Had a nice run in Vegas for a change and decided to take some of my profits and supplement my online accounts, possibly even open a new one.
First up is 5 Dimes. I try the debit card processor (which has worked in the past). Declined. Huh, this part sucks. I call 5 Dimes customer service and ask about online transfer from **. They say there is some risk and I could get banned. Yikes, no thanks. Their only real suggestion is bitcoins. Not knowing anything about them, I
decide against it.
Second up is Youwager. I had vacated this account some time ago but lately have been liking their lines, so I decided to give them another shot. Tried the online **** processor. Declined. I call customer service and they suggest online transfer through **. I tell them I heard it was kind of risky, they say "not at all". OK, let's do it. Get the info, go to the ** website and fire away. I get an email asking me to call ** customer service - that can't be good. Sure enough, they are holding up the transfer needing more info. I answer their questions and they decide to decline the transfer anyway. Steeeerikkkke Twoooo!
That was enough for me to give these bitcoins a try. At this point it seems like my only option, and I have to admit I like the ease and speed of withdrawals promised by the online sportsbooks (gotta think positive, it could happen!). So I watched the videos on SBR and asked enough questions to feel good about setting the buying process up. It went like this:
1. Sign up for Coinbase account.
2. Register my bank account with them to purchase bitcoins.
3. Answer security questions and get my limits raised.
4. *Did NOT supply a credit card to allow instant purchase.
5. Sign up for wallet at Blockchain as a go-between from Coinbase to the sportsbook.
6. Purchased bitcoins on Coinbase website.
7. Wait for bitcoins to arrive in my Coinbase account (takes 5 days).
8. Transfer bitcoins from Coinbase account to Blockchain wallet (takes seconds).
9. Transfer bitcoins from Blockchain wallet to sportbook (takes minutes).
10. Sportsbook converts bitcoins to USD and deposits in my account. Make sure you ask
the sportsbook the value of your bitcoin before you send it to them.
I am a little bit tech-phobic (code for middle-aged) and knew zero about bitcoins before doing this. It was fairly painless and I like the process so far. Only thing I have not experienced is the withdrawal process, which I hope to do soon. My biggest gripe is the wait period after purchasing bitcoin from Coinbase. The time delay is not the problem, the volatility of the bitcoin market is what concerned me. In a week, the value was as high as $435 and low as $390. In the end, I lost a little over 2% on my purchase. That included all fees and lost value due to market fluctuation.
That being said, I recommend this method as a funding option, especially if there was not a waiting period. The rest of the process was close to trouble free. I know I can supply a credit card, but I am resisting for now. Coinbase is offering a beta test on debit cards for US customers, but it is not available to everyone yet (myself included). Also, it's worth noting the purchase limits are fine for the average bettor but may be a little low for the high rollers out there. You may need to use multiple bitcoin exchanges or try third party websites like Localbitcoins or Bitquick which offer larger instant purchases. But be advised those are open markets that come with a 2-8% seller mark up and possible transaction fees.
First up is 5 Dimes. I try the debit card processor (which has worked in the past). Declined. Huh, this part sucks. I call 5 Dimes customer service and ask about online transfer from **. They say there is some risk and I could get banned. Yikes, no thanks. Their only real suggestion is bitcoins. Not knowing anything about them, I
decide against it.
Second up is Youwager. I had vacated this account some time ago but lately have been liking their lines, so I decided to give them another shot. Tried the online **** processor. Declined. I call customer service and they suggest online transfer through **. I tell them I heard it was kind of risky, they say "not at all". OK, let's do it. Get the info, go to the ** website and fire away. I get an email asking me to call ** customer service - that can't be good. Sure enough, they are holding up the transfer needing more info. I answer their questions and they decide to decline the transfer anyway. Steeeerikkkke Twoooo!
That was enough for me to give these bitcoins a try. At this point it seems like my only option, and I have to admit I like the ease and speed of withdrawals promised by the online sportsbooks (gotta think positive, it could happen!). So I watched the videos on SBR and asked enough questions to feel good about setting the buying process up. It went like this:
1. Sign up for Coinbase account.
2. Register my bank account with them to purchase bitcoins.
3. Answer security questions and get my limits raised.
4. *Did NOT supply a credit card to allow instant purchase.
5. Sign up for wallet at Blockchain as a go-between from Coinbase to the sportsbook.
6. Purchased bitcoins on Coinbase website.
7. Wait for bitcoins to arrive in my Coinbase account (takes 5 days).
8. Transfer bitcoins from Coinbase account to Blockchain wallet (takes seconds).
9. Transfer bitcoins from Blockchain wallet to sportbook (takes minutes).
10. Sportsbook converts bitcoins to USD and deposits in my account. Make sure you ask
the sportsbook the value of your bitcoin before you send it to them.
I am a little bit tech-phobic (code for middle-aged) and knew zero about bitcoins before doing this. It was fairly painless and I like the process so far. Only thing I have not experienced is the withdrawal process, which I hope to do soon. My biggest gripe is the wait period after purchasing bitcoin from Coinbase. The time delay is not the problem, the volatility of the bitcoin market is what concerned me. In a week, the value was as high as $435 and low as $390. In the end, I lost a little over 2% on my purchase. That included all fees and lost value due to market fluctuation.
That being said, I recommend this method as a funding option, especially if there was not a waiting period. The rest of the process was close to trouble free. I know I can supply a credit card, but I am resisting for now. Coinbase is offering a beta test on debit cards for US customers, but it is not available to everyone yet (myself included). Also, it's worth noting the purchase limits are fine for the average bettor but may be a little low for the high rollers out there. You may need to use multiple bitcoin exchanges or try third party websites like Localbitcoins or Bitquick which offer larger instant purchases. But be advised those are open markets that come with a 2-8% seller mark up and possible transaction fees.