If you use an online sportsbook, chances are you have seen the option to deposit money via Bitcoin (BTC). Most don’t give bitcoin much thought and just use the same old forms of depositing that they are used to.
I wanted to take some time to inform my readers about bitcoin. The big focal points of this article are going to be on how you can purchase bitcoin and how to use those funds to make a deposit at a sportsbook.
The Basics on Bitcoin & How to Get Started
I’m not going to go into great detail on this. There are plenty of websites and videos out there if you are looking for all the fine print. Bitcoin is a form of digital currency that can be used to purchase goods. You can send or receive money to anyone from anywhere in the world. There’s also no limit on how much you can send or receive.
To get started, all you have to do is go to BitCoin.org and select the type of wallet that best fits you. There are a lot of options, so be sure to do some research. This next section will cover the top ways to add BTC funds to your account.
Different Options/Methods You Have to Purchase Bitcoins
Option #1 – Cash
The first way I’m going to cover is to use cash. There are three different ways I recommend, I’ve listed them below, as well as the essentials of using each.
WallofCoins.com – Find people near you who want to buy bitcoin quickly. Wall of Coins uses your location to match you with users and banks in your location that will trade your cash for bitcoins you can use to fund your account.
LibertyX.com – Use your mobile device to download the app “LibertyX” and once it’s installed create a new account. Find a location near you and go to it and purchase a LibertyX pin. From there you can use your receipt to redeem your pin and the deposit you chose will be credited to your account.
Coinatmradar.com – You will need to already have a Bitcoin wallet connected to your mobile device. This is easy and free to do. Once again you find a location nearest you to add funds to your account. There will be instructions on the screen to deposit money into the ATM. That cash will now show up as bitcoins in your wallet.
Bitquick.co – Go to their website and create a new account. You will then want to select “Quick Buy” and find a location near you to make a deposit. After that, you just have to follow some simple instructions via email to get the funds in your account.
LocalBitCoins.com – Sign up for a free account to find nearby buyers and sellers of bitcoins. Once you have found a local buyer or seller you will receive further instructions on how to complete the transaction quickly and securely.
Option #2 – Debit/Credit Card
Not someone who likes to deal with cash? No problem. You can use your debit/credit card to get started. Here are the two ways I would suggest using this option.
Note that you can also use your debit/credit card to withdraw from your ATM using the coin atm radar method.
Create Account at an Exchange – There are a number of exchanges out there and most work the same. They are going to require some basic information for verification to get started. Once that’s taken care of, you can add bitcoins to your exchange account using your debit or credit card.
xCoins.io – All you have to do is setup a new account and register your credit or debit card. After that, you can purchase bitcoins and use them anywhere in the world.
Option #3 – Bank Account
This is going to be very similar to the exchange method we talked about in the previous section. You will have to provide some info to get your account verified. Next, you just follow the steps to link your bank account to purchase bitcoins.
Why Use Bitcoins to Make a Deposit at an Online Sportsbook?
You should have a good idea on how to acquire Bitcoins. Now let’s take a look at the benefits of using them to make a deposit at a sportsbook.
Low Minimums and High Maximums
It doesn’t matter if you are a big or a small player. There is only a $10 minimum on all deposits and a $50 min on all withdrawals. What most users like are the high maximums. You can deposit up to $25,000 and withdrawal twice that at $50,000.
Fast Deposits & Withdrawals
If you have dealt with an online sportsbook, you know that depositing money to start and getting paid after you win can be a pain at times. That’s not the case with Bitcoins. The process is fast both ways. Most books will let you make a request during business hours Monday-Friday. They take 24-hours or less to go through and many times only take a couple hours.
Most Books Don’t Charge a Fee to Use
One area that a lot of books get you is they charge a fee each time you try to make a withdrawal. That’s not something you have to worry about when you use Bitcoins. Just about every book has no fees, so this is definitely a big positive. No need to let the books take a cut of your winnings.
Finding the Best Sportsbook for Placing Bitcoin Bets
Ready to give if it a try? Here’s a look at our top recommended online books to bet with.