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BitCoin, the anonymous online payment solution, is starting to make waves with the recent $510k investment into payment solutions company BitPay. This is likely to further drive business towards BTCSportsBet.com, one of the few online sportsbooks currently accepting BitCoins. They have nearly 8000 followers on Twitter.
A member of the SBR Forum website published a “How To” on depositing and withdrawing sportsbook funds using BitCoin:
Here are some quick links:
The best books so far at the time of this posting are:
Sportsmatch is an exchange that provides vig-free Pinny (Pinnacle Sports) lines with a 1% fee.
Remember:
Because of the ease of movement provided by Bitcoins, you do not have to keep a balance at these places. You can move BTC in, place your wagers, and pull it right back out.
Storing Bitcoins:
As far as where to store your Bitcoins, I personally recommend using www.blockchain.info as a "petty cash" wallet to move money around and for storing lesser amounts of BTC. They also have great mobile apps for iOS and Android.
If you reach a point where security is a concern, then I recommend storing the bulk of your BTC using BitcoinArmory which is available for download at www.bitcoinarmory.com It doesn't get much safer than cold storage.
Buying Bitcoins:
This is where I think we ran into an SBR rules infraction last time. I recommend going to www.bitcointalk.org and searching for one of the various bitcoin exchanges. There are many different options, but one of the most popular you will find by using the search term "instant". If you want to get them locally, use the search terms "local" and "bitcoins".
Edit: I realized that those search terms really weren't that productive. I hope this isn't against SBR policy, but if you go to the forum I mentioned above and search for "elgreco gambling links", everything should pop up.
Volatility:
Bitcoins have been historically very volatile (Chart Here). Please keep this in mind before proceeding. Most of us consider the price of BTC to be a fun extra gamble, but if you want to limit your exposure, you can keep a cash balance at the largest exchange (you will find its name on bitcointalk), and only convert cash to BTC as you need it and then convert it back to cash when you are done.
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Here is a link to BitPay, which is hoping to become the new PayPal for BitCoins with the recent cash infusion.
- Chris Costigan, Gambling911.com Publisher
