Most of the best USA sportsbooks are now accepting Bitcoin (BTC). Of those, USAbetting.com highly recommends these offshore sports betting companies that serve American customers:
- Bovada Sportsbook
- 5Dimes Sportsbook
- BetOnline Sportsbook
- WagerWeb Sportsbook
There are some distinct advantages to players and the American-focused sportsbooks in funding with BTC:
- There are almost no fees involved for player or sportsbook when receiving funds. It is best to allow a small amount for a transaction fee when sending to ensure the transaction takes place speedily. This goes to the bitcoin miner and it is so tiny as to be insignificant, less than a cent in most cases. The real point is that there is no fee paid to the sportsbook.
- That is because there is no intermediary bank. Bitcoins can be sent direct to a sportsbook from your exchange account or Bitcoin wallet, which can be located on your mobile or PC.
- The fact there are no banks involved circumvents some of the American laws in relation to banks not being allowed to handle betting transactions. As Bitcoin doesn’t go near a bank, that issue for players and more particularly sportsbooks is neatly sidestepped. You can see why the US bookies are embracing bitcoin in a big way.
- Speed – transactions across the world, including internationally, happen within a matter of minutes.
- Bitcoin allows the sender to remain totally anonymous. However sportsbooks do still require your personal details on your betting account, though that is always confidential. At USAbetting we would be very wary if the betting was entirely anonymous. If you stick to the sportsbooks we recommend you will be fine as they are known to be trusted. There are firms springing up solely accepting Bitcoin as a payment method and nothing else. It is too early to vouch for the honesty and credibility of any of those companies.
- There can be no chargebacks. A bitcoin transaction is final with no way of complaining to a bank that it was fraudulent or unfair. This may also count as a disadvantage in some circumstances.
One point to consider if you plan to convert your bitcoin back to US dollars at some point is that this cryptocurrency has a history of volatility against the traditional currencies. One Bitcoin has been as high in value as $1000. At the moment it is circa $400. But don’t worry you can still buy something small like a coffee with Bitcoin because the currency divides down into bits and there are one million bits in a Bitcoin. So one bit is 0.000001 BTC.
You can pre-load certain debit cards using bitcoins and that will enable you to spend them wherever credit cards are accepted.
We recommend you keep your funds in your own ‘Bitcoin wallet’ on your own computer. You do need to ensure you follow the backup instructions so if the device your wallet is on gets lost or stolen then you still have access to your funds.
USAbetting suggests that you use an exchange account only to buy or sell BTC. Once you have bought, send them to your own personal wallet. That way if the exchange is ever compromised, and it has happened before, then you are safe in the knowledge that they do not hold any of your funds.
So when dealing with the USA Bitcoin sportsbooks our advice is that you send funds from and receive funds into your own personal wallet. If you ensure you have taken a backup then that is both the safest and most anonymous option.
- To find out more about the cryptocurrency Bitcoin read this informative website: Bitcoin.org.