Updated: April 2024

Bitcoin Sportsbook Popular Questions

Bitcoin is the newest form of deposit methods for many online sportsbooks. Gamblers in the U.K. and the U.S. are increasingly turning to Bitcoins as their currency of choice when making deposits to be used for sports betting. This unique deposit option is likely to continue to intrigue online gamblers, especially those in the United States. In Europe and other parts of the world the last three to four years have seen a surge in the popularity of Bitcoins. The ease of its use and the anonymity it brings with it means that in the future it will most likely be the premiere choice of currencies among online sports bettors.

What is Bitcoin and How Does It Work?

Defined as virtual or digital money, Bitcoin is a whole new way of making deposits via an e-wallet. No traditional bank account is needed for Bitcoins, as a public ledger and exchange handles the money instead. Much in the same way gold does, Bitcoins can go up and down in value at any given time. This means that Bitcoin market establishes its value. Public online exchanges are used in the purchase of Bitcoins. One’s traditional currency can be used to make their Bitcoin purchases. With a simple process for purchasing Bitcoins with traditional currency transactions are completed quickly and efficiently. Once Bitcoins have been purchased they can be electronically sent to either merchants who accept Bitcoins as payments, or individuals. Bitcoins can be used to pay for services or merchandise. Though sports bettors in the U.S. market are still getting used to Bitcoins in Europe they have been used longer.

Why Use Bitcoin to Fund your Sports Betting Account?

Bitcoins are increasingly being used in sports betting because they provide a convenient, secure and efficient means of engaging in small and large transactions while eliminating the need to use a checkbook or traditional bank account to do so. Bitcoins are often the easiest solution for those who participate in online sports betting and don’t want to deal with the pitfalls of using traditional currency, including the sharing of personal financial information. Of all the online sportsbooks that accept Bitcoins as payment, many of them will allow their members to make Bitcoin deposits anonymously. Players based in the United States have the freedom to use Bitcoins to fund their online gambling without fear of repercussion from the government. Using them is easier than using any typical online e-wallet account, as it offers more flexibility and security.

How To Secure Bitcoin Currency

It is essential to understand exactly how Bitcoins work before purchasing them. Once an individual knows everything they need to know about the subject the first step is to register online for a Bitcoin account. Coinbase is among the services most often used to obtain this currency. It accepts U.S. residents and makes it very easy for them to obtain Bitcoins. After individuals cerate their Bitcoin account all they have to do is use their credit card or other acceptable method to deposit money to make the purchase with. When the money has been successfully deposited, individuals must log onto a Bitcoin exchange site and enter the necessary bid to complete the purchase. The process of purchasing Bitcoins is similar to purchasing stocks; yet for most, it is an easier process. To purchase Bitcoins one simply needs to ensure they submit an order to the market stating that they accept the price the Bitcoins are currently being sold for.

Funding a Sports Book Account using Bitcoin

Only certain sports books will accept Bitcoins as payment. In the future it is likely that an increasing number of sports books that don’t accept Bitcoins will change their policies in order to do so. The reason for this is because they want to be able to compete with sports books that already accept Bitcoins.

When it comes to using Bitcoins at online sports books players access the banking menu and send their Bitcoins to the site using the assigned bitcoin address. Depending on the particular sports book, players either deposit Bitcoins that the site will then convert to the equivalent in cash or the Bitcoins themselves are used to place bets.

Bitcoin Sportsbooks for Players from the U.S. and U.K.

While most U.S. sportsbook sites don’t currently accept Bitcoins, in some of the more liberal jurisdictions in the United States Bitcoins are an accepted form of currency. U.K. players will find that they have access to an increasing number of sportsbooks that do accept Bitcoins. U.K. friendly jurisdictions and markets make it a point to give their members as many different deposit options as possible. An increasing number of online sports books are beginning to accept Bitcoins because other online businesses already do.

The Future of Bitcoin and Online SportsBooks

The concept of accepting Bitcoins is something many online sportsbooks are interested in. Contrary to this concept, current regulations of online sportsbooks are dictating whether or not they accept Bitcoins. Due to the market force of countless industries there has been a push for everyone to accept Bitcoins as a form of payment. The websites that do accept Bitcoins are being closely followed in the market. To prepare for the eventual emergence of Bitcoins as the preferred type of currency it is the time for players who haven’t already done so, to familiarize themselves with Bitcoins and how they work. It is also the time to start deciding which Bitcoin exchange players will ultimately choose to use.

Anonymity and Freedom

It is unusual for online sports books and any gambling site that accepts Bitcoins, to request that their registered players give their real name and valid photo identification. However, online sports books that do not accept Bitcoins as payments insist registered players provide them with information such as name, phone number and address and often even utility and/or bank statements before any withdrawal will be processed.

Bitcoins are the ultimate anonymous form of currency. Those who purchase4 Bitcoins can use them any way they choose to. Document verification is not a requirement for player withdrawals to be processed. This makes the entire withdrawal process easier and more streamlined than non-Bitcoin sportsbooks make it.