Connect with us


Domestic Sportsbook Bet Funding Options Remain Limited

pile of crypto coins

Yesterday, the Alabama statehouse passed a major gambling expansion initiative out of committee. Part of the package, which will be voted on soon, includes state-wide legal sports betting.

Before the end of the year, it’s estimated that 30-35 states will have legalized domestic sportsbooks to one degree or another.

Most will feature online sports betting, though some – like Florida with its updated Seminole compact – will be limited to brick-and-mortar operations.

Obviously, in states like the latter, offshore sports betting will continue to be the only game in town for the vast majority of US residents.

But even in states with accessible sports gambling, that accessibility only goes so far.

Because – with the sole exception of forthcoming Wyoming sportsbooks – no state-regulated betting market allows its customers to gamble with Bitcoin or other cryptocurrencies.

This is a huge oversight.

For US-regulated books themselves, it’s probably a good thing (for now), as crypto recordkeeping is ironically more involved than traditional industry standards for basic payment options.

There’s more infrastructure – or rather, new infrastructure – necessary to make it work.

But even when crypto access matures, it’s unlikely that more than a few states will ever allow the stuff for betting.

Fortunately, at the best online sportsbooks operating legally overseas, crypto deposits are the order of the day.

They’re everyone’s favorite way to fund their bets, and the books prefer them because they bypass all the typical third-party nonsense that comes with government middlemen standing between you and your wagering.

At overseas sportsbooks, you can deposit and withdraw using an assortment of the following:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Stellar (XLM)
  • USD Coin (USDC)

But crypto access isn’t the only reason why the banking options are better offshore.

In addition to accepting popular alternative currencies, these sites also have better bonuses than their domestic state-based alternatives.

And if you use crypto to deposit, those bonuses are even bigger.

Bonuses are a major part of the banking equation. They dictate how big you can grow your bankroll, how fast you can withdraw your funds, and more.

But the biggest bonus shortfall with domestic operators is that they’re predicated on both rollover limits and time limits.

With such books, you usually have two weeks to hit your rollover or your bonus is simply wiped out. There’s no prorating, either, which means most bettors never see a dime of that “extra” money.

With offshore books, there are no time limits, and your rollover is reasonable and fair.

Domestic sportsbooks are all well and good, and they have their audience. But there’s a long way to go before they can match their international competition in even the most basic ways.

Sports betting starts with bet funding, and existing offshore outlets are on the cutting edge.

State-based books need a lot of sharpening before they’ll be able to compete.

More in Betting