Bitcoin is one of the most popular banking methods available at Australian online sportsbooks. There are many advantages and disadvantages to using the currency at the sports betting sites.
Below we have constructed the ultimate guide to sports betting sites that accept Bitcoin. Here punters will learn how to make deposit using the cryptocurrency as well as why they should use it to make deposits. So, read on and learn all you need to know about Bitcoin betting sites now.
Sports Betting Sites that Accept Bitcoin 2020
How to Make a Deposit at the Best Bitcoin Sports Betting Sites
With our Bitcoin sportsbook banking guide, Aussie players will soon be making deposits and withdrawals at their preferred site without a hassle! Just follow the steps and you’re good to go:
- Get yourself a Bitcoin wallet. Any transaction you make using Bitcoin requires you to have a Bitcoin wallet. Generally, we prefer using Blockchain or Coinbase, but there are several options available if you don’t like those two.
- Pick your preferred Bitcoin sports gambling site. Create an account and head over to the site’s banking section. Select deposits and then select the BTC marker.
- Choose how much you would like to deposit into your account. Be wary not to go overboard and spend more than you can really afford.
- The transaction should be instantly processed, and punters should be able to begin placing bets immediately. Be wary of spending all your bets on a single bet.
While the deposit procedure is generally standardised at betting sites, we recommend having a look at the rules and regulations surrounding withdrawals. Some sites may not allow you to make withdrawals in Bitcoin, and some may even require that you provide documentation that proves who you are.
Why Use Bitcoin Gambling Sites
Australian punters really should give using Bitcoin as their primary way of making it their banking method some thought as there are loads of advantages to be had by doing so. Below are some of the most notable:
- Deposits made into your Bitcoin gambling account should reflect instantaneously. This means that there is no delay in your online sports betting experience, especially if you would like to get in on an in-play bet.
- Nobody “owns” Bitcoin. This means that there are no fees to worry about with regards to extra fees. The only real fee you may have to worry about is if whether the sportsbook in question has its own processing fees.
- Punters who are afraid of their personal information being stolen when using their card or bank account are offered a degree of anonymity with Bitcoin. If the site allows you to make withdrawals using e-wallets or Bitcoin, you don’t ever have to worry about sharing this information with the site.
Disadvantages of Bitcoin Betting Sites
Everything with benefits has unfortunately got to have some drawbacks. Here are a few reasons you should think twice about using Bitcoin when betting online:
- BTC sportsbook options aren’t as widely available as those that offer credit and debit cards as possible banking options.
- As anyone who owns Bitcoin should know, the cryptocurrency is unpredictable. The value of the currency changes much faster than that of other currencies.
- Unfortunately, Bitcoin transactions cannot be reversed. This means that if you’ve made a deposit, you will not be able to reverse the transaction. You will need to go through with it.
Bitcoin Betting FAQs
Is Bitcoin gambling legal in Australia?
Australians are able to bet using Bitcoin. The Interactive Gambling Act of 2001 does not dictate which currencies Australians can gamble in.
Are Bitcoin betting sites safe to use?
Yes, Bitcoin betting sites are safe to use. Just make sure that you sign up and use a betting site that is registered and regulated in Australia.
How do I get Bitcoin?
The fastest way to get Bitcoin is at an exchange, where punters can buy it using a fiat currency.
What is a Bitcoin wallet?
A Bitcoin wallet allows punters to send and receive the cryptocurrency. It works similarly to an e-wallet.