- Typically low transaction fees
- Can be completely anonymous
- Benefit from fluctuations in Bitcoin's exchange rate
Sports Betting With Bitcoin
Anyone familiar with the landscape of online sportsbooks is keenly aware of just how confusing it can be to deposit money into an account. While certainly an essential part of wagering, players betting online are presented with a variety of options – some of which unfairly burden the unsuspecting account holder. Across the vast expanse of online sportsbook providers, depositing with Bitcoin imposes far fewer restrictions on players than any other method.
Less a digital wallet and more its own form of currency, Bitcoin has been in existence since 2009 and quickly gained international popularity.
The system allows the anonymous exchange of digital cash and provides bettors a method of deposit that is largely free from the strictures of government and banking regulations.
This makes the currency extremely popular with offshore sportsbooks which frequently allow Bitcoin users to deposit and withdrawal with much greater expediency and without the typical fees. Additionally, Bitcoin users generally have much more freedom in the amount of their sportsbook deposits as the minimums and maximums of other deposit methods are not applied.
How To Deposit With Bitcoin
Creating a Bitcoin account is fairly simple even for those unaccustomed to using a digital wallet.
Here are thre basic steps:
- Create an account with Coinbase.com to purchase Bitcoin from an exchange
- Create a Bitcoin Wallet and send to the sportsbook of choice
- Sell Bitcoin for specified deposit amount
Since Bitcoins are based on the current currency exchange rate, the online sportsbook will process the deposit accordingly which can take up to an hour.
Once the funds have been accepted, they are immediately available for wagering. As noted, many sportsbooks that require minimum deposits of $50, allow Bitcoin users to deposit far lesser amounts and similarly allow larger players to exeed the typical maximum deposit - usually around $5,000.
Bitcoin withrawals are generally processed in the same manner as the deposits with the account holder being routed to the sportsbooks cashier for the conversion of currency.
While certainly a foreign concept for players more comfortable with conventional deposit methods, bettors who have converted to Bitcoin largely appreciate its universal acceptance by online sportsbooks as well as its ease and convenience for deposits and withdrawals.
In fact, it doesn't take a great deal of reading between the lines to deduce that offshore sportsbooks seem to prefer dealing with Bitcoin as a method of deposit with some even willing to provide bonuses and rebates for customers using the currency.
All things considered, Bitcoin may require a paradigm shift for the uninitiated, but offers plenty of concrete reasons for online sports bettors enlist as their preferred method of currency.