Football Betting with Bitcoin
It may shock you to know that I have a bit of a life outside of maintaining The Footy Tipster, one of the things I am interested in is cryptocurrencies (Bitcoin, etc.). Over the last while I’ve noticed more and more services being created that let you use Bitcoin to place bets. I wanted to find out more so I asked an expert on the subject to write up a guide to football betting with bitcoin.
I’m pleased to share the article with you.
Football Betting with Bitcoin
As bitcoin surges in price and popularity, more and more punters are willing to place their bets directly in bitcoin.
In this article, we’ll offer a quick overview of the possibilities available on the betting market. But before, it is crucial to know the basics of bitcoin if you are a new user.
As a new user, you can get started with Bitcoin without understanding the technical details. The following steps should help you to get started in the best possible way.
Step 1: Open your bitcoin wallet
The easiest way to start is to open a bitcoin wallet at www.blockchain.info
Blockchain is the most popular digital wallet in the market and will allow you to store your bitcoin, make deposits and receive payments from the best bookmakers.
Creating an account with Blockchain will take only a few minutes. Once it is done, you will receive your Wallet ID by email.
A Wallet ID is only used for the login process, and it is different from a bitcoin address. In other words, it cannot be used to send or receive funds. For security reasons, make sure to never share your Wallet ID publicly, or with anyone.
To secure your account, you will get your backup phrase which will be used in case of your password was lost or any unauthorised changes. Click on “Backup Phrase” and it will ask for your account password.
The Backup Phrase contains 12 words that you should note down. Make a copy somewhere and keep it safe.
You can also add your phone number for more security.
We already mentioned that your Wallet ID is different from a bitcoin address. Indeed, by browsing your wallet you will find the options “Send” and “Request”.
To send bitcoin from your wallet, you will need the recipient’s receive address or QR code. And to request bitcoin, you can share the address that you find by clicking on “Request” or use the QR code with the sender.
Your bitcoin address will change each time you receive a payment, but do not worry, your old address are still functional. In short, you can always use the same address to receive several payments.
Unlike your Wallet ID, your bitcoin addresses can be shared without any incidence on the security of your funds.
Step 2: Buy Bitcoin / Convert Bitcoin to EUR/USD/GBP
The second step is to fund your Bitcoin wallet.
To do so, you will need to sign up at a platform that allows you to buy and sell crypto-currencies.
Coinbase is probably the most well known platform on the market right now [Toby Note: Coinbase is what I use and I’m happy to recommend it also]. This service is secure and allows you to buy, sell, transfer, and store Bitcoin.
After you sign up, you will be able to connect your bank account. You will need to complete some verification steps before you can use the account. Once the verification steps are complete, you can start a purchase and receive your first bitcoin.
Note for beginners: the price of bitcoin at the time of this article is floating around $14,000 but you can of course buy less than 1 bitcoin, for instance 0.1 or 0.005.
Due to high demand, some exchange recently closed registrations. If you have trouble signing up at Coinbase, the best alternative is Exmo.
This smooth and intuitive platform offers some of the lowest commissions in the market on a range of services including exchange and trade mode.
Unfortunately, Coinbase and Exmo no longer support bank deposits or withdrawals of GBP. But transfer from Euros is very easy.
For bitcoin/GBP exchange, a popular solution is Localbitcoins.com
LocalBitcoins is a person-to-person bitcoin trading site. This service allows people from different countries to exchange their local currency to bitcoin and vice versa.
Escrow and other security services are available, as well as a reputation system for buyers/sellers.
Once you made your first purchase, your bitcoin should reach your Blockchain wallet within an hour or two, depending on the number of transactions ongoing on the network.
Step 3: Deposit at the best bookmaker and start to place your bets in bitcoin
One of the best bitcoin gambling site is Nitrogen Sports
Established in 2013 and based in Costa Rica, Nitrogen was one of the pioneers to allow sports betting with digital currency.
If you like Pinnacle, you’ll quickly enjoy Nitrogen as the offer is very similar, with a great range of markets available, starting with soccer, tennis and all US Sports. As well as the Money Line and Totals, you can can bet on either a game handicap or set handicap in a match.
Please note that the odds format are set by default to American odds, you’ll need to go to your settings to select the format that suits you best. Here are some common betting conversions.
Nitrogen also offers a casino allowing you to play various games such as Poker, blackjack and dice.
For your transactions, a unique deposit address is available. Depending on bitcoin network, your deposit should be credited within an hour or two before you can start to place bets.
Withdrawals are also very quick to be processed, and Nitrogen’s support center offers an excellent on-site ticketing system or email. No live chat customer service is available, although you can get some help in the community chat or through Nitrogen’s social media accounts.
Additional advice: transfer bitcoin to your Mastercard (available only in EUR and USD)
For anonymity purpose, if you do not wish to cash your bitcoin to a bank account, an alternative is to transfer your bitcoin to a plastic Mastercard, with the convenience to be able to withdraw your money directly at ATM.
Two reputable services exist on the market: Advcash and Epayments.
Both services offer a secure e-wallet that comes with the possibility to order a Mastercard directly delivered to your address (Advcash can also deliver to an address that is different from the primary address in your account).
We wish you good luck in the world of bitcoin betting!
I want to thank Manu for taking the time to share this guide, and they have very kindly said if anyone has any questions about football betting with bitcoin they are more than happy to answer them.
If you comment below with your questions I will make sure we get answers!