How to Use Bitcoin to Bet the Winter Olympics
You can fund your online sports betting account using Bitcoin for the Winter Olympics and withdraw using that cryptocurrency, then convert it into USD, euros, pounds or other money by connecting to your bank account.
Bookmaker accepts most crypto-currencies
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 one to connect to their bank accounts. The Bitcoin can be converted into the currency of your choice then transferred into your account in as little as 24 hours. It is important that if you wish to hold onto some of your Bitcoin to do so in a specific wallet.
A good Bitcoin wallet can be found at Bitcoin.com here. You should transfer funds between the wallet and your chosen online sportsbook then move funds into the exchange and finally into your bank account. While this adds a little extra time to the process, wallets are considered much more secure than the exchange itself. You never want to store funds for any long period of time on an exchange. The exchange should only be used for converting and transferring of funds right away.
The one drawback is that the exchange rate could fluctuate upwards or downwards depending on the trading price of Bitcoin and, in fact, we witnessed this at the time of the Super Bowl with significant drops leading up to the big game and continuing afterwards at a time when many would be requesting withdrawals. We suggest monitoring the Gambling911.com website to follow current pricing trends and avoid making a withdraw during periods in which the price is trending downwards.
Bookmaker, by the way, offers up to 60 different cryptocurrencies to use for betting purposes.
- Gilbert Horowitz, Gambling911.com
