betonline is the worst for bitcoin.

**Foosball Champ** · 02-28-16, 02:59 AM

Thanks for the heads up. I was actually thinking about doing a bitcoin deposit with them. thanks.

**tradeout** · 02-28-16, 03:07 AM

agree, their bitcoin fees are rip off, however, the 25% freeplay on deposts offsets that.

**FreeFall** · 02-28-16, 05:57 AM

it's not only bitcoin aren't all deposits taxed?

I never understood why anyone plays at a book where you have to pay to deposit. That's just penetrating stupid.

**Buffalo Nickle** · 02-28-16, 11:12 AM

That's the BetOnline initiation ritual. They lay in the weeds for fees. It is all disclosed but carefully buried.

Fool me once, shame on you. Fool me twice, shame on me.

Gotta do P2P there. You would think they would encourage bitcoin but they see it as a great way to get those 6,5% fees they love so much.

**jjgold** · 02-28-16, 01:37 PM

Good bonuses there though

**scottgodson1985** · 02-28-16, 01:52 PM

stupid comment jj

**Bill Dozer** · 02-28-16, 01:58 PM

I agree. Fees on something like bitcoin leaves a bad taste in player's mouths. Its like being charged handling fee on something that's free to ship. They will probably change this in the future IMO.

But like Foosball Champ said, players eventually look at the bottom line. If youre getting 25% FP value that usually makes the product a good deal overall even with the "handling".

**Courtesywipe** · 02-28-16, 06:42 PM

Originally posted by Bill Dozer

I agree. Fees on something like bitcoin leaves a bad taste in player's mouths. Its like being charged handling fee on something that's free to ship. They will probably change this in the future IMO.

But like Foosball Champ said, players eventually look at the bottom line. If youre getting 25% FP value that usually makes the product a good deal overall even with the "handling".

Let's not forget about the "30-day hold period". That's the killer for a bonus taker.

**Bill Dozer** · 02-29-16, 12:04 PM

Originally posted by Courtesywipe

Let's not forget about the "30-day hold period". That's the killer for a bonus taker.

Yea not really in the spirit of the bitcoin movement. But, as Ive said before, these books had to make a choice, add btc with limitations or dont add it at all. There can be lots of fraud when you mix traditional deposits with bitcoin. Books are adding new wrinkles every day to make bitcoin work with what they have. They are all learning on the job. I think they will get it and will all have to adapt.

**jjgold** · 02-29-16, 01:16 PM

Betonline will adapt to bitcoin and make it more efficient

Strong book

Strong options

Strong live betting

**Foosball Champ** · 02-29-16, 01:46 PM

After 12 years at betonline here's my opinion. haaaarible customer service, never answer questions only refer you to the website for rules. don't honor forlife bonus. if you make a deposit and you have a balance for greater than your average wager than they will not give the bonus. slow payouts (most times it take over 30 days to get a check). quick to get limited from the sports book or booted from the racebook and live wagering. but otherwise they are great.

**temple2010** · 02-29-16, 01:58 PM

Originally posted by Foosball Champ

After 12 years at betonline here's my opinion. haaaarible customer service, never answer questions only refer you to the website for rules. don't honor forlife bonus. if you make a deposit and you have a balance for greater than your average wager than they will not give the bonus. slow payouts (most times it take over 30 days to get a check). quick to get limited from the sports book or booted from the racebook and live wagering. but otherwise they are great.

Where do I sign up for all these great perks. lmao

**dynamite140** · 06-15-16, 08:34 PM

Sbr, will you speak with Betonline on this issue? No site charges a fee for bitcoin deposits. And certainly not the rate they are charging where its the same as a credit card.

Bitcoin basically has little to no processing costs compared to every other payment. Also them using bitcoin should make processing deposits/withdraws very quickly. Even if they had to pay a 2 percent fee for processing bitcoin transactions, that is worth it from their perspective compared to every other deposit/payment option they use since fees will be more 2 percent.

**Legions36** · 06-15-16, 10:21 PM

Originally posted by dynamite140

Sbr, will you speak with Betonline on this issue? No site charges a fee for bitcoin deposits. And certainly not the rate they are charging where its the same as a credit card.

Bitcoin basically has little to no processing costs compared to every other payment. Also them using bitcoin should make processing deposits/withdraws very quickly. Even if they had to pay a 2 percent fee for processing bitcoin transactions, that is worth it from their perspective compared to every other deposit/payment option they use since fees will be more 2 percent.

Heres one of the threads about these Betonline bitcoin fees that I was going over with Optional. I wonder if this will ever get fixed. I would deposit with Bitcoins every time if they take away this fee instead they make me have to go other annoying routes. Let me also say this is one of my favorite books but I know this fee is grimy.

**Jliao4** · 06-16-16, 06:01 AM

No need to negotiate with Betonline if they continue to do stuff that no other bitcoin book does they will simply become uncompetitive and change their policies. Bitcoin is like the wild west right now and things move fast. If books can't keep up they are left behind. I mean take a look at the rapid growth of a book like Nitrogen, they were literally nobodies 2 years ago now I think they are one of the highest volume Bitcoin books. Although I have no evidence to support that claim their popularity among Bitcoiners is real.

**Grivas_Digeni** · 06-16-16, 06:07 AM

Everyone considering a deposit to BOL should write them an email like this, today:

Dear BetOnline,

I am considering to send you some money but I believe 25% free play bonus should be doubled, since you charge a 6.5% fee on bitcoin deposits and no withdrawals can be made for 30 days.

I am willing to negotiate on the specifics, but if you aren't, you are not getting my business at this time.

Love,
Your Faithful Customer

**SBR Forum** · 06-16-16, 09:17 AM

Originally posted by dynamite140

Sbr, will you speak with Betonline on this issue? No site charges a fee for bitcoin deposits. And certainly not the rate they are charging where its the same as a credit card.

Bitcoin basically has little to no processing costs compared to every other payment. Also them using bitcoin should make processing deposits/withdraws very quickly. Even if they had to pay a 2 percent fee for processing bitcoin transactions, that is worth it from their perspective compared to every other deposit/payment option they use since fees will be more 2 percent.

It's an unconventional setup but remember that fiat sportsbooks are still a bit green with bitcoin for various reasons. We know management is aware of player feedback on the fees and discussing internally.

**Legions36** · 06-16-16, 10:14 AM

Originally posted by SBR Forum

It's an unconventional setup but remember that fiat sportsbooks are still a bit green with bitcoin for various reasons. We know management is aware of player feedback on the fees and discussing internally.

Please don't make anyone feel like this 6.5% fee is something that fiat books are still green. This is a bogus fee and clear way to over charge players who want to deposit with this great method. I haven't seen any other "fiat" book as you say, do this at all or even close to this nonsense.

**dynamite140** · 06-17-16, 04:39 PM

Will there be any changes to this then? I cannot understand a fee for deposits. Even a fee for withdraws via bitcoin is pretty ridiculous.

Also can others here confirm they don't give the actual btc rate and actually take a percentage of that as well? Someone here mentioned they give a bit less each time. I do know it depends on the average of the exchanges but someone here mentioned it was much lower. So if it was much lower when deposits, i assume the rate is higher for withdraws then?

**Legions36** · 06-17-16, 11:47 PM

Originally posted by dynamite140

Will there be any changes to this then? I cannot understand a fee for deposits. Even a fee for withdraws via bitcoin is pretty ridiculous.

Also can others here confirm they don't give the actual btc rate and actually take a percentage of that as well? Someone here mentioned they give a bit less each time. I do know it depends on the average of the exchanges but someone here mentioned it was much lower. So if it was much lower when deposits, i assume the rate is higher for withdraws then?

Yes I can confirm on more than one occasion and I can also confirm reading and hearing others dealing with this same issue that they do all of this on top of that fee. Just for giggles I even just checked the amount they give on a $1000 deposit right now and this is what I get, 1.361711 BTC 1 BTC = 734.37 USD* but coinbase which gives the average of most big exchanges right now going price of $741.69. So for me it looks like that fee just isn't even enough for them.

**dynamite140** · 06-24-16, 12:06 PM

Do you or anyone know when they payout via bitcoin, do they actually give you that rate where its the same rate as if you deposited? Thus if bitcoin rate is $600 but the rate they give you is $593.

So when you withdraw and the bitcoin rate is $600 at the time they process your withdraw, are they going to give you $593 per bitcoin or $600 per bitcoin? Because if they accept your deposit at a lower rate of $593 when it's average is $600, they should be paying out $593 per bitcoin as oppose to $600 per bitcoin for the payout. If not, that would be very bad as they basically would be taking a percentage per bitcoin... but then suddenly use the average rate for payouts which would be ridiculous. I assume they probably pay out the same rate for payouts as they do for deposits? Otherwise, I would imagine there would be lot of complaints from people if they were to do this.

**Bill Dozer** · 06-24-16, 12:54 PM

Originally posted by dynamite140

Sbr, will you speak with Betonline on this issue? No site charges a fee for bitcoin deposits. And certainly not the rate they are charging where its the same as a credit card.

Bitcoin basically has little to no processing costs compared to every other payment. Also them using bitcoin should make processing deposits/withdraws very quickly. Even if they had to pay a 2 percent fee for processing bitcoin transactions, that is worth it from their perspective compared to every other deposit/payment option they use since fees will be more 2 percent.

Good answer to the Q...

Originally posted by Jliao4

No need to negotiate with Betonline if they continue to do stuff that no other bitcoin book does they will simply become uncompetitive and change their policies. Bitcoin is like the wild west right now and things move fast. If books can't keep up they are left behind. I mean take a look at the rapid growth of a book like Nitrogen, they were literally nobodies 2 years ago now I think they are one of the highest volume Bitcoin books. Although I have no evidence to support that claim their popularity among Bitcoiners is real.

We don't get involved in how the books do their business. It would seem that they are strong in other methods and don't need/want to flip the btc switch yet. But, if you don't want to pay the deposit fee, don't. That's the most meaningful piece of feedback someone can offer. If you buy it, you endorse it. If they decide they want a bigger piece of the bitcoin pie, they can easily make changes. If they only want 20% of the bitcoin biz they could take, then a fee makes good business sense. They probably know how much they can charge to keep the bitcoin biz where they want it. But as said earlier, this doesn't help the brand appeal.

**Optional** · 06-24-16, 08:46 PM

Originally posted by dynamite140

Do you or anyone know when they payout via bitcoin, do they actually give you that rate where its the same rate as if you deposited? Thus if bitcoin rate is $600 but the rate they give you is $593.

So when you withdraw and the bitcoin rate is $600 at the time they process your withdraw, are they going to give you $593 per bitcoin or $600 per bitcoin? Because if they accept your deposit at a lower rate of $593 when it's average is $600, they should be paying out $593 per bitcoin as oppose to $600 per bitcoin for the payout. If not, that would be very bad as they basically would be taking a percentage per bitcoin... but then suddenly use the average rate for payouts which would be ridiculous. I assume they probably pay out the same rate for payouts as they do for deposits? Otherwise, I would imagine there would be lot of complaints from people if they were to do this.

Legions is wrong about this. As you say there would be loads of complaints if what he said was true.

I've tried to explain to him before that he can't just use an average figure from one exchange, the price fluctuates from moment to moment and anyone can check anytime themselves to see that Betonline gives a fair rate.

I asked for $619.51 worth of btc to be deposited, which is the very worst rate in the market at that instant, and as you can see Betonline value it as well above that figure. (and they have every single time I have checked after Legions has posted this same incorrect claim maybe 12 times now)

Here is the market info at the same moment I made that deposit request.

If anything Betonline give an advantageous rate compared to the average prices.

And with Betonline if you dont like the rate they give. Wait 30 seconds and make the submission again and it will change. You can take 5 mins and get a better rate by checking it a few times often.

**dynamite140** · 08-08-16, 07:49 PM

Originally posted by Bill Dozer

Good answer to the Q...

We don't get involved in how the books do their business. It would seem that they are strong in other methods and don't need/want to flip the btc switch yet. But, if you don't want to pay the deposit fee, don't. That's the most meaningful piece of feedback someone can offer. If you buy it, you endorse it. If they decide they want a bigger piece of the bitcoin pie, they can easily make changes. If they only want 20% of the bitcoin biz they could take, then a fee makes good business sense. They probably know how much they can charge to keep the bitcoin biz where they want it. But as said earlier, this doesn't help the brand appeal.

Understood. But from other players perspective, im sure that turns off a lot of players as many players would figure okay i deposit x amount and already get x amount deducted for the fee. The thing is there is basically little to no processing costs with bitcoin. Once they receive a bunch of bitcoin, they then just immediately sell it and since they have a ton of bitcoin deposits, the fees for them to sell would be very miniscule if any.

A fee like that which matches a credit card deposit pretty much is not good for the site at all. Im sure lot of players would go and deposit on another site if they find out betonline has this bitcoin deposit fee and im sure many players aren't even aware of this.

**BrickJames** · 08-08-16, 08:29 PM

They probably don't want to deal with Bitcoin so they use a third party processor that charges the fee. That's my guess. OP you said something about poker on the site is it comparable to Bovada as far as limits and availability of games?

**HedgeHog** · 08-09-16, 06:13 AM

The 6.5% BTC fee is what keeps me from going back to BOL. I can't do P2P anymore, so BOL is not an option for me at this point.

**NSN21** · 08-09-16, 10:25 AM

Originally posted by HedgeHog

The 6.5% BTC fee is what keeps me from going back to BOL. I can't do P2P anymore, so BOL is not an option for me at this point.

Same here. I've wanted to get back to BOL for some time now. Still haven't, and won't until the fee is removed. I know we are not alone.

**theviking** · 08-09-16, 04:19 PM

bol offfers 50 % relaod nowadays, i guess the 6.5% fee will stop lots of people here from deposit.

What if they offer 200 % relaod bonus, i guess the 6,5 fee woud have stopped u? because looking at the total value of bonus and depositing fee is not "possible"

**HedgeHog** · 08-09-16, 04:37 PM

Originally posted by theviking

bol offfers 50 % relaod nowadays, i guess the 6.5% fee will stop lots of people here from deposit.

What if they offer 200 % relaod bonus, i guess the 6,5 fee woud have stopped u? because looking at the total value of bonus and depositing fee is not "possible"

Probably. A 200% bonus at BOL would be a red flag warning.

**BrickJames** · 08-09-16, 09:50 PM

Hows the poker at bol? Are the limits comparable to Bovada

**theviking** · 08-13-16, 04:21 PM

Originally posted by HedgeHog

Probably. A 200% bonus at BOL would be a red flag warning.

You understood i was making a point

But 200 % bonuses are getting more and more normal, im not surpriced if bol offfer it one day

**luctens** · 08-13-16, 06:02 PM

Originally posted by theviking

You understood i was making a point

But 200 % bonuses are getting more and more normal, im not surpriced if bol offfer it one day

It's all relative. It's not just the percentage of bonus a bookmaker offers you have to look at. It is the amount of rollover they enforce, any minimum odds that applies, any exclusions on type of bets they allow with a bonus etc. For example a 50% bonus up to $1000 with 5 times rollover would be of similar same value for the player and the same win/loss expected amount for the bookmaker as a 200% bonus up to $1000 with 20 times rollover but a lot of people would just see the 200% figure and automatically see red flags etc, so you have to assess the bigger picture, not just the headline percentage bonus amount.

**HedgeHog** · 08-13-16, 09:11 PM

Originally posted by theviking

You understood i was making a point

But 200 % bonuses are getting more and more normal, im not surpriced if bol offfer it one day

Yes, you feel that the BOL bonus offsets their outrageous fee on BTC transactions. I don't agree. Bonuses come with rollovers that are structured to be favorable to the Book. Most bettors will lose back more than the bonus after completing the RO. So my point is the BOL bonus in no way justifies charging for BTC deposits And withdrawals.