Online sports bettors commonly ask this question — What is bitcoin and why should I bother using it with sportsbooks?
Sportsbook Review video host Natalie Rydstrom explains in the below video tutorial which covers how to get started betting with bitcoin and avoid the headaches associated with other payment methods.
Step One: Purchase Bitcoin
To get started, you need to purchase bitcoin from an exchange. Create an account with Coinbase.com. (Estimated time: 10 minutes)
Setting up your Coinbase account is very simple. It is a similar process to registering for Paypal or Skrill. You will need to give them your name, home address, email address, cell phone number, and verify your checking account with them before you can purchase bitcoin. You can either securely log-in to your banking website to verify your checking account, or choose for two micro-deposits to be made to your account before you can purchase bitcoin. The first option is immediate whilst the micro-deposits can take 3 days to post.
Once you’ve done this, you are ready to purchase bitcoin! There is a nominal 1% fee. For security, Coinbase will also send you an SMS code, which is a numeric code that will be sent to your cell phone. Once you’ve verified your account and the bitcoin you’ve purchased are ready for spend, it’s time for step two: Creating your bitcoin wallet.
Step Two: Create a Bitcoin Wallet
Create a wallet with Blockchain.info (Estimated time: 1 minute)
Enter your email address and create a password, then click continue. That’s it! Your wallet is now created. Click “Start Receiving Bitcoins”. A unique 32 character code will appear next to a QR Code. This is your wallet payment address. From Coinbase.com you will send the bitcoin you’ve purchased to this address. It is important to use a wallet for added privacy.
Step Three: Send Bitcoin to a Sportsbook
Go to the bitcoin page at Sportsbook Review.com. Click on the desired sportsbook and create an account. Once logged in to the sportsbook, enter the cashier page. The video tutorial shows how to do so at betting site 5Dimes, though the process is the same at all sportsbooks.
Once you enter the amount you wish to deposit, the sportsbook provides a bitcoin payment address to send your bitcoin to. Go into your Blockchain.info bitcoin wallet and complete the transaction. It may take up to an hour for the payment to be credited. Best of all, there are no fees!
Follow the same process in reverse to request payment back to your wallet, and then send your bitcoin from your wallet to Coinbase and finally get paid right to your bank account!
Share any questions in the bitcoin sports betting forum.