Online gambling is surging in popularity, and in today’s time, there are thousands of bookmakers to choose from. While this is excellent news for anyone looking for variety, it also makes choosing the right bookie a tad more difficult and a lot more time-consuming.
When choosing a bookmaker, there are numerous aspects you should take into consideration, but perhaps the biggest decision you will have to make is whether to bet with Bitcoin or regular fiat currency.
If you enjoy betting and are a crypto enthusiast, here are the numerous benefits to using Bitcoin for betting, and finding the best bookmaker.
Why You Should Bet with Bitcoin
Just like online gambling, cryptocurrencies are becoming more widespread. Out of thousands of cryptocurrencies on the market, Bitcoin is undoubtedly the most popular (and valuable) one. Cryptocurrencies are unique, as they are seen as a store of value rather than a medium for daily transactions.
Regardless, numerous businesses already allow you to use cryptocurrency to make purchases on their sites, with online casinos and betting pages being one of them.
If you have ever wondered whether you should use Bitcoin or fiat currencies to gamble with, we’ve prepared several reasons why Bitcoin is a go-to choice for many.
1. Faster Withdrawal Times
Depositing Bitcoin into your account often takes longer than depositing fiat currencies mainly because credit cards or eWallets perform instantaneous transactions. With Bitcoin, it may take up to 30 minutes for BTC miners to validate the transaction and for the money to be in your account.
Bitcoin, however, excels when it comes to withdrawals, taking the same amount of time as validating a transaction. Institutions like banks, however, often hinder withdrawal speeds for fiat currencies, and due to numerous legal procedures, it may take anywhere from three business days to two weeks before you receive your money.
2. More Privacy
Cryptocurrency transactions are peer to peer, which eliminates the need for a third party. Instead, miners or crypto exchanges verify the transfer circumventing numerous KYC protocols that betting sites use before processing payments.
In other words, you won’t have to compromise your privacy and go through tedious processes of sending pictures of your ID, driver’s license, utility bills, bank statements, and much more in order to make a bet online. Instead, all you’ll need for a transaction is your wallet address and a private key.
In today’s online world, the less information a site knows about you, the better.
3. Lower Fees
A common misconception many players have is thinking that credit card and eWallet transactions are free. While most betting sites advertise no extra fees, banks almost always charge per transaction, especially with credit.
In most cases, banks categorize gambling transactions as cash advances, and associated fees can include traditional transfer fees, conversion fees, additional interest, and more.
When it comes to cryptocurrency transactions, however, they don’t involve any third-party institutions and are instead verified by miners. As such, you are charged a mining fee, which is a small portion of the Bitcoin value you are depositing.
Importantly, know that in Bitcoin transactions, the sender is deemed responsible for paying the miner’s fee. Meaning, that if you are depositing money into your account, you will pay the fee, while the betting site will pay for it whenever you make a withdrawal.
4. Better Welcome Bonuses
Even though cryptocurrencies have been around for a while, they are still considered a new financial trend, especially in gambling. To incentivize players to use Bitcoin, betting sites often include special welcome bonuses catered to players who use crypto instead of flat rate currencies.
It may not sound as important as other reasons on our list, but these bonuses can sometimes go as high as $1,000.
5. Larger Deposits
Generally, betting sites allow far greater transaction flexibility with Bitcoin, permitting larger and smaller amounts to be deposited, giving you the opportunity to save on miner’s fees and control how much you would really like to use.
Another important perk to note is that whenever you do make a deposit, the betting site will automatically convert BTC to the fiat currency of your choice. At the same time, bookmakers will also convert any fiat currency into BTC whenever you make a withdrawal.
This ensures that you are not subjected to Bitcoin’s well-known volatile market and that the amount you’ve deposited remains constant.
How to Find the Best Betting Site
If you are planning to bet, it is essential that you choose the right bookie for you. After all, chances are you will bet with them for some time, so you need to ensure they provide the best service possible.
To do that, you can take the easy route and rely on websites that already offer a list of the best betting sites. Websites like these often do most of the leg work for you and narrow down the list to provide you with several options you can choose from.
If you wish to make an effort and do the digging yourself, however, there are several important aspects to consider.
Betting sites generally offer bigger welcome bonuses, so finding the incentive that suits you best is the first thing to check. Keep in mind, though, that a good welcome bonus isn’t always determined by how much the bookmaker is willing to match your initial deposit.
Instead, you should make sure to check the bonus terms and conditions and ensure that what you’re claiming has low wagering requirements. This will make it much easier to clear the requirements and start making a profit.
Having a license from a reputable gambling authority can mean a world of difference for verifying a bookmaker’s credibility. A license generally means that they are legally operating in a specific jurisdiction and follows strict guidelines issued by the gaming authority in said jurisdiction.
In order to get a license, a betting site also needs to prove its business is credible, secure, and much more. For that reason, you should only look into licensed betting sites and avoid those without it.
While the license a betting site uses may vary based on the country it operates in, some of the most reputable licensing bodies are the UKGC (United Kingdom Gambling Commission) and MGA (Malta Gaming Authority).
Customer service plays a major role in the overall user experience. A good gambling service should have round the clock customer support, and should also include representatives that are knowledgeable, efficient, as well as polite.
If you wish to learn more about a betting site’s customer support, a good idea would be to check out user reviews and learn more about other players’ experiences. You can also contact them yourself before registering and make general inquiries to get a first-hand response.
A good variety of betting markets is perhaps one of the most important factors you should consider before choosing a bookmaker. First and foremost, you should always look for a betting site that covers the markets you are interested in. At the same time, you should check and see other available options, just in case you decide to explore new markets in the future.
In today’s time, most bookies cover popular traditional sports, like football, basketball, soccer, and many others. Apart from that, you can also opt for a bookmaker that includes eSports, which opens up a world of new betting possibilities.
Namely, with eSports, you can bet on a variety of popular games, such as CS:GO, Dota 2, League of Legends, Rocket League, and many others. In fact, CS:GO is so popular that 53% of all eSports wagers are made on CS:GO games.
Each game includes traditional betting markets and options for different niche bets you can place with a variety of games.
Using Bitcoin to bet online comes with numerous benefits. From increased privacy, to a faster withdrawal speed, to bigger bonuses, and more deposit flexibility, cryptocurrency is steadily becoming the better way to gamble online.
Regardless of your currency preference, it’s important to pick a credible bookmaker with a legitimate license and plenty to offer. By following our guidelines, you can select a betting site that gives you the best chance to turn a profit.