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How To Bet With Bitcoin
More and more online sportsbooks are moving to Bitcoins as their preferred betting currency for deposits and withdrawals. Not only is it faster, but it is far easier once you get the hang of it and you don’t have to wait as long to get a check in the mail from the sportsbook. You can just request a transfer to your bitcoin wallet and you have the money.
Here we’ll tell you step by step how to take your money, turn it into bitcoins and deposit it into the sportsbook of your choice as well as how to withdraw it back to your wallet.
Step 1: Get A Bitcoin Wallet
The first thing you do, before you buy bitcoins, is have a place to send those bitcoins to. This is called a bitcoin wallet which is a place online that you keep your coins. You can create a free online wallet at blockchain.info or use an app such as breadwallet. There are wallets that are connected with sites like Coinbase or Circle which we will get to later.
The key is to have a wallet that you and only you can access. So, a wallet at a place like Coinbase is (basically) being held at a bank without FDIC protection. You are most likely fine, but if that bank gets robbed you might be out of money. This is very unlikely, but this is how people look at it so it’s always good to have a wallet that only you can access like breadwallet.
Step 2: Get Bitcoins
The best way to get bitcoins is by using a bitcoin ATM. These are popping up all over the place lately and you can find one by going to Coin ATM Radar. You take your money, exchange it for bitcoins and then transfer it to your wallet. Done.
You can also use a site like Local Bitcoins where you trade cash for bitcoins with locals. These may involve meeting people or making deposits on their behalf. In my opinion, not ideal but it works.
If leaving the house doesn’t sound like something you’d like to do, your next best option is using Coinbase. You give up your anonymity as you will have to tie your account to your bank account, but that makes for a more secure transaction for you. (If you use our link you can get $10 free after depositing $100.) Circle works the same way. It’s similar to PayPal only you can convert to bitcoin.
Step 3: Sign Up For A Sportsbook
Obviously, you can do this step at any point. Sportsbooks that we recommend that use bitcoin are:
The best of the lot here is probably Nitrogen who are completely anonymous and have a ton of betting options.
Direct Bet is similar, but you don’t have an account. You just make single bets and get paid if you win. It’s weird, but kind of cool.
Once signing up for one of these sites you will go to the cashier area and request a deposit. They will then give you an address. Copy this and return to your bank.
Step 4: Transfer Your Bitcoins
Okay, here’s where you need to pay attention as betting online is still frowned upon by banking institutions in the US. You can deposit straight to the sportsbook, but if you are doing it very often they may attempt to trace it and figure out what you are doing. If you are using a site like Coinbase as your wallet, they may delete your account. There are stories of this happening online. Here’s the best way to get around that.
- Take the money from your wallet at Coinbase and send it to another wallet like blockchain.
- (optional) Send it from that wallet to another wallet.
- Send it to the online casino using their unique address.
Again, this isn’t always necessary but there have been people who have had their Coinbase accounts canceled by going straight from Coinbase to Nitrogen or another sportsbook.
IMPORTANT: Always make sure the address is right!
Step 5: Gamble!
Step 6: Withdraw Your Money
Always request a fresh address from your sportsbook if that is available. Nitrogen will generate a new address every time which will keep you anonymous.
If you are moving the funds back to Coinbase or Circle, you probably want to do the steps from Step Four over again just to be safe.
REMINDER: Always make sure your addresses are correct!
Once back into your wallet you can then turn that money into your currency of choice at Coinbase or Circle. Or else keep it in your BTC account and wait for the market to jump.
Congratulations, you now know how to bet with Bitcoin. Now go bet!