Betting with Bitcoin Withdrawal

For most punters, sports betting is a form of entertainment and amusement that allows them to pit their wits against sportsbooks in a fair battle. You, the customer, win some, the bookie wins others, and with responsible gambling always on the table, you enjoy the ride. 

But whether you’re the definition of the recreational punter or the one who does it for a living, at some stage, you’ll want to make a withdrawal.  And there are good reasons to do your business at sites offering sports betting with Bitcoin withdrawal.    

The problem for some is that Bitcoin can, at first, seem a bit intimidating. The process of mining, storing and transferring Bitcoin and doing all of this with an ever-fluctuating currency may appear to be more trouble than it is worth. But read on to see that it’s actually simpler than it seems as betting sites with Bitcoin withdrawal have streamlined the process. We’ll also look at the pros of using Bitcoin and consider a few cons. 

How to Withdraw Funds from Bitcoin Betting Sites

If Bitcoin is going to be your preferred choice when it comes to betting payment methods, you’re going to need some! 

There is no shortage of guides out there on how to buy Bitcoin. But in a nutshell, you’ll need a crypto exchange account, documents like a passport, driver’s license, or utility bill to pass a Know Your Customer (KYC) check, a method of payment like a debit card, credit card, e-wallet, or even just a regular bank account to buy it, and a personal digital wallet outside the exchange account. 

Whether you also deposited with it or not, here’s how to execute your Bitcoin betting withdrawal. 

• Go to the Banking section of your Sportsbook and select Withdraw/Cash Out. 
• Choose Bitcoin. 
• Go to your Bitcoin wallet and copy your wallet’s unique address.
• Paste your wallet address in the designated section provided by the betting site with Bitcoin withdrawal. 
• Enter the amount you wish to withdraw in the currency (British Pounds. Euros etc) of your choice. 
• Confirm the transfer. 

The process is even more straightforward if you already have Bitcoin in your wallet. That means that you don’t have to purchase any from the sportsbook, but you can simply deposit or withdraw funds without providing any banking details, just your Bitcoin wallet address.

Advantages and Disadvantages of Using Bitcoin as your Betting Withdrawal Method

Let’s consider the pros and cons of using Bitcoin when it comes to cashing out and how it fares in comparison to other major sports betting withdrawal options. 

Advantages: 

• It’s probably the quickest method, taking between a couple of minutes and a couple of hours to process. 
• Sites that accept betting with Bitcoin withdrawal normally allow for a wider range of minimum and maximum withdrawals than they do for other payment methods.  
• Customers using Bitcoin don’t have to expose their details when making payments with the cryptocurrency, meaning greater levels of security and anonymity when using it. 
• You’re rarely charged fees by the sites offering sports betting with Bitcoin withdrawal, and even if you are, the fees are minimal. 

Disadvantages: 

• Not too many people already have Bitcoin available, so if you don’t, buying some is arguably more complicated, from a technical point of view, than purchasing other payment options.  
• Though Bitcoin is perfectly legal in the UK, not all UK betting sites accept it as a payment method. Similarly, in some other countries, it’s not accepted at all so by extension, won’t be available as a payment option at Sportsbooks from those countries. 
• The price of Bitcoin is very volatile and permanently fluctuating so the amount you choose to withdraw in Pounds/Euros may be worth less in Bitcoin when you receive it than it was at the time you processed the transfer. Although of course, the opposite could also happen, so it can also be seen as an advantage in that regard.