- It’s easy to buy bitcoin.
- Almost every major sports betting site now accepts bitcoin.
- Be careful: Its valuation fluctuates wildly, making it a risky investment. So be sure your sportsbook converts it to USD as soon as you deposit. That way you avoid any fluctuations.
Unless you’ve been living in a cave, you’re probably aware that bitcoin, along with other cryptocurrencies, have exploded in popularity and risen in value in recent months.
Online betting sites have also embraced bitcoin. It’s cheaper than other deposit methods, there are no banks or regulation involved, and no chargeback risks. Its no wonder that they are offering huge incentives for their players to make the switch to bitcoin.
For sports bettors its great too. Huge deposit bonuses, free and instant payouts, and low deposit fees versus other deposit methods.
You should also be aware that bitcoin is more like a speculative investment than a regular currency, and can fluctuate wildly in value. Although the overall trend has been up in recent months, crashes of 20 percent or more in a few days are historically not uncommon. But many online sports betting sites immediately convert your bitcoin to USD. So you avoid those fluctuations, up or down.
Interested in getting on the bitcoin wagon? Here’s a step-by-step guide on how to get started:
Download the app “Coinbase.”
It’s available for Android and iPhone.
Create a Coinbase account.
You’ll need to agree to terms and enter the state you live in.
Now you’re logged in.
Again, the price of a single bitcoin tends to be pretty volatile, skyrocketing one day and collapsing another. It is a speculative investment. But as soon as you deposit at your sportsbook, they’ll convert to USD. You’ll wager in USD and then when it comes time to collect your winnings, they’ll convert it back to bitcoin and send it to your Coinbase wallet where you can choose to keep it in bitcoin or convert to USD.
Add a payment account
Tap the “buy” button at the bottom of the screen to add a payment account. Credit and debit cards allow instant buys but only let you purchase $150 in Bitcoin per week. Linking a bank account can take 4 to 5 days to trade, but you have higher buying limits.
You’re ready to buy. Tap the Buy button again.
This time you’ll see a screen showing your account information. Since I’m using a credit card, I can only buy $150 worth per week. If I buy $100 right now at the current $2708.51 price, I’ll get $0.03692073 Bitcoin. There’s a $3.99 fee. Now I just tap the Buy button again.
You can also buy Ethereum
You can use the same app to buy Ethereum, another cryptocurrency. At the time of writing, Ether, the currency associated with Ethereum, is available from $327. Like with Bitcoin, you’re limited to how much you can buy per week. Be sure to check to see if your sports betting site accepts Etheruem first. Many do not.
Prepare for the fraud prevention call
My bank called me within 5 minutes to verify my attempt to buy Bitcoin. You may face the same situation, just approve the purchases and you should be good to go.
Deposit your bitcoin into your sports betting account
Now you simply login to your sports betting account, visit the cashier, choose ‘Bitcoin’ option and follow the steps to fund your account using your bitcoin. Funds are usually verified in minutes. Claim your bitcoin bonus and start playing!