Can I Convert Bitcoins to USD, Other Currencies When Betting Online?

Written by:
Guest
Published on:
Jan/17/2018

While it's great to hold cryptocurrencies in an online betting account at times when prices are skyrocketing, there are days when prices take a nose dive.  This means that your winnings drop as well.

 

BetDSI.com now accepting many forms of cryptocurrencies

It is for this reason that sites like Gambling911.com and SportsBookReview, among others, recommend converting Bitcoin deposits transactions immediately to USD or other currencies that will not be impacted by cryptocurrency downswings such as that which we are experiencing this week.

From SportsBookReview.com:

For example: Once a deposit of 1 bitcoin is made, a sportsbook would apply the current exchange rate at the time of the transaction, and then at that point the balance is tracked in dollars.

Likewise, once you receive your winnings into a Bitcoin or other cryptocurrency exchange, it is recommended to transfer immediately into your bank account, converting back to USD or another foreign currency.  Perhaps invest a small percentage into a cryptocurrency.

It should be noted that sites like BetDSI.com, while offering cryptocurrency options, have the ability to convert into US Dollars, euros, pounds, etc.. The so-called "Bitcoin-Only" gambling websites typically do not convert into other currencies and you are thereby exposed to market shifts.  Sudden crashes could result in high demand for withdrawals, thus presenting a backup at the "Bitcoin-Only" sites.  For this reason, you are assuming less risk playing at a website like BetDSI.com.

- Aaron Goldstein, Gambling911.com

Business/Financial News

How to Use Bitcoin to Bet the Winter Olympics

You can fund your online sports betting account using Bitcoin for the Winter Olympics and withdraw using that cryptocurrency, then convert it into USD, euros, pounds or other money by connecting to your bank account.

Need a Sportsbook Software in Lancaster, Reading PA

We suspect many folks living in and around Lancaster and Reading, PA, are still celebrating the big win by the Philadelphia Eagles in this year's Super Bowl, their first ever.

Atari Will Use Cryptocurrency to Bolster its Online Gambling Business

Atari Will Use Cryptocurrency to Bolster its Online Gambling Business

Atari's stock jumped 51% on the news Friday that it had planned to unveil its own cryptocurrecy. 

Total Crypto Market Cap Back Over $500 Bln

Total Crypto Market Cap Back Over $500 Bln

Following a dreadful start to the month, most cryptocurrencies, Bitcoin included, have been rebounding nicely over the past few days.

Bitcoin Finally Climbs Back Above $10K Mark

Bitcoin Finally Climbs Back Above $10K Mark

The price of cryptocurrency Bitcoin finally rose above the $10,000 mark for the first time since the early hours of February 1.

Syndicate