28 Nov

Bitcoin Deposit & Withdrawals

Bitcoin Bank

Now that you know how to acquire and store Bitcoin, you might be wondering how exactly to go about using Bitcoin at your sports betting site. Fear not, our team of experts provides you with a comprehensive, step by step guide to depositing and withdrawing Bitcoin safely, efficiently, and easily. Our lists are based on an amalgamation of our experiences at sports betting sites, and we rigorously and fastidiously include every detail to dispel any confusion.

Depositing Bitcoin

  1. Click on the “Join Now” section of your sportsbook’s homepage
  2. Enter your personal information
  3. Click “Join Now” again after you double check your personal information
  4. Once you are satisfied your personal information is correct, click “confirm” to finalize your account
  5. Click on the “deposit” button (on some sites, this may be listed as the ‘cashier’)
  6. Select Bitcoin as your method of deposit
  7. You will be presented with a screen that asks for your full name, the amount of Bitcoin (converted to USD) you wish to deposit, as well as the option to enter a bonus code
  8. Click on deposit once you are satisfied with the information you have mentioned
  9. You will be presented with a screen that gives you a transaction ID, the amount of you are going to deposit converted to Bitcoin, the Bitcoin exchange rate, a Bitcoin address, and a scannable QR code
  10. Scan the QR code or copy and paste the address into whatever Bitcoin wallet client you are using. It is important to note that the QR code and Bitcoin address contain no financial information; they are purely addresses and the location of where you will send your Bitcoin.
  11. Enter the amount of BTC or USD (whatever your Bitcoin wallet client uses) you wish to deposit, making sure you match it with whatever is presented on your SBG Global screen.
  12. Your wallet will give you the option to send a high priority or low priority fee with your deposit, which will dictate how long it takes for your transaction to confirm on the blockchain.
  13. If the price of Bitcoin fluctuates between the time you deposit and the time it takes to confirm your transaction, this will be reflected in the amount of credit you have available to bet at your sportsbook, as the amount you have available to bet stands to be either higher or lower.
  14. Every sportsbook we review automatically converts your Bitcoin to USD, and you will place your bets with USD, technically. This protects you from any of Bitcoin’s volatility, with the exception of the brief interval your Bitcoin spends getting confirmed on the blockchain. Of course, you are free to withdraw in Bitcoin if you deposit with Bitcoin, and in this regard, you will be exposed to Bitcoin’s volatility.
  15. After your transaction is confirmed, you will receive an email from your sportsbook.
  16. Refresh the page, and you are ready to bet! You will see a visible balance in the top portion of your screen.
  17. The process takes around 6 minutes (on average), in total from start to finish.
  18. Important to note is that there is no feedback mechanism for your Bitcoin-specific bonus; if you do not receive it make sure to contact customer service before you place a bet.

Withdrawing Bitcoin

  1. When you want to move your Bitcoin back to your wallet, the process and steps are much the same as the deposit process.
  2. Head to the “cash out” portion of your website.
  3. Click ‘Bitcoin’
  4. Note that if you deposited with Bitcoin, your only available option for withdrawal will also be Bitcoin.
  5. Select the amount, converted to USD, that you would like to withdraw from your sports betting site.
  6. A screen will appear that lists transaction ID, the amount of you are going to withdraw converted to Bitcoin, the Bitcoin exchange rate, and blank space for a Bitcoin address.
  7. Head to your Bitcoin wallet client, and copy the Bitcoin address you would like to receive your sportsbook withdrawal at. Make sure to double check and confirm that the address you entered is correct, as Bitcoin transactions are irreversible.
  8. Click ‘confirm.’
  9. You will receive a page confirming that your withdrawal is finalized, and all you have to do is sit back and relax and wait for your Bitcoin transaction to finish.
  10. If the price of Bitcoin fluctuates between the time you withdraw and the time it takes to confirm your transaction, this will be reflected in the amount of Bitcoin you receive in your wallet, as the amount you receive stands to be either higher or lower than at the initial time of withdrawal.
  11. Some sportsbooks have flat withdrawal fees, regardless of what currency you are using. If you are charged a withdrawal fee, know that this fee is not related to Bitcoin itself, and it is going towards the costs of a sportsbook running e-commerce on their website.
  12. The total time it takes to withdraw your Bitcoin depends on which sports betting site you choose; the shortest time we have experienced is under an hour, and the longest is 48 hours.
  13. You will receive an email confirmation once this process is complete, and the funds are safely in your wallet.
  14. Plot your next move with Bitcoin; we’d recommend some more sports betting. While ostensibly complicated and intimidating at first glance, depositing and withdrawing with Bitcoin is not any more complicated than using a platform like PayPal. Get started with Bitcoin today!

Meet the authors

Matt McEwan
Dave F.
Sports Writer
William Hill
Bet Online
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