Ever since the Department of Justice cracked down on online sportsbooks back in 2011, getting funds in and out of your online account has been an uphill climb.
Depending on where you lived, simply using your credit card to deposit your betting bankroll wasn’t so simple for some books and bettors, leaving time-consuming methods like sending money orders as one of the few options for those looking to get action down.
Then BitCoin happened. The cryptocurrency hit the internet in 2009 but didn’t gain recognition until the last three or four years. It was a brand-new market, unchained from traditional banks and governing bodies, that allowed people to move funds easily online.
This idea was exactly what the online sportsbooks and casinos were looking for. BitCoin was reliable, quick and didn’t come with all the hooks and laws that nation-issued currency – like the U.S. dollar – fell under. It allowed customers to instantly fund their account, and more importantly, enabled bookmakers to pay out winnings just as fast. We’re seeing more and more online books and casinos taking BitCoin and even some that are exclusive to the cryptocurrency
BitCoin is still a bit of unknown to many people, but it’s not that they haven’t heard about it. It’s just that they don’t understand it. And people fear what they don’t understand. However, the BitCoin process – buying, transferring, withdrawing, selling – is as simple as swapping currencies with your regular online banking, but you do need to know the process and what’s involved.
The first stop you’ll want to make is to a BitCoin exchange. Doing some quick research online, you can find lists ranking the most reliable BitCoin exchanges and the ones available in your country. BitCoin has leapt in value over the past two years, and currently has a value of 1 BitCoin = $4247.78 after Chinese officials tried to clamp down on trading earlier this month. The value dropped as low as $3,978 immediately following that news, but this is a resilient market that instantly rebounded.
At the exchange, you can buy the amount of BitCoin you want. So, if you’re looking to deposit $1,000 into a sportsbook account, you will want to research any transfer fees and include those in your initial purchase of BitCoins. So, if overall fees will be $50, be sure to buy $1,050 worth of BitCoin.
Once you’ve purchased your BitCoin, you will need to get the wallet ID of your online sportsbook. This can be done through sign-up and customer service options with the book. Some BitCoin exchanges will allow you to transfer directly from your account, while others don’t. If that’s the case, you’ll need to set up a BitCoin wallet. There you can transfer your funds from the exchange, manage your BitCoin, and send them to whoever you like.
After receiving your sportsbook’s wallet ID number, you select the amount of BitCoin you want to send (most have that exchange to USD right there in the window) and fire away. Depending on your wallet or exchange, there is a verification process that can take an hour or two, which is simply for your safety. You will receive alerts from your wallet/exchange and sportsbook once the BitCoin is deposited successfully, and they will convert that into your normal currency.
Withdrawing from your sportsbook account via BitCoin is just as simple as taking those steps backawards. You cue a withdraw via BitCoin, the sportsbook will ask for your exchange/wallet ID number, they will transfer the BitCoin through that same verification process, once it shows up your exchange you can sell the BitCoin for your national currency and ask for a direct deposit or e-mail money transfer into your bank account. Most bank transfers take one or two business days, and you’ll be alerted via your bank when the funds arrive.
That’s how simple betting with BitCoin is. As mentioned above, do plenty of research into available exchanges, transfer fees and the current exchange rate for BitCoin and the U.S. dollar or your national currency. Then create yourself an updated list of sportsbooks that accept bitcoin.