One of the newest means of making deposits for online sportsbooks is via Bitcoin. Bitcoin is best defined as a cryptocurrency and a worldwide payment system that is becoming more and more popular all around the world.
Bitcoin has overtaken the gambling world for making deposits mainly because it is one of the safest and most secure means of making a deposit, that is available all across the world. With many sportsbooks, they will only accept certain types of payments from certain areas of the world because of legalities and policies for each country. This is what makes Bitcoin such an appealing currency while betting because anyone can use it in any country.
Advantages of Bitcoin for Gambling
- Security: As we have already touched on before, security is one of the biggest reasons why many players have started using bitcoins as an online gambling payment method. As long as you take all the necessary precautions in protecting your wallet, Bitcoin is one of the safest ways for funding your online betting accounts.
- Privacy: Gambling is often socially stigmatized as an unhealthy activity, and many would rather keep their gambling activities private, even if they’re simply playing it for fun. Thanks to Bitcoin’s pseudonymity, gamblers can safely use bitcoins without worrying about being judged by others for their choice of entertainment.
- Fast Payment: You can withdraw your money instantly using bitcoins as a payment method. Rarely do transactions take more than an hour, and even then, it is still way faster than bank transfers or international transfers which can take up to five business days or more.
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Disadvantages of Bitcoin for Gambling
Nothing’s perfect in this world, including bitcoins. Here are some drawbacks:
- Not available in all online casinos: Bitcoin is not a mainstream payment method such as Paypal or Visa. Not all online sportsbooks accept Bitcoin as of right now.
- It is volatile: Bitcoin is highly volatile, and it’s hard to use as a currency when you are unsure about what it’s actually worth.
What About the Legality?
What an interesting question. The answer can vary. Different countries have different regulations. For instance, laws in Costa Rica and Panama on the usage of bitcoins for gambling purposes differ from the U.S regulations on the similar issue. The former have established themselves as the central hub of online gambling using bitcoins.
To sum up, there are no countries in the world that explicitly bar online gambling activities using bitcoins as the payment method.
Bitcoin Safety and Security
Bitcoins are managed in a wallet and that wallet is unique to each individual buyer. The person who owns the wallet is responsible for making sure two things, A) They place multiple verification levels on their account and B) They do not share their verification keys with anyone or make them available to anyone.
The accounts themselves are encrypted using the keys so instead of being attached to a person’s name, the accounts are dedicated to the person’s actual key. Using Bitcoin is not 100% anonymous but is much more discreet than using a person’s name and personal information.
Bitcoin Betting Fees
With most online sportsbooks, you will be charged various fees for deposits using credit card, wire transfers, Western Union and bank checks but with Bitcoin, there are normally no fees charged. The main reason is because there are no fees charged to the online sportsbook to make these transactions.
Nowadays, online sportsbooks will give out bonuses to earn your business and one of the newest forms of bonus is by offering you free money or bonuses to entice you to use Bitcoin for making deposits. For example, a majority of online sportsbooks will offer you a hefty bonus on your first Bitcoin transaction with their company. This means that if you set up a Bitcoin account, and use that account to make your first deposit, you will be entitled to a bonus from the sportsbook.
How to Set up a Bitcoin Wallet
Setting up a Bitcoin Wallet or Bitcoin Account is rather easy but many look at it as a very complicated process. The reality is it is no different than setting up a basic online account at any business. The first thing that we recommend you doing before starting your first wallet is go online and read read read! The more you learn about Bitcoin and Cryptocurrencies, the better off you will be.
The second thing you will need to do is choose a wallet that you are comfortable with. We recommend using a wallet from Coinbase or Blockchain. Both of these Wallet’s we have found to be reliable and safe. They both have multiple verification aspects such as text, email and password verification. We also recommend you using multiple, not single, verification security so that your investment is safe and secure.
Once you have your wallet set up, you will be ready to buy Bitcoin and receive payments using Bitcoin. We recommend you buying a small amount of Bitcoin to start out, even if you are only going to use it to receive the money you win from the sportsbook. This is because it will give you a better understanding of how it works.
That is it… once you have set this up, you will simply send your key or provide your online sportsbook with the key and they can make a deposit of your winnings into that account. It is really that easy! Now, go make a small investment into Bitcoin and begin earning money on your investment.