With bitcoin at its forefront, cryptocurrency is currently one of the hottest trends in the global finance sector today. Since the creation of bitcoin in 2009, this virtual currency has revolutionised how money is deposited and withdrawn across many financial industries – making transactions incredibly fast, straightforward and convenient. Today, bitcoin betting has grown tremendously popular and competitive in the global online sports betting sector – with several top sportsbooks adopting it as a method of payment for punters.
With the burgeoning growth of online sports betting in Nigeria, more people are looking for a way to join the action and earn real money by wagering on their favourite sports. However, the question that often pops up is what best payment options are available. Today, many bookies in Nigeria are integrating bitcoin payment among their payment systems, and this is great news for bettors in the country. Whether you are a newbie or a seasoned punter, there’s no denying that you’ll find bitcoin as one of the best payment methods on online sportsbooks due to the numerous benefits and endless opportunities it offers.
Are you interested in finding out more about bitcoin betting and why it is an excellent option for you? Well, this article is here to explain every detail you need.
The Best Bitcoin Betting Sites in Nigeria
- Large number of games developed by leading software providers
- Easy to use website
- Option to bet live on a sporting event
- Lots of promotions for new and loyal users
- Plenty of available betting markets
- Good choice of games
- Fast withdrawal times
- A full section of promotions and bonuses
- Frapapa licenced in Nigeria
- In-play wagering function
- 24/7 Customer Support
- Multi-live betting
- Several bonuses and promotions
- Transactions with cryptocurrencies only
- The 6-level Vip program
- 24/7 available customer service
- In-play betting on sporting events
- Lots of bonuses and VIP program
- Android and iOS applications
- In-play and live streaming of sporting events
- Adaptability to new and old mobile devices
- A large number of betting markets
- In-play betting is available
- Betting on virtual sports is offered as well
- The minimum deposit is only 100 NGN
What Is Bitcoin?
Before we delve into how to find the best Bitcoin betting sites, here are some of the most important key points about the virtual currency:
- Bitcoin was founded in 2009 by a person or group referred to as Satoshi Nakamoto, whose identity remains a mystery until today.
- Like every other cryptocurrency, Bitcoin is built on blockchain technology – a digitalised and decentralised ledger that records and stores transactions across a network.
- The first commercial Bitcoin transaction was a purchase of two pizzas
- Bitcoin is the world-leading cryptocurrency with a market cap of over $800 billion
- Today, this largest global virtual currency is used for business transactions across many online industries, including sports betting sites.
How does Bitcoin work?
To have a seamless bitcoin betting experience, it is expedient you understand how the currency works. Looking at it from afar, the whole bitcoin process may seem a little complicated to understand. However, we will explain the mechanism step by step and make it as simple as possible.
As mentioned above, bitcoin is built on a decentralised blockchain technology, which consists of numerous units that contain all information about a crypto transaction. The combination of these units is referred to as blocks, hence the name blockchain, and they act as a public ledger for any bitcoin transaction which can be viewed but can’t be altered. This means every information about a bitcoin transaction on the blockchain is transparent to everyone on the network but can’t be tampered with, as these blocks are usually lengthy, technical, and a choke-full of indecipherable codes.
Every individual involved in a Bitcoin transaction must have a digital wallet, which helps store bitcoin as a file safely on mobile devices such as smartphones and PCs. With your unique Bitcoin wallet, you can successfully transfer, receive and make online transactions with Bitcoins.
The fact that the blockchain tech is decentralised means Bitcoin can be exchanged, bought and sold without the intervention or authentication of third parties such as banks – making transactions incredibly fast. Also, all information about these transactions is secured in the blockchain – making bitcoin one of the best payment methods around.
History of Bitcoin
As mentioned above, Bitcoin was founded by a person or group under the alias of Satoshi Nakamoto, and the real identity of this individual or group has remained hidden today. Before its creation in 2009, the idea about how the virtual coin will work, known as the White Paper, was posted by Satoshi Nakamoto in 2008. The paper addressed cryptography and explained how decentralised transactions are possible without the authentication of third-party financial institutions via a “Peer-to-Peer Electronic Cash System.”
Bitcoin was launched on Jan 3, 2009, when Satoshi mined the very first block of the blockchain, referred to as the Genesis Block or Block 0, which became the foundation for every other blockchain block. The Genesis Block yielded 50 BTC as a reward – the first-ever mined Bitcoins in history. Early adopters mined other units of Bitcoin till 2010, when a Florida programmer, Laszlo Hanyecz, made the first recorded bitcoin transaction by paying 10,000 Bitcoins for two Papa John Pizzas, valued at $25 at the time. This transaction which happened on May 22, 2010, has remained popular till today, and May 22 is hugely celebrated as Pizza Day among Bitcoiners and crypto enthusiasts.
Since 2010, Bitcoin has risen tremendously as a means of exchange in the finance sector amidst several clampdowns, controversies and tough markets. Today, it remains one of the most secured, fastest and most convenient means of payment accepted across numerous online platforms, including sports betting sites.
Bitcoin in Nigeria
You may have heard of the recent clampdown on cryptocurrency in Nigeria and left wondering if it’s safe to bet within the country. Well, your fears are warranted. In February 2021, the Central Bank of Nigeria ordered all financial institutions to desist from facilitating digital currency payments, and such transactions should be deemed illegal. As a result, many Nigerian bank accounts that traded or transacted with Bitcoin were blocked, while others were frozen. Many people believed the Federal Government of Nigeria took this initiative to curb illegal activities.
However, you do not need to worry if you’re looking to delve into Bitcoin betting, as there are several options of offshore betting sites that accept Bitcoin as a means of payment in Nigeria. We’ll explain in detail how you can make withdrawals and deposits on these sites as you continue reading.
Advantages of Bitcoin
Ranging from a high level of security and safety to transparency and convenience, using Bitcoin as a payment method offers many benefits and opportunities to punters in Nigeria. Here are some of the advantages of betting with Bitcoin:
Safety and Security
Like other cryptocurrencies, Bitcoin is one of the most secure and safest payment systems globally. As mentioned above, all Bitcoin transactions are built on blockchain technology that records every information publicly and encrypts them such that they can’t be altered. Also, Bitcoin transactions only require your wallet address and no personal data, unlike other regular payment methods.
Quick Deposits and Withdrawals
Bitcoin deposits and withdrawals on betting sites are incredibly fast as they are not authenticated by any third party. Often, you will experience almost immediate deposits and withdrawals, unlike traditional banking options.
The primary reason for the relatively high costs of betting with regular payment options is the fee charged by third-party financial institutions. Since there is no middleman interference in bitcoin transactions, you can make deposits and withdrawals at zero to very low charges.
Unlike traditional payment methods, bitcoin betting does not require you to provide any personal information before making transactions, as your wallet is all the identity you need. Thus, you can rest assured knowing that you have 100% privacy and your details can’t be compromised.
Since Bitcoin betting sites can significantly cut costs by bypassing third-party financial institutions and their charges, they tend to offer more attractive bonuses than regular sportsbooks. These sites also offer more perks to encourage people to bet as Bitcoin betting is relatively new.
Bitcoin in Betting
Due to the benefits discussed above, Bitcoin has grown incredibly popular and widely accepted in the sports betting sector worldwide; thus, it’s no surprise that it’s gaining traction in Nigeria lately, even amidst the controversies surrounding cryptocurrency. Bitcoin legality is a grey area in the country, and you’ll hardly find a Nigerian sportsbook that accepts it as a payment method. However, this is not a problem as a wide range of offshore betting sites operating in Nigeria allow punters to bet with bitcoin.
Overall, it is essential to conduct in-depth research to determine which sportsbook accepts this payment method. If you think this might be stressful or take much time, we’ve got you. We have provided a list of carefully selected Bitcoin betting sites above to help you make an informed decision.
Bitcoin betting is a straightforward process. The sportsbook will provide you with a wallet address where you will transfer funds from your primary Bitcoin address and use it to bet. The same goes for the withdrawal process; you transfer funds from your sportsbook wallet to your main wallet address.
How to Deposit and Withdraw on Bitcoin Betting Sites
Not clear on how to bet with Bitcoin yet? No worries. We have provided a detailed step-by-step approach to making deposits and withdrawals using bitcoin on betting sites below.
Here is a simple guide on making deposits with Bitcoin on an online sportsbook:
- Log into your sports betting account and select the banker or cashier option, depending on the sportsbook.
- Choose Bitcoin from the list of deposit options provided
- Enter the Bitcoin amount you want to deposit and click on ‘Deposit.’
- The site will generate a unique wallet address for you
- Paste the address generated into your main Bitcoin wallet
- Enter the amount you wish to deposit into your main Bitcoin wallet and send
- The Bitcoin deposit will reflect in your sports betting account almost immediately after the transaction is confirmed
Making withdrawals on Bitcoin betting sites is more or less the opposite of the deposit process.
- Log into your betting account and select the Banking or Cashier option
- Choose Bitcoin from the list of withdrawal options provided
- Enter the amount you want to withdraw and click on ‘Deposit.’
- A blank space will appear to input in your Bitcoin address
- Paste your Bitcoin address where you want the funds to go
- The withdrawal will be completed when you authorise the transaction
How Secure is it to Use Bitcoin in Betting?
As mentioned above, Bitcoin remains one of the most secure payment options across several online platforms, including betting sites. Your transactions with Bitcoin are secured in the blockchain wallet, which stores every information in several blocks such that they can’t be hacked or altered by anyone. Thus, you can rest assured that your funds are safe from fraudulent activities.
Unlike regular payment options, bitcoin betting does not require you to provide personal data or details, as your identity is stored in your unique Bitcoin wallet. This helps ensure 100% privacy and protects you against data theft or breach.
However, you must know that choosing a licensed and trustworthy bitcoin betting site is your responsibility. Due to the popularity of bitcoin betting, there are various unlicensed and dubious sportsbooks looking to defraud punters of their money and steal their data. Don’t just sign-up on any platform without ensuring it’s licensed and reputable.
How to Get a Bitcoin Wallet Address
If you are new to the idea of Bitcoin and you want to delve into Bitcoin betting, the first thing you need to do is open a Bitcoin wallet and get an address. Here are the steps involved in opening a Bitcoin wallet:
- Visit the Bitcoin Website at www.bitcoin.org and click on the ‘choose your wallet’ button to open a wallet
- Choose from the options listed the type of wallet suitable for you and click on ‘Next’. These options include mobile wallets, desktop wallets and hardware wallets. We chose the ‘Mobile Wallet’ option in the image below for explanative reasons.
- You will be asked whether you are a new or experienced user. Choose the one that applies to you and click on ‘Next.’ We chose the ‘New Option’ .
- On the ‘choose your Bitcoin wallet’ page, you’ll be given a list of wallet options such as Bitcoin Wallet, BitPay, Electrum, etc. We chose the Bitcoin Wallet
- Choose the option suitable for you and click on ‘Install’ to download the app on your device.
Fees on Bitcoin Betting
As mentioned above, traditional banking payment options attract several fees, including transfer charges and taxes. Since Bitcoin doesn’t require the authorisation of intermediaries to authorise transactions, Bitcoin betting sites charge very little to low fees for withdrawals and deposits. Often, these sites provide punters with attractive deposit bonuses and promo offers. However, it’s best to check the T&Cs of your sportsbooks.
Alternatives to Bitcoin Betting
Bitcoin is one of the best payment methods for Nigerian punters due to its numerous benefits. However, if you decide not to go into Bitcoin betting, there are other options to consider. Here are some alternatives to Bitcoin betting in Nigeria:
Quickteller is one of Nigeria’s most trusted, fastest, and easiest payment methods for online transactions. It is widely accepted across sportsbooks in the country. However, note that it has higher charges compared to Bitcoin. Also, you can only fund your betting account with Quickteller and can’t withdraw directly to it as most betting sites in Nigeria process withdrawals to bank accounts.
Opal is a Nigerian platform that offers all-in-one payment services to residents in the country. Today, it has become one of the leading payment platforms used across betting sites in Nigeria. Opal is an excellent option for betting as it charges no fee on deposits and offers regular promos, bonuses and discounts.
This is one of the most common payment methods used for transactions in Nigeria. This payment method is widely accepted across various sportsbooks in the country. Whether you use a Visa or Mastercard credit card, you can be sure to withdraw and deposit funds into your betting accounts. However, note that credit card betting often comes with significant changes.
Absolutely. Bitcoin is one of the safest payment options on betting sites. It is built on super-secure blockchain technology and doesn’t require you to provide personal information on your preferred sportsbook.
You can make safe, convenient and super-fast deposits and withdrawals when betting with Bitcoin. We have provided easy steps to follow above in making deposits and withdrawals on Bitcoin betting sites.
When betting with Bitcoin, you need to verify your wallet address. Note that you are not required to provide any personal data.
Unlike banking payment methods, fees on bitcoin betting sites are significantly low or nonexistent. However, you may still want to check the T&Cs of the sportsbook you use for complete information.
Bitcoin payments don’t get declined; they can either go through or remain unconfirmed for only a few minutes. However, you must ensure that your transfer fee is enough to carry your transaction through.
Bitcoin is one of the fastest payment methods used on betting sites. Most times, the sportsbook receives Bitcoin payments from your wallet instantly.
Bitcoin deposits and withdrawals on betting sites occur nearly instantly, as no third-party authorisations are needed. However, note that the sportsbook you use may impact the transaction speed.
Here are some valuable tips that can help you in bitcoin betting:
- Take Your Time
Although punters are surrounded by a wide range of payment options when it comes to betting, you must ensure to choose the one suitable for you for a fast, secured and convenient betting experience with maximum value for your wagers.
- Be Aware of the Fees
While Bitcoin betting comes with very minimal charges, it always helps check for every fee associated with the betting site before signing up.
- Make Sure your Preferred Payment Method is Accepted
When looking for a suitable betting site, ensure that you select the one that accepts your preferred payment method. Sportsbooks usually differ in the payment methods they accept, and you won’t find the Bitcoin payment option on every sportsbook.
- Know the Transaction Limits
Before betting with Bitcoin, it’s essential to determine the transaction limits – both deposits and withdrawals. This will ensure a more seamless betting experience.
Summary – Bitcoin Betting Sites
Nigeria is one of the countries with the highest Bitcoin trading volume globally, despite the government banning it from banks. Due to the benefits and endless opportunities it offers, the virtual currency is widely accepted by various sportsbooks and used by tons of punters in the country.
With this detailed guide, we hope you now have everything about Bitcoin and how to use it to wager on your favourite sport in Nigeria.