Bitcoin Sportsbooks: What factors matter if you are going Bitcoin bookie?

[raiders72001]

Thank you! I assume they take US players?

You're welcome. You can get into all the bitcoin books if you are from the US. Just stay away from those requiring ID to withdraw, since you won't get paid. Some sites won't let you log in from the US but you can get into all of them using VPN. If they ask for a your name and location, the easiest way to say it is they won't verify anything that you put down unless they want it to withdraw.

Just to repeat, do not play at any of the books that require personal information to withdraw. The others that don't ask when you withdraw are just trying to cover legalities.

[sports_quant99]

You're welcome. You can get into all the bitcoin books if you are from the US. Just stay away from those requiring ID to withdraw, since you won't get paid. Some sites won't let you log in from the US but you can get into all of them using VPN. If they ask for a your name and location, the easiest way to say it is they won't verify anything that you put down unless they want it to withdraw.

Just to repeat, do not play at any of the books that require personal information to withdraw. The others that don't ask when you withdraw are just trying to cover legalities.

Awesome info. I am re-entering this world after a many years hiatus, because i think Bitcoin is the answer for US players....hence all my questions, trying to figure out the details. So i am going to test the waters on this.

So am i getting this right? In summary:
1. Go with a bitcoin book that has no bonuses, hence no rollover requirements, so i can w/draw after each bet
2. Dont use coinbase (or anywhere else that doesnt like BTC used for gambling)
3. VPN in
4. No ID requirements on sign-up or withdrawal .... do i use a fake name and address to sign up?

[raiders72001]

Awesome info. I am re-entering this world after a many years hiatus, because i think Bitcoin is the answer for US players....hence all my questions, trying to figure out the details. So i am going to test the waters on this.

So am i getting this right? In summary:
1. Go with a bitcoin book that has no bonuses, hence no rollover requirements, so i can w/draw after each bet
2. Dont use coinbase (or anywhere else that doesnt like BTC used for gambling)
3. VPN in
4. No ID requirements on sign-up or withdrawal .... do i use a fake name and address to sign up?

Perfect and yes to the fake name and address. Very few will even ask for your information. In an earlier post you were right about SBOBitcoin only being a "C+" due to the amount of time in business. Too many new books have gone under.

It seems as though your wager amounts are too high for all of the bitcoin books, but those with top ratings are safe. I'm not sure if you are betting American or European sports but Nitrogen is nice for American sports and Anonibet for European.

Anonibet's hold is high in some markets but great for their offerings and props in the soccer market and you'll find the best price. Anonibet has live chat. They also have a lot of live betting options in soccer. Nitrogen lists the max. bet next to their offerings and they have a low theoretical hold in many markets. Those two are the safest.

[raiders72001]

In the past some of the bitcoin books were giving away 100% cash bonuses with low rollovers from 3x to 10x. They were risk/reward hit and run books and those that got in and out fast were paid. Those at the end were stiffed.

[sports_quant99]

Perfect and yes to the fake name and address. Very few will even ask for your information. In an earlier post you were right about SBOBitcoin only being a "C+" due to the amount of time in business. Too many new books have gone under.

It seems as though your wager amounts are too high for all of the bitcoin books, but those with top ratings are safe. I'm not sure if you are betting American or European sports but Nitrogen is nice for American sports and Anonibet for European.

Anonibet's hold is high in some markets but great for their offerings and props in the soccer market and you'll find the best price. Anonibet has live chat. They also have a lot of live betting options in soccer. Nitrogen lists the max. bet next to their offerings and they have a low theoretical hold in many markets. Those two are the safest.

Yes. My wager amounts to start will be in the $1k range, getting up to $5k if things go as planned, all American sports for now. So it sounds like i may have problems getting down at most of these bitcoin books. Except for the one that goes through Pinnacle.

[raiders72001]

Yes. My wager amounts to start will be in the $1k range, getting up to $5k if things go as planned, all American sports for now. So it sounds like i may have problems getting down at most of these bitcoin books. Except for the one that goes through Pinnacle.

You'll be able to get approximately $1k but will have problems after that with the exception of Cloudbet. You should be able to get down more than $5k. Cloudbet has some unique lines. I'm not sure if they move on action or gamble. Then they won't move off a number but they will adjust the juice.

Some books also offer alt lines. Nitrogen is a Pinny clone with their lines. Nitrogen also has an exchange so there isn't a limit, but there isn't any liquidity yet. They don't seed their markets. They take a 2% commission.

[sports_quant99]

You'll be able to get approximately $1k but will have problems after that with the exception of Cloudbet. You should be able to get down more than $5k. Cloudbet has some unique lines. I'm not sure if they move on action or gamble. Then they won't move off a number but they will adjust the juice.

Some books also offer alt lines. Nitrogen is a Pinny clone with their lines. Nitrogen also has an exchange so there isn't a limit, but there isn't any liquidity yet. They don't seed their markets. They take a 2% commission.

Good to know. Hopefully Nitrogen gains liquidity as time goes on. It would be nice to see it get to where Matchbook was back in the day.

Where/how do all these syndicates put down $100k per game?

ps - i tried to give you points, and the system wont let me

[raiders72001]

Where/how do all these syndicates put down $100k per game?

credit accounts

[sports_quant99]

credit accounts

No, i mean - which book(s) will allow winning players to keep betting $100k per game? Other than Pinnacle.....or does all their action go thru Pinnacle?

[raiders72001]

No, i mean - which book(s) will allow winning players to keep betting $100k per game? Other than Pinnacle.....or does all their action go thru Pinnacle?

I'm not sure about this but I think Pinny is the only place you aren't getting booted.

If you do decide to enter the bitcoin market, here's some info from hypersire

You couldn't pay me to use a US based exchange.

Your best bet is private deals through localbitcoins. If you prefer exchanges, Bitfinex, Justcoin and Hitbtc are all good options (none of these exchanges would even dare to ask you what you are doing with YOUR money).

The balls on Coinbase!

[trytrytry]

raiders do you see any real legit issue with using coinbase in all of this offshore stuff? other than they could disappear I suppose like anyone.

[raiders72001]

raiders do you see any real legit issue with using coinbase in all of this offshore stuff? other than they could disappear I suppose like anyone.

Don't walk, run away from Coinbase. They asked me for my social security number with my last withdrawal.

[HuskerExpat]

I don't really see the issue in using Coinbase. I buy bitcoin there and then immediately transfer it to another wallet. Where's potential for harm? Please explain....

[jjgold]

just read this thread and its just total uncertainty and wicked confusion

[raiders72001]

I don't really see the issue in using Coinbase. I buy bitcoin there and then immediately transfer it to another wallet. Where's potential for harm? Please explain....

You have a good point in transferring in but how about transferring back into your bank account? taxes? Coinbase will sing like a canary if the IRS or any other governmental agency wants our information.

This crack down is new with Coinbase so I'm not sure where they are going with this but I don't want to find out. Could be a Neteller waiting to happen to us in the US.

[jjgold]

The cracked will come with any bit coin exchange especially in the USA and Canada

The IRS will get their hands on this

Most non-US banks now have to report all USA account holders to the IRS

Nothing will be anonymous

[sports_quant99]

The cracked will come with any bit coin exchange especially in the USA and Canada
The IRS will get their hands on this
Most non-US banks now have to report all USA account holders to the IRS
Nothing will be anonymous

Not a concern for people like myself who pay taxes on winnings, and report offshore accounts to the IRS.

[HuskerExpat]

The cracked will come with any bit coin exchange especially in the USA and Canada

The IRS will get their hands on this

Most non-US banks now have to report all USA account holders to the IRS

Nothing will be anonymous

With comments like this, you don't really understand the nature of the beast.

[HuskerExpat]

You have a good point in transferring in but how about transferring back into your bank account? taxes? Coinbase will sing like a canary if the IRS or any other governmental agency wants our information.

This crack down is new with Coinbase so I'm not sure where they are going with this but I don't want to find out. Could be a Neteller waiting to happen to us in the US.

Yeah, I was really speaking more to purchases. I haven't used Coinbase to sell bitcoins, and am not sure I would. For now, I've just sold some bitcoins to friends for cash, because they don't want to go through the hassle of registering at Coinbase, etc, to buy from an exchange themselves. To the extent I want to sell and needed to do it through an exchange, I would probably do it through Bitstamp.

As a practical matter, there isn't much that Coinbase can give the IRS to be detrimental to you anyway. Suppose you sell 10 bitcoins using Coinbase and that is reported to the IRS. There is still a substantial amount of fairly anonymous information that the IRS would need to be able to prove any tax evasion or other wrongdoing anyway. Simply selling a bitcoin does not prove you have done anything wrong.

[HuskerExpat]

I've done some web searching and can't find much to complain about with Coinbase. There was one reference to an account being terminated because someone put "terrorism and drugs" in the message of the bitcoin transaction. That is just plain stupidity. Coinbase is subject to U.S. law and can't knowingly ignore something like that. Just don't be an idiot and move your bitcoin after purchasing. No issues.

As for selling using Coinbase, yes, they will have to be able to verify your identity, which could include your social security number. If the government subpoenas their information, they will have to respond to the subpoena. That kind of goes without saying, when dealing with a U.S. entity, right?

And just an fyi, the government can subpoena W,...U... and see every wire you've sent and received. Doesn't it look a little more suspicious that you send and receive wires to third world countries than simply having bought and sold bitcoin?

[needsomehelp]

I've been betting online for almost 10 years now. I have had accounts at nearly every single book rated C and above (and unfortunately some rated D and below). In March, after maxing out at both W..U.. and M..G.. online, I found out about bitcoin. It's funny - Bet OWI (cash book that sucks ass) actually helped me get started with bitcoin because all of my other deposit options were exhausted. After them refusing to send a payout back to me via bitcoin (even though that's how I deposited), I started looking for other books that accepted bitcoin.

I found Nitrogen Sports and have not placed a bet with any other book since.

Nitrogen's lines are not ideal. They don't have a dime line for baseball, and some of the other sports moneylines are pretty juiced up.

BUT.......
1) I can deposit instantly (I buy bitcoin with Viisa on www.coin.mx OR with coinbase.com using my bank account)
2) And this is really the best part ----- INSTANT PAYOUTS. Yes, my bitcoin is back in my coinbase.com wallet literally SECONDS after I click withdraw. It is completely automated. There are no identity verification bullshit checks that go on at other books. You don't get the "processor delay" run around. The only thing you get is your funds --- instantly. If you send them to coinbase, they can be back to your bank account in USD within 2 days. AWESOME
3) The line selection can't be beat. Every event under the sun is offered here. You can even bet on nerds playing Warcraft.
4) Limits: I'm not a huge bettor, but they allow for up to 2 BTC on every event --- which comes out to around $1000 at the moment. They raise them upon request
5) Security is better than you get at any regular cash book. Not only do you have a login/password, you can attach something called "2 factor authorization", which requires you to enter a 6 digit code that is sent to your mobile device.
6) They have a betfair-like exchange for MLB/NFL/Tennis, but it is a piece of shit (still in its infancy)

I'll be happy to answer any questions about Nitrogen or bitcoin in general.

https://nitrogensports.eu/r/9961

[ItsMeMrMattE]

a few years ago when BTC started to gain some steam i was a firm believer in that it was basically going to be the napster of digital currency. it would get the ball rolling but not be what sticks around. since then i've changed my mind. we are still probably years away from grandma purchasing something with BTC, but i have a hard time imagining some other digital currency coming onto the market and overtaking the public awareness and momentum BTC has already built up.

[sports_quant99]

I've been betting online for almost 10 years now. I have had accounts at nearly every single book rated C and above (and unfortunately some rated D and below). In March, after maxing out at both W..U.. and M..G.. online, I found out about bitcoin. It's funny - Bet OWI (cash book that sucks ass) actually helped me get started with bitcoin because all of my other deposit options were exhausted. After them refusing to send a payout back to me via bitcoin (even though that's how I deposited), I started looking for other books that accepted bitcoin.

I found Nitrogen Sports and have not placed a bet with any other book since.

Nitrogen's lines are not ideal. They don't have a dime line for baseball, and some of the other sports moneylines are pretty juiced up.

BUT.......
1) I can deposit instantly (I buy bitcoin with Viisa on www.coin.mx OR with coinbase.com using my bank account)
2) And this is really the best part ----- INSTANT PAYOUTS. Yes, my bitcoin is back in my coinbase.com wallet literally SECONDS after I click withdraw. It is completely automated. There are no identity verification bullshit checks that go on at other books. You don't get the "processor delay" run around. The only thing you get is your funds --- instantly. If you send them to coinbase, they can be back to your bank account in USD within 2 days. AWESOME
3) The line selection can't be beat. Every event under the sun is offered here. You can even bet on nerds playing Warcraft.
4) Limits: I'm not a huge bettor, but they allow for up to 2 BTC on every event --- which comes out to around $1000 at the moment. They raise them upon request
5) Security is better than you get at any regular cash book. Not only do you have a login/password, you can attach something called "2 factor authorization", which requires you to enter a 6 digit code that is sent to your mobile device.
6) They have a betfair-like exchange for MLB/NFL/Tennis, but it is a piece of shit (still in its infancy)

I'll be happy to answer any questions about Nitrogen or bitcoin in general.

https://nitrogensports.eu/r/9961

Nitrogen looks good, but they cut off winners, according to people i talked to who bet there. I will have to wait for their exchange to get more liquidity.

[sports_quant99]

a few years ago when BTC started to gain some steam i was a firm believer in that it was basically going to be the napster of digital currency. it would get the ball rolling but not be what sticks around. since then i've changed my mind. we are still probably years away from grandma purchasing something with BTC, but i have a hard time imagining some other digital currency coming onto the market and overtaking the public awareness and momentum BTC has already built up.

I agree. Bitcoin is the likely winner in the cryptocurrency wars, and the one that gains critical mass. I read last week that EBay is considering accepting Bitcoin, which would be huge for bitcoin. Bitcoin has huge value in bypassing so many middlemen in the economy.

[needsomehelp]

Nitrogen looks good, but they cut off winners, according to people i talked to who bet there. I will have to wait for their exchange to get more liquidity.

Ahhh - I'm a big loser, so I don't have that problem. Anyone with a VPN could get around that problem, though.

[ItsMeMrMattE]

does anyone think we will ever see a crytocurrency that combines the current BTC structure of use along with a pre 1964 US currency structure? a crytocurrency that has all the benefits of what BTC currently offers but backed by something like gold or silver in order to protect against fluctuations and to expedite the general acceptance process.

[sports_quant99]

Ahhh - I'm a big loser, so I don't have that problem. Anyone with a VPN could get around that problem, though.

Ahh, excellent point. So Nitrogen does not verify identity?

[sports_quant99]

does anyone think we will ever see a crytocurrency that combines the current BTC structure of use along with a pre 1964 US currency structure? a crytocurrency that has all the benefits of what BTC currently offers but backed by something like gold or silver in order to protect against fluctuations and to expedite the general acceptance process.

Maybe, but the problem is that such a currency would require some centralized 'authority', which then kills most of bitcoin's advantages e.g. there would be a fee structure to support the 'backing' ..... but there might be a place for such a currency, as a 'middle ground' between fiat (extreme centralization) and bitcoin (extreme decentralization)

[Domestic]

Ahh, excellent point. So Nitrogen does not verify identity?

No need to verify identity at Nitrogen. I could theoretically have a dozen different accounts if I really wanted to.

[sports_quant99]

No need to verify identity at Nitrogen. I could theoretically have a dozen different accounts if I really wanted to.

Excellent! thank you....time for me to get a few different burner phones and sign myself up

[Domestic]

does anyone think we will ever see a crytocurrency that combines the current BTC structure of use along with a pre 1964 US currency structure? a crytocurrency that has all the benefits of what BTC currently offers but backed by something like gold or silver in order to protect against fluctuations and to expedite the general acceptance process.

Hopefully not. Governments can and have mess with and lie about exactly how much precious metal they hold and we as the public don't get to audit them to ensure they are actually holding what they claim to. This sort of thing would take away from one of the obvious advantages of bitcoin being that everything is so transparent.

[raiders72001]

<header class="entry-header" style="box-sizing: border-box; margin: 0px auto 30px; max-width: 1040px; width: 1040px; padding: 0px 376px 0px 60px; color: rgb(20, 20, 18); font-family: Oxygen; font-size: 16px; line-height: 24px;">Withdrawing to Coinbase

<time class="entry-date" datetime="2014-08-20T18:27:54+00:00" style="box-sizing: border-box;">August 20, 2014</time>Bitcoin, Jenny
</header>There’s been a lot of talk this week about the concerns around withdrawing to Coinbase when you’re using your bitcoins to gamble. A few bettors have received emails like the following from Coinbase:

“Upon review of your Coinbase account, we have determined that we can no longer provide you access to Coinbase Services. Please understand that Coinbase is a regulated Money Service Business under the FinCEN division of the U.S. Treasury Department and as such, we are required to review accounts in order to ensure compliance with regulations.
Gambling is illegal under US law even if you live outside of the US we cannot provide services to your account for the purpose of any type of gambling activity.”

Anonymity and security are always at the top of our minds, so we’d like to take a moment to reassure you that we don’t use a single address to withdraw your bitcoins from Nitrogen Sports. Your deposit address can also be changed (up to 5 times a day) if you’d like to ensure that you’re getting a completely brand new deposit address every time.


If you have any concerns about the security of your bitcoin, please don’t ever hesitate to give us a shout! Please submit a support ticket, and one of our amazing support staff would be happy to walk you through how we ensure your anonymity.

................

[ItsMeMrMattE]

ya i thought about that. but for the sake of keeping the idea as simple as possible, i know there would be more complications that im not smart enough to think of, what if the the centralized authority was this silver market. the price of silver is the value of the cryptocurrency the price of the cryptocurrency is the current value of silver. you could then in theory have 100,000s of private, basically franchised off this system, accounts; to where any civilian could hold a certain amount of physical silver and be willing to exchange it for cryptocurrency. you could probably make the exchange process purely P2P. think of it as a new way of creating a savings account. someone would buy physical silver. if they needed money for that months groceries or something they would exchange the silver for cryptocoins held by someone that had extra after his months bills and wanted it back in the form of silver in order to save.

[HuskerExpat]

................

I guess my question is how did Coinbase make a determination that there was gambling? Seems to me that if you transfer to an outside wallet first and are not otherwise an idiot, then you're not going to have a problem....

[jjgold]

what a mess

I am more confused now than when thread started