Since its incredible boom on the stock market a couple of years ago, Bitcoin has become a significant financial player across the world. So much so, that certain gambling companies have now jumped on the Bitcoin train by offering its customers the opportunity to gamble with them via Bitcoin deposits, rather than traditional bank transfer method.
This niche has allowed certain companies to widely expand their customer base and is something which is becoming increasingly common in the world of online gambling. As technology evolves betting sites seem to be one of the best at envolving with it. There are plenty of things to consider when looking to sign up to a Bitcoin site online, which we will be assessed throughout this article.
Below, we have listed the top bookmakers that currently allow you to bet on their sites using funds deposited from Bitcoin:
Gambling using Bitcoin can lead to a much smoother, quicker experience and is certainly recommended to those who do not like giving up their personal details to certain sites. It is also more cost-effective to use and potentially safer too, as we will explain later. Bitcoin allows its players to gamble with complete anonymity, as they stand outside of conventional currency systems.
As such, your private information will not be released to third party contacts, with your email, phone number, address etc all remaining private thanks to the use of Bitcoin, giving no opportunity to hackers to steal your personal details. Certain Bitcoin gambling sites will also offer a lower house edge to players that make their deposits via Bitcoin, with the reduced overheads meaning they have less costs to cover. Bitcoin can, in that sense, essentially increase your chances of success when gambling online, with less risk involved.
Despite not being linked to any nation or state, companies that are allowing their players to make deposits with Bitcoin still must abide by the relevant laws and regulations of the country they are operating within. As such, companies that want to operate in the UK must have a license from the UK Gambling Commission.
Companies that allow Bitcoin deposits and withdrawals should also ensure they do their due diligence in ensuring that their games are provably fair. The anonymous nature of Bitcoin saw a number of new Bitcoin casino and sportsbook sites pop up from nowhere, leading to fears that they weren’t fair for the customer due to the lack of regulation surrounding them. It created a somewhat dangerous situation where players could well have been depositing into accounts with bookmakers that were not ‘provably fair’.
This refers to an algorithm that analyses and verifies the fairness of a service operator, something which gambling companies have a responsibility to abide to. All of the above bookmakers that are listed have been confirmed as provably fair, and are therefore worth signing up to.
Major gambling software companies NetEntertainment and Microgaming have both created compatibility with websites that allow for Bitcoin play. Such a feature is perfect for experienced punters who have generally gambled in a conventional way but are looking to switch to Bitcoin, as it retains the element of trust that the games and companies they are gambling with are trustworthy and reliable.
Bitcoin is also perfect for those who like to gamble in high volume, due to the fact it gives them, in certain cases, a higher chance of winning. As previously mentioned, certain Bitcoin gambling sites can offer players a higher percentage house edge, with some companies being known to offer up to 1% house edge due to the reduction in operating costs.