SBR Forum Topic: Cashing Out via Bitcoin?
An SBR Forum poster has surveyed fellow sports bettors inside of the bitcoin sports betting forum on the process of cashing out through the popular digital currency.
Bitcoin has taken the online sports betting by storm and prompted bookmakers to react to consumer demand to see the easy to use digital coin added to their cashiers.
Sportsbook Review has covered the integration of bitcoin to sportsbooks at length and released a four-part video webinar educating bettors on the ins and outs of bitcoin.
The benefit of using bitcoin to deposit or get paid from online sportsbooks is that third-party processors are bypassed, fees are dramatically lower, there is instant gratification as transactions take minutes instead of days, and the coins themselves can grow in value.
SBR member Guinsear asks: "Can someone let me know easiest way to cash out Bitcoin from wallet? PayPal would be preferred can PM me if anyone knows reliable way," prompting others to respond with their own suggestions of using bitcoin wallets such as Blockchain.info. Read the full discussion.
Once players have received their winnings in a web or PC based wallet, it is time to sell the bitcoin on an exchange such as Coinbase, Circle, or Bitstamp to convert the bitcoin to cold hard dollars.