There is little doubt that the popularity of Bitcoin has surpassed the wildest dreams of many of the currency experts – you can see Bitcoin (BTC) quotes on all financial sites, news outlets are quick to point out increases and declines in its price, and for a few years now it has become the top funding method at the offshore sportsbooks. Experienced bettors have become comfortable using the famed cryptocurrency at the online sportsbooks, but for many folks, especially those who are just starting with the betting sites, it may seem a bit unnerving, even scary at times. This is why we are here to answer one of the most popular questions asked by beginners – is it safe to use Bitcoin at the online sportsbooks?
If you are not interested in the additional information this article provides and simply want to get the answer if it’s safe to deposit Bitcoin at the sportsbooks, than the question is, generally, “yes”. There are a few caveats related to Bitcoin itself which could, in rare occasions, lead to some issues, but in a nutshell, if your chosen offshore sportsbook accepts Bitcoin, there is no risk in using this funding option, as a matter of fact, it is your best bet (see what we did there?). If this is all you wanted to know, you can see our list of the best Bitcoin sportsbooks here. Remember, your transactions are as safe as the betting website itself, so if you end up at a rogue sportsbook, it doesn’t really matter how you deposit into your account, it’s best to just not!
So what are those Bitcoin caveats we eluded to earlier? Well, the most important one is that unlike traditional payment methods, Bitcoin transactions are somewhat anonymous and irreversible. The second part is really the most important one – once you send the Bitcoin, there is no going back. This means that you should double and triple check the Bitcoin address you are sending money to, since once you have hit the “send” button, there are no mulligans. Your Bitcoin is gone and if you sent it to the wrong address, that’s it. So the main point when depositing at the sportsbooks using Bitcoin (or any other cryptocurrency, really), is to always verify the address you are send the money to. Best to use copy/paste action, rather than trying to type the address yourself. Same applies to getting paid your winnings from the sportsbook – make sure you give them your correct Bitcoin wallet address, since one they send the money to that address, there is nothing they can do to reverse that transaction, and your payment would be considered completed, even if you made a mistake. So it’s not so much about safety, but more about being diligent when funding an online sportsbook account via Bitcoin.
Another safety aspect is how you handle your side of the Bitcoin equation. Unless you are mining them yourself (highly unlikely), you would have to actually buy bitcoins before you can deposit them at the offshore sportsbook of your choice. This usually takes place at an “exchange” and this part is where safety and security should be taken very seriously. Only use established exchanges and make sure that your login credentials are very though to crack – strong passwords and two-factor authentication is a must.
So why use Bitcoin at the sportsbooks to begin with? Well, as noted, it is quite safe to do so. Unlike credit card and bank account information, which could get exposed on the internet, the Bitcoin transactions are rather safe in this regard. Just because someone knows the address you sent Bitcoin from, it doesn’t mean they could do anything with it (other than send you some Bitcoin, which would be a welcome form of “harm”). You can even turn your Bitcoin transactions into a one-time thing by simply generating a new Bitcoin address for every transaction you make. As you can see, as long as you keep your wallet credential secure, using Bitcoin at the offshore sportsbooks is very safe. In addition, Bitcoin deposits and payouts at the sports betting sites offer speed unmatched by any other funding method. Most reputable offshore sportsbooks process those transaction in a matter of minutes. And then there are the bonus offers many gambling websites offer to those customers using Bitcoin, something everyone should look into before choosing a funding method. Overall, using Bitcoin at the sportsbook is not only safe, but a very fast and convenient way for the bettor.