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Bitcoin has become a popular payment method among Australian punters after the cryptocurrency soared in value. It offers quick, convenient and highly secure deposits and withdrawals, but only a handful of bookmakers accept Bitcoin.
We have therefore rounded up all the best betting sites with Bitcoins in Australia on this page. You will also learn about the history of Bitcoin, how it compares to other providers, and how to make a payment to a betting site with Bitcoin.
It should be very simple to make a BTC payment into your account if you register with a high-quality online bookmaker with Bitcoins. Just follow these steps:
Bitcoin is renowned as one of the quickest payment methods due to its decentralized nature. There are no middlemen taking a cut or holding up the process – it is simply a peer-to-peer transaction between you and the bookmaker – so it is quick and efficient.
Having said that, Bitcoin is not the fastest cryptocurrency. The likes of Litecoin and Bitcoin Cash were designed to fuel quicker transactions, achieved through different block sizes and other technical differences. You may therefore have to wait 10 minutes or so for the funds to arrive in your account when making a deposit.
Yet Bitcoin really comes into its own when you request a withdrawal. Punters generally have to wait for several business days to receive their funds when they opt for a card withdrawal, or a wire transfer. Yet Bitcoin withdrawals can also be completed within just 10 minutes. That can be a game changer for bettors that are sick and tired of waiting for days on end to receive their hard-earned winnings.
You are unlikely to find a faster withdrawal method than Bitcoin. It is also important to receive your funds quickly, as the price of Bitcoin fluctuates considerably on a short-term basis. For that reason, it is helpful to identify bookmakers that process withdrawal requests quickly. The best sports betting sites with Bitcoins will process transaction requests on the same day they are made, meaning you receive your funds on the day you request them. This is more likely to occur on a weekday than at the weekend.
There is absolutely no need to complete any sort of verification process to hold Bitcoin. It is a decentralized cryptocurrency, which means that it is not controlled by a company or organization. The Bitcoin blockchain is maintained by a disparate community of miners, with no registration processes.
However, you will generally need to complete a verification process when signing up for a crypto exchange. For example, Coinbase requires you to upload a scan of your photo ID and proof of address. There are smaller exchanges and decentralized exchanges that do not require you to complete a KYC (know your customer) process, but the big exchanges will require this.
Some bookmakers with Bitcoins will require you to verify your account, but others will allow you to remain completely anonymous. You do not have to provide your name, address or phone number at those sites, so you can simply deposit Bitcoin and start betting.
Bitcoin was created by the pseudonymous Satoshi Nakamoto back in 2009. It is the original cryptocurrency, and it dominates the crypto sector, accounting for around 60% of the total market cap.
Nakamoto laid out the vision for Bitcoin in an iconic white paper. It is designed to be a digital currency that facilitates peer-to-peer transactions, without a central bank or administrator. BTC was released on open source software in January 2009. Transactions are verified by disparate network nodes through cryptography – hence the name cryptocurrency – and recorded in a public ledger known as a blockchain.
The process of recording the transactions on the blockchain is called mining. It requires miners to solve a complex equation, using hash power on computers, and the miners maintain the strength and integrity of the network.
Bitcoin was initially worth less than a dollar, but by March 2021 a single Bitcoin had soared past US$60,000 (AU$77,280) in value following a prolonged bull run. You do not need to buy an entire Bitcoin. Exchanges sell fractions of Bitcoins, with small units known as Satoshis.
Bitcoin is now widely seen as a store of value, essentially a digital gold, but it can be used for many practical purposes. Hundreds of retailers across Australia and further afield accept BTC, allowing you to buy all manner of consumer goods and services, and you can also use it to top up your account at online bookmaker with Bitcoins.
Many online gambling companies have embraced Bitcoin, because it saves them money and helps them attract more customers. However, you cannot currently use it as a deposit and withdrawal method at the largest bookmakers in Australia, so you have to look a little further afield to find high-quality, reputable sites that allow you to bet with Bitcoin.
The future price and longevity of Bitcoin are subject to much debate. Major companies like Tesla, Microstrategy and Square have all invested in it, and it is becoming increasingly ubiquitous, so it appears to have a healthy future, but it remains volatile and subject to regulatory crackdowns, so it is not the most stable of assets, as the next section of this guide explains.
Bitcoin has several advantages over traditional fiat currencies like the Australian dollar when it comes to funding a gambling account. As previously mentioned in this guide to the best betting sites with Bitcoins in Australia, it is much quicker to send Bitcoin across the world than a fiat currency. That is because it is decentralized – it does not need to go through a bank, so money can be sent instantly from user to user. The transaction is completed as soon as a new block is verified, so you generally receive your funds in less than 10 minutes.
In many ways, Bitcoin is also more secure than fiat currency. You do not need to upload your bank details on a web form at a betting site, which makes it very safe. It is also cheaper to send Bitcoin than to send dollars, because there are no handling fees, conversion fees and so on. That means online bookmakers with Bitcoin payment options generally offer free withdrawals via Bitcoin, and they may also offer better odds. They are saving money on each transaction, and they should pass at least some of those savings on to punters.
Many users also like the anonymity that Bitcoin offers. If you find a Bitcoin betting site that does not require you to provide an email address and personal details, you will not be bombarded with annoying marketing materials, and the betting site will not be able to penalize you for your success. Many winning players have had their accounts limited or closed in the past, but that is not an issue if you remain anonymous. You can bet with any bookmaker in the world with ease.
However, there are some downsides to Bitcoin. Buying it is often an awkward and expensive process. It is also a volatile asset. It is not uncommon for Bitcoin to decrease 10% in a single day, which could eat into your betting profits.
On the flipside, Bitcoin has been broadly increasing in value over the past decade. It went up by around 20x in value between March 2020 and March 2021, for instance. If you plan to hold onto your Bitcoin long-term, you will not worry about short-term price fluctuations. It is also growing increasingly easy to buy and hold Bitcoin, especially if you visit a site like Binance.
Bitcoin is increasingly becoming the payment method of choice among Australian punters. However, you have some alternatives at your disposal. The Best betting sites with Bitcoins in Australia will often provide you with a multitude of payment methods, so you can mix it up over the course of the year after exploring the best deposit methods for betting in Australia.
The most common payment method is a direct transfer via a debit card or credit card. An online bookmaker with credit cards is not difficult to find. This is a pretty safe and secure option, but it is slower than Bitcoin, and you may sometimes be charged fees.
There are also e-wallets such as Skrill, Neteller and PayPal, which are often used by bettors. You can check out our online bookmaker with Neteller guide or learn more about best betting sites with Skrill in Australia for more information on those popular methods They are also quick and reliable, but they often charge onerous fees for receiving money, so they are arguably not as cost-effective as Bitcoin.
You can alternatively arrange a wire transfer. The best betting sites with bank transfer as a payment method are generally very secure and reliable, but this is a slow method, and the minimum deposit and withdrawal limits are often high. There are some more niche payment options, such as adding the cost of a deposit to your phone, buying a prepaid voucher or even sending a cheque, but Bitcoin is a lot simpler and more convenient.
Many online bookmakers with Bitcoins will also accept altcoins. You might find that you prefer Litecoin or Bitcoin Cash, as they can be quicker and cheaper for small transactions. However, Bitcoin is by far the largest cryptocurrency and it is the most popular option among bettors. Another interesting coin is Tether, which is tacked to the US dollar, so it avoids price fluctuations.
Before signing up with the best betting sites with Bitcoins in Australia, make sure you read this section thoroughly, as it explains how to avoid some of the most common mistakes made by BTC users.
It is perfectly legal to use Bitcoin to fund an account at an online betting site. No government or agency controls Bitcoin, so you can use it without fear.
If you enter a valid, but incorrect, address when sending Bitcoin, the transactions will go through and there is nothing you can do to stop it. That is why you must carefully double check that you have pasted the correct address before sending BTC. It is particularly problematic if you have a Bitcoin and a Bitcoin Cash wallet, as addresses look very similar, so make sure you do not make a mistake in this process.
You might be able to contact the receiver by searching for the address on Google, as some mining pool addresses are public, or by sending a message through the OP_RETURN opcode, but you would have to rely on the goodwill of that address holder. It is obviously better to not make a mistake in the first place.
Most online Bookmakers with Bitcoins require you to be paid out via the same method you used when making a deposit. You therefore cannot make a Bitcoin deposit and receive your winnings in AUD sent directly to your bank account. This is a measure designed to combat money laundering.
There are many advantages to using Bitcoin instead of a traditional banking method, including speed, security and convenience. However, it is a volatile asset, so you should be aware that a drop in its value could eat into your profits. That is not an issue if you plan to hold Bitcoin long-term – its value has soared over the past decade, and many are bullish regarding its future prospects – but you can check out an alternative payment method like credit card, Neteller or Skrill if you do not like the idea of short-term volatility.
Australian punters have a number of exciting options at their disposal if they wish to use Bitcoin as a banking method when betting online. Each bookmaker has its own strengths and weaknesses, so check out the guide at CaptainGambling AU to find your perfect match.
Bitcoin is a very secure deposit method, as it cuts out the middleman and allows you to send funds directly to the betting site. It also means you do not need to enter your bank details on web forms. However, there are a number of hackers and scam artists circling the crypto sector, so you should always take care when buying Bitcoin and follow the security tips listed at CaptainGambling AU.
Funding an online gambling account with Bitcoin might sound daunting for a newcomer to crypto, but it is actually very simple. At CaptainGambling AU, we have listed the steps you need to take at captaingambling.com.au, including how to buy Bitcoin, how to transfer it to your online gambling account and how to request Bitcoin withdrawals.
Above all the Captain demands transparency — and he gets that by seeing over the production of brutally honest bookmaker reviews. Only through constructive criticism will he weed out Dodgybookie and his evil bookie cronies.
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