How to Use Bitcoin for Sports Betting Video Tutorial

[ChuckyTheGoat]

I'd never watched this video before tonight. The idea's solid, but it badly needs updating:

1. It recommends Coinbase, the only exchange on earth currently being sued by the IRS for its clients' purchase, sales and trading records. Literally, ANYWHERE else on earth is a safer place for a sports bettor to buy his BTC.

I recommend a remake with Bitstamp, incorporated safely outside IRS jurisdiction in Luxembourg, replacing Coinbase.

2. Its "intermediary wallet" recommendation is Blockchain.info. Blockchain's great, but they're changing their business model from Wallet to Exchange, so the same scrutiny other exchanges apply to sports bettors is probably coming soon to Blockchain.

A better option for the "intermediate wallet" might be a private wallet: Electrum and Airbitz are both free and easy to use.

So, Coinbase is no longer recommended as the wallet linking to bank-acct?

[Optional]

So, Coinbase is no longer recommended as the wallet linking to bank-acct?

Gemini.com and ItBit.com offer a similar service to Coinbase, inc ACH trasnfers, but as far as we know have not been subject to a DOJ request for their records like Coinbase. (yet)

If you aren't hiding large sums in bitcoin, you probably have little to be concerned about though.

[MaddyMax]

I opened a coinbase account and they only have credit card as payment option. how do i verify the bank. it also says they will charge 3.99% convenience fees!

[juvunits]

Does the value of bitcoin fluctuate?

[Optional]

Does the value of bitcoin fluctuate?

It does. But so does every currency.

If you are just using it as a money transfer method then the value is not a big issue as long as you make your transfers fast.

[Shifty]

Quick question. I bought some BTC from Coinbase. Should I transfer directly from Coinbase to my sportsbook or should I transfer the BTC to my Blockchain wallet and then transfer to the sportsbook as described in the video?

[SBR Tracy]

Quick question. I bought some BTC from Coinbase. Should I transfer directly from Coinbase to my sportsbook or should I transfer the BTC to my Blockchain wallet and then transfer to the sportsbook as described in the video?

Hi Shifty, Thank you for asking! Yes, you should transfer the BTC to your Blockchain wallet and then transfer to the sportsbook as described in the video.

[Shifty]

Thank you Tracy.

[SBR Tracy]

Thank you Tracy.

You're welcome Shfty

[Pigpen]

Really interested in getting involved with Bitcoin. If I set up my coinbase and wallet I can cash in my betpoints for bitcoin. If I exchange points for bitcoin SBR sends the coins to my wallet and then I can transfer them either to coinbase or a sportsbook. Is this correct?

[Optional]

Really interested in getting involved with Bitcoin. If I set up my coinbase and wallet I can cash in my betpoints for bitcoin. If I exchange points for bitcoin SBR sends the coins to my wallet and then I can transfer them either to coinbase or a sportsbook. Is this correct?

You can do that if you want to ignore the Coinbase rules about gambling usage and hope they dont notice.

Also, Coinbase is an exchanger, not a wallet provider. They have a wallet attached to your account in order to handle the bitcoin used there, but you have zero control over that wallet. They are not a 'wallet' and they do not especially want you to use them that way either.

Blockchain.info/wallet is a independent wallet which you have complete control over.

Coinbase can start asking you for ID or demand to know what you do with your bitcoin if they want, so I would never store any there. Just use them to buy or sell and get it out of there fast.


Best practice is to go SBR > Blockchain Wallet > to a Sportsbook to deposit or to Coinbase to cashout

Or buy new Bitcoin from Coinbase > Blocchain Wallet > Sportsbook deposit.

Or cash out from a Sportsbook > Blockchain Wallet > Coinbase to sell and cashout

[Pigpen]

Ok, I think I understand. I just did not specify blockchain.com as the wallet in my post. I create a coinbase account that is connected to my bank. I also create a blockchain.com wallet. After I have both created I trade points from SBR for bitcoin and SBR sends the bitcoin to blockchain wallet and I either send to coinbase to cash out or to sportsbook to wager. Is this correct?

Also, leaving bitcoin in coinbase fluctuates if I am not mistaken. If I transfer it to blockchain wallet are they still subject to the fluctuation?

Thanks for the help.

[The Giant]

Ok, I think I understand. I just did not specify blockchain.com as the wallet in my post. I create a coinbase account that is connected to my bank. I also create a blockchain.com wallet. After I have both created I trade points from SBR for bitcoin and SBR sends the bitcoin to blockchain wallet and I either send to coinbase to cash out or to sportsbook to wager. Is this correct?

Also, leaving bitcoin in coinbase fluctuates if I am not mistaken. If I transfer it to blockchain wallet are they still subject to the fluctuation?

Thanks for the help.

Yes and yes.

[Optional]

You have it right but as The Giant says, the value of your bitcoin constantly fluctuates whilst you own it in that form.

If you do not wish to gamble with the bitcoin price then plan to do your transfers immediately. Get your bitcoin from SBR and then either send it to coinbase and swap it for US$, or depsoit it in a book that credits it as US$, as soon as you can.

To avoid the price changes.

You wont find it as big of an issue as it sounds like it could be most of the time.

[ebiara]

Online sports bettors commonly ask this question — What is bitcoin and why should I bother using it with sportsbooks? Find out in my video tutorial which covers how to get started betting with bitcoin and avoid the headaches associated with other payment methods. | Read written tutorial

It's really very useful information.

[sadekmeister]

Yesterday I sent BTC deposit to sportsbetting.ag, but it's been almost 30 hours now and my transaction is still pending with 0 confirmations. I chose regular transfer fee. Should I be worry or is it normal?

[JIBBBY]

I don't re-up or open new accounts often but the last 3 times I did I went from Coin base directly to the sports books.. No problems, no bitcoin wallet buffer.. I think a buffer is spice like Block chain just to ream you for more transfer fees...

How can they track a bitcoin address back to sports books when you only do that once in a while? Some one explain this to me? How come I haven't been cut off yet on Coinbase? I've done that 3 times and no problems this year..

[SBR Tracy]

Yesterday I sent BTC deposit to sportsbetting.ag, but it's been almost 30 hours now and my transaction is still pending with 0 confirmations. I chose regular transfer fee. Should I be worry or is it normal?

Hi sadekmeister, Try to give them at least 3-4 business days. If still no update after 3-4 business days then contact them.

[Optional]

Yesterday I sent BTC deposit to sportsbetting.ag, but it's been almost 30 hours now and my transaction is still pending with 0 confirmations. I chose regular transfer fee. Should I be worry or is it normal?

A few posters have mentioned a delay in confirmations today.

If you would like to post the transaction ID or PM it to me, I can have a look and see if anything obvious is wrong for you.

I doubt you will be waiting more than a few hours though (just guessing)

[Optional]

I don't re-up or open new accounts often but the last 3 times I did I went from Coin base directly to the sports books.. No problems, no bitcoin wallet buffer.. I think a buffer is spice like Block chain just to ream you for more transfer fees...

How can they track a bitcoin address back to sports books when you only do that once in a while? Some one explain this to me? How come I haven't been cut off yet on Coinbase? I've done that 3 times and no problems this year..

The day they identify a main account the book consolidates payments to or tries to convert to cash from, then transactions can be traced backwards to Coinbase.

How do they identify that? By making payments themselves to trace them. From users telling them when questioned. Or from the feds ordering them to trace anything back from an address.

I'd assume there are other more sophisticated ways to analyze the blockchain record to find patterns to investigate too.

That said, there has not been a report of anyones Coinbase account being shut down for gambling in a long time, so they may not even be trying right now. The record is there forever though so if/when they start looking for it or come up with a new system to trace it, it could come back to bite you later.

Make your own choices but please dont try to encourage other new users to do it your way just because you assume its all AOK based on a handful of personal transactions. ;-)

[JIBBBY]

^^ Sounds good OPTI.. I'm not encouraging anyone to do anything, I'm just telling my story and what I did and what worked and continues to work....

I just got sick of all those little buffer fees and there was a time when block chain was experiencing time delays which sucked also.. I just said to hell with all that I'm going straight from Coinbase to books and I don't care if they shut me down.. I just didn't think they could track it and if they do so be it.. I pay taxes on my winnings.

It was quick, it funded immediately and I avoided those extra buffer fees.. I'll do it again in the future...

Lastly my coin base account remains open and just fine.. Is what it is Opti..... If I get shut down at coinbase I will be the first to start a thread and say so..

[Optional]

^^ Sounds good OPTI.. I'm not encouraging anyone to do anything, I'm just telling my story and what I did and what worked and continues to work....

I just got sick of all those little buffer fees and there was a time when block chain was experiencing time delays which sucked also.. I just said to hell with all that I'm going straight from Coinbase to books and I don't care if they shut me down.. I just didn't think they could track it and if they do so be it.. I pay taxes on my winnings.

It was quick, it funded immediately and I avoided those extra buffer fees.. I'll do it again in the future...

Lastly my coin base account remains open and just fine.. Is what it is Opti..... If I get shut down at coinbase I will be the first to start a thread and say so..

I agree with the hassle and extra fee and extra time angles being annoying. This is just a bad thread to be confusing people in as it's for brand new users to get started. Once they learn the basic way they can make an informed choice on how to work ongoing.

One more reason it is smart to use your own wallet between service providers is that it makes you a party to every transaction, rather than having to get two third parties to sort out any issues between them on your behalf if something goes wrong.

[sadekmeister]

A few posters have mentioned a delay in confirmations today.

If you would like to post the transaction ID or PM it to me, I can have a look and see if anything obvious is wrong for you.

I doubt you will be waiting more than a few hours though (just guessing)

Yesterday it was fully confirmed by blockchain, but still isn't credited to my sportsbetting.ag account. I contacted their chat and they say they have to check it and I'll receive info within 24-48h.

[Optional]

Yesterday it was fully confirmed by blockchain, but still isn't credited to my sportsbetting.ag account. I contacted their chat and they say they have to check it and I'll receive info within 24-48h.

That's not very good. I thought their system was automated so it credited as soon as it saw 3 confirmations. Must be something unusual happened.

[sadekmeister]

That's not very good. I thought their system was automated so it credited as soon as it saw 3 confirmations. Must be something unusual happened.

They have credited deposit to my account

[GigaOuts]

Do you need a bitcoin wallet to deposit into sports site? Can you request bitcoin payout from one sport site to directly bitcoin deposit to 5dimes?
example. you deposit bitcoin into 5dimes which yield a bitcoin address. Than you request a bitcoin payout from other sportsbook which ask you to enter bitcoin address. At this point, can I just enter the 5dimes bitcoin address for the payout. Is that possible?

[OVAKUL]

SBR store should add bitcoins

I haven't finished reading the thread yet, but did this already happen? Someone mentioned 'buying coins from the store' in other thread but I looked and only saw bonuses and free bookmaker cash.

[Optional]

Do you need a bitcoin wallet to deposit into sports site? Can you request bitcoin payout from one sport site to directly bitcoin deposit to 5dimes?
example. you deposit bitcoin into 5dimes which yield a bitcoin address. Than you request a bitcoin payout from other sportsbook which ask you to enter bitcoin address. At this point, can I just enter the 5dimes bitcoin address for the payout. Is that possible?

That is possible but not really advisable. If the sending site sends less than you expect it can hold up the deposit and if any problem comes up you have to rely on the two sites to work it out for you.

[Optional]

I haven't finished reading the thread yet, but did this already happen? Someone mentioned 'buying coins from the store' in other thread but I looked and only saw bonuses and free bookmaker cash.

If you are in the USA you can buy them with Betpoints in the SBR store https://store.sportsbookreview.com/p...100-in-Bitcoin

[GigaOuts]

That is possible but not really advisable. If the sending site sends less than you expect it can hold up the deposit and if any problem comes up you have to rely on the two sites to work it out for you.

Thanks Optional & it make lot of sense. I just want to cut down the time, might try small amount to see how well it works.

[jackpot269]

i am still confused

[aek]

Video is very useful. Bitcoin to bookies is one of my best method to use it..

[lauraind]

Ok, dumb question, THANK YOU to anyone who can help assist.... I need to WITHDRAW from Bovada. I have Gemini and I have Bitcoin Wallet. What do I need to do now? Do I give Bovada my Bitcoin Wallet? And then how does that get transferred to by bank account?

[mrpapageorgio]

Ok, dumb question, THANK YOU to anyone who can help assist.... I need to WITHDRAW from Bovada. I have Gemini and I have Bitcoin Wallet. What do I need to do now? Do I give Bovada my Bitcoin Wallet? And then how does that get transferred to by bank account?

Who is your Bitcoin wallet with? What you'd basically do is have Bovada send the Bitcoin to your wallet, then you send the Bitcoin from your wallet to Gemini which you then sell the Bitcoin and deposit into your bank.

[kmf]

Thank you for this tutorial. It was straight forward and helped me set my stuff up with ease!