A discussion thread was created at the SBR sports betting forum asking from a scale of 1-10, how easy is bitcoin for making transactions with online sportsbooks?
The poster surveyed SBR Forum members on whether or not they believe that the sports betting industry has changed enough to make bitcoin the best option for some gamblers.
SBR member ace7550 gave the option a 10 of 10 with the following response:
"BTC is awesome. I use it almost exclusively with online books now. You might have to jump through a couple of initial hoops to set up a wallet and connect up (sic) your bank account to deposit USD to buy BTC. But it's well worth the ease of depositing and withdrawing from books that accept it."
Sportsbook Review covered bitcoin in a four-part video series with a bitcoin expert earlier this year:
Part 1: Bitcoin Webinar: What is Bitcoin & Why Should Bettors Care?
Part 2: Bitcoin Webinar: How to Buy & Use Bitcoin
Part 3: Bitcoin Webinar: How to Convert Bitcoin to Cash
Part 4: Bitcoin Webinar: Risks & Rewards
Bitcoin allows online sports bettors to bypass the usual hurdles such as credit card acceptance rate or getting cut off from other cash based methods. In addition, players are able to receive payment within minutes and not have to wait days for a cheque or other form of payment that does not offer instant gratification and comes with a hefty fee.
Once players have purchased bitcoin through one of the bitcoin exchanges such as Coinbase or Circle and have setup an intermediary wallet, the process of funding an online sportsbook takes mere seconds.
Payments are often made within minutes at top bitcoin sportsbooks, though payments can take up to one business day at select betting sites.
With bitcoin, online sportsbooks do not need to rely on third-party processors and can avoid some of the problematic banking delays which are out of their hands.
The only true downside to bitcoin is the day to day swings of currency value which could cut into a player's bankroll who intends to use winnings for expenses that month or who doesn't have the proper bankroll in place to withstand the fluctuations. Below is a chart showing the previous one month of value changes; the data is supplied by Coindesk.com.
Browse a list of 40 online sportsbooks that offer bitcoin using the sportsbook rating guide. Players can also refine their searches for a bitcoin sportsbook by betting sites which convert bitcoin deposits to the player's native currency; this minimizes the impact of bitcoin pricing changes.