- It’s never been easier to buy bitcoin or cryptocurrency.
- Most major sports betting site now accept bitcoin.
- Be careful: Bitcoin’s valuation fluctuates wildly from day to day. To avoid risk, be sure your sportsbook converts it to fiat currency as soon as you deposit.
Bitcoin and other cryptocurrencies have exploded in popularity and risen in value in recent years. Its now probably safe to say that they are here to stay.
Online betting sites have also embraced bitcoin because it’s cheaper than other deposit methods, there are no banks or regulation involved, and no chargeback risks for them. Its no wonder that they are offering huge bonus incentives to their players to make the switch to bitcoin.
For sports bettors its great too. Bigger deposit bonuses versus other deposit methods and fast and free payouts. Its for those reasons that smart sports bettors are making the switch from traditional credit cards over to cryptocurrencies.
The one issue you need to be aware of is that bitcoin is a speculative investment and can fluctuate wildly in value from day to day or even intraday. Although the overall trend has been up in recent months, price drops of 20 percent or more in a few days are historically not uncommon. Most online sports betting sites , however, immediately convert your bitcoin to USD. So you avoid those fluctuations, up or down. You should avoid playing with a bitcoin betting site that keeps your balance in bitcoin versus allowing you to convert and wager in fiat currency.
Interested in learning how to buy bitcoin quickly and easily with a credit card using your smartphone? Here’s a step-by-step guide on how to do it:
Download the app “Edge”
It’s available for Android and iPhone.
Create an Edge account.
You’ll need to create a user name and password to set up your account.
Now You’re Ready to Buy Bitcoin
To start the buying process tap on the Menu button at the top right of your Edge Wallet.
You will see the menu bar slide to the front of the screen with a few different options. Tap on “Buy Cryptocurrency”.
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 Edge wallet where you can choose to keep it in bitcoin or convert to USD.
Right now the option to buy is with Simplex but we will be adding more fiat to crypto exchange options overtime.
Tap on Simplex and complete their onboarding process. Keep in mind some cards/banks decline cryptocurrency related transactions. We know for a fact Chase, Wells Fargo, Bank of America, and Citi deny these transactions. You may have to try multiple cards.
You should see an introduction screen about Simplex with some information on fees and the time it will take to process a transaction. After reading the introduction press “Next” at the bottom of the screen.
After the introduction you’ll see a screen that allows you to choose your destination wallet and type in the amount of cryptocurrency you want to purchase. With our latest release users can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Make sure to set your destination wallet to the wallet type of the cryptocurrency you want to purchase. For example, if you want to buy Bitcoin you need to make sure your destination wallet is a Bitcoin wallet. The same goes for Ethereum, Bitcoin Cash, and Litecoin.
The first step in the buying process is providing the billing information for your credit or debit card. Fill in the appropriate information for this screen.
Next, enter the payment details of the card you want to use.
To complete the process you’ll need to provide valid documentation of your identity for regulatory and fraud prevention purposes.
Once you’re verified by Simplex you’ll be able to buy Bitcoin, Ethereum, Bitcoin Cash, or Litecoin with a credit or debit card! Simplex’s turn around time is quick. The cryptocurrency you decided to buy should show up in your destination wallet in 10-30 min.
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. You can check the status on any transaction by going to the blockchain website and entering your deposit’s transaction address here: https://www.blockchain.com/explorer
Don’t forget to claim that bitcoin bonus and see if your sportsbook will reimburse any deposit fees incurred at Edge (many will if you ask). Good Luck!