How to Use Bitcoin for Sports Betting
Unless you’ve been living under a rock in the world of sports betting, you know that more and more trusted betting sites are accepting Bitcoin. Bitcoin is proven to be highly secure and also provides more privacy than other alternatives. You can use Bitcoin for deposits and withdrawals at the online sportsbook of your choice.
This short guide will give you a quick overview of what you need to know to get started with getting the benefits of incorporating Bitcoin into your sports betting.
Why Should You Use Bitcoin?
- Bigger Bonuses: Sportsbooks want to encourage betters to opt for Bitcoin, and this is because it eliminates the need for third-party institutions and intermediaries (like banks). That’s why the Bitcoin bonuses can be almost double any other bonus from regular currency methods that cap your bonus at $25-500. When you deposit with Bitcoin, you’ll enjoy a higher maximum limit for the bonus. Lots of sportsbooks also offer bonuses for reloading as well.
- No Untimely Rejections: If you’ve been betting for a while, you’ve probably had your deposit or withdrawal rejected for no good reason. That’s the price to pay for intermediaries: they have the right to block or reject your transactions.
With Bitcoin, this never happens because there isn’t a third party involved. Bitcoin is decentralized and there are no restrictions for the transactions themselves.
- Security and Privacy: Many people opt for Bitcoin solely because of the protection against identity theft and fraud. You can comfortably use Bitcoin without giving away any of your financial information. All you need for the transaction is your unique Bitcoin address and the private key. With conventional methods, a lot of your confidential financial information goes to the sportsbooks, and this can be hacked by dangerous entities in rare cases. With bitcoin, that will never happen.
- Lower Fees: There are generally lots of other handling fees that goes to third-parties involved in your betting process. With Bitcoin, you only have one: the miner’s fee and it’s a fraction of any other conventional fee. You also get to decide how much you pay in the miner’s fee, depending on how fast you want the transaction to take place.
How to Deposit Bitcoin in a Sportsbook
- Login in to your online sportsbook
- There will either be a ‘deposit’ or a ‘cashier’ section. Click on one of them.
- You’ll have to choose Bitcoin as your preferred payment method.
- Enter in the amount that you wish to deposit. It will be converted to USD.
- If there are any bitcoin deposit bonus codes, enter them here and click on Deposit.
- You’ll now see a screen that contains a unique transaction ID, your deposit amount in Bitcoin. It will also tell you the Bitcoin exchange rate and show you a QR code.
- You can either pay by scanning the QR code, or pasting that transaction ID into your Bitcoin Wallet.
- Enter in the same deposit amount when your Wallet asks you.
- Choose to pay either a high or low miner’s fee. High fee will give you faster transaction speed.
Withdrawing your wins back into your Bitcoin wallet is the exact same procedure as depositing it.
Featured image: medium.com