I am very new to online sports betting. Can anyone give me a guide on how to deposit/ withdraw money using bitcoins to a sports book? Also after I get my withdrawals am I able to simply take those bitcoins and transfer them to my PayPal account? Tia
I am very new to online sports betting. Can anyone give me a guide on how to deposit/ withdraw money using bitcoins to a sports book? Also after I get my withdrawals am I able to simply take those bitcoins and transfer them to my PayPal account? Tia
Here are the steps.
1. Set up an account at an exchange - like Coinbase.
2. Set up a 3rd party wallet - like Blockchain.
3. Set up an account at a sportsbook - like bookmaker.
4. Buy bitcoin on the exchange.
5. Transfer bitcoin to your 3rd party wallet.
6. Transfer bitcoin from your 3rd party wallet to your sportsbook account.
7. To withdraw, reverse the steps (Sportsbook -> 3rd party wallet -> exchange).
You need a 3rd party wallet because exchanges like Coinbase don't want to be seen transacting directly with sportsbooks - this keeps them on the good side of the SEC. Not sure about transferring bitcoin directly to paypal. I trade bitcoin for cash on an exchange and transfer the cash to my bank account.
Here are the steps.
1. Set up an account at an exchange - like Coinbase.
2. Set up a 3rd party wallet - like Blockchain.
3. Set up an account at a sportsbook - like bookmaker.
4. Buy bitcoin on the exchange.
5. Transfer bitcoin to your 3rd party wallet.
6. Transfer bitcoin from your 3rd party wallet to your sportsbook account.
7. To withdraw, reverse the steps (Sportsbook -> 3rd party wallet -> exchange).
You need a 3rd party wallet because exchanges like Coinbase don't want to be seen transacting directly with sportsbooks - this keeps them on the good side of the SEC. Not sure about transferring bitcoin directly to paypal. I trade bitcoin for cash on an exchange and transfer the cash to my bank account.
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