Cryptocurrencies in sports betting

Cryptocurrencies in sports betting

Cryptocurrencies are becoming more and more popular all over the world, so it’s no wonder that we are also seeing an increase in interest in virtual money in Poland. Similarly, sports betting has recently gained recognition and more and more players want to bet on games on a regular basis. So, is it possible to combine cryptocurrencies with bets? Bookmakers offer various payment methods, and the next step towards modernity would be to allow deposits via e.g. Bitcoin. Probably, blockchain could help in making financial operations with bookmakers.

What are cryptocurrencies and can I bet on them?

What exactly are cryptocurrencies and the mentioned Bitcoin? Let’s clarify the basic concepts, and then it will be easier for us to orientate ourselves to more complex issues. Cryptocurrencies are otherwise virtual currencies. We can store digital assets on them, which use special encryption to secure transactions. A few years ago, every person could buy cryptocurrencies, and after some time they gained a lot in value, so today some of them have to be counted in thousands of dollars.

The volatility of Bitcoin’s value has been observed for a long time, but despite its unevenness, it still reaches enormous value. Cryptocurrencies provide greater anonymity when making transactions as they are not monitored by banks. Bitcoin is the most recognizable cryptocurrency in the world, and answering the question in the header yes, some bookmakers accept it, so you can place bets there.

Pros and Cons of Cryptocurrency Betting

Of course, as in many cases, betting on cryptocurrencies has its upsides and downsides. For example, Bitcoin payments at a bookmaker have the following disadvantages:

Polish government refuses to accept cryptocurrency transactions

withdrawals only to the player’s individual bank account

no guarantee of payment of invested funds

no supervisory authority

As you can easily guess, the lack of consent of our rulers means that in Poland legal bookmakers cannot operate cryptocurrencies in accordance with Polish law. However, for those players who bet abroad or simply at foreign bookmakers, cryptocurrency financial operations can bring a number of benefits. Namely, there is no need to verify the player’s personal data, and we receive a guarantee of anonymity. Instant payouts and deposits to the bookmaker account. Contrary to frequent comments, there are no commissions on deposits or winnings paid out.

Bitcoin and sports betting

You already know that Bitcoin and other cryptocurrencies are not available from Polish bookmakers. This does not mean, however, that they are not found anywhere else. There are several possibilities in a foreign bookmaker market. Where can I deposit with Bitcoin and place bets?

Cloudbet – the most recognizable of the bookmakers offering cryptocurrency transactions. It has an interesting 100% bonus on the first deposit up to a maximum amount of 5 BTC. Additionally, we can find an interesting loyalty program there.

Anonibet – Anonibet, founded in 2011, is also worth paying attention to. We can count on high odds and a wide range of football betting opportunities there. Live bets are especially impressive here.

Nitrogen Sports – they write about themselves that they are the largest and most trusted site for betting with Bitcoin. They were established in 2013 and now they can boast, for example, an interesting e-sport offer.

For a long time, you can also top up your electronic wallets with cryptocurrencies. In Poland, the more known payment methods of this type are Skrill and Neteller. In the case of Bitcoin, however, a small commission is charged, ranging from 1% to 2.5%. Thanks to cryptocurrencies, you can transfer money to anywhere in the world and no intermediaries are involved. For some players, the exchange rate volatility may be an obstacle, but in this case it can also be beneficial for them. It is worth following the cryptocurrency market and wait until you can bet with, for example, Bitcoin in Poland.