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For this year's FIFA World Cup, the best way to place bets online from West Virginia will be with bitcoin using a cryptocurrency wallet that can be linked to one's banking account. In May 2018, the U.S. Supreme Court ruled that individual states can offer legalized sports betting but must first develop regulatory instruments before doing so. For now, a few dozen of internationally licensed sportsbooks will accept wagers on this year's World Cup.
*Bookmaker Welcomes Players From Around the World - Most Crypto-Currencies Welcome
WILL WEST VIRGINIA WELCOME SPORTS BETTING?
YES in a very big way as the state has already worked on legislation to pave the path.
“We’re ahead of the curve in terms of already having that (sports betting) law in place,” said Brad Humphreys, an economics professor at West Virginia University’s College of Business and Economics. “Nationwide, it’s still pretty uncertain how things are going to shake out.”
West Virginia had already passed a law allowing sports betting at its four casinos and hoped to have rules and regulations drafted prior to the start of the World Cup, however, there won't be any sportsbooks set up just yet.
Eventually, the law contemplates offering sports betting not only at the state’s casinos, but also through mobile phone apps that would allow participants to play by phone anywhere within the state though there are concerns that a separate law may need to be passed before such an app can be offered to citizens of West Virginia.
“That gets into a different law that was not rescinded by the Supreme Court,” Humphreys said. He said a sports betting app might run afoul of the federal Unlawful Internet Gambling Act of 2006, a law originally aimed at stopping the use of credit cards and electronic fund transfers to pay for illegal internet gambling.
“That could be a snag,” Humphreys said.
State lawmakers and lottery officials believe sports betting will bring in about $5 million in the first year of implementation, about $13.4 million by the third year and about $28.7 million by the fifth year as betting becomes established.
Needless-to-say, West Virginia gamblers will need to rely on international websites to place all their World Cup bets.
HOW TO USE BITCOIN AND OTHER CRYPTOCURRENCIES FOR BETTING THE FIFA WORLD CUP
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 customers to link directly with their bank accounts or PayPal. The Bitcoin can be converted into the currency of your choice then transferred into your account in as little as 24 hours.
You will want to verify all your information (including personal identification) with the exchange prior to sending and receiving funds. Typically they will suggest setting up an authenticator on your mobile device for added security.
- Aaron Goldstein, Gambling911.com
