Over the last few years, Bitcoin has grown from an obscure phenomenon to a mainstream currency used by millions of users around the world. While Bitcoin still presents many problems for its users and there are many safety concerns that the world governments have with it, the currency has helped many people get access to services they could not before. One major area in which Bitcoin has become very popular is online gambling, in which countless users have finally found a way to make their deposits and get a hold of their cashouts.
While legal online casino in the USA such as Betfair do not accept Bitcoin as a method of payments, Betfair Bitcoin betting is quite a real thing. Players can use their Betfair Exchange accounts to make financial bets on the future of Bitcoin. In this article, we examine the Betfair Bitcoin market along with the rest of the offer at the popular Betfair Exchange.
Betfair Exchange Explained
Betfair Exchange is one of the most popular sports exchange services in the world, offering punters a chance to bet against each other and bet both sides of the same market. Unlike sports betting, in which players are always betting on what will happen, Betfair Exchange also lets players bet against an event happening, such as a horse winning the race or a football team winning a match.
With this dynamic, players who bet for and those who bet against a certain event are basically betting against each other, and the betting odds are adjusted to the amount of money bet on either side of a single market.
Currently, the US Betfair Exchange only allows punters to bet on horse races, with major races in the USA and UK covered in full. Bets can be made around the clock on the upcoming races, and punters can bet on which horse will or will not win a race, place in a race etc.
The international Betfair Exchange site is much richer, with numerous sports and financial bets available. Betfair Bitcoin betting is one of the available markets, which lets players make various wagers on the immediate future of the popular crypto currency.
Betfair Bitcoin Betting Markets
The popularity of Bitcoin has skyrocketed in recent years, which is why major bookmakers like Betfair decided to give all the crypto currency fans and sceptics out there a chance to bet on the future of this most popular version of virtual money.
Betfair Bitcoin betting markets include daily Bitcoin closing price, yearly Bitcoin closing price and Bitcoin Specials, which change from time to time. At the most basic level, punters place bets on where Bitcoin price will be compared to its current price at the end of a given time frame.
While even purchasing Bitcoin is a gamble in itself, the Betfair Bitcoin markets give users an extra chance to put their money where their mouth is and to predict the future development of the popular crypto currency and wager real money on it.
The Bitcoin Special markets are also very interesting for the punters as they offer a chance to bet on some less likely outcomes at very good odds. For instance, the Exchange regularly offers a chance for punters to bet on Bitcoin value dropping below USD 1,000 by the end of the year. While this may seem more or less likely at certain points in time, the bet is certainly an interesting one to make, especially for the Bitcoin speculators out there.
Bitcoin betting markets are certainly not as popular as other sports betting markets at Betfair, but given the exclusive nature of the bet, plenty of punters are both backing and laying odds on various Bitcoin related bets, which makes the markets quite alive and potentially lucrative to bet on.
Legality of Bitcoin Betting in the USA
Bitcoin is a crypto currency and is currently highly unregulated both in the USA and worldwide. This makes it somewhat dangerous for people to purchase and trade in the currency as the lack of regulation also means the absolute lack of protection for the users. Bitcoin’s volatile nature makes it one that can easily make or break a person’s investment and many people consider trading Bitcoin equivalent to gambling.
While it may be somewhat unsafe to buy Bitcoin, betting on Bitcoin on Betfair is quite a different story. Betfair is a 100% regulated and licensed gaming operator in various states, which means that all bets placed with it are secured and covered by the bookmaker as well as other safety measures.
Users who are looking to speculate on the future of Bitcoin have two options and betting with Betfair is actually the more legalized and safer way to do so. While Bitcoin itself can easily be lost, stolen or simply drop in price, betting with Betfair is far safer.
The thing to keep in mind is that while the legality of owning and paying for things with Bitcoin in USA is questionable, betting on it at Betfair Exchange is definitely legal. This makes Betfair by far the best place for all Americans who enjoy speculating about Bitcoin and are looking to avoid any legal or other troubles.
Betting with Bitcoin at Betfair
The existence of Betfair Bitcoin betting markets has created some confusion among users. Many people interpreted this as Bitcoin being a currency that is usable at Betfair but this is not the case. Since Bitcoin is not a regulated currency, making a Betfair Bitcoin deposit is not an option. In fact, Betfair and other regulated US bookies only accept USD, since this is the only legally accepted currency in the USA.
Punters looking to actually deposit and bet with Bitcoin can in theory do so at numerous offshore betting sites, but this is very dangerous and not recommended. Not only are these bookmakers not regulated and unsafe to bet with, but the currency is also so volatile that you could end up losing money even if you do very well with your bets.
If you are an American, we highly suggest betting only with regulated bookmakers, which means that Bitcoin will not be an available currency for you. However, the Betfair Bitcoin betting markets will give you a chance to still speculate on the price of this crypto without actually having to take the risk of purchasing the coins.
Bet on the Future of Bitcoin
Betfair Exchange has always been one of the most exclusive online betting sites out there and has always offered some betting markets which other bookies simply did not. Bitcoin betting is exactly one such market, so if you are looking to bet on Bitcoin, Betfair is certainly the bookie you will want to sign up with. Check out the legal Betfair Exchange site today and start speculating on the future of the popular crypto currency in a completely legal and safe way.
For more provider reviews, be sure to take a look at our latest "Is Bet365 scam?" guide.
Conclusion: Bitcoin the Legal Way
Bitcoin is neither regulated nor safe to purchase and we cannot recommend purchasing this or any other crypto currency, simply because of the legal status of such currencies. However, Betfair now allows its users to bet on the price of Bitcoin in a completely safe and regulated way, which makes this the best possible way to speculate on Bitcoin. Sign up for a free Betfair account today and join the Betfair Bitcoin betting market without taking any unnecessary risks.
Betfair Bitcoin FAQs
What is Betfair Bitcoin betting?
At Betfair Exchange, users can make various bets related to Bitcoin. These bets are settled according to the official price of Bitcoin at the end of day, year or another time period. All bets work on the exchange model which means punters are essentially betting against each other.
Can I deposit Bitcoin to my Betfair account?
Absolutely not! Betfair is a regulated US bookmaker and it does not accept any currencies other than the USD. Bitcoin deposits are not possible with Betfair or any other regulated American bookmaker.
Should I use my Bitcoin to bet online?
The only place where you can bet with Bitcoin are the unregulated online bookmakers which are very unsafe to bet with. We highly recommend avoiding betting with such bookies and using actual USD to bet with regulated sites instead.