If you are one of the many online bettors who use Bitcoin as their preferred payment method at the sportsbooks, then you already know how useful and convenient this financial option is to both the pro and the casual player. If, however, you were slow to catch up with the worldís most popular crypto currency, here are some of the main benefits of using Bitcoin at the online sportsbooks. We have based this guide on the many Bitcoin-related questions we have received or have seen people ask. Even years after Bitcoin overtook the sports betting industry, there are plenty of people who seem unsure of its benefits. And now we will attempt to answer as many of those questions as we can, while at the same time underline the positives of betting with Bitcoin at your preferred sportsbook.
If you have ever had to wait a couple of weeks for a paper check
payout to come from the sportsbook, than you know how slow the snail
mail could be. Even though the best sportsbooks will process your
cashout in a day, you still have to wait for the physical check to be
delivered, then deposit it at your bank and wait for it to clear. This
sequence alone not only could but it will add days between requesting
the payout and actually being able to spend your winnings.
The speed of payouts is probably the most praised side of Bitcoin by the members of the public who enjoy sports betting. With the crypto you donít have to deal with all those middlemen, your cashout could be in your hands as fast as one business day, how is that for speed!
Absolutely! While the payouts are very important to any customer of the sportsbook, being able to fund your account in a timely matter is also a high priority. For the longest time credit card deposits were the most popular way to bet online, but with various banks cracking down on online betting transactions, it has never been harder to deposit at the sportsbooks using plastic. A lot of the top sportsbooks still have credit cards as an option, but using this method is more expensive, due to the fees charged. In addition, in order to avoid fraud, a lot of betting sites would also require that their customers submit proof of credit card ownership, when they deposit for the first time using that particular card. And sine no payouts could be processed before these documents are submitted, itís just a pain in the rear end, especially when you consider that there is a much better, easier and faster way for deposits Ė bitcoins.
When you use Bitcoin for deposits at the sportsbooks the transactions are almost instantaneous. There are no forms you have to fill in, no verifications to deal with, simply send the Bitcoin deposit to the address provided by the sportsbook and in no time your funds are credited and fully available for wagers!
No. The great thing about Bitcoin is that, unlike other funding options, it completely eliminates all the other middlemen, who love to take a piece of your pie every time you want to spend your money. Sure, there is a micro fee charged by your Bitcoin wallet every time you send bitcoins to an address, but even when using high priority, the fee is only a few cents, not even worth mentioning. The sportsbooks donít charge any fees when you cashout or deposit using the famous cryptocurrency. Besides not having to pay bank fees, as you would if you were to use a credit card, the fraud aspect is also completely eliminated, which is another reason the sportsbooks donít charge any fees for using Bitcoin Ė they donít have to waste their time and money with things like chargebacks, stolen credentials, etc. Itís a win-win situation for both sides of the transaction.
All of them! And we are not talking about the standard welcome bonus every betting website offers. For the reasons mentioned earlier, Bitcoin has become the de facto preferred depositing method at the sportsbooks, and in order to encourage more customers to use it, the sportsbooks are offering some insanely large bonuses and promotions. Not only do all other standard promos apply, but the Bitcoin bonuses at the online sportsbooks are actually a completely separate entity Ė at nearly all sports betting websites you can use unlimited Bitcoin reload bonuses, giving you the option to increase your bankroll every time you fund your betting account.
Using bitcoins is probably the safest way of any transaction online. Since paying with Bitcoin is just like using an email Ė you send the bitcoins from your wallet address to the recipientís wallet address, there is no personal information exchanged. There is no way for bad actors to intercept and steal your personal info, no credit card numbers to get exposed, simply a one-time address which would never be used again. This makes betting with Bitcoin a very safe proposition. And since the Bitcoin transaction is irreversible Ė it is also very safe for the sportsbook itself, which, as noted earlier, results to no fees charged to the customer whatsoever. No wonder the sportsbooks give out tons of bonuses if you use this payment method.
Quite a lot, to be honest. The transactional security behind the blockchain, namely that once the crypto has been sent, it cannot be reversed back, gives the sportsbooks a piece of mind that once the bettor has made a deposit Ė they would get the funds. This in turn leads to some extremely high limits both for deposit and cashout. At this point, itís pretty much down to how much risk is the book willing to take on with that particular player. On the flip side, some sportsbooks will let you deposit/withdraw in the low six figures, without having to pay a dime in processing fees, to boost. A few of the top dogs (which you can see listed on our home page) are willing to allow customers to deposit as much as $500,000.
And for those non-high-rollers among us (i.e. most of us), you can deposit and withdraw as little as $10, when using Bitcoin, depending on the sportsbook. So this funding option is not geared just for the high limit sportsbook customer, but will cater to every type of bettor. Another great feature is that there are no restrictions on how many times you can deposit and cash out with Bitcoin Ė you can request a payout once a month or five time a week. Unlike the other payout methods, there is no limit on the number of cashouts the player can make.
As you can see, there are plenty of reasons and benefits to betting with Bitcoin at the online sportsbooks. From the large bonuses, through the speed and ease of transactions, to the safety and security, using this fabled crypto-currency can only improve oneís experience at the sportsbooks. If you have been on the fence with Bitcoin, it is definitely worth it looking into joining the hordes of bettors using the crypto as their preferred banking method at the sports betting websites.