Bookmakers for bitcoin and cryptocurrency betting

6 Tagen ago 0 18

In 2023, digital assets have many uses. Coins and tokens are even used by betting offices (BK). Some allow customers only to make deposits, while others allow them to place bets in Bitcoin cryptocurrency (BTC). At the same time, some BCs also support other options. Digital assets allow the bookmaker to bypass jurisdictional restrictions and accept bets where the regulator blocks bank transfers.

Criteria for choosing a bookmaker for betting in bitcoin

Often the search for a BC takes newbies a lot of time. This is due to the lack of knowledge about the nuances of the work of the offices. More experienced players choose bookmakers according to the following criteria:

Type of cryptocurrency service.
The ability to bet with digital assets. Not all platforms support this function.
Security level. Investments for betting should be well protected.
Availability of privileges and gifts. This is an optional criterion.
The variety of sports. The greater their number is, the better.
The number of available cryptoassets. Many customers are enough to support Bitcoin. But there are more convenient coins.
Responsiveness of technical support. Without this quality, it is difficult to trust any platform.
Convenience of the interface. This requirement is optional.
The size of the odds. The bigger it is, the higher the potential profit.

Betting risks

Potential payouts are usually underestimated. Bookmakers put a margin in the odds offered to customers. Therefore, at a distance, regular betting brings users losses.

Newbies in betting often lose their first investments. Beginners rarely understand the conditions of profit. At the same time, they play more gambling than experienced users. Beginners start making additional deposits and lose them too.

To win, you need to analyze events. For example, before betting bitcoins on a soccer match, you need to study:

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The ratios of wins and losses of the participating teams.
Strategies of their game.
The compositions of the teams and some other aspects.

Knowledge allows you to more accurately predict the outcome of specific events. This increases the chances of winning each bet.

Types of cryptocurrency bookmakers

In 2023, many BCs accept bets in digital coins. Users have access to 3 types of platforms with support for virtual assets.

Type of bookmaker	Project	Comment
The first type. Such bookmakers support only the deposit and withdrawal of cryptocurrencies. The services allow you to store digital assets in accounts, but you can not use them.	1xBet	The company was created in 2007 in Russia, works with users from the CIS countries. The BC has a license of Curacao.
	Melbet	The company was founded in 2012 in the UK. It is an international platform with a Curacao license.
	Marathonbet	The bookmaker was founded in 1997 in Ukraine. In 2022 the service operates internationally under the license of Curacao.
The second type. Conants of this type support only the input of cryptocurrencies. Before crediting deposits, they convert digital assets into fiat.	PariMatch	BC was created in Ukraine in 1994. The service operates only in the CIS. The license is Curacao.
	Leonbets	The project was founded in Belize in 2007. The platform provides betting services to clients from the CIS countries. The site operates under the license of Curacao.
	Pinnacle	The service was launched in 1998. The Gibraltar-based platform operates under the license of Curacao.
Third type. Platforms on blockchains are a new trend in betting. They allow users to make transparent bets on sports with cryptocurrency. All transactions are recorded and can be verified by anyone.	BetMatch	Users can bet on sports with cryptocurrency or choose other events (for example, political competitions). The platform has its own digital token XBM.
	Crypto Sportz	The service supports cryptocurrency betting on cyber sports events. The platform has its own virtual token – CSPN.
	Wagger	The company accepts cryptocurrency bets on traditional sporting events. For the convenience of calculations, the developers of the platform released a token – WGR.

Where to buy cryptocurrency

To make a deposit in digital assets, you need to buy them. In 2023, cryptocurrencies are traded on exchanges and in exchangers. Developers of many digital ecosystems have also integrated peer-to-peer platforms into their venues. On them, users can trade fiat and crypto assets directly among themselves.

Bookmakers for bitcoin and cryptocurrency betting — P2P service in the Binance ecosystem

The top 3 exchanges for buying coins and tokens in the summer of 2022 include:

KuCoin. There are 1,582 trading pairs formed on this trading platform. KuCoin charges customers a 0.1% commission for conducting transactions. The platform allows depositing fiat into trading accounts.
Binance. The crypto exchange offers 2044 pairs. Trading on Binance provides for the payment of fees – 0.1% of transactions. Users can replenish accounts with fiat currencies.
Huobi. This crypto exchange supports trading in 1272 pairs. Huobi charges a 0.2% commission for buying and selling assets. Fiat deposits are available to users.

The top 3 cryptocurrency exchangers in August 2022 include such options:

“Mine. This exchanger works around the clock. It supports 10 cryptocurrencies.
NetEx24. This exchange service operates around the clock. 22 digital currencies are available to its users.
ExHub. This crypto exchange also operates 24/7. Its developers have implemented support for 12 virtual assets.

Deposit to the account at the bookmaker

The procedure for crediting deposits depends on the chosen BC. To replenish the game account on the example of 1xBet can be as follows:

Go to the website or launch the mobile application of the cryptobookmaker.
Open the personal cabinet.
Go to the “Deposit” section.
Click “Add”.
In the menu on the left, select “Cryptocurrencies”.
Click on Bitcoin.
Confirm the payment method.
Copy the generated bitcoin address (you can scan the QR code for a quick transfer).
Send BTC coins to the received number.

The transaction will enter the mempool (list of unconfirmed transactions) of the Bitcoin blockchain. Once it reaches the queue, miners will start processing the transfer. It usually takes about 20 minutes to confirm the payment. After that, the bitcoins will be credited to the client’s account at 1xBet.

Withdrawal

Cashing out bitcoins in betting offices is also possible. The order of withdrawal of coins depends on the BC. For example, cashing out an account at 1xBet is done as follows:

Open the platform’s website or app.
Go to the account.
Click “Withdraw funds”.
Select the method of payment of savings in bitcoins.
Specify the withdrawal amount.
Add the cryptocurrency address of the recipient.
Click “Confirm.”

First, the transaction will enter the queue for processing by the algorithms of the services. In rare cases, this process takes up to 24 hours. But usually the processing time is up to 60 minutes.

After that, the bitcoin transaction will be sent to the blockchain for confirmation. Upon completion of the transfer processing by the network nodes, the coins will be credited to the address of the specified digital wallet.

Advantages and disadvantages of betting in cryptocurrency

Bookmakers with the support of digital assets have a lot of pluses. But there are also disadvantages.

Advantages	Disadvantages
High security of transactions. Digital assets circulate in blockchains – decentralized networks. They are very difficult to hack. Third parties cannot interfere in the work of the chains. Therefore, betting on sports in cryptocurrency is safe.	Digital transactions cannot be canceled. If the recipient’s address is incorrect, the funds will be lost forever. This is a functional difference of cryptocurrency payments.
Anonymity. Many popular blockchains are transparent. But users can only track public information. Players’ personal information remains private.	Conversion costs. Bookmakers that exchange clients’ cryptocurrency deposits to fiat before crediting them to their accounts charge additional commissions. At the same time, BCs often carry out conversions not at average market quotes, but at rates favorable to themselves.
High speed of transfers. Fiat transactions are performed by the systems of the banks used. They operate slowly. Therefore, the terms of processing transactions can be up to 5 working days. Cryptoassets solve this problem. Transfers of coins and tokens rarely take more than 20 minutes.
Low fees. Often the fees of payment systems and banks are a fixed percentage of fiat transfers. But in crypto networks, the magnitude of transaction fees depends on blockchain utilization. That said, in some ecosystems (Solana, Ripple) fees are always low – they can be less than $0.10.

Frequently Asked Questions

❓ Which BCs support betting in cryptocurrencies?

In the summer of 2022, only bookmakers on blockchains offer the service. The rest of the offices do not support such bets.

💻 Through which services is it easier to buy cryptocurrencies?

August 2022, it is easier to purchase coins and tokens through P2P platforms. You can also deposit fiat on exchanges and buy virtual assets through their trading terminals.

💲 What is the best bookmaker with support for digital currencies?

Players choose a BC based on their criteria. In the summer of 2022, 1xBet, Melbet, PariMatch are on the list of leaders.

📌 Why are blockchain-based BCs unpopular?

Not all bookmaker customers want to use cryptocurrencies. This is due to the high volatility of coins, weak state control of virtual assets, lack of knowledge about the technologies used.

❗ What other risks do cryptocurrency bets carry?

Loss of savings due to fraud. In 2023, the cryptoasset market is almost uncontrolled. Potential impunity attracts fraudsters.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.