Use Bitcoins for Legal Sports Betting
There are millions of sports fans in the United States, and a large portion of those bettors contribute to the $500 billion that goes into the sports betting industry. This number would be even higher if there were not still thousands of US sports fans unsure about how to legally fund and withdraw money from an online sportsbook account. How can USA sports bettors legally place sports bets online? The answer is with the legal Bitcoin banking options that top sports betting sites provide. The top online sports betting sites all offer BTC banking options that are safe, secure, and always reliable. Nearly every USA sports bettor uses Bitcoin as their primary method of banking.
Using Bitcoins are extremely beneficial to U.S. sports bettors, and our page will cover all of these reasons plus where to find the best Bitcoin sportsbook options. From the fastest transactions speeds to unbeatable security, we break how to use Bitcoins for legal sports betting.
In understanding why sports bettors should use Bitcoin at online sportsbooks, it is important to know the laws that make it necessary. While individual states may have specific laws regarding betting, there are only two federal acts that relate directly to the financial aspect of gambling and sports betting specifically. The federal sports betting laws to become familiar with are the Wire Act and the Unlawful Internet Gambling Enforcement Act (UIGEA).
The Wire Act of 1961 is the first federal law that directly targeted the sports betting industry. The creation of the law was prompted by the overwhelming presence of racketeers that were profiting primarily off of illegal and oftentimes questionable sports betting. The Wire Act states that gambling businesses cannot legally transmit betting information, wagers, or promises of payment by way of wire communication. During its enactment, “wire communications” were mostly telephone and telegraph, however the law is now interpreted to include sports bets that are placed on the internet within the United States.
While the title of the law suggests that internet gambling is illegal, the UIGEA is simply a banking law that greatly affects the payment methods that USA bettors can use. The act states that United States financial institutions must have policies enacted that prevent and block transactions related to online gambling. Specific payment systems such as credit cards, checks, ACH, and wire transfers are listed, which are all common payment methods for US players. Credit cards have the strictest monitoring requirements, which is why when bettors attempt to use their Visa, MasterCard, or other major credit card, the bank may automatically decline the payment depending on the processing system.
With the federal laws that can make it difficult for online sports betting payments to be processed, Bitcoin offers a reliable solution. Bitcoin is a decentralized currency, meaning that unlike the Treasury or Federal Reserve Board that regulates US banks, Bitcoin has no central regulatory board. This means that when you want to send money to an online sportsbook, you do not have to worry about a third-party refusing to process the payment. Unlike traditional currencies such as the dollar, Bitcoins can be accepted worldwide, so you can use it at any online BTC sportsbook regardless of where the site operates from. The level of security that you get by using the peer-to-peer currency is unmatched, utilizing the highest level of encryption technology available to ensure that your information is kept safe. All BTC transactions are anonymous which adds yet another level of safety. When you create a Bitcoin account, you are given a unique wallet address that does not consist of any personally identifying information.
Aside from the security and safety of BTC, we also recommend the cryptocurrency due to its speed. Bitcoin is now the fastest banking method available for both depositing and withdrawing funds in your sportsbook. Deposits will be credited to your account immediately and payout requests are processed in hours. The minimum and maximum requirements are always moderate, fitting the budgetary needs of casual and high roller bettors. There are also no limits to what you can bet on with Bitcoins, or how you can bet. Many of the best Bitcoin sports betting sites will allow players to wager from both their desktops and their mobile devices, putting players in complete control of their betting experience.
There may be dozens of sports betting sites that accept Bitcoins, but there is no competition when it comes to Bovada. Bovada has one of the best reputations in the gaming industry and is known for providing a highly enjoyable sports betting experience. Being that Bovada only offers the most reliable banking methods, it is no surprise that Bitcoin is the #1 recommended funding option for their USA bettors. The deposit minimum is $20 while the maximum is $5,000, and funds are instantly credited to your sportsbook account. You can bet on NFL, MLB, NHL, or any other sport that you can think of with your Bitcoin deposit. The sportsbook will always have betting lines on popular American sports, but you can also bet on MMA, cricket, rugby, and a number of different sporting events.
During the deposit process, you will have the option to redeem Bovada’s $500 Bitcoin Sports Welcome Bonus. The bonus will match your initial deposit by 50%, up to $500! This equals more money to put down on your favorite sports teams and events. The bonus has one of the lowest rollover requirements of any sportsbook promotion, requiring only a five-time rollover. This can be used on any sport in the sportsbook, and you can even choose to bet from your mobile device or explore the live betting section. After using your bonus to win big and it comes time to request a Bitcoin payout, the process is just as easy. Just provide your Bitcoin wallet address to the sportsbook cashier and expect to receive your funds in a couple of hours. As long as you have made a previous Bitcoin deposit, can request payouts between $20 and $9,500. Unlike like other sportsbooks that may apply additional charges, here are never any fees for banking with Bitcoin at Bovada.