Bitcoin has also helped to solve some of the problems that players experience when gambling online. Learn more about why you should gamble with Bitcoin along with some of the advantages of using Bitcoin for sports betting and online gambling.
Best Bitcoin Online Gambling Sites
Gambling with Bitcoin
There are two big reasons to use Bitcoin at online casinos and online sportsbooks. The first is that Bitcoin is a fast and secure way to send money to online casinos. All funds are sent through the blockchain, which is more reliable than any other form of payment transfer presently available. Hackers cannot intercept your information or your funds.
Next, players use Bitcoin gambling as a way to earn additional crypto. You can deposit onto a casino or sportsbook, place a few bets, dabble in sports betting, and take a shot at winning big. Afterward, you can withdraw those winnings to your Bitcoin wallet. It is faster and cheaper than mining and a lot more fun.
How to Play Casino Games Using Bitcoin
If you are new to gambling with Bitcoin, you can check out our guide to buying Bitcoin. Otherwise, we will assume you know the basics of how to buy Bitcoins and use them. There are a couple of ways that you can play at online casinos and sportsbooks using Bitcoin.
Most casinos will allow you to deposit using Bitcoin but then instantly convert it to fiat currency. You will then play real money Bitcoin games using fiat and then convert it back to Bitcoin BTC before cashing out.
The top Bitcoin gambling sites offer BTC games. These games allow you to gamble with Bitcoin using satoshis rather than fiat currency. BTC games include standard casino games, live dealer games, card games, and dice games. These games generally employ the Provably Fair model of gaming. Provably Fair games allow you to verify every bet placed to ensure that it was fair.
Fast Deposits and Withdrawals with Bitcoin
The majority of complaints we hear from online casino players are regarding deposit and withdrawal procedures. Some deposit methods, such as PayPal, are restricted in certain countries. Other deposit methods, such as e-Checks, may require additional processing before your funds are available.
When you gamble with bitcoin, you avoid the problems many experience with making deposits using fiat currencies. Since Bitcoin is deregulated, meaning that it is not controlled by the government or the banking industry, it can be used anywhere in the world.
When you deposit and withdraw using Bitcoin, transactions are fast. All you need to do is wait for the transaction to be verified on the blockchain. The average casino requires three verifications on the blockchain to credit a deposit. Typically, this takes around 10 minutes. In some cases, it is nearly instantaneous.
One of the more frustrating parts of gambling online is cashing out. Many casinos take days or even weeks to process your withdrawal. You won’t have these issues when cashing out using Bitcoin. To cash out, enter the amount you wish to withdraw along with your Bitcoin wallet address. That’s it!
After you submit your request, your funds will be sent to your account within minutes instead of days. The only exception to this rule is Bitcoin gambling sites that manually process withdrawal requests. For these sites, you may have to wait up to a day. That’s because an agent has to initiate Bitcoin transactions. Even with manual processing, you will get your funds much faster than the majority of online casinos.
Avoid Casino Fees With Bitcoin Betting
Most casino sites use third-party payment services for deposits and withdrawals. These services are not cheap, and the casinos often pass on the expense to players in the form of fees.
Depending on which method you use for making a deposit, these fees can be as high as 5 percent. That’s $5 out of every $100 you deposit going to the casino for fees.
When you gamble with Bitcoin, you avoid these transaction fees. That’s because third-party processors are not necessary for casinos that accepts Bitcoin.
However, miner fees still apply. Miner fees are collected at the blockchain and do not go to the casino. As such, make sure you add enough to cover these fees before making your deposit.
Special Bonuses for Bitcoin Deposits
If you plan to deposit using Bitcoin, make sure you check out the casino’s promotional offers. Many Bitcoin casinos offer bonuses exclusively for Bitcoin players. The most common is a deposit bonus, also known as a welcome bonus. This will give you a bonus on your first deposit. Often, a Bitcoin welcome bonus is larger than the standard bonus for fiat players.
After you play through your deposit bonus, many casinos and sportsbooks offer a reload bonus for future deposits. Reload bonuses are not generally as lucrative, but they will give you some extra cash to play with.
Bitcoin Gambling FAQ
How do I get Bitcoin?
Acquiring Bitcoin can very easy or somewhat difficult depending on where you live.
In many countries acquiring Bitcoin is as simple as signing up for the online exchange and purchasing some cryptocurrency using a credit card or bank transfer. The whole process can take as little as 15 minutes.
There are some countries, however, where it’s much more difficult and you’ll have to wait a week or two for your Bitcoin purchase to go through. It pays to do a little research and try to figure out the most reputable exchange in your country.
There are some other options beyond exchanges as well. One way is to simply get a friend or family member to sell you some Bitcoin. Another way is going to one of the many physical Bitcoin ATMs around the world. They will give your paper receipts with codes on them that can be entered into your digital currency or Bitcoin wallet.
It will take a little time but once you get used to the process, and find a good exchange, the process is fairly simple.
Is Gambling with Bitcoin Safe?
Bitcoin and crypto betting, in general, has proven to be a reliable technology time and time again.
There have been issues at some of the major crypto betting exchanges over the years but so long as you’ve kept your Bitcoin in a private wallet then it’s 100% safe. Even most exchanges these days are very reliable compared to years past.
Of course, Bitcoin does require a little more knowledge than simply having a bank account so it’s worth doing some research and just understanding what it means to hold a crypto balance.
Once you get Bitcoin on an online gambling site then it should be very secure. It behooves online gambling sites to protect your balance because no one is going to play on a site that isn’t secure.
Do many online sites allow Bitcoin gambling?
Bitcoin gambling is a bit of a misnomer because technically the sites will convert to USD when you’re actually gambling. This is done to take advantage of the more stable US dollar.
You wouldn’t want half your gambling account balance to disappear due to a violent Bitcoin downswing so it’s probably a good thing in the long run.
If you’re asking if there are many online gambling sites that allow Bitcoin deposits and withdrawals then the answer is an emphatic yes. There are hundreds of them.
Many online gambling sites also accept altcoins. Read our altcoin gambling guides below to learn more the best gambling sites for each coin.
How Long Does it Take to Deposit Using Bitcoin?
Depositing on an online gambling site or Bitcoin Casino using Bitcoin (or most cryptocurrencies) shouldn’t generally take more than 15 minutes.
You simply have to sign up for an account, get the Bitcoin address for the site, and send whatever amount of Bitcoin you want for your account balance.
The entire process is streamlined because you don’t need to enter any banking information.
How Long Does it Take to Withdraw Using Bitcoin?
Withdrawing from an online gambling site using Bitcoin will take a little longer than depositing but still shouldn’t be more than a couple of days. This will vary from site to site.
The actual Bitcoin transaction is very fast but most online gambling sites have to verify your account balance and make sure the money was earned honestly on their site.
Once you make several withdrawals the process should become faster as you build up trust with a particular site.