How to Use Bitcoin to Bet the Winter Olympics

Written by:
Guest
Published on:
Feb/18/2018

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.


Bookmaker accepts most crypto-currencies

The online betting site will simply have you send them the special address/token obtained from the Bitcoin wallet or exchange.

You would select either SEND (to deposit funds) or RECEIVE (to withdraw funds).

Some exchanges allow one to connect to their bank accounts.  The Bitcoin can be converted into the currency of your choice then transferred into your account in as little as 24 hours.  It is important that if you wish to hold onto some of your Bitcoin to do so in a specific wallet.  

A good Bitcoin wallet can be found at Bitcoin.com here.  You should transfer funds between the wallet and your chosen online sportsbook then move funds into the exchange and finally into your bank account.  While this adds a little extra time to the process, wallets are considered much more secure than the exchange itself.  You never want to store funds for any long period of time on an exchange.  The exchange should only be used for converting and transferring of funds right away.

The one drawback is that the exchange rate could fluctuate upwards or downwards depending on the trading price of Bitcoin and, in fact, we witnessed this at the time of the Super Bowl with significant drops leading up to the big game and continuing afterwards at a time when many would be requesting withdrawals.  We suggest monitoring the Gambling911.com website to follow current  pricing trends and avoid making a withdraw during periods in which the price is trending downwards. 

Bookmaker, by the way, offers up to 60 different cryptocurrencies to use for betting purposes.

- Gilbert Horowitz, Gambling911.com

Business/Financial News

How Does a Pay Per Head Work?

A Pay Per Head business is one in which you pay X amount of dollars per customer per week to have another company run nearly every aspect of your bookmaking business.

How Much Profit do Bookies Make?

How Much Profit do Bookies Make?

Bookies are people that accept action on various sports, and most bookies have an average weekly hold percentage of around 5%.

QuadrigaCX Founder Dies With Only Access to Exchange Password: Made Out Will Days Prior

The CEO and founder of Canadian cryptocurrency exchange QuadrigaCX wrote his will just 12 days prior to his death, but he neglected to disclose the crypto exchange password.

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

Online bookies need to be aware of 6 fetal errors that cause agents to close shop for good. Find out if you’r making these mistakes and if your sportsbook is spilling potential profits everywhere.

Choosing the Best Sports Betting Software Platform

Choosing the Best Sports Betting Software Platform

Recently, the popularity of sports betting in the U.S. and around the world has seen a tremendous boost in popularity. Furthermore, the internet has seen a large increase in new sportsbooks in the past 6 months. 

Syndicate