- Completely anonymous
- Can be used in countries where online gambling is restricted
- Usually free to deposit with and withdraw to
Betting Sites that take Bitcoin
Many of the major online sportsbooks on the Internet have already integrated to accept Bitcoin as an accepted method for making deposits and withdraws. Websites such as Bovada.lv, BetOnline.com and TopBet.eu strongly urge customers to use Bitcoin and even offer incentives to customers who do so rather than making transactions through traditional forms like debit or credit cards. Websites are saving money by converting to Bitcoin banking and customers are content on avoiding third-party involvement with traditional banking methods.
Bovada: Customers that use Bovada are familiar with Bitcoin banking as the popular sportsbook launched it in May of 2016. The payment/withdraw process on Bovada is seamless as customers can obtain an address linked to the website’s wallet by clicking through to the “Deposit” page. Once you have your Bitcoin address, desktop users can input their code, while mobile and smartphone users can scan a QR barcode with their wallet’s application. The minimum deposit using Bitcoin is $20 and the maximum is $5,000. When withdrawing funds using Bitcoin, the minimum remains $20 but the maximum is $9,500.
BetOnline: The popular online sportsbook was one of the pioneers of Bitcoin banking, launching it in May of 2015. Much like Bovada, customers must obtain a wallet address from the site’s “Deposit” page before setting the desired amount of Bitcoin. The minimum Bitcoin deposit is $20, while the maximum is set at $3,500 worth of Bitcoin. Wait time for transactions is set at a short window of 15 minutes. However, there is a 48-hour wait and a two percent fee for Bitcoin withdraws on BetOnline.
Bitcoin is a digital currency, often known as a cryptocurrency, which first became available in 2008. Bitcoin is the most popular virtual currency in the world today and is widely accepted by online sports betting sites and casinos around the globe. Bitcoin is growing in popularity for good reason.
One of the major positives to using Bitcoin as a payment method is the fact it is anonymous, meaning once you have created a Bitcoin wallet (this is required for all Bitcoin related activity) your personal and financial details are completely secure and kept away from prying eyes.
Another plus point is that many online sports betting sites accept Bitcoin without charging a fee for processing a deposit or paying out your winnings. While it is still in its infancy, we expect Bitcoin to continue increasing its popularity and more sites to accept it in the future.
Sports bettors are cashing in with Bitcoin — a worldwide virtual currency and digital payment system making waves globally.
Introduced in January 2008, Bitcoin was invented by an unknown person or a group of people under the name Satoshi Nakamoto. Bitcoins can be exchanged for other international currencies, products and services. As of February 2015, more than 100,000 businesses and vendors accepted payment via bitcoin.
However, sports gamblers around the globe are also tapping into Bitcoin currency as forms of payments, especially on offshore, Internet-based sportsbooks such as Bovada.lv and BetOnline.com.
Here are some advantages sports bettors have when using Bitcoin as a method of payment.
Bitcoin Avoids Third-Party Issues
The Professional and Amateur Sports Protecting Act (PAPSA) restricts all but four U.S. states from legally betting on sporting events. That means the majority of Americans use offshore sportsbooks such as Bovada and BetOnline to get their sports betting fix.
While these sportsbooks welcome American customers with open arms, often times banks and financial institutions make it harder for bettors to deposit money into their sportsbook accounts. Online sports betting transactions must go through a trusted third party during processing, which usually results in deposits being blocked by banks. This comes down to the strict rules against sports betting in the United States.
Bitcoin, which is a peer-to-peer payment system, helps customers avoid any third-party issues as you are dealing directly with sportsbooks.
Little to No Fees? Where do I Sign Up?
Everyone hates fees. Whether you’re buying or selling a stock on the market or withdrawing money from your sportsbook account, there is always a price to pay. With Bitcoin’s blockchain system — a public ledger that records bitcoin transactions — there is little to no fee when using offshore sportsbooks, which take a percentage from your winnings when cashing out.
Processing fees are nearly waved when using Bitcoin as method of payment on Internet-based sportsbooks. Bitcoin transactions hold a fee of as little as four cents. That small fee is usually just to compensate the Bitcoin miner who successfully solved the transaction block and added it to the blockchain.
Bitcoin Transactions in a Snap
The waiting game is over with the use of Bitcoin. Bettors can now cash out their winnings and receive their funds in just minutes when using bitcoin in the payment process. Traditional bank transfers mean sports bettors may wait days, even weeks before money is deposited into their accounts. Bitcoin cuts down the wait time marginally as transactions are limited to a 10-minute window in which individual blocks are added to the blockchain. Once the block makes it to the chain, the balance is in your hands.
Bitcoin Cuts Down Chance of Identity Theft, Fraud
Like any Internet-based business, there is always the chance of dealing with hackers, identity thieves and fraudsters. Bitcoin cuts down that risk exponentially.
Instead of inputting a credit card number, expiry date and security code, Bitcoin users are required to provide their address along with private and public keys. Because Bitcoin is a cryptographic currency system, it makes it more difficult for criminals to hack into accounts and steal personal information. Bitcoin is pseudonymous, which means funds are not tied to real-world entities, rather bitcoin addresses. To heighten security, a new bitcoin address can be granted for each transaction — making Bitcoin by far the safest currency for sports bettors using offshore websites such as Bovada and BetOnline.
Why Players Use Bitcoin as Preferred Payment Method
Once you start using Bitcoin for yourself it quickly become apparent why players use Bitcoin as their preferred payment method. We’ve already touched on Bitcoin being anonymous, and this alone is a major factor in online sports bettors using Bitcoin for deposits and withdrawals – you will no longer have gambling sites showing on your bank account transactions.
Another reason for the popularity of Bitcoin is the lack of fees associated with it. If you are a bettor who likes to move your bankroll around several different sports betting sites, the transaction fees can begin to mount up over time. However, so long as you deposit and withdraw the site’s predetermined minimum deposit or withdrawal amount, Bitcoin is usually free to use, leaving you with more money to place wagers with.
Finally, the value of Bitcoin can fluctuate, wildly sometimes, which sometimes works against you, but can often move in your favour when you come to make a withdrawal. Exchange rates tend to be more stable these days, yet it is worth checking a Bitcoin currency converter to see if the currency’s value is moving in one direction or another.