Web3 Sportsbooks List: Reviews, Ratings, Statistics.

What Sets Apart Bitcoin Betting Sites from Other Bookmakers

There are really more similarities between traditional betting sites and Bitcoin bookmakers than you would expect. The basic one is the option of cryptocurrency -mostly Bitcoin- as a deposit and withdrawal option. Keep in mind that to withdraw in Bitcoin, you would need to have deposited into Bitcoin as well, which is practically a measure to prevent money laundering.

Like everyone else these days, bookies want your Bitcoin; they offer bonuses, better limits and more (we will get back to that further). The main thing to keep in mind is that this is not a niche market anymore.

How to place Bitcoin Sports Bets

Whether it is a crypto-only or a fiat one, you will have your bankroll readily available on the Bitcoin betting site by now. From there, the process is identical to any bookie, except you will be wagering with BTC. This is especially true if they convert your BTC deposit to fiat.

If not, then you need to familiarize yourself with the amounts of Bitcoin you are betting to make them correspond to the actual amount of ‘normal’ money you would bet. This is the time when you may need a converter for, let’s say mBTC to USD, but some of the best Bitcoin sportsbooks usually have one integrated into their interface for your convenience.

You should know that BTC bookmakers offer a plethora of betting options, so will surely find your cup of tea and start playing.

How to Withdraw from Bitcoin Bookies

Once you finish with your betting, go to your account and select the withdrawal option. From there, using the exact reverse process we used for the deposit, send your gains back to your wallets. You can now either keep your BTC stored in your wallet or go back to an exchange and sell them for fiat.

Some of the top Bitcoin betting sites even have a built-in exchange for this too. Be careful of the fees for any such transaction, though, as they tend to be much higher than normal.

What to do with your Newly Earned Bitcoin

You have now withdrawn your funds from all your favorite Bitcoin bookies. Since spending your Bitcoin on shopping would seemingly waste one of the best options for storing value out there, we would recommend you choose between selling it for fiat or storing it in your wallet for a long, long time.

We would strongly suggest you lock your BTC in a hardware wallet and forget about it for a couple of years; It is almost guaranteed that its value will have risen tenfold by then. On the other hand, should you wish to sell it for fiat, that’s pretty awesome too. You just need to go to your crypto exchange account and initiate a deposit in BTC.

Then, copy the address provided and paste it into your wallet. From there you will be initiating the transaction form and send it. After the network confirmations, it takes 3-5’, the funds appear in your exchange wallet.

You can now pick a BTC trading pair, for example, BTC/USD and place your sell order there. As soon as the order goes through, you initiate a withdrawal of the USD to your bank account. Obviously, this step includes KYC.

Is Bitcoin Betting Safe & Legal

These are questions that go hand to hand in any conversation revolving around Bitcoin. We provide some basic information in layman’s terms on each subject. Since things are changing all the time; in this high-speed digital age we live in, this is not to be considered financial advice.

At the most, best consult a cryptocurrency law specialized legal representative and a tax expert for your region specifically. Also, bear in mind that any respectable BTC sportsbook is ought to have at least a license of some kind and responsive customer service. These are two basic and good indicators for added security.

FAQ

What are Web3 sportsbooks?

Jack Taylor

Personal assistant

Web3 sportsbooks are decentralized sports betting platforms built on blockchain technology. They leverage smart contracts to enable transparent, secure, and peer-to-peer betting without the need for intermediaries. Using cryptocurrencies, they offer users greater control over their funds and anonymity in their transactions. This innovative approach aims to revolutionize traditional sports betting by enhancing trust and efficiency.
How do Web3 sportsbooks work?

Jack Taylor

Personal assistant

Web3 sportsbooks operate on blockchain networks like Ethereum, where smart contracts manage the betting processes. Users connect their crypto wallets to the platform, place bets using cryptocurrencies, and the smart contracts automatically handle bet execution and payouts. This eliminates the need for a central authority, ensuring fairness and transparency as all transactions are recorded on the public ledger.
Are Web3 sportsbooks worth using?

Jack Taylor

Personal assistant

Web3 sportsbooks can be worthwhile for users seeking greater transparency, security, and autonomy in sports betting. They often offer lower fees, faster transactions, and enhanced privacy compared to traditional sportsbooks. However, it’s important to consider factors like platform reputation, user experience, and legal regulations in your jurisdiction before engaging.
What are the benefits of using Web3 sportsbooks?

Jack Taylor

Personal assistant

The benefits include enhanced transparency due to blockchain’s immutable ledger, which builds trust among users. There’s increased security since smart contracts reduce the risk of fraud and manipulation. Users also enjoy greater control over their funds, often with lower fees and faster withdrawals. Additionally, the decentralized nature allows for global accessibility without geographical restrictions.
What are exclusive bonuses in Web3 sportsbooks?

Jack Taylor

Personal assistant

Exclusive bonuses in Web3 sportsbooks are special promotions offered to users, often providing additional value like extra cryptocurrency credits or enhanced betting odds. These bonuses might be available through affiliate partnerships or for users who meet certain criteria on the platform. They aim to attract new users and reward loyal players with unique perks not found elsewhere.