[TommyDog]

Sadly, the current environment just takes the fun out of offshore wagering. :-(

Transferring money to and from sportsbooks has become increasingly difficult, and even when you find a viable option, you know it's only a matter of time before the option is gone.

I thought Bitcoin might be the answer (for awhile at least), so over the weekend I jumped in and purchased five bitcoin so that I can fund my newly-created Nitrogen account. Purchased with my bank account, so before I have even see the bitcoin in my account , I have lost roughly $400. (Yes, I know I could have purchased with a CC and received instantly, but even had I done this, the bitcoin value would have plummeted in my Nitrogen account).

What I thought was the answer to my transferring nightmare turned out to be a bigger gamble than any baseball game I would have wagered on.

Not looking to quit gambling, as I simply enjoy it too much and view it as one of my main forms of entertainment. Been wagering on sports for nearly 35 years, beginning with bookies over the phone and mostly walk-in shops (they were literally everywhere back in the day). Began gambling offshore in '98, and the ease and options made internet gambling an absolute joy for many years. (Fortunately, I was never burned by the likes of English Sports Betting, even though I sometimes early on wagered with some books without doing my homework).

Hope to still find a way to wager. Older now, don't go out much, work afternoons so I don't frequent bars, and none of my friends are hardcore gamblers. Finding a local (at least for me) seems like an impossibility these days. I guess I'll just wait it out and hope that something surfaces.

In the meantime, I will likely deposit my now-dwindled bankroll into my nitrogen account and have at it offshore one last time. The offshore industry shows no signs of being able to outsmart or out-think the US government.

Good day, gents!!!

[rockmvp1209]

Play at youwager they have good payouts

[unusialsusp5]

they could easily outsmart the u.s government but they don't want to. just want to make it difficult to withdraw so you will just leave it in. you would think they would have someone u.s based to do payouts for them but they don't. seems like it hurts business in the long run for them but they figure people will still deposit (especially for football) and will lose it eventually (they will). a pay per head guy would be the answer for you if you could find one. best of both worlds with that option. can't blame the offshore books as people treat them as a local and just have to withdraw if they win and end up depositing it back in a few days later.

[daneblazer]

Too long didn't read

good luck hoss

[tb1984]

If you don't like price fluctuations, you need to deposit bitcoins at traditional books which convert to U.S dollars:

http://www.sportsbookreview.com/bett...n-sportsbooks/

Now, traditional books are getting better with deposit/withdraw via bitcoins.

[Seaweed]

Move to canada

[tb1984]

they could easily outsmart the u.s government but they don't want to. just want to make it difficult to withdraw so you will just leave it in. you would think they would have someone u.s based to do payouts for them but they don't. seems like it hurts business in the long run for them but they figure people will still deposit (especially for football) and will lose it eventually (they will). a pay per head guy would be the answer for you if you could find one. best of both worlds with that option. can't blame the offshore books as people treat them as a local and just have to withdraw if they win and end up depositing it back in a few days later.

And, you think how long this person can go under the radar of the government?

[TommyDog]

If you don't like price fluctuations, you need to deposit bitcoins at traditional books which convert to U.S dollars:

http://www.sportsbookreview.com/bett...n-sportsbooks/

Now, traditional books are getting better with deposit/withdraw via bitcoins.

THANKS!! Honestly, I didn't know this was an option. Thought if you deposited in bitcoin, it stayed as bitcoin until (if) you requested a payout. So say at Bovada.... I can deposit Bitcoin, it transfers to USD, then I can take the USD funds and request a Bitcoin payout??

[tb1984]

Also, Circle and Coinbase will ban people for gambling purposes. Buying 5 bitcoins at a time and transferring to books can get you ban quickly.

[tb1984]

THANKS!! Honestly, I didn't know this was an option. Thought if you deposited in bitcoin, it stayed as bitcoin until (if) you requested a payout. So say at Bovada.... I can deposit Bitcoin, it transfers to USD, then I can take the USD funds and request a Bitcoin payout??

Yes, pretty much all of traditional books(5dimes, Bookmaker, Heritage,...) convert bitcoin deposit into U.S dollars, then convert U.S dollars to bitcoins for payout.

[TheMoneyShot]

I read this opening post TWICE now...

I still don't understand what the issue is?

Are you just uncomfortable using Bitcoin?


I was nervous at first... but... you just have to learn the system. It will come naturally when you do it a few times. You just have to get use to it.

[The Kraken]

Sounds like he was holding BTC for some time and the price plummeted (?) and he lost $400

BTC is a gamble and you lost a bit Tommy, ride it out, it will be fine and you'll regain that money

I've lost over $100k on stocks and real estate over the years, and made it all back plus some

Gotta consider long term

[Snowball]

yeah man. just put 1k aside and work with it best you can.
whatever works.
you know you won't quit.

[unusialsusp5]

And, you think how long this person can go under the radar of the government?

government overrated in law enforcement procedures. they don't have the manpower to catch everyone. most of their concerns are worrying about getting their people re-elected. everyone scared of the irs but they are pusssies since they only catch a handful out of thousands of violaters. bottom line is the books don't want to make it easy for payouts. if they were they would be overwhelmed with people trying to cash out daily.

[xKMACKx]

I read this opening post TWICE now...

I still don't understand what the issue is?

Are you just uncomfortable using Bitcoin?


I was nervous at first... but... you just have to learn the system. It will come naturally when you do it a few times. You just have to get use to it.

He's referring to the exchange rate drop

[DrunkHorseplayer]

Brick and mortars are where it's at; if feasible, move to Las Vegas.

[pavyracer]

Bitcoin is a scam. When will people learn?

[BuckyOne]

Sounds like he was holding BTC for some time and the price plummeted (?) and he lost $400

BTC is a gamble and you lost a bit Tommy, ride it out, it will be fine and you'll regain that money

I've lost over $100k on stocks and real estate over the years, and made it all back plus some


Gotta consider long term

Agreed, just clean up the methodology a little - get an instant fill with credit card or whatever - transfer 5 minutes later into the book that converts to USD. I would not be in bitcoin more than 15 minutes let alone overnight.

[ThaWoj]

yep the risk of getting instant cashouts/deposits via nitrogen vs the possibility of price fluctuation always has to be considered.

change your currency settings in circle to CASH when bitcoin is on the downswing, aka deposit 3000, 3000 will be in your circle account no matter the price of bitcoin. if u feel its going to rise, change your circle back to BTC. i change mine back and forth all the timie.

So to minimize risk:

1)have circle currency set as USD CASH
2)Deposit 3,000
3)$3000 will hit your account in 4 days if paying via bank
4)Transfer 3000 worth of bitcoin to blockchain losing small amount due to blockchain always has lower exchange rate than circle. May lose like 10 bucks or so.
5)Transfer bitcoin from blockchain to 5dimes/bovada/heritage etc so that the bitcoin will be converted into dollars, that way no matter how much bitcoin drops your money at the sportsbook will be the same.

[BuckyOne]

The only other thing I would mention is go small until you get really good at it.

[rockmvp1209]

can we do this with coinbase? dont see the option

yep the risk of getting instant cashouts/deposits via nitrogen vs the possibility of price fluctuation always has to be considered.

change your currency settings in circle to CASH when bitcoin is on the downswing, aka deposit 3000, 3000 will be in your circle account no matter the price of bitcoin. if u feel its going to rise, change your circle back to BTC. i change mine back and forth all the timie.

So to minimize risk:

1)have circle currency set as USD CASH
2)Deposit 3,000
3)$3000 will hit your account in 4 days if paying via bank
4)Transfer 3000 worth of bitcoin to blockchain losing small amount due to blockchain always has lower exchange rate than circle. May lose like 10 bucks or so.
5)Transfer bitcoin from blockchain to 5dimes/bovada/heritage etc so that the bitcoin will be converted into dollars, that way no matter how much bitcoin drops your money at the sportsbook will be the same.

[TommyDog]

yep the risk of getting instant cashouts/deposits via nitrogen vs the possibility of price fluctuation always has to be considered.

change your currency settings in circle to CASH when bitcoin is on the downswing, aka deposit 3000, 3000 will be in your circle account no matter the price of bitcoin. if u feel its going to rise, change your circle back to BTC. i change mine back and forth all the timie.

So to minimize risk:

1)have circle currency set as USD CASH
2)Deposit 3,000
3)$3000 will hit your account in 4 days if paying via bank
4)Transfer 3000 worth of bitcoin to blockchain losing small amount due to blockchain always has lower exchange rate than circle. May lose like 10 bucks or so.
5)Transfer bitcoin from blockchain to 5dimes/bovada/heritage etc so that the bitcoin will be converted into dollars, that way no matter how much bitcoin drops your money at the sportsbook will be the same.

A WORLD OF THANKS!!!

I didn't know these options existed.

Basically, I made two huge mistakes. First off, I purchased Bitcoin via my bank account. I lost roughly $400 because of Bitcoin drastically dropping over the past few days before the Bitcoin actually hit my account. Secondly, I did not know you could transfer your funds from Bitcoin to USD at books such as Heritage, 5Dimes, etc. Thought if you deposited via Bitcoin, it stayed in Bitcoin in your account.

With all the nonsense that goes on in these forums, it's posts like these that still make such forums invaluable for gamblers.

Again, thanks for all the replies / advice!!!

[ThaWoj]

can we do this with coinbase? dont see the option

I don't think so but I'm not 100% sure. I always deposit using a card on coinbase and cashout with circle because of the higher exchange rate. Since I use a card to deposit it instantly hits my account and then I ship it about 15 seconds later off to block chain so the coins are never held on coinbase for longer than 30 sec.

When u withdraw to circle, if your account is set to BTC and not USD, u won't lock in the exchange rate until there are enough confirmations and u actually submit your withdrawal to bank or cc

[pilebuck13]

Nothing beats the brick and mortar....I do honestly agree that the majority of people find most of the time a huge headache withdrawing off shore they just decide to leave there winnings in there and can't help but loose it back

[BuckyOne]

Tommy since 1998 and you did not get burned you have done really well!

Since that same start date my burns have been:

WSEX
ESB
BOS
Aces
Aladdins Gold (pissed off EDDIE}
Credit Wagering
No Juice

Maybe, forgot a few - adds up to 100X what you lost on this fluctuation - I would like to tell you I learned every time but that is not true. Actually did not lose anything if you add in what they paid before they went broke. Especially, WSEX and ESB - my mother could beat those numbers.

So, give them hell - bitcoin will pay you back the 400 in benefits if you use it right down the road.

[raiders72001]

Tommy since 1998 and you did not get burned you have done really well!

Since that same start date my burns have been:

WSEX
ESB
BOS
Aces
Aladdins Gold (pissed off EDDIE}
Credit Wagering
No Juice

Maybe, forgot a few - adds up to 100X what you lost on this fluctuation - I would like to tell you I learned every time but that is not true. Actually did not lose anything if you add in what they paid before they went broke. Especially, WSEX and ESB - my mother could beat those numbers.

So, give them hell - bitcoin will pay you back the 400 in benefits if you use it right down the road.

add BetPanAm to one of my burns.

One year ago bitcoin was worth a little over $200.

[BuckyOne]

I almost need one to slow pay me - get pissed off and attack and follow the picks at other places - absolutely kicked the snot out of them after I was pretty sure I would not get paid or never get all of it.

Kind of like bait - we put a 100 into a crappy place - those picks will win like Secretariat at the Derby!

[Joey Merlino]

Sorry to hear of your troubles. You're an old timer like me. Just bad luck with the recent BTC crash. It'll go back up. Keep your head up, and as others have suggested using a book like B*vada that instantly converts your BTC to USD will help mitigate your exposure to BTC fluctuations.

God bless,
Joey

[LT Profits]

Bitcoin price fluctuation is almost irrelevant when it comes to moving money because you should not be holding the coins long enough for it to affect you. Price only matters if you play at Bitcoin books like Nitrogen. Simple solution is using Bitcoin to fund established books.

[Brock Landers]

Bitcoin Is the best thing since sliced bread

If you are complaining about it, you are doing something wrong

[importmoon]

yep the risk of getting instant cashouts/deposits via nitrogen vs the possibility of price fluctuation always has to be considered.

change your currency settings in circle to CASH when bitcoin is on the downswing, aka deposit 3000, 3000 will be in your circle account no matter the price of bitcoin. if u feel its going to rise, change your circle back to BTC. i change mine back and forth all the timie.

So to minimize risk:

1)have circle currency set as USD CASH
2)Deposit 3,000
3)$3000 will hit your account in 4 days if paying via bank
4)Transfer 3000 worth of bitcoin to blockchain losing small amount due to blockchain always has lower exchange rate than circle. May lose like 10 bucks or so.
5)Transfer bitcoin from blockchain to 5dimes/bovada/heritage etc so that the bitcoin will be converted into dollars, that way no matter how much bitcoin drops your money at the sportsbook will be the same.

Thanks for your opinion...

[BuckyOne]

I really like the part about changing the circle account to USD. Go from checking account with no fees and no big deal on the 4 day wait. Then the cash is ready to rock and roll - doesn't have to be in bitcoin more than a minute