How to safely sports bet with Bitcoin
If you’re someone who regularly bets on sports online, your best bet is going the Bitcoin route. Here are some tips.
Sports betting with bitcoin has greatly grown in popularity over the last few years, with bettors finding it to be more convenient than traditional sports betting in many cases. However, as with any new technology, there can be issues associated with bitcoin sports betting that players should look out for before making their deposits. If you follow these tips, you’ll be on your way to safely betting on sports using bitcoin.
Use Licensed & Regulated Sportsbooks
First, make sure you are using a sportsbook that is licensed and regulated. This isn’t the beginning of the online sports betting era, which means that enough time has passed for regulations to be put into place to protect you, the consumer. Take advantage of these protections by choosing an established bitcoin sportsbook like Nitrogen Sports (licensed in Costa Rica) and CloudBet (licensed in Montenegro). Taking this step ensures that your money won’t disappear overnight, something you’d presumably like to avoid. Even highly respected authorities like The Isle of Man Gambling Supervision Commission and the UK Gambling Commission are also giving the green light to crypto-currency gambling.
If you want to use bitcoin but don’t want to play at a bitcoin-only sportsbook, this principle still applies, only with established sportsbook brands such as 5Dimes, Bovada, Heritage Sports, BetOnline, and many others.
Use A Middleman Wallet
When buying your bitcoin at a bitcoin exchange site, remember that you should not use that exchange site as your bitcoin wallet. Bitcoin exchange sites can be subject to many of the same regulations that other financial institutions are subject to, which means that in many countries (such as the United States), they can close your account if it is being used for transactions related to gambling. The best way to prevent this from becoming an issue is to set up a wallet at a site like Blockchain.info, and transfer your funds from your exchange site to the second wallet, where you can perform your betting-related transactions with no hassle.
Make Frequent Withdrawals – They’re Free
Once you’ve got your funds into your bitcoin sports betting account, remember to make frequent withdrawals if you win big and your bankroll increases. Payouts using bitcoin are free, as opposed to transactions that can lead to fees when opting for a payout via check or bank wire at many sports books. This is a great tool for managing your bankroll, as taking money out of your account frequently can prevent mismanagement caused by impulsive betting.
Beware Of Price Fluctuations
Should you opt to use a bitcoin-only sportsbook, or keep your withdrawn funds as bitcoin for an extended period of time, do keep in mind that the price of bitcoin frequently fluctuates. The value of bitcoin can change by 20% of its value against the dollar in a given week, which means that you could have more or less money in your account than you originally thought if you do not keep an eye on these constant fluctuations.
2-Step Verifications Is Essential
For safety purposes, using two-factor authentication is a must. Rather than just supplying a username and a password to a bitcoin wallet or bitcoin sports betting site, users who activate two-factor authentication make their accounts more secure by entering those details, along with a pin or something similar that is sent to your email address or mobile phone. This is a great measure to take to prevent funds being stolen from your account.
Double Check For Zero Fees
When it comes to bitcoin sports betting, do not play at sites that do not offer fee-free bitcoin transactions. Unlike credit card transactions or other funding methods that require a processing fee, bitcoin doesn’t cost anything to move, which means that any sportsbook withholding some percentage of your funds is simply taking money that should be yours.
There Are No Second Chances
Finally, when requesting your payouts, be sure to double check the addresses to which you are depositing and withdrawing funds. Bitcoin transactions cannot be reversed and, unlike a bank, you can’t call up a customer service line to have a transaction cancelled. This makes it imperative that you get your addresses correct every time, to ensure that your money goes where it is supposed to go.