More and more people across the globe are using bitcoin to bet on sports as they look to take advantage of fast transactions and global access.
This guide walks you through how to get started on a crypto sportsbook, from choosing a platform to placing your first bet. If you have a Bitcoin wallet and funds, you are already well on your way.
Key Takeaways
- Before you start, you need a Bitcoin wallet with funds and an account on a licensed crypto sportsbook.
- Depositing BTC is straightforward. The platform generates a deposit address, you send funds from your wallet, and the transaction clears within a short while.
- Placing a bet involves choosing a sport, selecting your odds format, entering your stake, and confirming on the bet slip.
- Withdrawals are sent directly to your Bitcoin wallet, with no intermediaries involved, and most platforms process them in a relatively short time.
What Is Bitcoin Sports Betting?
Bitcoin sports betting works like traditional sports betting, but the payments are processed through the blockchain.
Instead of depositing through a payment processor or card, you send bitcoin from your personal wallet to a deposit address on the platform. The winnings are also paid out in BTC directly to your wallet.
Moreover, crypto sportsbooks operate globally, bypassing the payment restrictions that block users in certain countries. Transactions settle within the hour rather than several days, and many platforms require only an email to sign up.
How to Bet on Sports with Bitcoin on Dicey, Step-by-Step
First, you need a Bitcoin wallet with funds. You can buy BTC on any reputable exchange and withdraw it to a self-custody wallet. You’ll also need an account on a crypto betting platform, such as the Dicey crypto sportsbook.
With funds ready in your wallet, follow these steps to get started:
Step 1: Access Crypto Sportsbook and Create an Account
Access an online crypto sportsbook and enter your email address and password, or connect your crypto wallet directly for wallet-based sign-up.
Some platforms may trigger certain verifications above certain deposit or withdrawal thresholds. Read the terms before registering if privacy matters to you.
Step 3: Deposit Bitcoin
Navigate to the cashier or wallet section and select Bitcoin as your deposit method. The platform will generate a unique Bitcoin deposit address, shown as a character string and a QR code.
Then, send the amount you want to gamble with from your wallet. The transaction completes depending on network activity and the fee you set.
Avoid sending directly from an exchange account, as some exchanges flag gambling-related addresses and may block the transfer.
Step 4: Place a Bet
Go to the sportsbook section and select a sport. Platforms organize markets by sport, league, and date. Odds can appear in decimal, fractional, or American format. Decimal is most common internationally and shows your total return per unit staked, including your original stake.
Then, select your outcome, enter your stake on the bet slip, and confirm the bet. Screenshot the slip for your records.
Step 5: Withdraw Any Winnings
Go to the cashier section, select Bitcoin, and enter your wallet address. Double-check it, since Bitcoin transactions are irreversible.
Most crypto sportsbooks process withdrawals within an hour. Once confirmed on the blockchain, the funds arrive in your wallet directly with no intermediaries involved.
Is Betting on Sports with Bitcoin Worth It?
With Bitcoin sports betting, settlements are faster, privacy is greater, and access is broader for users in countries where traditional payment systems block gambling transactions.
However, like all other forms of betting, there are risks to consider. Bitcoin’s price is volatile, so the value of your winnings can shift between placing a bet and withdrawing. And of course, all betting carries the very real possibility that you’ll lose money.
So, treat any platform with the same scrutiny you would apply to any financial service, and only wager what you can afford to lose.
