How to Use Bitcoin in Sports Betting?
Did you know that most bookmakers out there allow you to place bets using bitcoin? For example sportsbooks like BetOnline, but there are many others. Cryptocurrencies like Bitcoin are becoming more popular with each passing day. It is, therefore, no surprise that bookmakers have seen its potential as one of the world's leading cryptocurrencies.
Despite its growing popularity, some people remain skeptical about it, while others have no idea how to use it. But, since you're reading this, I don't think you need any further convincing. Instead, I'm going to take you through a step-by-step, detailed guide on how you can use your Bitcoin wallet to make online sports bets.
Using Bitcoin for Online Sports Betting
Before you start betting, there's a couple of things you'll need to get out of the way; the first of which is getting a Bitcoin wallet.
Step 1: Open a Bitcoin Wallet
A bitcoin wallet is basically an online store for buying and selling bitcoins. There are two types of bitcoin wallets; software and hosted wallets.
In this guide, we're going to talk about hosted wallets. Hosted wallets allow you to store your bitcoins with a third party, just like you would with a bank. If you have used PayPal before, then you should be able to use a bitcoin wallet effortlessly since they are almost similar in their mode of operation.
The bitcoin wallet will allow you to load money into the wallet. You can then use this money to make purchases or load it into your gambling account to place sports bets. The only difference between a bitcoin wallet and PayPal is that when you load money into your bitcoin wallet, it gets converted into bitcoins.
Opening a bitcoin wallet is pretty straightforward. All you need to do is find a trusted provider, follow the instructions, and you're good to go.
Step 2: Link your Bitcoin wallet to your Bank Account
Like I said earlier, bitcoins are bought with regular currency. So, to buy bitcoins, you must link your bank account to your bitcoin wallet. You can also link your bitcoin wallet to a debit card associated with your bank.
NOTE: You need to verify both your bitcoin wallet and debit card so that you able to buy bitcoins instantly. If you don't verify your accounts before making your first transaction, then you might have to wait a couple of business days for your transaction to be processed.
Step 3: Buy Bitcoins
You can expect to be charged an average fee of 1% when buying from a US bank account. There is also a $0.15 minimum per purchase.
When you click the "buy bitcoin" option in your bitcoin wallet, you will have instant access to your wallet, provided you have the "instant buys" option enabled.
NOTE: Instant buys only work with credit and debit cards, not accounts.
Using bitcoins for Sports Betting: Deposit Procedure
The procedure for depositing funds at online sportsbooks is fairly standard across a majority of betting sites.
Online sports betting sites create an account for you automatically using cookies. For security reasons, you should add both a username and a password to secure your account.
Step 1: Two-factor Verification Login
Like the bitcoin wallet, you will also be required to go through a two-step verification login for your betting account. It is, therefore, advisable that you keep note of your login details. Most online sport betting sites are anonymous and don't require an email address. But, if you were to misplace your login information for a funded account, you might not be able to access your account. Therefore, you might end up losing any bitcoins you had in the account.
Step 2: Sending Bitcoin to your Sports Betting Account
Before you start placing bets, you need to load bitcoins into your sports betting account. The process is fairly straightforward.
To load bitcoins into your sports betting site, first, copy the address inside your sports betting account and head over to your bitcoin wallet. On the main page, you will find the option to send bitcoin right next to the receive button.
Once you click send, you will be directed to another page where you can paste the address you copied from your sports betting site in the address section. Once you click next, the bitcoin will be reflected in your sports betting site within a few minutes.
Step 3: Confirm Bitcoin in our Online Sports Betting Account
Log in to your sports betting account and check your balance. If the bitcoin you just sent reflects in your account, then you can begin betting immediately.
Step 4: Withdrawing your Winnings
You've placed your bets and won, and now it's time to withdraw your winnings. to withdraw your winnings, all you have to do is process a withdrawal request through the online sports betting site. The betting site will transfer your winnings in the form of bitcoins to your bitcoin wallet.
Once you've received your bitcoins, you can now convert them into regular currency. When converting bitcoin back into traditional currency, you might notice that the price has gone up, which is what makes bitcoin such a profitable investment. In some cases, you might also find that the price has gone lower. Its volatile nature makes it both a profitable and risky venture, so you might want to be wary of the value changes before changing it back to regular currency.
Unfortunately, you cannot change bitcoins to regular currency directly through your bitcoin wallet. To do this, you'll need to use exchanges like coinbase. The process of changing bitcoin to regular currency through exchanges is similar to the process we used when sending bitcoin to your online sports betting account.
When converting bitcoin back into regular currency, the exchanges will charge you an average fee of around 1% of the total amount sold.
Conclusion
Although the market is fairly is only a few years old, bitcoin has proven itself to be both a reliable currency and a profitable investment. As you embark on your journey into the world of bitcoin sports betting, we hope that you will find the information on this guide helpful.
All bitcoin wallets and sports betting sites follow the same procedure when making transactions, so no matter which site you choose to go with, you will follow the same procedures we've discussed in the guide. Good luck!
