When choosing the right bitcoin sportsbook, there are a few key areas to consdier
Most savvy online bettors may remember the large online sportsbooks failures such as BetonSports, WSEX and Aces Gold, which is why the most important thing for gamblers and traders to remember is that institution security should come first. Even if a platform looks amazing and everyone is trading or gambling on there, many times the wisest option is to evaluate the security of a platform before depositing fiat or crypto currency.
History has shown us that in the cases of, but not limited to, BetonSports, WSEX and Aces Gold millions of dollars had been lost with little to no recourse.
One advantage of bitcoin sportsbook is that the blockchain offers us an advantage of being able to see where the money is going. Keeping tabs on your poker room’s cold storage account would be a good idea to evaluate liquidity of funds.
When choosing an sportsbook or exchange make sure you consider their history, operational managers and any regulatory obligations they should be maintaining in their jurisdiction
Depending on what your main objective is, betting options can be an important factor in choosing a bitcoin sportsbook. Most players are content in having the major North American and European leagues as primary betting markets.
Other bettors however, have a preference towards lesser offered markets such as props or obscure leages (Polish handball anyone?). These betting options are offered at many traditional online sportsbooks but not commonly found in bitcoin sportsbooks.
Another thing to consider is what types of exotic wagers can be placed. Parlays are the most common and offered at most sportsbooks (traditional and bitcoin), but many sportsbooks do not allow you to parlay certain markets. For instance, many of the bigger traditional sportsbooks such as Pinnacle and TheGreek would not allow you to parlay UFC/MMA matches. Teasers are only offered in certain bitcoin sportsbooks at the moment.
For the average casual bettor, betting limits are not something that is of concern. Larger bettors will want to pay close attention to the min and max bets in our Crpyto Bettor reviews. On average you should be able to get in a bet of $1,000 USD (BTC equivalent) easily. Players that are betting $10,000 USD (BTC equivalent) or more should pay close attention to the max bets allowed before choosing a sportsbook to wager.
Deposit and cashout speed is always something to consider, although even if a book doesn’t have lightning quick payouts or deposits. Most bigger books have an automatic payment structure in place to handle the smaller cashouts. If you are making a bigger withdrawal you can expect it will take a bit longer due to manual approval for most books
A variety of options for support is always an added bonus for the customer in terms of communication. Having only email support can create a slower overall response time, while having other options such as live chat or phone support can help to resolve issues more immediately. For instance, misgraded wagers are frequently a topic of concern and usually when a book can respond and correct this issue quickly, it leaves a better impression to the end users. On the flip side, when a book takes days to respond or deal with issues, they usually are met with bad publicity on social media from disgruntled bettors.