Can I Convert Bitcoins to USD, Other Currencies When Betting Online?

While it's great to hold cryptocurrencies in an online betting account at times when prices are skyrocketing, there are days when prices take a nose dive.  This means that your winnings drop as well.

BetDSI.com now accepting many forms of cryptocurrencies

It is for this reason that sites like Gambling911.com and SportsBookReview, among others, recommend converting Bitcoin deposits transactions immediately to USD or other currencies that will not be impacted by cryptocurrency downswings such as that which we are experiencing this week.

From SportsBookReview.com:

For example: Once a deposit of 1 bitcoin is made, a sportsbook would apply the current exchange rate at the time of the transaction, and then at that point the balance is tracked in dollars.

Likewise, once you receive your winnings into a Bitcoin or other cryptocurrency exchange, it is recommended to transfer immediately into your bank account, converting back to USD or another foreign currency.  Perhaps invest a small percentage into a cryptocurrency.

It should be noted that sites like BetDSI.com, while offering cryptocurrency options, have the ability to convert into US Dollars, euros, pounds, etc.. The so-called "Bitcoin-Only" gambling websites typically do not convert into other currencies and you are thereby exposed to market shifts.  Sudden crashes could result in high demand for withdrawals, thus presenting a backup at the "Bitcoin-Only" sites.  For this reason, you are assuming less risk playing at a website like BetDSI.com.

- Aaron Goldstein, Gambling911.com