How to get started gambling with Bitcoin
- Open a Bitcoin wallet
- Purchase Bitcoin
- Send Bitcoin to your sportsbook
Easy? Yes, but the first time it helps to have a guide to get you started. Below we go over what you will need to know to start using Bitcoin at any online sportsbook. It is worth the time to learn how to use Bitcoin if for no other reason all of the current Bitcoin bonus promotions that online sportsbooks and casinos are offering.
Open a “Bitcoin Wallet” to buy Bitcoin
Sign-up and open an account with a Bitcoin exchange. A Bitcoin exchange allows you to buy and sell Bitcoin and to send and receive Bitcoin. You deposit funds into your Bitcoin exchange account in order to buy Bitcoin. Your Bitcoin exchange account is also referred to as your “Bitcoin wallet”.
Most Bitcoin wallets will allow you to use a credit card or debit card to buy Bitcoin, or you can link your bank account(s) to your Bitcoin wallet in order to buy Bitcoin using your checking account. Credit/debit cards usually fund your Bitcoin wallet within minutes; funding your Bitcoin wallet with your bank account typically takes 2-3 business days.
Please note that deposit limits for your Bitcoin wallet start low and rise as you make more deposits into your Bitcoin wallet over time.
Recommended Bitcoin Exchanges:
Daily ($10-$500) Verified accounts
Weekly ($10- $2500)
Visa-MC CC Instant Bank account
Daily ($100-$10,000) Verified accounts
Visa-MC CC 45 min Visa-MC CC 2 hours
Daily ($1000-$100K) Verified accounts
Bank Wire 2-5 days
Bank Wire 2-5 days
Daily ($10-$3000) Verified accounts
Daily ($250- $1000) Canada ONLY
Visa-MC CC 30 min
Types of Bitcoin Wallets
- Mobile Wallets: Mobile wallets are downloaded directly to your smartphone from the app store and they usually provide enhanced security features. They also enable QR code capability, which allows for instant payments.
- Desktop Wallets: Desktop wallets need to be downloaded directly to your computer. They are generally less recommended than mobile wallets because desktops are at a higher risk of being infected by malware that might steal your bitcoins. Some, like those listed below, provide enhanced security features to help mitigate those risks.
- Online Wallets: Online wallets are accounts that you create online in order to store and manage your bitcoin. These are the least safe of all wallets, as they have a history of being hacked or of disappearing overnight with all of their users’ bitcoins. Some exchanges provide an online wallet when you create an account to purchase bitcoins, but even these are at risk of being hacked. We recommend sending your bitcoin to a downloaded wallet as soon as they’ve been purchased.
- Paper Wallets: Paper wallets are great for storing large amounts of bitcoin for long periods of time. They are among the safest types of wallet, because they are completely offline and cannot be hacked. To get a paper wallet, you need to generate a wallet address at org or Blockchain.info. Once you have the address, you print it out on a piece of paper with your private key. You can then send bitcoin to this address. Make sure to keep the paper in a place that is safe and dry! A safety deposit box is recommended.
- Hardware Wallet: These are small devices that you can purchase for the sole purpose of storing and managing bitcoin. They are secure for storing large amounts of bitcoin, but also good for sending and receiving transactions online. They’re generally a great option, but only worth the investment if you plan on becoming a big bitcoin user.
How to buy Bitcoin
Regulated Exchanges: Buying from a regulated exchange is like buying currency from a bank. Regulated exchanges are a safe and simple way to buy your bitcoin online. Most of them require a picture of your ID to make a purchase, but once this is validated, the entire process can be completed within minutes.
Peer to Peer Exchange: Peer to peer exchange sites are similar to Air BnB: the site will put you in contact with someone, but the transaction happens between the two of you. LocalBitcoins.com is a good place to find people who are selling their bitcoin around the world. When you purchase from a peer, you can potentially buy bitcoin using cash, making it effectively untraceable. Some sellers ask for ID to protect themselves against fraud. Similarly, you should protect yourself by only choosing sellers who have a solid reputation based on past transactions. Read their rating before you buy!
Bitcoin ATM: Bitcoin ATMs are easy to use and are extremely safe. You can look for one near you using CoinATMradar.com. If you find one in your area, this is what you should expect:
Some machines may ask for ID before allowing you to make a purchase, but others do not.
You will need to provide the bitcoin address to which you want to send funds.
You will then be asked to insert cash into the ATM.
Lastly, you’ll need to verify your address and confirm the transaction. Your bitcoin will be sent instantly once this is done.
Send Bitcoin to your Sportsbook
The last step of course is to send you Bitcoin to your online sportsbook. It is actually very easy. Once you have a funded Bitcoin Wallet you use the address the sportsbook will give you and press send from your Bitcoin Wallet.
It might sound difficult but it is really easy after the first time. More importantly, you will get bonus offers for using Bitcoin at several online casinos.