You’re ahead of the game if you’ve started using Bitcoin to make your sportsbook wagers. For those who aren’t aware, using Bitcoin at online sportsbooks for withdrawals and deposits is the way of the future. In retail fintech, sportsbooks are nearly typically early adopters, and Bitcoin does too.
Using Bitcoin in your sportsbook is simple when you know-how. In essence, Bitcoin is a form of electronic cash (sometimes known as “the internet of money”). Once you understand a few nuances, using Bitcoin is as simple as using a service like Neteller or Mastercard.
Because it is based on blockchain technology, no single entity, institution, or person has authority over Bitcoin, which makes sportsbooks a logical fit. Bitcoin transactions are completely unaffiliated with banks.
Using Bitcoin for both deposits and withdrawals can be confusing at times. Here, we’ll go over all the fine points of Bitcoin sports betting so you don’t have to bother about getting lost in the weeds.
Be aware that after you make a deposit, some major Bitcoin betting sites and sportsbooks will exchange your bitcoin to US dollars. As a result, all of your wagers will be made in US dollars. In the event that you opt to take your wins, they will be reconverted to Bitcoin and transferred to the Bitcoin wallet you specified on signup. This shields investors from the erratic price movements of Bitcoin.
How do you deposit Bitcoin at sports betting sites?
- Enter your username and password to continue.
- Select “deposit” or “cashier” from the drop-down menu.
- Make a deposit with Bitcoin.
- Choose how much Bitcoin (in USD) you wish to deposit and hit “Submit.”
- Make a second look to see if there are any Bitcoin bonus codes available. If you’re asked to input a bonus code, be sure to do it accurately.
- Once you’ve typed in how much money you want to put into your account, click “deposit”.
With this information, you’ll have access to the screen that displays your transaction ID as well as other information, such as the amount you’ve chosen to deposit in Bitcoin (and the current Bitcoin exchange rate).
Use your Bitcoin wallet’s address bar to navigate to the QR code or copy and paste the address directly into your wallet.
Enter the desired deposit amount in USD or Bitcoin (depending on your wallet’s mode of payment). Check to see if this amount matches the one displayed on your sportsbook’s equivalent screen.
You will be given a choice to submit a high or low miner’s fee by your wallet application. As a general rule, sending the larger amount is preferable because it will get to your sportsbook faster.
The bitcoin price may vary between the time you make your deposit and the instant your payment is finalized. A decrease in the price means you’ll have less money to bet with if it drops. If the price rises, you will have even more credit available.
Almost every sportsbook converts your Bitcoin into USD upon deposit, as we mentioned earlier. This means you’ll place subsequent bets in USD. However, Bitcoin withdrawals will still be possible.
They’ll send you an email confirmation once the sportsbook has verified your deposit.
As soon as you spot the confirmation email, simply refresh the website to begin placing bets. Whenever you are logged in to your sportsbook, your money will be displayed somewhere towards the top of the website.
Generally, the whole deposit process takes between 4-6 minutes. It will take 40 minutes at most. For any hiccups, notify your bookie’s customer service department.
How to withdraw Bitcoin from a sportsbook?
Withdrawing Bitcoin from a bookmaker cashier and putting it in your own Bitcoin wallet is very similar to making a deposit.
Here are the actions to take:
- Go to your sportsbook’s “cash-out” or “withdrawal” area.
- Select “Bitcoin” from the drop-down menu.
- Type the sum you wish to withdraw from your account in US dollars.
- Withdrawal amount (adjusted to USD) and the Bitcoin exchange rate will be displayed along with a blank field for entering your Bitcoin address.
- Copy/paste the Wallet address that your bookmaker should pay the funds to into your Bitcoin wallet client. Due to the immutability of Bitcoin transactions, be sure your address is valid before sending any money.
- To confirm your action, click “confirm.”
You’ll be redirected to a new website by your sportsbook, where you’ll be informed that your Bitcoin withdrawal has begun.
In some cases, the price of Bitcoin may have risen or fallen between you making your withdrawal and receiving your cash. If the price drops, you’ll see a slight reduction in your earnings. You will, however, receive more Bitcoin if the price increases.
The withdrawal cost may be the same regardless of the means of payment you use, which is common among sportsbooks. To be clear, any fees you pay have nothing to do with Bitcoin; rather, they cover the high costs of maintaining a safe and reliable e-commerce platform.
You can expect to get your Bitcoin in your account within one to forty-eight hours. Your sportsbooks will send you an email once you have received your Bitcoin.
Caution: Stay away from Bitcoin Exchanges
Instead of utilizing a Bitcoin exchange, pay money to your sportsbook using a Bitcoin wallet. When it comes to “anti-money-laundering” and “know-your-customer” requirements, wallets are exempt from them, whereas Bitcoin exchanges must comply. Moving Bitcoin to your bookmaker will go smoothly if you have a wallet.
There have been rumors that online exchanges are restricting Bitcoin payments with bookies. There have been allegations of online exchanges blocking customer accounts if they attempt to transmit money to a sports betting website, although this is extremely rare.
The risk of sending Bitcoin with an exchange to your bookmaker is very low, so there’s no need to worry. You only run the danger of your account being frozen by the exchange, necessitating a transfer of your Bitcoin to a different wallet in order to complete the transaction. Enjoy ease by creating a Bitcoin wallet as soon as you get your hands on some Bitcoin.