Bitcoin Sports Betting Deposits
For most Americans, sports betting over the Internet remains unavailable in their states of residence. Further, due to the Interstate Wire Act, fans from one state cannot legally bet online with sportsbooks in another state. But they can legally bet with international operators who host their books outside of US jurisdiction.
The only hurdle is getting your overseas sports betting account funded. Credit, debit, and traditional bank transfers can be flagged by the UIGEA law, blocking you from getting money into your betting account. But no law – not even the UIGEA – can interrupt Bitcoin sports betting deposits.
With Bitcoin, offshore betting is legal, safe, and simple. But to use Bitcoin as a sportsbook banking option, you must first buy some Bitcoin cryptocurrency – which you can now do right through the PayPal app, by the way (though there is a caveat at launch – see below). If you’re so inclined, Bitcoin sports gambling should be your very first bet. To get started using Bitcoin (BTC), there’s nothing cryptic about our short crypto guide!
What Is Bitcoin?
Bitcoin is the world’s first and most popular cryptocurrency. As the platform that introduced the revolutionary cybersecurity concept of the open ledger blockchain, BTC has single-handedly birthed not only the crypto industry, but also the new encryption technologies that have been embraced by major banking institutions worldwide.
Bitcoin is the safest, most valuable form of currency ever, and it operates in a wholly free market. No banks or governments have any authority over BTC, and it can be freely transferred between private parties legally and securely.
As of Q3 2020, the Bitcoin market cap is north of $212 billion, with a single Bitcoin token trading at over $11,500. Some critics say Bitcoin is gambling (which makes it all the more attractive to sports bettors), and, frankly, it is. But it’s been a ludicrously safe bet, as each Bitcoin was worth much less than a penny when the platform launched in 2009.
If you’re just learning how to gamble, Bitcoin was practically made to make your hobby easier and more profitable. It’s a Bitcoin future – we’re just living in it!
Is Bitcoin Legal For Funding Online Sports Betting?
Yes! Bitcoin is legal to use for funding online sports gambling or any other lawful pursuit you enjoy. The only prerequisite is that your vendor or service provider actually accepts the stuff.
Since all the best international bookmakers accept Bitcoin and actually encourage their members to use it, you can rest easy that when you top off your account with BTC, you are breaking no laws whatsoever.
Best of all, Bitcoin sports betting deposits legally bypass federal UIGEA banking restrictions, because the blockchain platform cuts out all governmental and banking middlemen. It’s a free country, Bitcoin’s a free market, and you can even get free bets online for using the stuff!
Bitcoin Benefits For US Sports Betting
Bitcoin’s worth to sports bettors is multifaceted, as the cryptocurrency offers a huge number of perks for gamblers when compared to any other non-crypto banking methods.
- Legal for all USA/international gamblers aged 18 and up
- 100% guaranteed deposit rate
- Nearly instant online sportsbook money transfers
- Now buy Bitcoin with PayPal (trade options pending)
- Quantum-hacking-proof transactions secured by revolutionary blockchain technology
- Increased anonymity for all users
- No transfer fees for deposits or withdrawals
- Lowest minimum deposit limits
- Highest maximum deposit limits
- Enhanced Bitcoin bonuses at all major sites
- Only banking option for same-day payouts
Bitcoin Bonus Options
When you fund your online betting account with Bitcoin, you will get access to bigger and better bonuses than you will for any other deposit method. This alone is reason enough to make the switch to BTC for all your sports betting needs, because if you know how to gamble, Bitcoin lets you keep more of your bankroll and your promotional perks.
To show just how much more valuable BTC bonuses can be compared to standard promotions, take a look at Bovada Sportsbook. As the most popular overseas betting site in America, Bovada’s 50% Sports Welcome Bonus is worth up to $250 and has been the gold standard for years. But if you accept the Bovada Bitcoin bonus for sports wagering, you’ll get a 75% deposit match worth up to $750!
Of course, Bovada isn’t alone in this. Literally all reputable, top-rated online sportsbooks operating outside of US jurisdiction offer similar Bitcoin sign-up bonus enhancements. At the best Bitcoin betting sites, you get more for less, and you get it a heck of a lot faster!
How To Buy Bitcoin
Before you can deposit BTC at the top Bitcoin gambling sites, you’ll need to purchase Bitcoin. This can be done in a number of ways, and most US and international bettors use Coinbase and similar buy-in exchanges. Additionally, you can finally buy Bitcoin with PayPal, simplifying the process considerably. That said, this particular route cannot yet be used for trading, so we advise waiting for PayPal to allow outgoing BTC transfers before purchasing Bitcoin this way for use at online betting sites.
Unfortunately, if it’s your first time purchasing Bitcoin, many services often require buyers to wait up to 10 entire days before their Bitcoin is released to them. While the Bitcoin value is locked in at its trading price the day you buy it, the fact that it takes so long to receive your BTC before you can bet with it at your online sportsbook is a huge problem.
While casino gamblers might not have an issue with this, sports betting is extremely time sensitive. Odds change by the hour, and having to wait often means missing out on the best lines. Worse, having to wait days on end means missing out on all the games and events you wanted to wager on in the first place.
This, more than anything else, is what keeps bettors from jumping on the Bitcoin bandwagon. Fortunately, if you want to know how to get Bitcoins faster – that is, in minutes instead of days – there is a simple solution: Zelle sports betting sites and LocalBitcoins.
Update: Select sports betting sites are starting to accept QuickBit QB Direct transfers that allow non-crypto holders to effectively use their credit and debit cards to make direct deposits with cryptocurrency to fund their accounts. While QB Direct currently uses the Litecoin crypto and not BTC, Bitcoin could be supported in the near future.
The Zelle-to-Bitcoin Process
Zelle is a banking product available to USA residents who have US-based bank accounts. The service is hosted by most banks, credit unions, and financial institutions in America, and chances are, you’re already a Zelle user.
With Zelle, you can initiate a lightning-fast transfer from your bank account – no questions asked – to a private Bitcoin seller on LocalBitcoins.com. This Zelle-to-BTC process is safe, secure, and 100% guaranteed thanks to LocalBitcoins’ unique escrow system, where both buyers and sellers release their funds to the site, which then – and only then – disburses them appropriately.
You’ll never get ripped off by a private Bitcoin seller at LocalBitcoins.com, and first-time BTC buyers will reduce their wait times from days or weeks to mere minutes. After you receive your BTC in your LocalBitcoins web wallet, you can then transfer it directly to your favorite offshore sportsbook via their Bitcoin deposit form.
Stellar-To-Bitcoin Deposit Options
Like Bitcoin, Stellar is a cryptocurrency platform that is accepted by some of the top online sportsbooks. Both BetOnline and SportsBetting AG support banking with Stellar Lumens (XLM), and the process works the same way as it does for Bitcoin. The only difference is that once at your sportsbook’s cashier page, you’ll select the Stellar deposit option instead of the BTC deposit option.
If you wish to use Stellar to make direct gambling deposits, your options are currently limited to the above books. But if you already own Stellar and want to use it to fund your online gaming at any site listed here, you can initiate a Stellar-Bitcoin transfer at any major exchange (Coinbase, Kraken, Bittrex, Binance, etc.).
To learn how to convert Stellar to Bitcoin, the XLM to BTC procedure is as simple as logging into your exchange account and buying Bitcoin with your Stellar Lumens. Then, just deposit BTC into your betting site of choice. Depending on the current Stellar price, you might get even more bank for your buck going this route!
New For 2020: Buy Bitcoin With PayPal
As of October 2020, PayPal finally allows its hundreds of millions of users to purchase Bitcoin right from personal PayPal accounts. This is a huge boon not just to the adoption of Bitcoin and other cryptocurrencies, but it will allow hundreds of thousands of new sports bettors to finally hop on board the Bitcoin bandwagon and get the best legal sports betting bonuses and same-day payout options they’ve been missing.
However, there’s one thing to be aware of: At launch, PayPal is not allowing outgoing transfers of Bitcoin (or any other crypto) that is purchased using the service. Once this restriction is eliminated as the service rolls out, it will be safe and easy to use PayPal to buy BTC for use at legal online betting sites.
To buy BTC with PayPal, the process couldn’t be simpler. Just log into your PayPal account or fire up your PayPal app, and head over to the cryptocurrency section. There, select Bitcoin, enter the amount you wish to buy, and submit the ticket. Once your BTC is credited to your PayPal wallet, you’ll be able to send it easily and rapidly to any Bitcoin sports betting site of your choice.
Note: In the future, if PayPal has regulatory restrictions in place to prevent these legal transfers to overseas sportsbooks, that’s not a problem. Should such occur, simply buy Bitcoin with PayPal, and then move it to a Bitcoin wallet or another online exchange (Coinbase, Kraken, Bittrex, etc.). From there, you’ll be able to deposit Bitcoin into your online sportsbook and start betting immediately.
Where To Buy Bitcoin
While you should probably buy your Bitcoin from LocalBitcoins.com if you’ve never purchased any of the cryptocurrency before, there are numerous exchanges that will allow individuals to convert their fiat money to BTC at the currently-trading Bitcoin price.
We already mentioned Coinbase as the most popular of these, but other widely used points of purchase include the following, to name just a few:
- PayPal (buy-in only, transfers coming soon)
- Bitcoin ATMs
Of course, there are dozens if not hundreds of other buy-in points. However, we currently only recommend the tried-and-true services of Coinbase (if you can tolerate a borderline intolerable wait) or LocalBitcoins (via Zelle-to-Bitcoin).
We’ve also used Kraken with great success, and Bitcoin ATM options are conveniently available and reliable. To find a BTC ATM, simply open your mobile web browser, turn on location services, and type “Bitcoin ATM near me” into Google. These work just like bank ATMs: Simply deposit cash or insert a debit/credit card, and you’ll get Bitcoin sent to your BTC wallet address.
As of Q3 2020, perhaps the easiest and fastest way to purchase Bitcoin is to use PayPal, as the popular P2P platform now lets its users purchase BTC and other cryptos right within the PayPal app itself. That said, at launch, you cannot actually make outgoing BTC transfers from within PayPal, so we recommend purchasing Bitcoin on the typical exchanges until PayPal changes this temporary policy.
Best Bitcoin Wallet For Sports Betting
There are several good options when it comes to choosing the best Bitcoin wallets. If you intend to make frequent overseas betting deposits (or receive same-day BTC payouts when you win big), your Bitcoin gambling wallet needs to be fast, convenient, and accessible, so you can send your funds to your favorite sportsbook and get betting while the betting’s good.
As such, you’ll probably want to use a web wallet or software wallet rather than a hardware wallet or paper wallet when storing BTC funds you have earmarked for sports betting. The best of each of these wallets are listed below.
Bitcoin Online Wallets – Fastest
- PayPal (coming soon)
- Other Online Exchange Wallets
Bitcoin Software Wallets – Fast
- Bread Wallet
Bitcoin Hardware Wallets – Slow
- Ledger Nano S
- Ledger Nano X
- Trezor One
Bitcoin Paper Wallets – Molasses
If you’re only interested in how to invest in Bitcoin, you’ll have far more options than the above for where to keep – or “hodl” – your BTC. That’s because Bitcoin investing doesn’t really require you to engage in Bitcoin trading – You just hold only your BTC in any Bitcoin account of your choosing.
Note: Regardless of which BTC wallet you choose, only download software wallets from their official websites. Similarly, when purchasing a BTC hardware wallet, only do so from the manufacturers’ official web stores. Do not buy these from eBay sellers, Amazon sellers, or any other third-party retailers.
After all, betting on sports is risky enough – You shouldn’t have to gamble on your Bitcoin wallet’s security.
Getting Same Day Sportsbook Payouts With Bitcoin
Bitcoin, Bitcoin Cash, and other cryptocurrencies are typically the only options for USA bettors to get same-day payouts from sportsbooks. In order to receive your winnings or just make a withdrawal from a sports betting site using Bitcoin, you must have also used BTC to fund your account. You cannot deposit money using Visa or bank transfer and then withdraw using Bitcoin.
When you qualify to request your payout in BTC, there are a few perks, not the least of which is being able to receive your funds within 15 minutes in many cases, though the specific turnaround varies by site. Typically it doesn't take more than an hour to get your payout.
Additional upsides to BTC deposits and withdrawals include no fees associated with the transactions and heightened security for safer transferring and storing of your funds. All of our recommended sportsbooks support Bitcoin and some of them have integrated instant BTC purchase services right into their interface. We enthusiastically support using BTC or other cryptocurrencies when at all possible.