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Tips to Ensure Safe Sports Betting with Bitcoin

Date Posted: March 23, 2017

Why is it important for bettors to follow some safety guidelines when it comes to making sports bets? While others view this as unnecessary, ensuring safe sports betting is a must whether with fiat or Bitcoin sports betting.

Safe sports betting guidelines are set to help bettors prevent from falling for rogue sportsbook’s offers. Practicing smart sports betting and safe sports betting would guarantee a hassle-free betting session.

Find a legitimate website

One of the dangers of sports betting is rogue Bitcoin sportsbook or casino. The main goal of rogue gambling sites is to empty the players’ Bitcoin wallet. Many of this type of sportsbooks are guilty of non-payment of winnings. Others might issue a ridiculous withdrawal condition such as a very low withdrawal limit.

A good way to avoid a rogue sportsbook is to take the time in finding a legitimate website. Players can do this by looking for a sportsbook that has a license. Bettors can check the website of the jurisdiction office that the license belongs to just to make sure the license is authentic. One example is CloudBet, which is licensed in Montenegro.

Use a two-factor authentication

Players should make the most of the two-factor authentication feature for any digital wallet. This is a security feature that requires users to enter a code in addition to the login info. Bettors can have the code sent to a mobile device or an email address.

Many often choose to turn this feature off because of the inconvenience of having to check on a phone or email for a code. However, the added inconvenience can give anyone an ease of mind in knowing that his Bitcoin is safe under two security layers and not just one.

Sign up for a hot wallet

There are two types of Bitcoin wallet that depend on its use. One is the cold wallet, which is where bitcoins are stored most of the time. The other is a hot wallet that people use for trading and other Bitcoin transactions.

It is a good idea for players to keep most of their digital currency in a cold wallet and to deposit Bitcoin to a sportsbook with a hot wallet.  Doing so can help them avoid any complications or incidents that might make them lose bitcoins. This includes a closure of the Bitcoin wallet due to a violation of a wallet’s term and condition where the website restricts any deposits to a gambling site.

Double check the Bitcoin address

It is worth noting that all Bitcoin transactions are final. Bettors might accidentally lose Bitcoin when making a deposit or withdrawal if even a single character in a Bitcoin address is wrong. The sportsbook or wallet has no capability of reversing any Bitcoin transactions. Players can avoid entering the wrong Bitcoin address by making use of the QR code on mobile. Another way is to copy the entire code instead of typing or writing it down.