The adoption of cryptocurrencies in modern online bookies has become a driving force to diversify betting on sports and introduce Bitcoin chess betting opportunities for players. Chess, while it may not be the most popular sport in the world and falling behind football and basketball, is interesting to watch and provides customers with a bunch of betting options.
While we move to the main part of our guide it is necessary to outline that betting Bitcoin in chess is fully legal. If we do not move to particular countries, whose jurisdiction might prohibit betting, chess betting is a completely legal thing to do.
Bitcoin has gone a long way to establish itself in the gambling industry. When we are talking about sports betting, as a rule, it is the only possible way to place your bets, even though we have other types of cryptocurrencies. Chess is no exception.
In addition, Bitcoin betting on chess provides substantial advantages, such as security, speed of transaction, and volatility. Moreover, when you create an account and deposit Bitcoins on your personal account to start crypto betting on chess, most BTC sportsbooks offer an opportunity to get a deposit bonus, as well as to take part in tournaments, challenging other players.
Bitcoin is new technology opening borders for betting on sports and as time passes, this trend will only keep on growing.
Betting on chess with Bitcoin is legal in most jurisdictions. Here is the list of countries where chess betting is considered legal.
|United States||24/50 States|
Here we have assembled a list of the best sportsbooks that offer BTC betting on chess. These websites by far have the highest authority and fame in the gambling industry. If you are interested in more details, click ‘Read More’ to get additional information.
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To start betting on chess with Bitcoins you actually need two things: a bookmaker where you will place your bets and a crypto wallet where you will store your Bitcoins and withdraw them if you win money. It should be noted that betting on chess with Bitcoins is similar to regular betting.
This is a moment where most of the players have problems. Due to the fact that Bitcoin betting sites are still developing, sometimes finding a reliable website could be an issue. Because of that, it is essential to explore all of the possibilities thoroughly, including the period of existence of a particular site, license, number of sports, etc. All these criteria make a crypto bookie a good one.
Here we should also point out that betting on chess is sometimes omitted from a number of BTC bookmakers. We meet the same phenomenon in regular sportsbooks, but a growing number of chess lovers encourage sportsbooks to implement this sport in their repertoire.
Of course, you cannot just start betting without checking a list of available countries on the website. Such a list is usually available in terms and conditions of a specific bookie. Some BTC chess betting websites simplify this process and include a list in the FAQ section.
As we have already mentioned above technically chess betting with Bitcoin is legal in many countries, but following laws that exist in particular states it could be prohibited. Before registration take a look at this list and only then proceed with creating your account to avoid complications.
Creating a crypto wallet is a simple process. All you have to do is to choose a website and make your unique wallet. After the wallet is done you should buy some cryptocurrency with traditional money. Once Bitcoin is available on your account you can easily link it to your bookmaker and start betting. It is a very simple process and there is no commission fee while conducting a transaction.
There are two types of crypto wallets: hot and cold. You can use both for Bitcoin chess. To explain them simply, the first one is connected to the Internet, while the second is not. Generally speaking the latter provides more security to customers.
The registration process is definitely the simplest step. It generally resembles the creation of an account on a regular sportsbook. The steps are clearly explained on the website.
First of all, you should find a Sign-Up icon on a betting site, which is located at the top right of the website. After that, you will be met with a form where bookies require filling in personal information including username, e-mail, date of birth, country of residence. Other information is also available but they are completely optional to fill.
Chess can be classified as sports that are less risky and more profitable to bet on. The fact that in this game the result depends only on two opponents – there are no such obstacles as weather conditions, injuries, a lot of players in the team, and other factors. Bitcoin gambling with chess offers the following possibilities:
Despite the fact that only two players take part in the match, except for the outcome to win, there is also a draw result. These are atypical rules for 1 on 1 sport. In betting lines the option looks like this:
In order for you to succeed at this option, it is a good idea to pay attention to the rankings. They are available on the official website of FIDE. Also, take a look at who will play with white or black pieces. At a professional level, it matters.
The main purpose of this bet is insurance in case of a draw. The player must choose two possible outcomes of the match. In chess bets with Bitcoin there are the following options:
Such bets are usually characterized by low odds, but they almost always guarantee a winning. At the grandmaster level in chess, players rarely make mistakes on the board so if there are equal chances most of the time a match ends in a draw.
With a noticeable difference in the class of rivals betting operators offer to use a handicap. For example, by making a bet F1 (-2), the bet will play if the first player overcomes the second with a difference of two games or more. And we will get the win at the difference of three draws: if the handicap is equal to two games, according to the rules it will be a return of the bet.
In Bitcoin chess betting, Similar to other sports areas, chess can try to determine the winner of the upcoming tournament. Frankly, the professionals recommend leaving this side, because the chances of predicting the triumphant competition are negligible.
In addition to the above options, BTC sportsbooks provide an opportunity to make a bet on all sorts of totals – the number of draws or victories of each player. In addition, you can put on a variety of situations, up to the first captured figure or the debut of the athlete. However, bets on special events are inherent in big matches, such as the final of the world championship.
The first most notable of betting with Bitcoin is that it provides complete anonymity to players. Central banks, governments or third parties will be unable to track your transactions. At the same time, in chess Bitcoin betting transactions are fast and require no time, as in the case of regular money. Everything is executed instantly.
When people are dealing with banks and fiat money there are delays to proceed with the money. Security checks, final approval from banks are headaches for players. With Bitcoin, these issues are eliminated completely. You can withdraw and deposit money any time you want and it will be available within minutes, while with regular money it can take up to several days.
Customers when they are dealing with crypto bookmakers are not fond of waiting for a long time. Because of that, more and more players are switching to crypto.
The absence of the commission fee is another important thing that makes Bitcoin appealing for players. Usually, the rate in conventional bookmakers, when you withdraw money varies between 2-10%. For example, if you are withdrawing 100$ you will be charged $10 extra, which is not really a pleasing fact for players.
In chess Bitcoin betting, such fees do not exist. There are no third parties that would charge extra money from you. Only sender and receiver of the funds are present. The same goes for depositing your money.
A lot of people consider volatility a double-edged sword but in crypto gambling, it is beneficial for players. Volatility shows how fast the price of a particular asset changes. Bitcoin and other cryptocurrencies are considered volatile assets, which means they change rapidly – almost every second. There could be days when Bitcoin is worth $10,000 and the next day it surges to $15,000.
Here we should also outline that in the past period Bitcoin shows no signs of slowing down, which means it is an investment. Even if you deposit funds in Bitcoin and do not bet on chess, you can actually end up winning, just because the value of Bitcoin has risen.
Talking about the advantages of betting with Bitcoin on chess, its perspectives, and benefits we have come to the main part of our guide – should you bet on chess with cryptos? Compared to betting with real money, there are no significant differences in the process itself, but the main value of Bitcoin is its opportunity to provide players anonymity, security, and safety of their funds.
At the same time, the number of crypto bookies offering to bet on chess and sports, in general, are only emerging. Chess might not be the most dynamic and energetic sport in the world but with all betting options, it is profitable to start betting on this discipline.