Sports Betting Forum: Reader asks how to use Bitcoin
An SBR Forum poster has created a discussion thread asking how to get started depositing with bitcoin to online sports betting sites.
Earlier this year, Sportsbook Review conducted a four part video webinar covering the basics of using bitcoin from a sports gambler's perspective, including what bitcoin is in the first place.
It starts with purchasing bitcoin: bettors can purchase from an exchange such as Coinbase or Circle and then move the bitcoin to an intermediary, non-shared-wallet such as Blockchain.info before transferring to an online sportsbook.
An uptick in SBR Forum readers noted that when they skipped this step and transferred directly to an online sportsbook, the exchanges warned and/or closed their accounts due to transferring to known gaming merchants.
Once a bettor has completed the above step, it is time to choose whether or not to deposit to a sportsbook in native currency such as USD or stay with bitcoin throughout. Doing the latter has its disadvantages given the at times erratic fluctuations associated with bitcoin, which is why SBR has separated sportsbooks that let you deposit with a native currency from the bitcoin exclusive sportsbooks in the betting sites rating guide.
Making a Withdrawal
Simply put in the wallet key of wherever you would like to be paid your bitcoin, such as the wallet key associated with the intermediary wallet used to deposit to the betting site, and most online sportsbooks will pay the withdrawal within hours, if not minutes.
Bitcoin allows for sportsbooks to ensure payouts are processed in a simple and quick manner, unlike some of the more traditional processing methods that can lead to unfortunate delays.