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Where to Bet on Bitcoin?

Author: Yana Kryvosheina
18 December 2019, 10:20
Votes: 2

The crypto market’s volatility has resulted in adding bitcoin to the betting lines of some bookmakers. Where is it possible to bet on cryptocurrency? This article provides an overview of the bookmakers that offer bets on BTC rate changes.

Where to Bet on Bitcoin?

Usually, those who want to profit from changes in exchange rates trade on the Forex market. It is very easy (theoretically) to be done there: if you buy euro for 60 rubles, you should wait until the price rises to 70 – and sell. The price difference is yours, minus the spread (the gap between the purchase and sale prices). However, there is another way to make money on currency fluctuations – to make bets. In this case, not a broker, but a bookmaker will be required.

The main bookmakers’ activity is to accept bets on sports results. However, interesting games are not held every day, so accepting bets on currency rate changes becomes a good solution.

Differences between Broker and Bookmaker

These are completely different organizations, whose activities differ a lot. Broker does not care whether you earn or lose – its profit is the spread. Bookmaker prefers you to lose because in this case, it will not have to pay you money.

Read more: The Future Prospects of BTC in Online Gambling

Let’s consider an example of bets on the exchange rate movement. The euro is currently worth 69.5 rubles. You bet that in a day its price will be more than 70 rubles. If you win, you are paid money. If you lose, then your bet will not be returned to you.

All you need to do is to correctly predict or guess where the price will go. Bookmaker is also able to do it, and if there is every reason for growth, it will offer small odds for growth, but very large ones for the decline. The basic principle of betting remains unchanged: the less likely the occurrence of an event is, the higher the payout will be.

Differences between Broker and Bookmaker

Since cryptocurrencies are very popular today, some bookmakers start accepting bets on bitcoin. It is almost impossible to predict where the cryptocurrency rate will go. This makes it attractive for gamblers, but quite risky for bookmakers.

Read more: Top 10 Bitcoin Applications for Android

Bookmakers That Offer Bets on Cryptocurrency Rate Changes

These include many world-famous bookmakers, which do not miss the opportunity to offer their customers a variety of betting options.

However, it should be remembered that the residents of the Russian Federation and some other CIS countries do not have the opportunity to use these bookmaking services – their operation is prohibited in these jurisdictions.

1xStavka Bookmaker

This bookie accepts bets on the Bitcoin rate growth and decrease. It offers a bet according to which the Bitcoin price will exceed the cost of an average house in Britain this year. Another interesting offer is that the Bitcoin price will fall to less than £1 till the end of 2019.

1xStavka offers a wide range of betting lines regarding cryptocurrency, but one of the most popular bets is that any professional football club will pay for a player with Bitcoins. It seems quite possible considering the popularity of this cryptocurrency.

Read more: Cryptocurrency Rating in 2019

Parimatch – International Bookmaker

Interesting Fact

In early January 2018, Parimatch offered a bet according to which the bitcoin price would exceed $14,500 by January 18. Though its cost was higher than $17,000 at the beginning of the month, the price dropped significantly for the next couple of weeks and people who had bet on this lost their money.

This bookmaker operates mainly on the territory of the CIS countries and offers bets on cryptocurrency.

Among other bookies offering bets on bitcoin there are Lootbet, Rivalo, BetEast, and Nuts.bet. In addition, some bookmakers accept cryptocurrency as a currency (1XBit, BetcoinSports, BetEast, 1XBet). In case of winnings, payouts will be also paid in cryptocurrency.

Parimatch – International Bookmaker

Many bookmakers offer bets on traditional currencies (USD, EUR, GBR, CHF, etc.). However, the waiting time is very small: it can vary from a couple of minutes to a few hours. In this case, you can just guess where the price will go, because market fluctuations are unpredictable for such a small period of time.

“This is very similar to deal betting, which is not subject to judicial protection according to the Russian legislation. They are similar to the so-called binary options,” said Alexander Dubrov, a representative of Open-Broker.

As mentioned earlier, the government of China reported that Bitcoin is the number one effective application of blockchain in the country.

Read more: How BTC has Changed the Gambling World (part 1)

Read more: Blockchain Technologies: What is Worth Reading?

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