How to Get Bitcoin for Sports Betting
Updated: September 2023
The Relationship Between Bitcoins And Sports Betting
Most of today’s hottest sportsbooks are now taking Bitcoin (BTC) payments for betting purposes. If you aren’t yet familiar with this digital currency, you need to be. The good news is that this guide will explain everything you need to know about the subject.
How To Get Started With BTC
Before you can use Bitcoins for sports betting purposes there are a few steps you will have to go through first:
1. Register for a sportsbook account on the site of your choice
2. Open a crypto account
3. Open an exchange account
4. Purchase Bitcoins for your crypto account
5. Transfer Bitcoins from your crypto account to your sportsbook account
Register For A Sportsbook Account
We recommend that you choose to register with one of the sportsbooks we’ve reviewed. Any that we don’t endorse we can’t guarantee are legitimate. Once you choose a particular sportsbook, the registration process is fairly standard.
As soon as you complete the process, you will want to immediately make your first Bitcoin deposit. To complete this type of deposit you’ll be required to either use your phone and scan a QR code, or write down the virtual address you’ve been given.
Open A Crypto Account
Your e-Wallet/crypto account is where you store your Bitcoins for safe keeping. Our recommendation is that you choose Exodus. Point your browser towards exodus.io. When the page loads, go to the top, right corner of the web page and click on the download button.
The first step is to tell the site which operating system you use, as the instructions are different for Windows than they are for either Mac or Linux. This will determine which version of the app you need to download. When the download is complete, simply open the app and find the button that says “send assets to wallet.”
Open An Exchange Account
Exchange sites are where you buy and sell Bitcoins. We recommend you open an account with Coinbase. Like all exchange sites, it operates similar to the stock market. The value of Bitcoins can rise or fall at any moment.
You’ll need to download the app for whichever exchange site you choose to use. If you choose Coinbase, the sign up process is easy. Follow the directions on the app for opening an account.
After you’ve provided all the necessary information to register, you will need to verify your email address, along with your mailing address, full name, phone number, and other relevant information.
Purchase Bitcoins For Your Crypto Account
To purchase Bitcoins you’ll first need to log into your cryptocurrency/exchange account. In the case of Coinbase, the first step is to access the Accounts tab and click on BTC wallet. Once you verify the information included in your driver’s license, you’ll need to provide a debit or credit card number to purchase your Bitcoins with.
The next step is to choose the amount of Bitcoins you want to purchase. Before confirming the purchase, click the button on the website that says Preview Buy. When you are ready to complete the purchase, click on the button that says Buy Now. Afterwards, you should get a confirmation email as well as a notification on your phone if you allow them. This will confirm the amount of Bitcoins you are paying for.
Transfer Bitcoins To Your eWallet
On Coinbase, or whichever exchange you choose, to transfer Bitcoins you’ll first need to click on the icon of a paper airplane. This is the button that allows you to transfer Bitcoins from your crypto account to your sportsbook account.
The first step in this process is to enter the amount of Bitcoins you want to transfer. Coinbase requires you to click on the next button after you enter the amount. You will then need to type in or copy and paste the virtual address for your Bitcoin wallet.
Transactions are generally completed in minutes. You’ll know yours is done when you refresh your Bitcoin wallet and see your deposit reflected in the balance. Most sites will tell you the deposit is confirmed.
Transferring Bitcoins From Your eWallet To Sportsbook Account
When you log into your sportsbook account, click on the button to make a deposit using the name of your e-Wallet provider. You will then have to provide your virtual eWallet address to the sportsbook, along with the amount of your deposit. Once you have submitted a deposit it will most likely be available right away.
An Overview On Using Bitcoins At Online Sportsbooks
We monitor many sportsbooks and can report that, currently, over half of them (54%) accept Bitcoins for deposits
The best way to protect your identity on an online sportsbook is to bet with Bitcoins
Most sportbooks will give you extra perks for making Bitcoin deposits
While you are under no obligation to use Bitcoins when betting on sportsbooks, it is set to soon be the preferred method of deposit. Read on to find out the advantages of completing deposits and withdrawals in Bitcoins as opposed to non-digital currencies.
A Quick Bitcoin Lesson
In case you don’t know, Bitcoins are classified as digital, or virtual currency. Blockchain technology makes the use of Bitcoins possible. A blockchain is an online network that keeps track of every Bitcoin ever created, along with its current value. The most important facts to know about Bitcoins are that you can use them anonymously and they are not regulated by banks.