It is generally more traditional methods of payment that attract attention from sports betting customers in India. However, cryptocurrencies are starting to make an impact, with Bitcoin undoubtedly being the most popular. Bitcoin betting sites are very much in demand today, with this payment method offering speed, security and convenience. This page will deliver the best online bookmakers offering Bitcoin payments, as well as explaining just how Bitcoin works.
Bitcoin Betting Sites
Bitcoin has made an impact in a huge number of markets, with online sports betting being just one. It should perhaps come as no surprise that the cryptocurrency has been such a hit with modern-day punters, due to its high security and anonymity. In fact, estimates show that over $5 billion worth of Bitcoin has been wagered with online bookmakers to date.
The use of blockchain technology also makes for quick deposits and withdrawals, while many enjoy having a separate account for their betting activity, away from standard banks and e-wallets.
Bitcoin in India
There are currently no regulations when it comes to Bitcoin in India, with the digital currency having not been authorized. However, the government was looking to push through a bill to ban the cryptocurrency at the beginning of 2021. Until this law comes into play, it remains a viable payment option for residents, including on betting sites. With no regulations in play, users do not have to pay tax on Bitcoins either.
Bitcoin for Cricket
In case you were unsure, Bitcoin can be an excellent choice for cricket betting like any other type of sports betting. Most Bitcoin sites will have a great selection of cricket betting available, including live cricket satta rates.
What is Bitcoin / BTC?
Bitcoin is one of an increasing number of cryptocurrencies, which is a digital currency available at many crypto betting sites. Bitcoin operates using a blockchain, meaning that it is not regulated by a single country or organisation. The fact that Bitcoin is decentralized has not stopped many countries declaring it an official currency, while it is also not liable for tax.
While being more commonly associated with online casinos, the number of sports betting sites accepting Bitcoin is growing quickly. Bitcoin is joined by cryptocurrencies such as Litecoin and Ethereum.
How Does Bitcoin Work?
Bitcoin is a virtual currency, with holders being able to purchase goods and services with it at various online outlets. Each Bitcoin is effectively a computer file, stored in a digital wallet. Bitcoins can be sent to others, with each transaction being recorded on a public filing system, known as the blockchain. As such, all transactions are traceable, while also making it impossible for copies or refunds to be made.
The price of Bitcoin fluctuates, meaning that the time in which they are purchased and sold is hugely important.
History of Bitcoin
Bitcoin was first developed in 2008, becoming the first decentralized currency to operate using blockchain technology. Satoshi Nakamoto, who’s identity still remains unknown, is often recognized as being the founder of Bitcoin, however others were believed to have been involved also. The first Bitcoin network was launched in January 2009, known as the genesis block.
Cypherpunk Hal Finney was the first ever recipient of Bitcoin, having received 10 Bitcoins from Nakamoto on January 12, 2009. A year later, two pizza’s were purchased for 10,000 Bitcoin. Bitcoin continued to grow over the years, with the most valuable Bitcoin having sold for $41,973 in 2021, as well as rising 40%.
Pros and Cons of Bitcoin Sportsbook
Bitcoin will not be for everyone, but it does come with its own unique set of benefits. So, for betting customers in India, just what are the main pros and cons of operating using Bitcoin:
Pros
- Anonymity – Unlike when depositing funds using a credit card or e-wallet, transactions via Bitcoin are completely anonymous. This is the case for both punters and bookies, with no personal details regarding payments having to be entered.
- Taxes – With Bitcoin being decentralized, there is no tax to be paid on winnings withdrawn via Bitcoin. As such, punters can spend 100% of their earnings made from sports betting. Be sure to keep a close eye on updates in this area, with India currently going through legal procedures surrounding Bitcoin.
- Speed – Both deposits and withdrawals made using Bitcoin are instant. This cannot be said of any other payment methods, with even e-wallets such as Neteller and Skrill taking a few hours to process withdrawals.
Cons
- Availability – Not all betting sites accept Bitcoin today. It’s limited to betting sites licensed in Curacao.
- Fluctuation – BTC is a currency that fluctuates a lot. So far, it’s mainly gone up over time, but you’ll never know when the currency crashes.
How to Deposit & Withdraw Using Bitcoin
Those with a Bitcoin wallet can easily deposit and withdraw at selected betting sites. Below are useful step by step guides of just how to upload and take home funds using this popular cryptocurrency:
BTC Deposit
- Log in to your online bookmaker account.
- Locate the cashier page and select the deposit option.
- Enter the amount you wish to deposit.
- Select Bitcoin as your chosen method of payment.
- Enter your Bitcoin account login details and confirm the payment.
- Wait a matter of seconds for your download to complete.
BTC Withdraw
- Enter your betting site once again and log in to your account.
- Enter the cashier page and select the withdrawal option.
- Enter the amount you wish to download from your available balance.
- Confirm your Bitcoin account details.
- Wait for your funds to be exchanged for native currency by a fiat currency platform.
- Transfer funds to your bank account.
How Secure is BTC Gambling?
The fact that Bitcoins are stored on a blockchain ensures for their safety to much extent. This means that they are fully encrypted, with miners working together to ensure that all transactions are processed via the blockchain and nowhere else. Meanwhile, with all payments being anonymous, another layer of protection is added. With Bitcoin being decentralized across the globe, the potential impact of one server going down is minimal, with a host of back-ups being able to step in.
However, it is important to remember that you responsible for keeping your digital currency safe. Be sure never to pass on your account details to anyone else and do not store them in unsafe places. Instead, keep your private key on an offline platform, whilst also being aware that a large number of fraudsters are now in operation surrounding cryptocurrencies.
How to Open a Bitcoin Account
It is important to remember that, unlike with other payment methods, Bitcoin is not a physical asset. Instead, its value is calculated by a public ledger, where each and every transaction is stored. However, users must still set up their own wallet, with this process being quick and easy in most cases. A number of respected wallets are available to users today, with Electrum being one of the most popular.
A wallet acts in a similar way to bank accounts, meaning that holders can send, receive and store funds. Sometimes a software wallet must be downloaded, which can be stored on your desktop or mobile device. Web wallets are favored in most cases, with the likes of Coinbase and BitPanda being platforms worth considering. Simply complete the relevant registration form by providing your full name, date of birth and country of residence.
Once your wallet is set up and verified, it is time to buy your first Bitcoin. The easiest and often most efficient method of purchasing Bitcoin is by visiting an online digital asset exchange. Here, traders buy and sell Bitcoin using what are known as fiat currencies, or alternatively other cryptocurrencies. There are likely to be fees involved when purchasing Bitcoin in this way.
Bitcoin Fees
As we have already alluded to, the purchasing of Bitcoin does come with fees involved. Those buying Bitcoin on platforms such as BitPanda will likely be charged between 2-3%. Such fees are put towards ensuring that the blockchain continues to run efficiently and should not impact you too much. However, it is unlikely that any additional fees will be incurred when it comes to depositing and withdrawing funds at betting sites, with the bookies generally covering any costs involved here.
Alternatives to Bitcoin
Let’s face it, cryptocurrencies are not for everyone, meaning that some alternatives to Bitcoin must be put forward. Still performing well when it comes to speed, ease of use, fees and security, the following payment methods are all worth checking out for Indian punters:
- Neteller betting sites – Founded over 20 years ago, Neteller is one of the leading e-wallet platforms available to Indian customers today. Accepted by the vast majority of licensed online bookmakers, Neteller is part of the well-known PaySafe Group, offering fast, secure and convenient deposits and withdrawals at betting sites.
- PayTM betting sites – Indian residents will know all about PayTM. Founded back in 2010, PayTM is the leading mobile payment platform in the country, with its QR code payment system ensuring for safe transactions at all times. PayTM is available in some 11 different Indian languages, helping them to achieve an annual revenue of over ₹3,629 crore.
- Trustly betting sites – Founded in Sweden in 2008, Trustly is an increasingly popular online payment method. The lack of fees and speed of transactions is a major selling point for bettors, with users not having to upload their bank account details to their sportsbook account, making it secure too.
Tips for Bitcoin Sports Betting
- Learn the Basics – Before opening a wallet or processing payments in this way, be sure to understand exactly how Bitcoin works. It is different to traditional options, with it being unregulated for the most part. It is important to understand that it is not a physical asset either, with a blockchain helping to keep all user details safe.
- Understand the Risks –Meanwhile, unlike some payments, Bitcoin transactions are irreversible. Blockchain transactions cannot be refunded, while there are some other risks to be aware of too.
- Select a Reputable Wallet – The number of Bitcoin wallets available online is growing quickly. However, it is key to only open a wallet with a respected and reliable operator. There are a number of fraudsters out there attempting to cash in on those not clued up on how things work.
- Keep up to Date – In India, as well as other countries around the world, laws surrounding cryptocurrency is changing. In the current climate, it is important to keep up to date with new regulations that are put in place, which could well effect how you operate.
- Watch the Value - Bitcoin can be extremely volatile, meaning that its value can increase and decrease rapidly. This will impact how much your Bitcoins are worth. It can even go to below the amount you paid for it, meaning that you lose out on your investment.
Bottom Line on Bitcoin Betting Sites in India
For many, Bitcoin and other cryptocurrencies are still something of an unknown quantity. However, an increasing number of punters are nothing using it to fund their activity at online bookmakers, due to its ease of use and speed. The number of Bitcoin betting sites is also increasing quickly, so be sure to check out our recommended operators accepting this payment method today.
FAQ | BTC Betting in India 2024
Is Bitcoin Legal?
Bitcoin is legal in an increasing number of regions, including India. There have been very few criminal prosecutions when it comes to the purchasing of bitcoin either, although they can be harder to buy in some countries compared to others.
Are there Other Forms of Digital Cryptocurrencies?
There are a huge amount of other cryptocurrencies and Bitcoin (BTC) was the first and is popular. Other coins that will be interesting for gamblers to use for payments include BitcoinCash (BCH), Monero (XMR) and ZCash (ZEC). However, some bookmakers do not accept others as of yet, with over 700 being available elsewhere at present. So, be sure to check with a betting site before registering.
Are Bitcoin Transactions Anonymous?
Bitcoin transactions are not anonymous. The nature of blockchain addresses does provide a level of quasi anonymity, but there are tools and companies that exist to trace transactions on the blockchain. There are other cryptocurrencies that provide much more anonymity – the main two are Monero (XMR) and ZCash (ZEC) – but at the time of writing they are not widely accepted by online bookmakers.
Is it safe to use Bitcoin in sports betting?
Yes, although safety is ensured in part by punters themselves. While the decentralized nature of the payment method and the fact that all payments are stored on a blockchain ensures for security, punters can help themselves by never giving anyone else their details.
Do I Have to verify anything when using Bitcoin?
Yes. Upon setting up your Bitcoin wallet, email verification is required. Meanwhile, a transaction ID must be entered each time a payment is made too.
Will there be any fees added when I use Bitcoin?
Yes, potentially. Each time you purchase Bitcoin, a small fee will be incurred. However, this is balanced out by the fact that the majority of transactions using Bitcoin on betting sites are processed free of charge.
What do I do if my payment is declined?
Be sure to check that your Bitcoin wallet details and transaction ID are correct before rushing to any conclusions. If you feel that all of the relevant information is as it should be, then contact your bookmaker directly.
How long will it take before my deposit is received by the betting site?
Deposits made via Bitcoin on betting sites are instant. As such, there are no frustrating waiting periods for punters to worry about.
How long will it take before my withdrawal is received from the betting site?
Similarly, withdrawing winnings using Bitcoin is also instant in most cases. This is one of the biggest advantages of using this cryptocurrency.
Can I claim a BTC no deposit bonus?
It is technically possible, but no deposit bonus betting sites India are rare to come by. Often, if you do find a no deposit site, the bonus is not valid when playing with Bitcoin.
Arjun Jindal | Last Modified: July 29, 2022
