How to Use Bitcoin to Bet the Kentucky Derby
You can fund your online sports betting account using Bitcoin this Kentucky Derby and withdraw using that cryptocurrency, then convert it into USD, euros, pounds or other money by connecting to your bank account.
The online betting site of your choice will 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. Note that it is never wise to hold cryptocurrency in an exchange. One should store cryptocurrencies in a wallet. You should transfer funds between the wallet and your chosen online sportsbook then move funds into the exchange and finally into your bank account, assuming you don't want to invest the Bitcoin or other cryptocurrencies. While this adds a little extra time to the process, wallets are considered much more secure than the exchange itself.
The one drawback is that the price of cryptocurrencies can 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.
- Gilbert Horowitz, Gambling911.com
