How to Use Bitcoin to Bet the Academy Awards

You can fund your online sports betting account using Bitcoin this Academy Awards and withdraw using that cryptocurrency, then convert it into USD, euros, pounds or other money by connecting to your bank account.

The Academy Awards has long been viewed as a sort of mini Super Bowl by the books and is widely considered to be the most wagered on one day nonsporting event outside of the U.S. Presidential race and a few high profile elections such as last year's BREXIT in the UK.

The best sites will offer betting on most Oscar categories including the more obscure costume and short films.

When using Bitcoin or other cryptocurrencies, 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. 

The one drawback is that the exchange rate could fluctuate upwards or downwards depending on the trading price of Bitcoin.  You will want to monitor the Gambling911.com website to follow current  pricing trends and avoid making a withdraw during periods in which the price is trending downwards. 

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.

Bookmaker, by the way, offers up to 60 different cryptocurrencies to use for betting purposes.

- Gilbert Horowitz, Gambling911.com