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You can fund your online sports betting account using bitcoin this year's FIFA World Cup and withdraw using that cryptocurrency, then convert it into USD, euros, pounds or other money by connecting to your bank account.
*Bookmaker Welcomes Players From Around the World - Most Crypto-Currencies Welcome
The online betting site will simply have you send them the special address/token obtained from the Bitcoin wallet or exchange. It currently accepts some 60 cryptocurrencies in addition to bitcoin.
You would select either SEND (to deposit funds) or RECEIVE (to withdraw funds), connect to your bank account, and convert funds into the denomination of your choice. Bitcoin and other cryptocurrency exchanges are popping up across the globe, even in countries that have made online gambling difficult in the past. Now it is easy peasy.
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.
- Gilbert Horowitz, Gambling911.com
