Online sports betting for Americans in recent years have almost entirely gone the cryptocurrency route. Driven by the popularity of Bitcoin and the financial regulations that make it tough for offshore sports betting – it’s been a perfect match for both bettors and online sportsbooks. March Madness is the most heavily bet event of the year, and more and more people are using cryptocurrencies to fund their accounts and receive payouts from online sportsbooks.
Betting on March Madness with Bitcoin or Litecoin (or any other cryptocurrencies) has never been easier. Why should you use cryptocurrencies for online sports betting instead of traditional methods, such as credit cards and bank wires? Read on to find out.
MyBookie.ag Bonus
MyBookie (review here) doesn’t have a specific cryptocurrency bonus, but they accept several different cryptos and are one of our top-reviewed sites. Payouts are among the fastest online and new bettors will receive a 50% Deposit Bonus up to $1,000. MyBookie has odds on everything under the sun and is one of the fastest growing sites in offshore betting markets.
Bovada Bitcoin Bonus
Bovada.lv (review here) offers new players a 50% Bonus up to $500 on their first deposit using Bitcoin. They’re also one of the few sportsbooks these days to deliver a VIP program to players which amounts to 1% cashback on bets. There is an additional Welcome Bonus of 50% up to $250 using any method.
BetOnline.ag Cryptocurrency Bonus
BetOnline (review here) is one of the top betting sites available for US players. New bettors will receive a 100% up to $1,000 cryptocurrency bonus when they make their first deposit using a number of different cryptos. There is also a 35% Crypto Reload Bonus if you have already used up your initial deposit bonus.
SportsBetting.ag Cryptocurrency Bonus
Deposit at SportsBetting.ag (review here) to receive a 50% Bonus up to $1,000 on your first deposit. SportsBetting.ag has Bitcoin, Litecoin, Ethereum, and DASH as cashier options. Payouts are quick, and deposits and withdrawals come with no fees. Again, if you already used cryptos to deposit at BetOnline, then you have a 35% Crypto Reload Bonus available on your account.
Advantages Of Betting On March Madness With Cryptocurrencies
There are several advantages to using cryptocurrencies that make them a no-brainer over fiat methods if you’re betting online from inside the United States. These advantages are due to its underlying technology in which is possible to avoid third parties such as banks.
Reduced Cost
Cryptocurrencies are nearly universally accepted by online sportsbooks servicing Americans. They cost far less to process than traditional banking methods and credit and debit cards. Also, they work outside the banking system, which provides greater security for sending funds and less risk of government interference.
Cryptos are usually free when it comes to deposits and withdrawals at sportsbooks. Compare this to the fees of checks, bank wires, and other costlier methods, which can cost players 5%-10% of their profits when they are withdrawing. That’s a massive amount of money to save and crucial for holding onto profits.
Faster Payouts
Payout speeds are also going to be considerably faster. Cryptocurrencies can be processed in a matter of a few minutes, up to a few hours. Many sites process payouts back to Bitcoin and other currencies within 24 hours. At most, they take a few days.
When we compare this to bank wires or check by mail, not only are there fees added but even the betting sites that process these methods the fastest, still number around 5-10 business days to checks to reach players. Bank wires have similar timeframes.
Some sportsbook process BTC payouts nearly instantly. Payouts are the fastest with crypto, and the ability to line shop becomes far easier as you can have your funds quicker and can move them around to different sportsbooks more efficiently and cheaply than if you were waiting for a check or wire.
Near-Anonymity and Fraud
Most sportsbooks still will request information from players and go through KYC procedures before withdrawals are allowed. But, Bitcoin and other cryptocurrencies will still enable far more anonymity than using the banking system, money transfer, or credit card.
Your activities with cryptocurrencies are a lot more private compared to using traditional fiat methods. It’s sort of like running your own bank., on a much smaller scale. Also, if you properly secure your coins, your risk of fraud is quite low, especially if you’re only using cryptocurrencies as a deposit and withdrawal option at online gambling sites.
Best Cryptocurrencies For Betting
Bitcoin (BTC) is by far the most popular cryptocurrency and most successful, but many sportsbooks are now accepting several different digital currencies. It is really easy to bet on March Madness with Bitcoin on sites mentioned above. There are other coins such as Bitcoin Cash (BCH), which is a hard fork of Bitcoin that is accepted at several of our most highly rated sportsbooks, along with Bitcoin.
Behind those in popularity is Litecoin, which is essentially a faster version of Bitcoin, and a great option for those bettors looking to cashout faster during the March Madness betting season. Finally, of course, and with no less importance, is Ethereum. It the most technologically advanced mainstream cryptocurrency, and one which is currently used in several other industries due to its ease of use and implementation.
All four can be used to deposit and cashout at different March Madness betting sites, but if you’re looking for a universal cashier option go with Bitcoin. Of course, there are hundreds if not thousands of cryptocurrencies, and there are several sportsbooks that accept up to 60 different cryptos as a deposit option.
Cryptocurrencies and March Madness Betting Guide
If you’re new to cryptocurrencies and want to jump in, we have a step-by-step guide to depositing into online gambling sites. If you’re new to betting and want some tips on March Madness and betting in general, check out our in-depth guide to betting on the Big Dance.
Originally published: March 15, 2018
Content updated: March 6, 2019
About the Author
Joseph Falchetti
Editor-in-Chief, Pro Sports Bettor and Casino Expert
Joe is the author of the majority of sports betting pages on SBS and he serves as a gambling consultant to our content team. He's been mentioned on Forbes.com as a gaming analyst, and his articles have been linked by larger publications, such as the New York Times.
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