Last updated December 22nd, 2020
Most of the best USA sportsbooks are now accepting Bitcoin (BTC). Some also welcome Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) and Stellar (XML) cryptocurrency transactions. If you need an online bookie that accepts deposits and payouts in BTC then USAbetting highly recommends these offshore sports betting companies that serve American customers:
- Bovada Sportsbook
- BetOnline Sportsbook
- MyBookie Sportsbook
- WagerWeb Sportsbook
There are some distinct advantages to players, and the American-focused Bitcoin sportsbooks, in funding with the cryptocurrency:
- At Bovada you can hold your betting account in Bitcoin currency. So you can actually bet in the crypto. This saves any exchange costs of swapping BTC for USD and you won’t get hit by BTC volatility while it is in USD, because it doesn’t need to be in US dollars. You get the option of holding your account in dollars or crypto on sign-up.
- 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 small enough as to be insignificant, a matter of cents 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. USAbetting advises using your own private wallet, such as electrum (ensure you are at https://electrum.org and not any other similar site), rather than transacting direct with sportsbooks to or from an exchange. This is to increase anonymity and privacy. It also avoids probing questions from the BTC exchange as they have a low tolerance to USA gambling.
- 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 best betting sites are embracing Bitcoin and crypto in a big way.
- Speed – transactions across the world, including internationally, happen within minutes. The first confirmation is usually within 10 mins from sending. Most firms will wait for six confirmations before crediting your account.
- Bitcoin allows the sender to remain totally anonymous. However some sportsbooks do still generally 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.
- Credit card transactions to offshore sportsbooks can often fail. With Bitcoin, Bitcoin Cash, Litecoin and other crypto currencies there are no failed transactions.
One point to consider if you plan to convert your bitcoin back to US dollars is that this cryptocurrency has a history of volatility against the traditional currencies. In recent years one Bitcoin has been as high in value as $19,000 and as low as $2000. 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 bitcoin and that will enable you to spend them wherever credit cards are accepted.
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. It also obfuscates your transactions, so the exchange can’t see where you are sending the transactions to or receiving them from.
So when dealing with the USA Bitcoin sportsbooks our advice is that you send funds from and into your own personal wallet on your PC or smartphone. As mentioned, electrum is a good one to get to know. 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. Keep the wallet ‘seed’ safe, private and off-site.
- To find out more about the cryptocurrency Bitcoin read this informative website: Bitcoin.org.
How Bitcoin Works At The Major American Sportsbooks
- You have the option of one of two account currencies: USD or Bitcoin. That’s right, you can deposit and bet in that crypto currency. There is no need to swap Bitcoin to USD for the purposes of wagering – you can place all your bets in BTC. This handy scenario means you don’t get hit by exchange rates when swapping USD for Bitcoin and so you also don’t get hit by any volatility in the BTC price. There is no need to involve a US dollars transaction at any stage. You are prompted to choose between the USD and Bitcoin account currency when you register. It takes between one and fifteen minutes for the deposit to be live and ready to bet with at their online sportsbook, casino or poker.
- Withdrawing by BTC is just as quick. It takes 15 minutes to arrive back at the Bitcoin address you provide.
- There are no transaction fees for depositing or withdrawing by BTC.
- You can get a $3750 bonus in the casino (25 X rollover requirement) when depositing by Crypto or up to $750 (5 X rollover) in the sportsbook. Be aware of the rollover requirements. You need to opt in with the relevant bonus codes and remember you don’t need to take a bonus. More details on the Bovada bonuses are here. Delaware, Maryland, Nevada & New Jersey are the restricted states.