Bitcoin Betting Sites in Nigeria: Bookmakers that Accept Bitcoin in May 2024
In this article, we take an in-depth look at the sports betting sites in Nigeria that accept Bitcoin in May 2024.
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In recent years, Bitcoin has emerged as a revolutionary force in the world of cryptocurrency and has extended to become a preferred method for a large variety of payments, including sports betting in Nigeria. The decentralized nature of Bitcoin, coupled with its potential for quick transactions and enhanced privacy, has attracted a growing number of bettors and bookmakers across the country.
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Bookmaker Sports Betting with Bitcoin in Nigeria: Safe and Convenient
While not all bookmakers in Nigeria currently embrace Bitcoin, the world’s number one cryptocurrency is rapidly becoming a preferred method for topping up betting accounts. The increasing acceptance of Bitcoin among sports betting platforms highlights its growing influence, with more bookmakers recognizing its advantages and accommodating the preferences of their clientele by accepting cryptocurrency payments.
This rapid rise in popularity is not only attributed to the convenience and speed of Bitcoin transactions but also to the heightened security measures associated with blockchain technology. As Nigeria embraces the digital age, the use of Bitcoin for sports betting not only reflects a modern approach to online gambling but also presents a promising trajectory for the future of wagering in the country that is not dependent on the normal EFT or bank transfer methods. As the cryptocurrency ecosystem continues to evolve, it is anticipated that more bookmakers will join the trend, further solidifying Bitcoin's status as a prominent and preferred method for sports betting transactions in Nigeria.
At the time of writing, half of the betting sites that feature on our list of the best betting sites in Nigeria are already acceptors of Bitcoin and several other cryptocurrencies, such as Ethereum and Litecoin.
You can also check out our article on payment methods for online betting sites in Nigeria if you want to know about other popular methods in the country.
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Depositing with Bitcoin for your Sports Bets in Nigeria: A Simple Process
If you do not have a crypto wallet or are completely new to the world of cryptocurrency, here is a simple step-by-step process of how you can access and use Bitcoin for your betting needs:
1. Set up a Bitcoin Wallet
This is where your journey starts. The first step is to choose a Bitcoin wallet to serve as the digital repository for your Bitcoin holdings. Numerous wallets are accessible online or as mobile applications, but be sure to opt for a reputable and secure option that aligns with your preferences.
2. Identity Verification
Almost every Bitcoin wallet and exchange may necessitate identity verification for security reasons. Complete this step to ensure that your Bitcoin is safe and only accessible by yourself.
3. Select how much Bitcoin you want to purchase
Once your wallet is configured and verified, go ahead and choose the amount of Bitcoin you would like to buy and once complete, you should see the balance available in your wallet.
4. Choose a Bitcoin-accepting bookmaker and Register
Research and select a sports betting platform in Nigeria that accepts Bitcoin. You can view in-depth reviews of all the options available at SportyTrader. If you do not have an existing account with the bookmaker you choose, you will need to register an account. Be sure to double-check that the bookmaker accepts Bitcoin as a payment/ withdrawal method.
5. Make a deposit
Once your betting account is set up, navigate to the deposit or funding section. Look for the Bitcoin payment option among the available methods and choose the amount you wish to deposit.
6. Confirm the Deposit and get started
After initiating the Bitcoin deposit, the funds should appear in your account balance almost immediately. Some bookmakers will display your balance in Bitcoin, while others may convert it into the betting currency you choose.
The process is quick and simple. However, we strongly suggest that if you have never used Bitcoin or any other cryptocurrency, you should conduct some research beforehand so that you understand what to expect once you get started.
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How Do I Place Sports Bets with Bitcoin in Nigeria in 2024?
If you already have Bitcoin and have identified the bookmaker you wish to use, placing a bet using Bitcoin follows the exact same process as it would if you were placing a wager using normal currency. All you need to do is navigate to the deposit or funding section, select Bitcoin as the payment method, and follow the provided instructions to generate a unique deposit address.
Is it Possible to Use Bitcoin to Withdraw Money from a Sports Betting Site in Nigeria?
Absolutely! Withdrawing money from a sports betting site in Nigeria is a straightforward process. Simply log into your betting account, head over to the cash-out section on the platform, and choose your preferred withdrawal method. Sports betting sites in Nigeria offer various options, including payment in Bitcoin to your digital wallet, while some may also allow you to transfer them to a bank account or debit/ credit card.
If opting for a bank transfer, provide accurate bank details, including the account number and other required information. Some platforms may require additional security measures, such as two-factor authentication, to confirm the withdrawal request. For e-wallet withdrawals, ensure your e-wallet account is linked to your betting account. We strongly advise you to use the same method for withdrawals that you used for deposits whenever possible!
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Bitcoin Fees: Do They Exist for Sports Betting in Nigeria?
The fees associated with betting using Bitcoin in Nigeria can vary depending on the specific sports betting platform. Generally, Bitcoin transactions are known for their relatively low fees compared to traditional banking methods. Here are some aspects to consider:
Deposit Fees
It's essential to check the policies of the specific platform you are using, as some may impose minimal charges or absorb the transaction fees themselves.
Blockchain Transaction Fees
When you transfer Bitcoin from your wallet to the betting platform, you may have to pay blockchain transaction fees. These fees are determined by the Bitcoin network and can fluctuate. Users can adjust the transaction fee within their Bitcoin wallet to prioritize speed or cost, depending on their preference.
Withdrawal Fees
Withdrawal fees for Bitcoin can also vary. Some sports betting sites cover the withdrawal fees, while others may pass on the transaction costs to the user. This heightens the importance of reviewing your chosen bookmakers' terms and conditions.
Currency Conversion Fees
If a sportsbook operates in a different currency and you deposit Bitcoin, there will often be currency conversion fees to pay. This is more relevant if your Bitcoin is exchanged into fiat currency upon deposit or withdrawal.
To ensure transparency and avoid surprises, always review the terms and conditions, as well as the fee structure, on the sports betting platform you choose.
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Does Bitcoin have Minimum and Maximum Deposit Amounts for Online Bookmakers in Nigeria?
As with any form of betting, minimums, and maximums do apply and vary from one bookmaker to the next. Bookmakers that prioritize cryptocurrency as their preferred exchange method often allow higher maximum deposit limits, but these can change regularly, especially depending on new developments regarding the currency in question.
In May 2024, most Bitcoin-accepting bookmakers in Nigeria accept a minimum deposit of ₦800 and a maximum of ₦10000000.
Which Bookmaker Mobile Apps Can I Use to Bet with Bitcoin in Nigeria?
Bookmakers in Nigeria are constantly trying to make betting easier and more accessible to a wider audience. As a result, they go to great lengths to ensure that their customers are able to enjoy all the same features on their mobile app as they would on a desktop or web version of the site.
Be aware that not all betting sites in Nigeria have a mobile app. However, the big players, such as 1XBET and MelBet, do have mobile apps available, and you can check out our full review of each app in our reviews of the best betting sites in Nigeria at SportyTrader.
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Which Is the Best Betting Site for Bitcoin in Nigeria?
There is no standard answer to this question, as each betting site has its own unique features and benefits that some bettors may find more useful than others. This is why it is important to conduct some research about the bookmaker you intend to use. Bear in mind that you are not restricted in the number of betting sites you are allowed to use at any given time. Many bettors try out all the betting sites available over a period of time before deciding on their favourite.
SportyTrader have assembled their list of the top eight betting sites in Nigeria, and we constantly scour the market to ensure that we only present companies that are safe and reputable. Of the eight sports betting sites that have made our list, four of them accept Bitcoin as a method of payment, and below is our hierarchy that we feel will be a good starting point for your Bitcoin betting requirements.
- 1XBET
- MelBet
- BetWinner
- CloudBet
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In a Nutshell: Why Use Bitcoin at Your Bookmaker for Online Betting in Nigeria?
There are a whole host of reasons why you should consider Bitcoin for your online betting in Nigeria.
First off, the decentralized nature of Bitcoin ensures enhanced privacy. Secondly, due to its global accessibility, Bitcoin transactions usually have lower fees compared to traditional banking methods.
Next up, the speed of processing Bitcoin transactions and the security features of blockchain technology make it a lightning-fast method. While using Bitcoin provides excellent anonymity and speed in transactions, do bear in mind that, like any cryptocurrency, Bitcoin is an extremely volatile asset, and understanding the ins and outs of transacting with it is of the utmost importance.
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Payment methods for betting sites in Nigeria:
