Place sports bets with Bitcoin: How it works

The keyword sports betting with Bitcoin may surprise you. In fact, Bitcoin bets are possible. Consider this digital currency as a normal means of payment.

Some betting providers offer their customers the option of betting on the various sports bets with Bitcoins. For a list of all btc betting events, check out bestbitcoinbetting. It should be noted in this context that a Bitcoin is not automatically a Euro, so it is about the exchange rate.

But the principle of sports betting is the same as you are used to. Today, Bitcoins are certainly not unusual, but they are for sports betting. In this article you will learn more about the topic of sports betting with Bitcoin and what possibilities exist. The only question is whether the bookmaker of your choice offers you the opportunity to use money in this way.

What does sports betting with Bitcoin mean?

Sports betting with Bitcoin is basically nothing more than normal sports betting online. The only difference is the means of payment. It is a digital currency that is comparable to the dollar, the euro and so on. Only, of course, it has a special Bitcoin exchange rate. We can’t tell you exactly how this is at this point. This is because the exchange rates are fluctuating. Remember that you have to find a sports betting provider that accepts Bitcoin as its currency. Not everyone does this, but the best betting providers generally present this option. Where exactly the chance is, you will find out, for example, in our betting provider comparison. What you place your sports bets on is up to you, as is the amount of the stake. The betting process is the same as you are used to. This should already answer the question: „How does sports betting work with Bitcoin?

What does Bitcoin mean?

If you want to understand the principle of Bitcoin sports betting, you should first know what is meant by Bitcoin. The term digital currency already explains a lot. It is a means of payment. You can use it in the digital world, or in other words on the Internet. However, it is not money that you carry around in your wallet. The term Bitcoin can be translated as digital coin.

The development was completed in 2009. Transfers are processed via a network of computers and, unlike normal banking transactions, there is no need for a central processing point. When we talk about an exchange rate, it refers to the fact that a supply has to meet a demand. This issue could be further elaborated, but now it becomes complicated with cryptographic techniques and so on. For this reason, we are also talking about a crypto currency or crypto money.

How do you get Bitcoins?

You may be wondering how you can get Bitcoins to make sports bets with them. Because if you have this money available, you can use it easily with the betting provider of your choice. It’s no different than using a credit card. There are online exchanges that are comparable to the foreign exchange market. Here, Bitcoins are exchanged for other means of payment.

  • You save the Bitcoins and can then use them for payments on the Internet. There are different units, which is no different from the Euro, for example.
  • If you are a customer of a bookmaker on the Internet who accepts this currency, decide to make payments with Bitcoin and place your bets.
  • You may even get a betting bonus. If you win, the odds will be used to calculate how much money you will get into your account. You could have this paid out to you.

What you should know about sports betting

This article is about sports betting with Bitcoin. But we want to point out once again what is meant by the increasingly popular sports betting. You can bet on an average of 35 sports or more. And that without a break. It is not only about the winner. Often there is an incredible variety of dozens of options. Each one is presented with odds. Based on your bet, no matter in which currency, you can guess how much money you will win if you win. The money is booked to your betting account, which is why you have to register first. You could have the winnings paid out to you. However, no bonus may be active. You can choose between a large number of online betting portals. They all have basically similar programs. However, there are differences. For example when it comes to sports. And with the odds.

Nothing works without it: Deposit and Withdraw

In order to be able to place sports bets online in general, you must have money available. You usually have the choice between different currencies and means of payment. Bitcoins are an example. The normal customer from Germany pays of course with the Euro. If you open an account, you make a deposit. Usually 10 € are required. With the Bitcoin the default would be a different one. You have different means of payment to choose from, could arrange a bank transfer, a faster bank transfer, pay from a credit card or use an electronic purse such as PayPal. Other options exist. Once you’ve won money, choose a payout method. The money will then be transferred.

Deposit money to win money

If you want to place sports bets with Bitcoin and deposit money with the digital currency, you need to do the following. First of all, register with a Bitcoin betting provider like https://www.cloudbet.com/en/. If you have created an account and found out in a test report or other way that Bitcoins is an accepted payment method, go to the Account section or click directly on Deposit. This varies from provider to provider. Specify the amount you want to deposit. Find out in advance what Bitcoins can do for you. If the money is available in your account, you can place sports bets as desired. Or you can opt for the popular live bets. All this is also possible via sports betting apps or mobile betting websites.

You have won? Simply request a payout

Let’s assume that you have successfully placed sports bets with Bitcoins. The account balance is so interesting that you are thinking about a payout. The process is the same as when you place your sports bets with the Euro. Only that you do not have to choose between different means of payment. You go to payout and since the Bitcoin is applied directly, it is also the only option you can use. The money is virtually transferred to your Bitcoin account. As this is a digital transfer, it is done in a short time. You don’t have to pay attention to anything else. You could now exchange the Bitcoins for Euro if you wish.

Betting provider with Bitcoin: The exact procedure

Basically, the principle of sports betting is no different with a bet with Bitcoins than when you would be active with normal money. The account must of course exist and there must be money on it. You have to transfer this from your account with Bitcoins. If you have one, you should be able to estimate the currency and its units. Experience has shown that this requires a certain conversion. Otherwise you make your bet as normal. To do this, click on the odds and enter a number on the betting slip. This must of course correspond to your account balance or at least have less. The last step is to place the bet. Once this has been done, all you have to do is hope that your bet was correct. In this case there will be a win booked. If it was not correct from your bet.

Betting with normal money

The described procedure would not be different with normal money. Only that you can probably estimate the Euro better. This applies to most weather conditions. You have money on your account and would like to place a sports bet. In addition the sport is selected from the rich program.

  • You decide on one of the available options and click on the odds. At this moment the betting slip opens.
  • The odds are recorded in this and if you decide to bet, you will immediately see how high your winnings will be.
  • If necessary, you will be shown directly how to deal with the betting tax prescribed by law in Germany. Normally a deduction is made or the tax has already been paid. Very rarely it is taken over.
  • Again, the principle applies that a correct tip leads to a bet win and thus to an increase in the account balance. If a bet is not successful, the bet is lost.

Why Bitcoin sports betting is not always possible

When the topic of sports betting with Bitcoin is discussed, a restriction must not be omitted. The digital currency now has a certain status. But it is by no means a standard. Neither in everyday life, nor on the Internet for all users, nor in sports betting. This means that the bookmakers only present Bitcoins as an option on the Internet in a clearly arranged number. It is usually the internationally active companies that are active on all continents and have millions of customers. Even with them the Bitcoin will be particularly in the focus, but quasi only incidentally mentioned.