Bitcoin Sports Betting and Its Legality
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Bitcoin News - January 11, 2022

Bitcoin Sports Betting and Its Legality

Introduction to Bitcoin Sports Betting

The legality of bitcoin sports betting depends on the regulations imposed by the country where the player resides. If betting is legal in the country, then placing a bet with bitcoins or any other currencies makes no difference. If the betting sites are regulated and accept bitcoins, then players can conveniently make their initial deposits in bitcoins and start placing bets on their favorite sports. Moreover, sports betting with Bitcoin as one of the payment options also gives you the advantage of anonymity. Many betting websites have various categories of sports, and choosing the right one puts a huge positive impact on the player’s chances of winning.

How do Bitcoin Sports Betting Sites work?

Bitcoin sports betting sites work exactly in the way other online sports betting sites work, with the only difference being that they accept deposits in cryptocurrencies, mainly bitcoin. Some sports betting sites accept payments in both fiat currencies and cryptocurrencies to make the payment process more convenient for all users. Many sports betting sites accept fiat currencies from users but convert them into cryptocurrencies of the same worth when users place their bets on the betting site. However, this system is not favored by most players because, ultimately, they do not get the same value in return at the time when they cash out their winnings in fiat currencies; either they lose due to the price fall of the crypto coins or they win. So, it becomes a bit riskier due to the volatile nature of cryptocurrencies, and most users cannot keep their nerves in such cases and avoid such betting sites.

Most bitcoin sports betting sites work in the following manner:

Registration

Most bitcoin sports betting sites require the players to open an account with their bookmaker by entering some basic details like email Id and password.

Depositing funds

The next step is to deposit funds into the bookmaker account by selecting any accepted mode of payment. Some sports betting sites require the players to play only with the proprietary tokens that they mint. For depositing funds in bitcoins, users are required to copy the wallet address of the bookmaker and select the number of bitcoins they want to send. The bitcoins will be debited from the user’s wallet and credited to the bookmaker’s account.

Sports selection

Once the funds are credited to the bookmaker’s account, the users would be able to select the sports of their choice and place their bets. In case they win, the winnings will be added to the wallet address that they have entered at the time of registration. 

Are Sports Betting with Bitcoin Legal?

As cryptocurrencies have not acquired status as a legal tender in all countries, there are no specific laws that forbid players from placing bets in cryptocurrencies. However, it varies from country to country; Players from the US can place bets in bitcoins and other cryptocurrencies only on sports betting sites that are licensed outside the country.

How to Earn Big Bonuses with Bitcoin Sports Betting?

Most crypto online sportsbooks offer lucrative bonuses for players who deposit funds with bitcoins or any other supported cryptocurrencies. There are deposit bonuses, no deposit bonuses, free spins, VIP and loyalty programs, etc. However, most sports betting sites have wagering requirements that the players need to meet before withdrawing their winnings from the betting sites.

Tips for Live Betting at Bitcoin Sports Betting Sites

Some of the expert tips to win big at the bitcoin sports betting sites are:

Finding a reliable bitcoin sportsbook

Players should always try to find a licensed bitcoin sportsbook to bet on their favorite sports. Licensed sport betting sites never hold the player’s winnings and always payout at time.

Good grasp on the events

Sports betting is not about just randomly selecting an event and placing a bet on it. Establishing a sound knowledge of the sports on which the bets are placed is imperative to keeping things competitive. Since the sites offer extensive options for sports and events, being thoroughly acquainted with the history and current situation of the teams and the odds of the games.

Bankroll management 

Betting in any form is risky, be it with cryptocurrencies or fiat currencies. Setting aside funds solely for sports betting helps players play peacefully without worrying about losing more funds than they can afford.

So, selecting the right sports and betting on them is imperative to make it big in sports betting. Though sports betting tips cannot guarantee a win, they teach bettors how to make good use of the winning opportunities presented to them.

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