At the best online sportsbooks like those we recommend, you can always make your deposits using a reasonably wide range of both traditional and cutting-edge bet funding methods.
Different sites support different deposit options, and some feature more options than others. But in general, you’re pretty well covered.
While it’s no secret that we strongly advocate making your online sports gambling deposits using cryptocurrency (we’re particular fans of Litecoin betting and Cardano betting, though the former is much more widely available), many gamblers prefer to use more traditional fiat options like credit cards, debit cards, gift cards, cashier’s checks, and even – ugh – bank wires and money orders.
However, regardless of the method you choose to top off your sportsbook account, there’s one thing you can do at most venues to maximize your payout potential from the very start – and it has nothing at all to do with betting itself.
See, no matter which method you use to deposit, the best online sports betting sites allow you to deposit your funds in one of two ways: USD or mBTC.
First things first, USD deposits are exactly what they sound like:
Whichever mode of deposit you use – from Visa or Mastercard to Bitcoin, Ethereum, Dogecoin, and so on – you can credit those funds to your account in US dollars.
In the case of card-based or check/bank deposits, your money will show up in your bankroll 1:1 (less any minimal transaction costs).
In the case of crypto deposits, your account will be credited in American dollars at the current exchange rate – minus the native blockchain transfer fees – for the coin in question.
But that’s for suckers.
Instead, we advise you to always – and we mean always – credit your account in mBTC, aka milliBitcoin.
What’s a milliBitcoin, you ask?
That, too, is exactly what it sounds like: A milliBitcoin is one-thousandth of a Bitcoin (0.001 BTC), or 100,000 satoshi (which is Bitcoin’s smallest denomination, named after Bitcoin’s pseudonymous inventor).
Of course, before we go any further, if you’re a Bovada member specifically, this might seem a bit counterintuitive.
As you can see in our 2021 Bovada Sportsbook review, the site actually offers its customers a free account upgrade to their Premium Bitcoin-Exclusive Membership tier when they deposit using crypto or sports betting vouchers – but only when funds are then credited in USD.
This membership level offers – among other perks – up to $500 in weekly free plays that can be used for gambling on sports.
Now, if you’re the type of gambler that really wants account reload bonuses, this is the only way to get them at Bovada, and you can’t take advantage of this membership upgrade if you deposit in mBTC.
So for you, simply ignore this advice.
However, if you’re not as concerned with online sports betting bonuses and would rather make the most of your actual “unadorned” deposits and payouts (and there are certainly many of you out there), you should instead ignore this special membership offer.
Similarly, if you’re not a Bovada member and actually gamble with a different top operator, you should think long and hard about making your deposits in mBTC.
There are, after all, significant advantages in doing so.
First and foremost, if you deposit in mBTC, the value of that deposit reflects the live price of Bitcoin.
If BTC goes up 5%, so does your online betting balance!
Yes, if Bitcoin goes down, your betting balance will decrease in value correspondingly. That’s true, and it’s definitely something to consider.
But be sure to also consider this: Never in the history of the US dollar has it actually gone up in value. In fact, the dollar is currently worth less than ever, and that trend is accelerating.
[Whether you bet on him or not, you can thank the current President for that fiasco. – Ed.]
Of course, appreciation on your hodlings isn’t the only reason to keep your betting balance in mBTC. It’s by far the best reason, but it’s not the only one.
In fact, for many online sports bettors, there’s an equally compelling reason to do this, and that’s that doing so allows them to get started in the crypto game without having to go through any major exchanges or crypto storefronts like Atomic Wallet, Coinify, etc.
If you’re interested in Bitcoin et al. but aren’t too keen on setting up a new crypto exchange account or trading your hard-earned money for this fancy newfangled digital cash, you can still dip a toe by depositing that cash as crypto into your online sportsbook wallet.
Granted, you can withdraw in crypto whether you credit your initial gambling deposit as USD or mBTC, but if you’re going to do that, you might as well use the stuff in its true form before cashing out.
This gives bettors a sense of value and scale.
You already know that a $10 bet is a $10 bet, for example, but when you wager in mBTC, what does that work out to?
Today, $10 is worth about 0.01731 mBTC.
If you get yourself in the habit of betting in such denominations, you’ll quickly glean a better understanding of the scope of Bitcoin in particular and cryptocurrency in general, along with how it can (and does) work as a legitimate medium of financial transaction.
The bottom line, however, is pretty simple:
When you choose to credit your account in mBTC instead of USD, chances are you’re going to have a lot more money with which to wager over the short term (to say nothing about the medium and long terms!).
Just remember, though, that unless you literally deposit in crypto, you can’t get enhanced crypto betting promos for choosing to credit your account in mBTC.
For those bonuses, you’ve got to get started with crypto the old-fashioned way.