There is no cryptocurrency more well-known or widely accepted than Bitcoin. Some of the best cricket betting sites in India allow for Bitcoin payments, and these have taken the gambling world by storm in recent years by offering instant transactions and total anonymity.
Top 10 Bitcoin Betting Sites 2021
Best Bitcoin Betting Sites 2021
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What Is Bitcoin?
Bitcoin is the world’s first cryptocurrency and a unique way to make anonymous transactions at bitcoin betting sites in India.
Cryptocurrencies, meanwhile, are a digital form of currency free from government interference or regulations. They are forged on a network of trust built into its leveraging of blockchain technology to securely verify every single transaction, quickly and irrefutably.
As a punter, you don’t need to know the technical side of crypto in great detail. Just rest assured in the knowledge that Bitcoin is essentially an incredibly valuable, virtual currency, which is accepted by many Bitcoin betting sites in India.
Is Bitcoin Safe?
Bitcoin betting sites encrypt user data with either industry-standard, 128-bit SSL encryption, or 256-bit SSL encryption. Security risks and instances of fraud are severely reduced with Bitcoin when compared to any other payment method.
Bitcoin transactions themselves are also highly secure. Transactions are recorded on an irrefutable ledger that is permanent and cannot be altered. So yes, Bitcoin in itself is very safe to use, and so are Bitcoin betting sites!
How to Create a Bitcoin Account
Similar having an account at your bank from which you make payments, you need an account to buy, sell, and store cryptocurrencies too. There are several reputable cryptocurrency exchanges that allow you to buy Bitcoin with fiat currency, and these will offer a secure web-wallet to store your cryptocurrency in.
Registering an account is easy. Simply choose an exchange and enter some basic information – much like you would do when signing up with a betting site. You’ll need to complete a KYC (Know Your Customer) check as well, so keep documents such as your passport, bank statements, and utility bills handy.
Some of the major cryptocurrency exchanges don’t operate with Indian Rupees, so may incur a few conversion fees. However, there are a growing number of Indian-focused exchanges that allow you to convert INR into Bitcoin.
How to Gamble with Bitcoin
In order to wager at Bitcoin betting sites, you’ll need to store your bitcoins in a safe location. No, not under the mattress – you’ll need a Bitcoin wallet. Most cryptocurrency exchanges provide a secure web-wallet anyway, but it is highly recommended you do not transfer bitcoins to a bookie from an exchange wallet.
It is instead best that you select your own wallet from the many different types available to Indian crypto users. Once you have chosen your preferred wallet and registered, you’ll need to wait about 3 days for the verification process to be completed. Afterwards, you'll be able to store your cryptocurrency in this wallet. While there are many ways to store Bitcoin, a web-wallet is more than secure enough for sending and receiving this cryptocurrency to and from your bookmaker.
Your web-wallet is where you will be making all your deposits to Bitcoin betting sites. Your bookie will have a Bitcoin address, which you’ll need when you go to the ‘Send’ section of your web-wallet to make deposits.
How to Deposit with Bitcoin
Making a Bitcoin deposit is a little different to most other payment methods available at Bitcoin betting sites. Don’t fret too much – it’s a simple process overall, and we’ve prepared a guide below for you to follow ahead of your very first deposit.
- Register or log in to a bookie that accepts Bitcoin payments, and navigate to the cashier section.
- At the payment selection screen, choose Bitcoin or cryptocurrencies, then Bitcoin from the options that appear.
- Once you have done that, a message notification will pop up. This message will inform you that the following deposit address will only accept bitcoins, so you you won't be able to change your mind halfway through and sent a different crypto to that address.
- Confirm the notification and the bookie will display their Bitcoin details, including their wallet address and a QR code. Either copy the wallet address or scan the QR code using your Bitcoin wallet. If you choose to enter the wallet address manually, you can make the payment from your Bitcoin wallet using the bookie's wallet address.
- Confirm the transaction and you’re done. Most Bitcoin deposits are processed instantly. As you may have realised, Bitcoin deposits are not too dissimilar from using an e-wallet.
How to Make a Bitcoin Betting Site Withdrawal
If you haven’t made a Bitcoin betting withdrawal at your chosen bookie before, then you will need to compete the KYC procedure first.
Once you have completed the KYC check, what follows next is very straightforward. Simply head to the cashier section of the bookie and select ‘Withdrawal'. Choose the Bitcoin option, nominate an amount and request a withdrawal.
Unlike many other payment methods, Bitcoin withdrawals are processed autonomously and instantly. You should see your funds appear in your wallet within minutes!
Bitcoin Betting Best Practices
Despite its high levels of security and simplicity, Bitcoin can be a bit of head-scratcher sometimes. We have therefore compiled a few best practices to keep in mind when using Bitcoin to ensure your experience is as smooth as possible.
- It's best to store large amounts of Bitcoin in a safe cold wallet (without an internet connection), and useable amounts in your regular web-wallet.
- Keep a calculator handy. As Bitcoin is so valuable now, you’ll often be working in micro Bitcoin amounts (mBTC). You don’t want to make any conversions in your head and risk making any mistakes.
- Your Bitcoin cannot be taxed under current Indian laws if you keep your winnings in your Bitcoin wallet. However, when you convert Bitcoin to Indian rupees when cashing out to your personal bank account, you will be eligible for tax.
Advantages and Disadvantages of Bitcoin
With anonymous payments, tight security, and growing in acceptance by the day, there are so many reasons to use Bitcoin at betting sites. However, much like everything else in life, it has both its pros and cons.
We firmly believe the good far outweighs the bad when it comes to Bitcoin betting, but we’ve gone ahead and identified the important advantages and disadvantages for your consideration. Read on to find out more.
- Anonymity – You won’t be handing out any personal banking information to third parties.
- Fee-free – Most bitcoin betting sites charge no fees for withdrawing in Bitcoin, since conversion charges are so low for cryptocurrencies.
- Rapid banking speeds – Bitcoin is simply faster than other payment methods. Thanks to blockchain technology, payments can be processed instantly.
- Widely accepted – There are over 6,500 cryptocurrencies in the crypto market today, but not all of them can be used at Bitcoin betting sites. However, Bitcoin is the most accepted cryptocurrency in the world, giving you a far bigger choice of online bookmakers.
- Volatile market – Yes, Bitcoin today is worth an insane amount, but the currency is prone to some pretty big drawdowns too. Over the course of 6 months, your Bitcoin will probably fluctuate a lot more than your Indian Rupees.
- It’s a bit technical – While Bitcoin is easy to use, we understand it can seem a bit daunting and hard to understand sometimes. For many, Bitcoin is simply a frontier too far at this stage.
Best Bitcoin Betting Site for Cricket
We know that many of our readers are huge cricket fans. So, naturally, you’ll want to know which bookmaker is the best for Bitcoin cricket betting in India. All Bitcoin betting sites offer a wide range of cricket markets, but we believe 10CRIC is the ultimate Bitcoin betting platform for Indian punters. We explain why below.
Apart from being one of the best INR betting sites in India, 10CRIC is fantastically Indian-focused. They also look after their Bitcoin users with a 30mBTC welcome bonus and allow Indian users to bet the same way as they would with INR. Bitcoin withdrawals are processed instantly at 10CRIC, and first-time users will find plenty of assistance available.
There is no better place to bet on cricket online than at 10CRIC. There are so many cricket markets and tournaments that it may be hard to know where to begin at first! 10CRIC offer everything from the IPL, Big Bash and major test matches to tournaments in Asia and South Africa. They're no slouch when it comes to other sports either, providing a wide range of events and markets including esports.
With a responsive and sleek mobile platform, 10CRIC also offers one of the very best cricket betting apps available in India.
Alternatives to Bitcoin Betting
Bitcoin is great, but at the end of the day, it's not for everyone. Fortunately, there are plenty of great betting payment methods available to Indian punters, each one offering a suitable alternative to Bitcoin betting.
E-wallets seem tailor-made for the world of online casinos and sports betting. Offering highly private payments with industry-leading security features, e-wallets are perfect for Indian punters who do not wish to use their personal bank account online. Since e-wallets such as Skrill and NETELLER offer their services through apps and web portals, there are no physical cards to keep track of either.
Punters who have been using e-wallets since the early days will also be glad to learn that PayPal betting sites are still quite popular.
While Bitcoin is inarguably the leading cryptocurrency, there are other digital assets available too. Cryptocurrency betting sites are currently very prominent in the Indian market, and accept other crypto coins such as Litecoin and Ethereum.
Like Bitcoin, other available cryptocurrencies leverage blockchain technology to provide highly encrypted and secure transactions online. Of course, these other cryptocurrencies also enable anonymous payments at online bookmakers, with transactions usually instant.
Visa and Mastercard
Probably the most common payment method for new betting site users in India, Visa & Mastercard betting sites are also among the most popular. Visa and Mastercard are the leading payment networks in the world and issue the majority of credit and debit cards in India.
These debit cards feature 3D security features, and are accepted the world over. At Bitcoin betting sites, users only need to input the 16-digit card number to make deposits and withdrawals.
If the idea of having to enter lengthy card details puts you off, you can opt to use Google Pay betting sites. Handily, Google Pay lets you turn your physical card into a virtual card and make ‘one-click’ payments instead.
If Bitcoin isn’t for you, there are plenty of Indian-exclusive options to choose from. The Unified Payments Interface (UPI) merges many banking features into a single application. UPI is regulated by the Reserve Bank of India, and payments can be made with a single click. Best of all, UPI betting sites are incredibly common in India.
UPI services have been integrated into many apps, thereby increasing its availability online. Look out for PhonePe betting sites and Paytm betting sites if you need to find more bookies that accept UPI payments.
Net Banking betting sites are perfect for Indians who are happy to just use their personal bank account at the bookies. Using National Electronic Fund Technology (NEFT), Net Banking offers fast and free transfers at betting sites.
Bitcoin Betting FAQs
What is Bitcoin?
Bitcoin is the world’s most popular cryptocurrency and a popular payment method at online bookies in India. This virtual currency can be used to make instant payments at Bitcoin betting sites.
What are the best Bitcoin betting sites in India?
Are there any taxes imposed?
Since Bitcoin is a decentralised form of currency, and is free from government jurisdiction and taxation, your winnings cannot be taxed under current Indian tax legislation. Of course, keep your eyes peeled, as laws are subject to change.
Remember though, when you transfer your bitcoins back to your personal bank account, your bitcoins will be converted into Indian rupees, and so you will be eligible to pay tax.
Where can I store my Bitcoin safely?
You must store your bitcoins in a bitcoin wallet. There are many different types of Bitcoin wallets available, and many of them are web-based for convenience. We recommend a cold wallet for main storage and a web-based wallet for transactions at Bitcoin betting sites.
CricketBettingAdvice Final Say
Bitcoin betting sites offer instant deposits and withdrawals with high-security features. More and more bookies are adopting cryptocurrencies in general, meaning you’ll have even more bookmakers to access as a crypto user as time goes on.
Check out our recommendations for the Best bitcoin betting sites in India, and enjoy instant transactions with total peace of mind!
The Cricket Betting Advice team of writers are all defined by one goal: to provide you with the best online betting content on the web.