While the younger generation of the sports betting industry are perfectly okay with the initial learning curve of using bitcoin — a digital cryptocurrency which allows consumers to make quick and cheap transactions — some of the older generation long for the cashier options of yesteryear and are still more likely to place a bet over a landline than with their smartphone.
The world is changing every day especially in the technology sector. Flying cars, digital cryptocurrencies, it all can be a little overwhelming for your average dinosaur. However, with respect to the gambling industry, although the available options to fund accounts are not as familiar to players who wagered during the early 2000s, bitcoin in particular has the potential to eventually be regarded as a mainstream currency.
As of right now, only risk tolerant bettors have jumped in with both feet and settled with bitcoin exclusive sportsbooks (sportsbooks that only handle bitcoin). The reason is that risk-averse gamblers would much rather prefer to have their deposits converted to currency to protect themselves from the sizable swings in bitcoin value. 43 sportsbooks convert bitcoin to USD as of this publication, though this number is expected to rise by 20% in 2017.
Change can be scary, but a good thing. Privacy advocates are fans of bitcoin, and while the digital currency is not in fact untraceable, consumers are afforded the opportunity to make transactions without borders and fees and without each and every transaction being logged openly for their bank's viewing pleasure.
Step One: Purchase Bitcoin From An Exchange
There are many popular bitcoin exchanges with which gamblers can link their bank account and purchase bitcoin. It is no different of a process than signing up for a Paypal account; you do not have to be an expert or even an intermediate user of bitcoin to complete this step.
Step Two: Transfer Bitcoin to Merchant
Whether you intend to speculate and day trade or place a casino or sports bet with a licensed and regulated company, the next step involves making an online transfer to a specific payment address with a long series of letters and numbers. Simply log-in to the cashier section of whichever company you intend to fund and clear instructions will be given.
Step Three: Get Paid, Reverse the Process
Log-in to your bitcoin exchange, copy and paste the payment address of your wallet at your bitcoin exchange account, and ask your merchant to pay your withdrawal to exactly that address. Take care not to omit characters from the address. Once the payment has been made to your account, you are free to redeem the funds to your bank account.
For a guided video walk-through, visit the bitcoin sports betting forum where a four part webinar was hosted by Sportsbook Review.