Instant bitcoin withdrawals are a hot topic for many SBR forum readers.
A total of 29 online sportsbooks are listed in the sportsbook rating guide as accepting bitcoin, but not all pay right away.
While bitcoin exclusive sportsbooks such as Nitrogen Sports have automated their transactions — except for instances where their security alarms are triggered — traditional online sportsbooks manually process BTC transactions, causing players to wait in some cases for over a day before receiving their payout.
Why the delay, why doesn't every sportsbook process bitcoin payouts immediately? There are a number of reasons.
First and foremost, these sportsbooks have compliance issues to deal with and responsibilities to their gaming regulator to show that KYC (Know Your Customer) procedures are in place. Proper verification procedures allow these businesses to curb identity fraud and to ensure only players from permitted jurisdictions are creating accounts.
Part A: Bonus Fraud
Traditional online sportsbooks almost always have a sportsbook cash or free play bonus incentive for players to choose from, which increases the frequency of scam attempts (players creating multiple accounts to redeem the same offer several times). Consequently, and as is the case with many things in life, these bad apples spoil the fun and pass on added fees, time, and steps for legitimate players looking to make a simple transaction.
Part B: Bonus Rollover
In exchange for the aforementioned sportsbook cash and free play bonuses, players have to wager a certain number of times before they can request payment. While many quality sportsbook software platforms can track bonus fulfillment reasonably well, many sportsbooks choose to have their payout department do a once-over and confirm that the player has properly cleared the wagering terms. Most infamously, Canbet Sportsbook blamed going broke on players withdrawing funds that were not fully turned over.
What keeps Bitcoin betting from exploding in popularity?
The herky-jerky movement in bitcoin value has kept some interested sports bettors who are suffering by a lack of sportsbook funding options in their respective countries from exploring bitcoin; after all, when players must worry about the fluctuations of currency eating into their profit margin, the risk-averse will be turned off. Aside from that, players have been confused by the very nature of bitcoin and in some cases sent funds to the wrong wallet address or lost access to their coins.
Where is bitcoin trading now?
Bitcoin is presently trading at the $268 mark, down $18 from two weeks ago.
The below chart shows bitcoin movement over the last month. The data is courtesy of Coindesk.com.
Recent Bitcoin Sportsbook News
Sportsbook Review reported last week that YouWager Sportsbook (SBR rating B+) joined the likes of 5Dimes, Heritage, BetOnline, Bookmaker, and other reputable online bookmakers to add bitcoin as a cashier option. As of now YouWager only offers deposits through BTC but confirmed with SBR their plan to allow payouts through bitcoin soon.
Players looking for more platform information on the sportsbooks that offer bitcoin can check out the bitcoin sportsbooks guide at SBR.