Betting with Bitcoin - What to be aware of
You need to be extra careful in Bitcoin gambling sites, as they hold some extra quirks. First of all, triple-check the BTC wallet addresses before confirming any funds transfer. Any mistype may result in a complete loss of funds.
Modern wallets have built-in capabilities to prevent such mistakes, but it is not yet 100% secure. This applies to all cryptocurrencies, and not only Bitcoin. Let’s see other important points you need to crosscheck before betting with Bitcoin:
Many crypto-friendly sportsbooks are just an addition to a casino-focused website, and this means that often, the sports section may be a bit overlooked. This does not necessarily mean that all brands that put their casino first will have a subpar sportsbook, but make sure to check the odds in pre-live and live markets, the selection of sports promotions, and the available betting features.
On the other hand, if you are a gambler who likes casino action and sports wagers, check if the brand offers a rich games library, many live tables, and what providers it supports. Also, see if there are rebate offers that account for both casino and sports wagers, as you will be able to easily reduce possible losses.
Last but not least, scan for possible provably fair games. These are games with a built-in technology that lets you personally check if the hands/rolls of your session were legitimate. In this way, you can feel safe without relying on any third-party audit services.
Deposit & Withdrawal Fees
For any deposits, you will have to pay a fee to the network validators for the blockchain to validate your transactions (miners fee). There is no way around it, and it is technically impossible for bookies to absorb the costs, as only the sender can pay them. Bitcoin transactions will cost you around $0.5. The cost depends on the congestion levels in Bitcoin’s network.
If there are many pending transactions to process, the fee will rise. Modern wallets will automatically set the correct fee costs, so you can check if you want to proceed or not. As for withdrawals, you will not have to pay anything, but some Bitcoin betting sites will have a higher minimum withdrawal limit to compensate for the network fees.
This is an important point to investigate before depositing to a hybrid Bitcoin sportsbook. Third parties usually facilitate the exchange from BTC to FIAT. They may offer a slightly worse exchange rate than the current market one, so keep this in mind. Consider it an additional cost, added to the already existing network fee. However, the difference in the conversion rate is commonly negligible, but be sure to double-check it. Choose bookies that offer favourable rates.
Historically, crypto-friendly casinos have been more popular than crypto bookies. Although the gap is not very wide nowadays, most bonuses still target the casino crowd. Careful, as on the promotions page, it may not be clear that an offer is for slots or live tables only. Moreover, an offer might be used in both casino and sportsbook, but with horrible rollover terms. Always check the t&c’s to avoid unpleasant surprises.
Governments and international financial institutions are currently trying to set up a legal framework for crypto transactions and investments. New regulations are always around the corner. Therefore, before joining a Bitcoin betting site, make sure to be well aware of your local laws regarding online gambling and cryptocurrency transactions.