute, the Hangzhou Blockchain Research Institute (also known as the Zhongchao Blockchain Research Institute), and the China Boxer Blockchain Technology Research Institute. The most recent provision is Blockchain Registry Open Platform (BROP), which was announced in late March 2018.
This adaptation found its way into the online gambling market through SatoshiDice in April 2012. The website was purchased for 126,315 BTC in July 2013 and is now called MegaDice. Accordingly, hundreds — if not thousands — of new BTC gambling websites have emerged and many successful, top-rated websites have added BTC to their catalogue.
Further, Bitcoin gave rise to the now-standard Provably Fair concept. This concept allows players to analyse and verify the fairness of casino games offered by an online operator. Before each gaming session, the operator would publicly announce the algorithm which the player could use to analyse and verify the fairness of an RNG (Random Number Generator) or random seed generator.
Even though Provably Fairness does not work for sports betting (because sports are games of skill, not games of chance), it is still an addition to Bitcoin’s credibility.
Volume of Bitcoin Online Sportsbooks
As stated earlier, Bitcoin is widespread. It is safe to say everyone on the Internet has the slightest knowledge of Bitcoin, to say the least. Therefore, there are tons of operational Bitcoin sportsbooks on the Internet.
Interestingly, some even accept Bitcoin exclusively; they are called Bitcoin-only sportsbooks. Others operate with a different approach: instead of processing only BTC transactions, they either combine BTC with other virtual currencies (such as Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Dash, Monero, Zcash, and Ripple), combine BTC with fiat currencies (such as US Dollar, Euro, Great British Pound, Japanese Yen, Canadian Dollar, and Swiss Franc), or a combination of BTC, other virtual currencies, and fiat currencies.
And compared to other sought-after virtual currencies, BTC has the strongest market cap, price, volume, and supply — but, unfortunately, BTC has one of the slowest transaction speeds of all. (Some complete a transaction in less than a minute.)
Nonetheless, BTC is presently the currency of the online gambling world. Most sportsbooks accept other coins but only for making deposits, players can request withdrawals via other coins or traditional currencies. Yet, Bitcoin’s case is dissimilar: sportsbooks either accept it completely or do not.
In fact, there is a probability that there will be more BTC sportsbooks than USD sportsbooks in the nearest future if the coin can continue its dominance and prominence. The r/BitcoinGambling subreddit on Reddit shows how many Bitcoin gambling websites emerge every single day. And all this fame can be associated with Bitcoin’s core perks:
Ease of use
Accessibility of Bitcoin
If there was an award for the Most Accessible Cryptocurrency, Bitcoin would win it without any competition. While there are other popular coins, Bitcoin is the most popular; therefore, Bitcoin is more accepted by the numerous wallets and exchanges on the Internet than any other cryptocurrency.
Coinbase, Bitstamp, Bitfinex, Kraken, bitFlyer, and CEX.io are some of the top Bitcoin exchanges while the same Coinbase (online) alongside Blockchain.info (online), Electrum (software), Trezor (hardware), Ledger Wallet (hardware), Jaxx (software), Exodus (software), and Mycellium (mobile) are some of the well-known BTC wallets.
Wallets and exchanges work differently: wallets are used to store Bitcoin keys (contrary to popular belief, Bitcoins cannot be stored anywhere) while exchanges exchange BTC to fiat currencies and other virtual currencies and vice versa. The end result is quite identical, so players should keep note of some factors before opting for an option. The factors include the exchange rate, payment method, speed, limits, fees, privacy, and regulatory compliance.
Additionally, players can also make use of a Bitcoin ATM (BTM) to buy Bitcoin with a fiat currency. (Other cryptocurrencies either do not have specific ATMs or have a very small quantity.)
Further, Bitcoin’s price has always been spontaneous and as volatile as water since its emergence in 2011, even more than other cryptocurrencies and fiat currencies. Factors that affect the price, volume, and supply are numerable … the most straightforward factor is the demand.
For example, 1 BTC went from roughly $20,000 to $12,000 in January 2018 only because the Chinese authorities supercharged their crackdown on Bitcoin and cryptocurrency in general. The crackdown downscaled the demand by scaring and restricting investors and traders off. Also, substantial Bitcoin mining pools and companies had to take counteracting measures by migrating outside of China because of the increased expenses.
ViaBTC increased its fees from a mere 6 percent to a whopping 50 percent because it is based in China, home of the biggest Bitcoin mining enthusiasts’ unit, and found mining resources rather scarce and expensive. Bitmain has reportedly decided to build facilities in the United States, Singapore, and Canada. According to reports, BTC.Top is also planning to move to Canada.
In conclusion, Bitcoin is very accessible and there are numerous ways to buy any amount you want but (and it is a big BUT) Bitcoin’s price is more volatile than any other currency in existence. In 2017, Bitcoin went up roughly 2,000 percent and in 2018, it has plummeted more than half of that price.
Legality of Bitcoin
In general, more than 90 percent of the whole countries either have little to no concern about their respective citizens using Bitcoin to do whatever they want, alegal about the use of Bitcoin (not in the laws, so not prosecuted), or consider it legal. Countries in this category are mostly situated in Africa, South America, North America, and Australia.
In the United States particularly, Bitcoin is generally legal but illegal in some states because each state individually has its own rules and regulations, and how it treats each issue. The general legalisation has never been passed by the Federal Government of the United States, so it is more of a speculation than an actual law. For one, the US CFTC (Commodity Futures Trading Commission) is quite concerned with cryptocurrency-related frauds and seems to be monitoring the market with cautious eyes.
In individual states, Bitcoin is either legal, illegal, or alegal — so, it is highly recommended to figure the facts out before concluding to use any of the anterior Bitcoin sportsbooks. For one, the NYDFS (New York State Department of Financial Services) issues a license for cryptocurrency businesses called a BitLicense. Therefore, players located in New York can gamble via Bitcoin without any penalty.
Regardless of its random legality, Bitcoin is like a moving train; no entity — individual, bank, organisation, or government — can stop it at this moment. Now, proceed to savour betting on sporting events online while making deposits and requesting withdrawals in BTC.