Bitcoin Sportsbook Bonuses
Bitcoin is a decentralized digital currency that can be used in e-commerce and also trades in exchanges with other currencies. But when it’s involved with online gambling, its importance shifts to its function as a way of conducting transactions.
This works through a technology called blockchain, which is utilized to record and verify transactions. The blockchain is a distributed ledger that is maintained by a network of computers, or nodes, that work together to validate and record transactions.
Using Bitcoin to make deposits and withdrawals at a sportsbook has a number of advantages. Transactions are fast and secure, and since Bitcoin, as mentioned, is decentralized and operates on a peer-to-peer network, there is no need to share personal or financial information with the sportsbook. Additionally, since Bitcoin is not subject to the same regulations as traditional currencies, players from countries where online gambling is restricted may be able to use it to participate in the sports betting.
The structure of the protocol itself also makes Bitcoin resistant to censorship and fraud, as there is no central point of control that can be targeted or compromised.
It has really become the preferred way to fly, so to speak, and so sportsbooks have adopted the practice of offering bonuses to those customers who fund their account with Bitcoin.
Is it to your advantage to take them?
Benefits of Bitcoin Bonuses
First of all, Bitcoin bonuses offer you a great welcome, and as they say, it’s always useful to make a nice first impression.
From a more practical standpoint, we know that as a consumer, you’re always looking for value, and with a bonus for using a cryptocurrency like Bitcoin, you have an opportunity to play the sportsbook with plenty of additional value attached. There’s nothing like having your initial deposit stretch even further.
And if you’re using Bitcoin, the house likes it, so there’s a decent chance that you’re going to get bonus funds on deposits that you make beyond the first deposit you make when you open up your account.
So why does the house like Bitcoin?
Well, for some of the same reasons players like it as well; namely, that transactions like deposits and withdrawals are executed extremely quickly. If you can give a customer what he or she wants, that’s going to encourage them to do business with crypto. And a sportsbook can design a bonus program around that.
Another reason the sportsbooks like Bitcoin – and are willing to give bonuses for using it – is that chargebacks (i.e,, reversals of transactions) do not exist. And that’s just straight talk.
Chargebacks are a major problem for sportsbooks. And often they are initiated after the customer has lost. With a payment method like a credit card this is possible. But there is no mechanism that exists within the Bitcoin protocol which allows for a patron to be in control of that process. Excessive chargebacks preclude the sportsbook from offering certain things (like bonuses) to customers, because the costs tend to run too high. But in a Bitcoin transaction, that factor is taken out of the equation, in effect.
Types of Bitcoin Bonuses
The most prominent is, of course, the “Welcome Bonus,” which is a useful incentive to get new players to sign up with the sportsbook. It would not be uncommon for them to offer 100% value on the initial deposit. Therefore, with a $500 deposit, you would get $500 in bonus funds. How that bonus is realized in terms of using it to cash out is something that we will cover in a moment. But it doesn’t happen automatically.
Another bonus that can become very beneficial to you is the “Reload Bonus,” which takes effect when you make deposits beyond the one you use to open the account. The message here is that they aren’t just showing appreciation for getting your deposit coming in; they want to continue to reward you. And in so doing, they keep you around as a customer.
What are the rules with Bitcoin bonuses?
Well, they are similar to the rules that are in effect in most bonus programs. You will make a deposit, then have the bonus amount credited to your account. It then comes down to a “rollover,” which represents an amount that is multiplied by the sum of the deposit plus the bonus.
So let’s say the following conditions exist:
— Your initial deposit is $500
— The bonus is 100% of your deposit
— The rollover is “15x”
You’re playing with $1,000 credited to your account ($500 + $500). But you must place $15,000 worth of wagers ($1,000 times 15) into action in order to be eligible to withdraw any funds from that account. And of course, anything can happen during that time.
The same principle of qualification applies to the Reload Bonus.
Best Sportsbook for Bitcoin Bonuses
BetOnline is generally considered to be the best when it comes to thanking customers for using Bitcoin. And their options actually include 17 other forms of cryptocurrency. They offer a “100% Crypto 1st Time Bonus” which gives you 100% of your first-time deposit up to $1,000. A play-through of 14x is required to redeem the bonus. For this you would use the promo code of CRYPTO100.
They’ve also got a reload bonus of 35% for crypto customers (and naturally this includes Bitcoin). It is good up to $350, which would be 35% on a $1,000 deposit. And the required rollover here is 8x (Promo Code CRYPTO35).
So take advantage Now!