For many the Bitcoin craze was first seen as a gimmick, but the anonymous virtual currency has now taken a life of its own and is accepted form of payment all over the internet. And while the online sportsbooks initially dropped the ball on accepting Bitcoins for deposits and withdrawals at their businesses, nearly all of the popular US sportsbooks now take Bitcoin payments, both for funding your account (deposit) and cashing out your winnings (withdrawal).
While Bitcoin doesn't really work as anonymity tool, as far as the sportsbooks are concerned, since you have to open an account with your real credentials, it certainly makes depositing and withdrawing your money from the sports betting websites that much easier. So let’s take a look which recommended US-friendly sportsbooks accept Bitcoin, what the limits are and if there are any prerequisites to using this form of payment at the betting sites.
Bookmaker – the sportsbooks that not only accepts Bitcoin deposits and withdrawals, but it offers the highest limits on both payment options. You can deposit at this famous betting website using Bitcoin anywhere from $10 all the way up to $25,000 and the withdrawal amounts are even more generous – from $50 to the whopping $50,000. Keep in mind that for payouts, the Bitcoin method is only available from Monday to Friday between 8:00 am and 9:00 pm EDT. Bookmaker is ranked the best sportsbook on our website and it will have no trouble maintaining this score with such amazing numbers. Both depositing and withdrawal at the sportsbook using Bitcoins is fast and easy, definitely the best choice if you are looking for sportsbooks taking Bitcoins.
Bovada Sports - the popular sportsbook has really stepped up their Bitcoin game. The digital currency is not only accepted here, but in a way, it's now the preferred depositing method for sports bettors. In addition, Bovada offers a large bonus for customers who choose to fund their betting account using bitcoins - sometimes running promotions offering 50% bonus on Bitcoin deposits (yeah, you've read that right). Even if a Bitcoin bonus is not advertised on the website, you can ask the customer service and they'd be more than happy to give you a custom bonus offer for Bitcoin deposits. Of course, withdrawals using bitcoins are also an option, indeed much faster than anything else.
5Dimes – another popular sportsbook which employs the virtual currency and the terms and conditions are better for the high rollers. The sportsbook allows Bitcoin deposits from $25 to $10,000 without any fees and Bitstamp is the preferred choice for calculating Bitcoin value of the deposits and withdrawals. Speaking of withdrawals, there are no limits on the maximum amount of the payout that can be requested via Bitcoin and no fees to use this method, with the minimum withdrawal starting at $50. Something to keep in mind, however, is that players who have not deposited with Bitcoins or have not deposited with Bitcoins at all, can withdraw only once per week with the maximum amount of up to $5000 per cashout request.
GTBets – another popular choice among the USA players looking for sportsbook accepting Bitcoin transactions. It’s free to use both for funding your betting account and for cashing out your winnings, making it a preferred method for many trying to avoid the high fees the sportsbooks charge for the other payment methods. The minimum is $35 and the maximum value of Bitcoin transactions at GTBets is however at only $3,000, far behind the two other behemoth sportsbooks noted above. Still, a good choice for a Bitcoin sportsbook, if you want to diversify your betting action.
The most popular virtual currency in the world, the complexity of the inner workings of Bitcoin are beyond our website, but no deep knowledge of the payment system is necessary in order to utilize the many benefits the digital currency offers. One can purchase bitcoins using traditional currency and in turn use the bitcoins to purchase goods or services, both on the internet and offline.
Keep in mind that the bitcoins are not guaranteed by any financial entity and there is an inherent long-term risk, but for quick transactions, it makes it a perfect payment method, especially for the online sportsbook customers, who are getting tired of the high fees the sportsbooks charge for withdrawals using traditional payout methods. Bitcoins you have received in your wallet can in turn be sold for other currencies (such as dollars, pounds, euros, etc.) with price determined by the market. There are literally thousands of websites on the web that would offer a quick guide to using Bitcoins, including how to buy and sell the virtual currency.
How to buy, sell, deposit and withdraw with bitcoins
As mentioned, there are many ways you can transact using the Bitcoin system and we won't get into all the details, but a basic guide is necessary and, to be perfectly honest, it's all that most bettors would need to deposit and withdraw bitcoins to and from their sportsbook account.
You can look at Bitcoin as a two-part system, the wallet and the exchange. The wallet is where your bitcoins are kept and the exchange is where you buy and sell bitcoins. In essence, one would need two accounts, one with the Bitcoin exchange, where you would buy and sell bitcoins, and the other with the Bitcoin wallet, where you would store your bitcoins after you buy them or before you sell them. Note that some exchanges do offer 2-in-1, i.e. both a wallet and exchange account, under the same umbrella, but some of them also frown upon transactions with gambling websites, so it's best to keep the two separate.
The process is also simple. If you want to deposit bitcoins to your preferred online sportsbook, you have to fund your exchange account (with bank transfer, credit card, etc.), then purchase the bitcoins, which in turn will be transferred to your Bitcoin wallet. The Bitcoin interfaces will vary between the sportsbooks, but once you log in to your sportsbook account, you can find the Bitcoin deposit option and follow the instructions (which usually require a couple of mouse clicks) and your bitcoins will be instantly deposited from your wallet to your sportsbook account.
The payout using Bitcoin at the sportsbook follows the same process, only in reverse. After requesting a Bitcoin withdrawal from your sportsbook to your wallet, the book will usually transfer the bitcoins in a matter of minutes. After you've received your sportsbook payout - head on to the exchange to sell those bitcoins and get the money transferred to your bank account, simple as that.
Which Bitcoin wallet and exchange to use? Well, there are many exchanges and even more wallets, but most of the people recommend Blockchain as the wallet - signup is fast and easy, so are the transactions, and among the most recommended exchanges are Kraken and Coinbase. Of course, nothing beats due diligence, take your time to research the subject further, especially if you plan on holding bitcoins for long periods or keep your bitcoins offline.