Bitcoin is a popular payment method worldwide due to its fast transactions and the anonymity it offers for purchases.
As a result, a growing number of Bitcoin betting sites have emerged in recent years, providing punters with an alternative to traditional currency for placing bets.
This page contains everything you need to know about Bitcoin betting, including its advantages and disadvantages, the best bookmakers that accept Bitcoin, and key factors to consider when choosing a crypto sportsbook.
Pros and Cons of Betting With Bitcoin
As with any payment method, it’s important to understand both the benefits and drawbacks of using Bitcoin for online betting.
Bitcoin offers several advantages in the sports betting space, particularly when it comes to withdrawals. Transactions are processed instantly, meaning your funds will be in your digital wallet within minutes.
Additionally, Bitcoin and other cryptocurrencies use heavy encryption, ensuring complete anonymity and security when depositing, withdrawing, and placing bets. Many Bitcoin betting sites also offer more generous promotions than traditional bookmakers, as they save on transaction fees and can reinvest that money into bonuses. On the downside, Bitcoin is highly volatile, with its value fluctuating by the second. This can make it difficult to determine the exact value of your stake or potential winnings.
Getting started with Bitcoin can also be time-consuming if you don’t already have a crypto wallet. You’ll need to purchase Bitcoin from a central exchange before making a deposit at a betting site that accepts cryptocurrency.
Pros
- Immediate withdrawals
- Heavily encrypted transactions
- Completely anonymous
- Bitcoin sites generally have high-value promos
Cons
- Extremely volatile currency
- Stake value can change as Bitcoin value changes
- Not accepted by licensed UK betting sites
Best Betting Sites That Accept Bitcoin
At present, no licensed UK betting sites accept Bitcoin. This is primarily due to regulations set by the UK Gambling Commission, which requires bookmakers to comply with strict rules on source of funds and anti-money laundering measures.
While some betting sites do accept Bitcoin and other cryptocurrencies, they are not currently licensed in the UK. However, this could change in the future, and if any regulated Bitcoin betting sites emerge, we’ll be here to provide detailed reviews.
How We Rate Bitcoin Betting Sites
All Bitcoin betting sites are tested and rated using the same criteria, giving a clear picture of each bookmaker's quality.
Below, we outline the key factors we analyse when reviewing online betting sites that accept Bitcoin. This allows you to determine which aspects matter most to you.
Remember, just because we rate a site as the best Bitcoin betting platform overall doesn’t mean it will be the perfect choice for you; some features may hold more importance than others based on your preferences.
Transaction Time
Bitcoin deposits take slightly longer than traditional payment methods. You can start betting once the transaction is confirmed, which typically takes around 10 minutes but can sometimes take up to an hour.
The main advantage of Bitcoin is its withdrawal speed, most transactions are processed within an hour, making it one of the fastest betting payment methods available.
However, all Bitcoin transfers are irreversible, so double-check your blockchain address before making a deposit or withdrawal.
Minimum and Maximum Limits
Due to Bitcoin’s volatility, crypto betting sites set their deposit and withdrawal limits in BTC rather than fixed amounts in pounds and pence.
A single Bitcoin is usually worth over £50,000, so bookmakers often accept deposits as low as 0.0001 BTC (around £5). The minimum withdrawal amount is typically 0.0002 BTC (roughly £10).
Since Bitcoin’s value fluctuates constantly, betting sites may adjust their deposit and withdrawal limits in response to significant price changes.
Mobile App
Most Bitcoin betting sites do not have dedicated mobile apps. If you prefer betting on your phone, you may want to consider alternative payment methods.
However, a well-optimised mobile site can provide a seamless experience. Look for platforms with smooth navigation, easy bet placement, and a reliable interface for deposits and withdrawals, without the risk of crashes while entering your blockchain address.
Odds
Odds are a crucial factor in betting, as they determine your potential winnings. Sites with competitive odds ensure you maximise your returns.
Crypto betting sites do not offer better odds for using Bitcoin over other currencies, but it’s always worth comparing prices across multiple platforms to find the best value.
No Bitcoin bookmaker will have the best odds on every market, so choosing one that consistently offers competitive prices is key.
Promotions
Bitcoin betting sites often provide more generous promotions than traditional bookmakers, as they save money on transaction fees.
At the best Bitcoin betting sites, welcome bonuses can be as high as 1 BTC, far exceeding standard bookmaker offers. Regular promotions, such as free bets, enhanced odds, and early payout deals, are also common.
Sports Coverage
A strong UK betting site typically offers between 30 and 34 sports, covering everything from football and horse racing to niche events like skiing and chess.
Before signing up, check the available sports and leagues to ensure your preferred options are included. If you only bet on football, for example, focus on the depth of leagues and markets rather than the overall number of sports available.
How Does Bitcoin Work?
Bitcoin is the most popular cryptocurrency in the world. It is digital money that isn’t controlled or backed by a government, meaning the value of it is established by the supply and demand of users.
Instead of regular currency, known as fiat currency, Bitcoin is traded and stored in a decentralised ledger called a blockchain. A blockchain is essentially a database and contains encrypted information about every Bitcoin transaction.
As Bitcoin isn’t backed by a government, the currency has to come from somewhere else. In the case of Bitcoin, it is mined from the blockchain.
Mining Bitcoin involves solving incredibly complex mathematical problems, which can only be done by powerful computers running specialised software. As this is impractical for the average person, many prefer to simply buy Bitcoin in exchange for normal currency.
Bitcoin can be bought through one of many cryptocurrency brokerages using your debit card or another accepted payment method, allowing you to then transfer your purchase to your Bitcoin wallet.
From there, you can use the Bitcoin in your wallet to deposit at betting sites and use it to place bets with.
Creating a Bitcoin Account
Opening a Bitcoin account is far simpler than it may seem, even if you’re completely new to cryptocurrency.
The key thing to understand is that your Bitcoin is stored in a wallet, which is usually digital but can also be physical for added security.
There are many different Bitcoin wallets available, so it’s important to research them carefully before choosing one.
Steps to Set Up a Bitcoin Wallet
- Choose a Bitcoin wallet app.
- Download the app to your computer or smartphone.
- Register for an account. Some wallets require personal details, while others do not.
- Write down your login credentials and recovery information on paper to reduce the risk of your wallet being compromised.
- Use a cryptocurrency exchange to buy Bitcoin.
If you prioritise security, you may opt for a physical Bitcoin wallet. However, these are generally better suited for long-term storage rather than frequent transactions, making them less practical for betting purposes.
How to Deposit Using Bitcoin
Once you’ve set up a crypto wallet and purchased Bitcoin, you’re ready to make a deposit at a Bitcoin betting site.
While the exact steps may vary slightly depending on the bookmaker, the process is largely the same across all platforms:
- Log in to your chosen Bitcoin betting site.
- Navigate to your account settings and select “Deposit”.
- Copy the bookmaker’s blockchain address and paste it into your wallet’s send feature.
- Enter the amount you wish to deposit and confirm the transaction.
- Your deposit should appear in your betting account within 10 minutes.
How to Withdraw Using Bitcoin
Withdrawing Bitcoin follows a similar process, but this time, the currency is sent from the sportsbook to your wallet.
- Sign in to the Bitcoin betting site.
- Go to your account settings and select “Withdraw”.
- Enter the amount you wish to withdraw.
- Copy your wallet’s blockchain address and paste it into the withdrawal section.
- Confirm the withdrawal and wait for the funds to reach your wallet.
Most Bitcoin withdrawals are processed within an hour, making it one of the fastest payment methods for betting sites.
Bitcoin Betting Promotions
Bitcoin betting sites often offer a range of exciting bonuses for both new and existing users.
Welcome offers tend to be particularly generous, with some sites rewarding new punters with up to 5 BTC in bonus funds as a deposit match. These promotions are typically available for both sports betting and casino games.
Beyond welcome offers, Bitcoin betting sites frequently run promotions such as:
- Free bets
- Cashback on losses
- Deposit bonuses
- Odds boosts
These promotions can significantly enhance your betting experience and provide added value for regular players.
Alternatives to Bitcoin
Bitcoin can be complex for beginners, making it less appealing to some bettors. However, several alternative payment methods offer similar benefits.
For anonymity: If privacy is a key concern, Paysafecard is a solid alternative. It allows you to purchase a physical voucher code with cash at participating shops, ensuring a level of anonymity.
For speed and convenience: PayPal offers rapid withdrawals, often completing within a few hours. Other e-wallets, such as Skrill and Neteller, also provide fast and secure transactions.
Alternative Cryptocurrencies
Although Bitcoin is the most widely used cryptocurrency, thousands of other digital currencies can also be used for betting.
However, like Bitcoin, none of these are currently accepted by licensed UK bookmakers.
Popular Alternative Cryptocurrencies
- Ethereum (ETH) - Launched in 2015, Ethereum is the second-largest cryptocurrency, peaking at over £3,000 per ETH in 2021. It is also widely used for non-fungible tokens (NFTs).
- Dogecoin (DOGE) - Initially created as a joke, Dogecoin gained massive popularity, reaching a market capitalisation of over $85 billion. In 2021, Watford FC even featured Dogecoin as a sleeve sponsor.
- Tether (USDT) - Unlike Bitcoin, Tether is a stablecoin, meaning it is backed by real-world assets such as fiat currency or precious metals. USDT has a total market capitalisation of over $110 billion.
- Bitcoin Cash (BCH) - A fork of Bitcoin, Bitcoin Cash offers faster transaction speeds, making it an attractive option for betting, particularly when it comes to quick withdrawals.
- Litecoin (LTC) - One of the first altcoins, Litecoin is structurally similar to Bitcoin but processes transactions faster, making it a viable alternative for crypto betting.
Conclusion
It’s easy to see why Bitcoin betting sites are so popular among punters, but UK Gambling Commission (UKGC) licensed platforms rarely accept them.
Bitcoin offers exceptionally fast deposit and withdrawal times, with most transactions completed within minutes, making it a highly attractive payment method for betting.
Its anonymous nature allows users to place bets without sharing personal information. However, Bitcoin’s volatility and the UKGC’s strict source of funds regulations mean that most UK betting sites do not support it.
There are many Bitcoin betting sites available, all of which are ranked at the top of this page. These bookmakers accept Bitcoin and often other cryptocurrencies, though they rarely support traditional payment methods like PayPal or debit cards.
Yes, several betting sites accept Bitcoin as a payment method. However, none of these sites currently hold a UK betting licence from the Gambling Commission.
No, bet365 does not accept Bitcoin as a payment method. Instead, they support deposits via debit card, Apple Pay, Google Pay, PayPal, Trustly, Pay by Bank App, Paysafecard, Click to Pay, and Wire Transfer.
Bitcoin betting works similarly to other payment methods. You transfer Bitcoin from your crypto wallet to the betting site using their blockchain address, and do the reverse when withdrawing.
The only major difference is that bets are often placed in Bitcoin increments, as 1 BTC holds a high value.
