Sportsbook Review's Natalie Rydstrom walks readers through how to use bitcoin to deposit to sports betting sites in today's industry news broadcast.
Bitcoin has taken the online sports betting world by storm as players embrace a method that allows for painless transactions to replace the days of sending cash to unfamiliar sounding names in third world countries.
SBR recently conducted a four part video webinar which can be found on the SBR bitcoin sports betting forum: the series focused on what bitcoin is, how to acquire bitcoin, how to receive payouts in bitcoin, and the risks and rewards associated with bitcoin.
While there is a small initial learning curve, once players have acquired bitcoin and are ready to transfer from wallet to sportsbook, it is as easy as making a deposit using a traditional method such as credit card.
Step #1: Link your bank account to bitcoin exchange
Once players have linked their bank account to a bitcoin exchange, such as Coinbase or Circle, it is time to purchase bitcoin either through a bank transfer or by credit card.
As of today's pricing, one bitcoin is worth $456. This number fluctuates throughout the day, though the exchange will honor the purchase price.
Step #2: Setup bitcoin wallet
Most bitcoin advocates recommend that players use an intermediary wallet solely for transactions - this has the benefit of increased privacy. One of the most popular bitcoin wallets is Blockchain.info.
Simply open a new wallet, save a copy of your credentials, and setup two-factor authentication (2FA) by linking a mobile phone. What two-factor authentication does is increase security so that whenever your bitcoin wallet is logged into, a unique code is sent to your mobile phone which must be entered before the log-in is approved. This prevents hackers who may have figured out your identifier and password from accessing your wallet.
Once your wallet has been created, a unique bitcoin address is shown for receiving transfers. This address can be changed simply by clicking generate new address from Blockchain.info and labeled such that one address is associated with a particular merchant. Addresses are always valid for receiving transfers, even if they are archived.
Step #3: Transfer from exchange to wallet
Log-in to your bitcoin exchange and hit send bitcoin, plug in your wallet address (see end of step 2) and execute the transfer. Most of the time, bitcoin transactions are completed within seconds.
Step #4: Send from wallet to betting site
Access the cashier of your online sportsbook to determine the bitcoin address that must be used for deposits. Hit send bitcoin on your wallet, and paste the address of the sportsbook and enter the desired deposit amount.
That's it! Follow the same process in reverse (send from sportsbook -> bitcoin wallet -> exchange -> your bank) for withdrawals.
If you have any questions, post them in the bitcoin sports betting forum or email SBR at firstname.lastname@example.org.
To shop a list of BTC friendly sportsbooks, visit the bitcoin sportsbooks guide.