Bitcoin Sportsbook Bonuses
Bitcoin sportsbook bonuses are not available at any bitcoin sports betting site with the exception of Cloudbet. Unlike regular sports betting sites, bitcoin sports betting sites generally do not offer signup bonuses. We believe this is likely because most bitcoin sports betting sites do not require punters to register formally (normally an email address is all that is required). As they generally do not have internal KYC (know your customer) requirements, any player could set up multiple accounts and if they did offer a signup bonus it could easily be claimed multiple times.
So what does Cloudbet offer?
Cloudbet’s Sportsbook bonus is a 100% matched first deposit bonus up to 5 bitcoins. At the time of writing this article one bitcoin is currently worth $603 Australian dollars. This technically makes the deposit bonus the biggest one currently available for a sports betting site that we know of at a maximum of $3015 Australian dollars.
What is the catch with the Cloudbet sports book bonus?
There is a specific requirement which outlines how the bonus is released to the player, and it takes a huge amount of betting. The exact formula can be found on their terms and conditions which can be found here https://www.cloudbet.com/en/first_deposit_bonus.
It’s a complicated method of turning loyalty points into 0.01bitcoin releases. Doing a quick back of the envelope calculation it seems for every 1 bitcoin turned over (or wagered) at odds of 1.86 you get 0.01 bitcoins released. So to get the full 5 bitcoins a total of 500 bitcoins would need to be wagered at high to even odds on average. That is a huge roll over requirement when comparing to say Bet365 which is 3 times versus Cloudbet being approximately 100 times. However, when the 0.01 bitcoins are released you can use them straight away and withdraw it if you like.
In all fairness Cloudbet are very open about this tough bonus roll over requirement and they have very good lines. We have seen their in game lines which generally have better odds than Bet365 (50/50 odds in play games at Cloudbet are usually 1.86 versus Bet365’s standard 1.83) for most events.
What are the benefits to sports betting with bitcoin?
There are other perks to bitcoin sports betting than just the Cloudbet bonus which includes:
- Near instant deposits and withdraws.
- No verification process required.
- No fees which other sites can have for withdrawing and depositing.
- No restrictions for anyone anywhere in the world using their site.
If you are new to bitcoin and have not used it before, you will need some time to get your head around it before you go straight to a bitcoin betting site. The ease of signing up and anonymity offered can have a big downside as this anonymity can lead to the sites disappearing with everyone’s money. If you are new to bitcoin gambling check out www.bitcoingamblingreviews.com to learn more about bitcoins first before you get started.
We have used bitcoin sports betting sites for a while at Best Bookie Bonus and are impressed with the near $0 fees to move money, the ease to set up an account and the international access with no limits for different countries. We are sure this area will only grow in the future, and note that Cloudbet is even being covered by Sports Arbitrage Trading sites.
Personally we have not had any issues with Cloudbet as of writing this article. They have a very public section of a forum where they respond to everyone’s questions/comments or problems which makes us feel a bit more comfortable ( Can be found here: https://bitcointalk.org/index.php?topic=333552.0;all ), even though the feedback on the forum is not always positive. We have compared Cloudbet to the other bitcoin sports betting sites but aside from not offering bonuses the other sites do not have the breadth of lines or games available that make them worth mentioning (this may change in the future and we will update when we review them).
In summary although Cloudbet is the only bitcoin sportsbook bonus that is currently available, we believe as bitcoin becomes more main stream and more bookies accept bitcoin, this will change. Additionally, the Cloudbet matched first deposit bonus is probably the most difficult one to turn over and get your entire bonus back, however it pays out regularly while you are betting and has good lines.
Click here to read our bonus review of Cloudbet!