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Many folks opt to place sports bets with sites licensed outside the country of Israel using Bitcoin and other cryptocurrencies. Bitcoin transactions take place in under a few hours and are even available during weekends, all with extremely low fees.
In order to do so you would first set up your Bitcoin/Bitcoin Cash Wallet. Doing so on your mobile phone is fast and simple. Be sure that all security protocols are followed (i.e. backups and secure code for wallet retrieval in case you should lose your phone)
Next, you will want to set up an account at a Bitcoin/Crypto exchange available from Israel or another option is to trade locally. Bitcoin exchanges can be linked to one's bank account or credit card.
Bitcoin exchanges available from Israel:
Bits of Gold - Bits of Gold is a Bitcoin broker in Israel. You can buy Bitcoin directly from the company with bank transfer, cash, or credit card. The fees for buying with Bits of Gold are higher than Bit2c, but it is easier to use for first-time buyers. They also operate a Bitcoin ATM in Tel Aviv which requires no identification and charges a 5% fee.
Kraken - One of the most established Bitcoin exchanges worldwide, Kraken features a very low 0.25% taker fee, falling to 0.1% with sufficient trading volume and features highly-rated for security and data protection.
Once everything is set up you simply transfer money into the Bitcoin exchange and turn those funds into Bitcoin or other cryptocurrencies. The amount will remain as the cash equivalent (minus or in addition to any fluctuations in cryptocurrency trading prices and any fees). For example, US$200 would be converted into Bitcoin 0.017. So if you have Bitcoin 0.017 in your sports betting account, in actuality you have US$200 available to bet with.
Remember: Always transfer funds to and from your sportsbook via the Bitcoin wallet. Never do so directly through the exchange. Only the wallet offers anonymity.
It should also be noted that, when joining an online sportsbook, some may restrict residents of your country. Quite a few now offer a registration process through Bitcoin and other cryptocurrencies whereby you do not have to provide your location. Some even allow for completely anonymous betting accounts with only an email (and/or text number) provided.
- Payton O'Brien, Gambling911.com
