How does betting with Bitcoin work?

kidcudi92 · 11-08-15, 08:02 AM

Nitrogen

Domestic · 11-08-15, 08:33 AM

Originally posted by Ballerholic

I reside in Europe at the moment, and I am looking to join a new sports book for a deposit bonus. I've noticed that a lot of sportsbooks offer great deposit bonuses when you use bitcoin, however I have a few reservations.

1) Bitcoin is an unstable currency, so say 1BTC=$100. If I deposit 1BTC what happens if the value of the currency changes while my money is still in the sportsbook?

2) Would any of you use BTC to bet with? I know transactions are free and very fast, but is it safe?

If you would, which books would you recommend for BTC?

Assuming you are going to play at Nitrogen (which I highly recommend)..

1) Quite simply the value of your btc will change and when you go to convert back to fiat at Kraken/Circle etc you will simply have that value at that particular time.

2) I have used it to gamble for years now, despite having access to plenty of regulated Australian books and Pinnacle the speed is the main advantage. It is safe provided you use cold storage/trusted wallet software and sportsbooks.

Check out http://www.sportsbookreview.com/bitcoin-sportsbooks/ and http://www.sportsbookreview.com/foru...ports-betting/

Ballerholic · 11-08-15, 08:47 AM

Thanks man I appreciate it. About how long would you say it takes for you to receive the money in your account when you request a withdrawal?

sheepgotwool · 11-08-15, 01:31 PM

99.9 % of the time you can find a better number at a book other than nitrogen.

kidcudi92 · 11-08-15, 01:34 PM

Originally posted by sheepgotwool

99.9 % of the time you can find a better number at a book other than nitrogen.

jjgold · 11-08-15, 03:21 PM

Nitrogen has his place in the industry especially if you like getting paid fast with very low fees

LordVodka · 11-08-15, 06:09 PM

Will Nitrogen kick me out if I deposit and withdraw after one big play?

Domestic · 11-17-15, 04:39 AM

Originally posted by LordVodka

Will Nitrogen kick me out if I deposit and withdraw after one big play?

No, it's anonymous anyway. So Theoretically you can just create a new account even if they did kick you out.

ACoochy · 11-17-15, 05:31 AM

Op when global conditions are stable bitcoin is low but when not (ie france) then the price will rise...

Understand this 1st if you plan on even attempting to keep on top of bitcoin price movements...

Olemiss_Rebfan · 11-17-15, 06:26 AM

Love depositing and getting payouts with bitcoin so easy and fast. I deposit with circle.com and cash out with coinbase.com