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Bitcoin now accounts for upwards of 70% of all online gambling transactions in North America. One of the reasons is the lightning fast payouts associated with the cryptocurrency, often under a few hours.
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There are nominal fees associated with Bitcoin, making it attractive to both players and operators.
Many online sportsbooks now push Bitcoin by offering lucrative cash bonuses.
Bitcoin Means Payouts in Just a Few Hours
Nowhere has Bitcoin and other cryptocurrencies have had a bigger positive impact than with the online gambling sector. Most online gambling sites encourage sending funds using this method by offering huge cash signup bonuses.
Setting up a Bitcoin account and sending funds this way is easier than you might think. First, you will download a Bitcoin wallet (simply search the Web for the best). Second, you will open an account with a Bitcoin exchange that does business in the United States or wherever you might be located. You will link you bank account or PayPal account to this exchange. Once linked, you can send funds to the exchange for as little as USD$50, move into your Bitcoin wallet, then off to the gambling site to start betting. When transferring to the online gambling website, your USD$50 transaction will appear as 0.014 BTC in what is known as the blockchain until it reaches your wagering account, whereby it will once again show as USD$50. Bitcoin is easily convertable back to US Dollars when requesting a payout. In theory, your fund should only appear in the form of Bitcoin for no more than a two hour period during the entire transfer process. ALL TRANSACTIONS ARE ANONYMOUS.
Bitcoin payments by online gambling sites are often made in just a few hours, even on weekends. Payout limits are often in the thousands of dollars.
Watch the video below for more
- Gilbert Horowitz, Gambling911.com
