Betting with Bitcoin/Cryptocurrency on the EPL is as simple as placing bet with regular currency. All that’s required is a few extra steps to get started. In this article, I’ll talk you through what you need to do, and also highlight some things to look out for.
How to bet on EPL with Bitcoin/Cryptocurrency
1. Sign up to a Bitcoin/Cryptocurrency betting site
Creating an account with a Bitcoin/cryptocurrency betting site, like Cloudbet, is obviously the first step. There are a number of factors in choosing the right betting agency, which we’ll cover later in the article.
2. Get a Bitcoin/Cryptocurrency wallet
Step two is choosing a wallet to store your cryptocurrency. This will act as the link between your cryptocurrency and the betting agency, and allows you to withdraw or deposit your cryptocurrency at your leisure. Hardcore cryptocurrency users will often use a hardware wallet to store large amounts of cryptocurrency, but for smaller amounts, cryptocurrency can be stored online using a hot wallet.
When it comes to hot wallets, we recommend a platform like Coinbase or Independent Reserve. Coinbase has quick withdrawals and is very easy to use, and has been the popular platform for crypto fans for almost half a decade, while Independent Reserve is a great option for Australian/New Zealand users to conduct cryptocurrency transactions with low fees.
3. Link your Bitcoin/Cryptocurrency Wallet
Step three is linking your cryptocurrency wallet as a payment method. Websites like Cloudbet will create a Bitcoin address, which is where you send your cryptocurrency to from your Bitcoin wallet to finance your bets. Simply link your Bitcoin address with your wallet, and you’re free to bet! We recommend staying away from Arsenal, though.
For a more comprehensive walkthrough of the process, we recommend Cloudbet’s video on creating and linking your Bitcoin wallet, or check out their handy guide on their website.
What is Bitcoin/Cryptocurrency betting?
Bitcoin/Cryptocurrency betting involves using cryptocurrencies in place of regular currency when you bet. With the rapid rise in popularity of cryptocurrencies, many online sports betting websites are choosing to accept cryptocurrencies as a form of deposit or withdrawal, letting you easily throw some cryptocurrency down on your favourite team in the EPL.
How does Bitcoin betting compare to traditional betting?
Bitcoin/Cryptocurrency betting is surprisingly similar to traditional online betting. US dollars, Emirate dirhams or British sterling is replaced by Bitcoin, Litecoin or other cryptocurrencies of your choosing.
Accepting cryptocurrencies is a win for betting agencies too. Cryptocurrencies add extra layers of privacy for users, reduce processing times and cut out the pesky bank transaction fees, meaning sports betting agencies spend less time and resources handling your cryptocurrency. That means lower costs for punters, which we know you’ll love!
Where can I bet with Bitcoin/Cryptocurrency?
A growing number of potential crypto punters are looking to throw down some crypto on the English Premier League, so finding a safe, reputable sports betting agency that accepts cryptocurrency is essential.
Betting agencies that minimise surcharges, offer consistently good odds, and shorten withdrawal times lets you keep more of your money, which should be a priority for sports fans.
Cloudbet ticks all of our boxes. Offering a quick, safe service without skimping on customer bonuses and competitive odds, Cloudbet comes with a sterling reputation and a long history in the sports betting market to back it up.
Cloudbet is easy to use, clearly displays the odds and offers great rolling promotions for punters looking to throw money on the EPL. It also comes with a great welcome bonus (matching your deposit right up to 5 BTC), which is among the best in the industry.
But the best part? Cloudbet offers zero margins on all EPL bets – the best in the industry.
Betting agencies make money by taking bets that don’t reflect the true probability of the outcome, instead slightly adjusting it so they can make a margin on the bet. This is known as a bookmaker’s margin, and betting agencies are in competition to offer the best margins to punters. For Cloudbet, offering zero margins on EPL games using cryptocurrencies is an offer that won’t be beaten.
Is it safe to bet with Bitcoin/Cryptocurrency?
“Are Bitcoin/Cryptocurrency betting sites safe?” is one of the industy’s most frequently asked questions. And the quick answer is: yes.
While the world of cryptocurrency betting may seem daunting, many online sports betting agencies have years of experience and millions of dollars in cryptocurrency deposits under their belts.
By choosing a reputable online sports betting agency that values your privacy and is committed to your anonymity, you can bet safely knowing your cryptocurrency is safe.
What else do I need to know?
What’s most important in choosing a betting website is the safety and anonymity it offers. For many cryptocurrency users, finding a website that values your privacy as much as you do is a priority.
Online sports betting agencies can keep your information safe in a number of ways. Requiring less of your information when signing up, offering two-factor authentication as a security protocol for your account, and complying with betting regulations and licensing are just some of the ways betting agencies can keep your information (and your cryptocurrency) safe.
For many betting agencies, this means Know Your Customer (KYC) checks, which typically come in the form of submitting documentation to prove your identity, such as a license or passport, employment details or credit checks. This is typically to deter identity theft and underage gambling. As online betting watchdog OBGL puts it, “you can imagine the negative bookmaker headlines if someone under 18 won or lost a lot of funds.”
How invasive KYC checks are will differ site to site, which is why we love Cloudbet. Using Bitcoin’s strong security and encryption tools, Cloudbet allows the user to remain almost completely anonymous, only requiring an email address to sign up.