BTC Sports Betting FAQs Answered By BTC365 Experts
So, you’ve decided to bet on sports with Bitcoin or another cryptocurrency but are still grappling with many doubts in your head. Starting from very basics like which sports you can bet on to slightly more advanced-level doubts like how crypto winnings are taxed in your region, there could be hundreds of doubts in your head, and we understand that.
After all, betting on sports with a digital currency is a relatively new field, and punters are still learning this craft. To make their job easier, BTC365 brings to you the answers to the most frequently asked question about online sports betting in cryptocurrency.
BTC365’s experts answer FAQs related to sports betting in cryptocurrencies
- Which professional sports can I bet on at BTC365’s website?
At BTC365, you can bet on a range of sports, including basketball, soccer, lawn-tennis, table-tennis, boxing, baseball, American football, handball, golf, motorsport, rugby, etc. These are real matches happening all around the world. You can bet on some of the leading championships in the world on BTC365’s platform, like NBA, EPL, UEFA Champions League, Bundesliga from Germany, LaLiga from Spain. Likewise, you can also bet on some of the most popular esports on BTC365, like FIFA esports, NBA2K, and many others. BTC365 is the only dual online sportsbook that provides odds for betting on more than 70,000 matches monthly. Whichever real sport or esport you want to punt on, chances are very high that BTC365 provides the most competitive betting odds for it. So, always check on our site while betting on cryptocurrencies.
- Is betting on sports using Bitcoin and other cryptocurrencies legal?
It really depends upon where you’re located or your region. There are different laws in different countries governing betting in cryptocurrencies like Bitcoin. Besides, laws can be different across states of a country as well. For example, different states in the U.S. follow a different set of regulations when it comes to gambling in cryptocurrencies. However, several states of the U.S. are showing an inclination to allow virtual currencies for gambling. Recently, Wyoming allowed bettors to deposit funds in their accounts using several cryptocurrencies, including Bitcoin. As we move forward, more and more governments around the world will allow decentralized currencies, like Bitcoin, for the numerous advantages they offer. That said, we’d still advise you to check the laws of your region before betting on a cryptocurrency to be on the safer side.
- Apart from Bitcoin, which other cryptocurrencies can I use to bet on BTC365’s platform?
Apart from Bitcoin, you can deposit other cryptocurrencies like Ethereum, Litecoin and Tether on our platform as well.
- I’ve heard that betting in cryptocurrencies is totally anonymous. Is it true?
Yes, you’ve heard it right. Betting in cryptocurrencies is totally anonymous. But, it’s important to understand why it is like that. When you use traditional modes of payment on a betting site, like Netbanking, credit or debit card, you’ve to declare your personal details, like your name, bank account number, address, etc. However, when you use a cryptocurrency to bet, all you need is two sets of information to initiate a financial transaction with a sportsbook: your anonymous cryptocurrency wallet and the same for the sportsbook. While a sportsbook knows your cryptocurrency wallet details, there’s no way for it to know your personal details as is the case with traditional modes of payment like Netbanking. This is what makes betting in cryptocurrencies totally anonymous. No wonder, then, that betting platforms worldwide are pushing for the use of cryptocurrencies because of the ease of use and speed of transaction.
- Are my winnings in Bitcoin going to be taxed?
It all depends upon the tax laws of the country you’re residing in. As cryptocurrency is a new concept, several countries around the world are framing new laws to govern several aspects of it. For example, in India, income from cryptocurrencies is taxable based on the tax-slab of an individual. But then, this seems more like a tax on the appreciation in a cryptocurrency’s value. When you bet with a cryptocurrency, it has two aspects to it: (i) the winnings or losses on the bet itself and (ii) the possible appreciation or depreciation in the value of a cryptocurrency. When filing your tax return, you need to be very sure of the tax laws governing both these aspects. We’d advise you to not go by your assumptions and consult a tax expert.
- What are the main benefits of betting with Bitcoin on sports on BTC365?
One, BTC365 offers more betting options for wagering in cryptocurrencies than any other platform. Like we already mentioned, we provide odds for betting on more than 70,000 matches monthly. Besides, you can bet on both real sports or esports at our portal. Two, we keep our commissions really low, as evident from the competitive betting odds we offer. The idea is to encourage punters to play by providing them with a genuine platform. Moreover, BTC365 doesn’t charge for deposits or withdrawal of funds in cryptocurrencies on its platform. But you’ll have to pay the usual crypto transaction fee when transferring that crypto to our platform. Three, BTC365 allows you to deposit or withdraw money in under 5 minutes. Such a blazing fast speed of transactions ensures that bettors don’t waste their time at all while betting on sports on our platform. Four, BTC365 has built a great reputation in the world of crypto betting. We’re internationally licensed by E-Gambling Montenegro, which is a well-renowned authority that is responsible for licensing gambling operators in Montenegro. This shows the faith some of the finest institutions have in us.
- How is the reward system of BTC365 different from that of other crypto-betting platforms?
First of all, at BTC365, you’re not just a bettor for us because we want to make you a partner in our journey. Our unique profit-sharing model allows punters to own a stake in our platform. We strongly believe in building a community of crypto-gaming enthusiasts, who are as passionate about using crypto to bet on sports as we are. Therefore, we’ve developed this profit-sharing model, wherein we’re creating a pool of dividends using our revenues. We offer unique profit-sharing tokens to players to help them get a stake in BTC365. Subsequently, the players can stake a claim to the pool by using tokens they have earned while betting on BTC365. Apart from it, BTC365 also has a VIP Lounge, which rewards members based on their ranking on our platform. By reaching a high rank, a member can become eligible to get bonuses, rewards, and prizes. BTC365 has 21 VIP levels, which offer lucrative rewards to its members, like free non-fungible tokens, genesis tokens, iPhones, and a lot more.
- How much money should I hold in cryptocurrencies to bet regularly?
This entirely depends on how much you want to bet. If you want to bet a lot, then you’d need to hold more funds in crypto than someone who doesn’t bet much. That said, we’d like to tell you that the value of cryptocurrencies tends to fluctuate a lot. Therefore, it may not be a great idea to hold a lot of cryptos because that will subject you to the risk of fluctuations in value. The best thing to do is to keep a record of how much you’re betting regularly and how much balance in crypto you need. That will help you in answering this question.
- What if I end up sending a cryptocurrency to a wrong address?
You’ve got to be very careful while transferring funds using a cryptocurrency. If you end up sending crypto to a wrong address, not only will it result in a failed transaction, but you’ll also lose your funds. Therefore, you should always select the right network to make a crypto deposit and double-check the crypto address to which you’re sending money to ensure that it’s correct. No matter which betting platform you’re on, you should always take caution when transferring funds using cryptocurrencies.
- How do I deposit and withdraw money from BTC365’s portal?
You can deposit digital money such as Bitcoin (BTC), Ethereum (ETH), USDT (ERC-20, TRC-20), or Litecoin (LTC) when you are asked to make a deposit. While making requests for withdrawal or transfers of funds, you agree that are not physically located in any of the following countries:
Tier 1 restriction (Can view, cannot register):
- the USA
Tier 2 restriction (Cannot view, get IP-restricted page):
- Hong Kong
- the Isle of Man
- North Korea
- the Philippines
- the United Kingdom
We reserve the right to apply a handling charge of up to 5% on deposits and withdrawals to cover transaction costs. You may withdraw any amount up to the Account Balance in your account by issuing us with a valid notice of withdrawal in the manner specified in the My Account page of our Website.
Register at BTC365 and start your crypto betting journey now!
If you haven’t already, then you must register at BTC365’s platform – the best sportsbook for betting in Bitcoin and other cryptocurrencies. Be it basketball or soccer, lawn-tennis or table-tennis, we offer you betting options to punt on more sports than any other online sportsbook out there.
Apart from that, you can also bet on tons of esports like FIFA esports on our portal. The choice is endless, which combined with ease of betting and swift deposit and withdrawal of funds make BTC365 the best crypto gambling platform for betting on sports.
So, don’t wait any longer. Visit BTC365, one of the best crypto betting sites for sports, and start punting.