A lot of people have hit us up over the years asking this very question, so I thought it’d be easier to write this up as a post to explain how to bet on sports using Bitcoin. I’ve laid it out into four sections and you don’t have to be tremendously tech savvy to accomplish this. If you’ve used Venmo and familiar with online banking you’ll be able to handle this.
The reasons for betting using Bitcoin are pretty simple.
- Low or no transfer fees when depositing to the sports books
- Very easy way to transfer money internationally
- Privacy & Security
If you’ve ever bet using an online sports book before you can see why all those benefits would be appealing.
How To Buy Bitcoin (BTC)
1. First step is to sign up for Coinbase. Think of Coinbase as Venmo, a program that allows you to transfer your Bitcoin (BTC) from one place to another. In this case from your wallet to the sports book where you’re depositing.
2. Setup your Coinbase account. You’ll have to go through some basic steps to verify your identity and connect your bank account. If you end up using Google Authenticator as an added security measure (MAKE SURE TO WRITE DOWN YOUR CODE).
3. Once your setup go to the Buy & Sell screen and enter the amount of Bitcoin (BTC) you’d like to purchase.
4. Then hit the Buy Bitcoin button and you’ll be good to go.
How To Deposit To A Sportsbook Using Bitcoin (BTC)
1. Once you have the Bitcoin (BTC) in your Coinbase wallet then you’ll want to deposit it over at the sports book.
2. Log on over to MyBookie.ag (using the promo code SGP50) and hit the deposit tab. Then you’ll be brought to the deposit screen.
3. Copy the bitcoin address.
4. Open up Coinbase and click on your Bitcoin (BTC) wallet and then select SEND. Paste the address you just got from MyBookie and hit send.
How To Withdrawal From A Sportsbook Using Bitcoin (BTC)
1. When you’re exhausted from piling up so much cash and want to withdrawal, instead of letting it ride, open up your Coinbase account, select Bitcoin (BTC) and hit receive. You’ll be given an address where you can receive your bitcoin. Copy this address.
2. Go over to MyBookie.ag cashier link and hit Payout then select Bitcoin (BTC). Paste the address that you just got from your Coinbase account. They may have extra security in place like phone verification etc.
How To Sell Bitcoin (BTC)
1. Once the transfer from MyBookie.ag is processed you’ll see the balance reflected in your Coinbase account. Now it’s time to convert the Bitcoin (BTC) back to US dollars.
2. Select Buy / Sell at the top of Coinbase. Then hit the SELL tab.
3. Coinbase will convert it to US Dollars in your wallet.
4. Last step go to your US Dollars wallet and hit withdrawal.
An easy way to wrap your head around cryptocurrency is to think of them as stocks. They all have their different tickers and the price goes up and down depending on the market. So if you buy Bitcoin (BTC) and then leave it in your Coinbase wallet for a while it could go up and down.
However once you deposit into MyBookie.ag you’ll get credit in your account at the price that Bitcoin (BTC) is currently at.
MyBookie.ag offers a variety of different crypto currencies just be careful you don’t mix them up, Bitcoin Cash (BCH) is completely different than Bitcoin (BTC). You can’t deposit BTC into a BCH wallet and vice versa.