In case you haven’t been paying attention, Bitcoin has become one of the most popular cryptocurrency payment options in the gambling industry.
But the question is: can you use Bitcoin to fund your U.S. sports betting account? The short answer is simply, no.
Each sportsbook is able to offer its own deposit options, but you won’t see Bitcoin offered at any of the top sites in the United States today. These sportsbooks aren’t against Bitcoin per se, but the regulated online sportsbook websites have to follow the rules and regulations set forth by the state in which they operate. Sports betting rules and regulations in the U.S. prevent the top U.S. sportsbooks from accepting Bitcoin as a form of payment.
As per this announcement by bitpay.com. FanDuel does allow for Bitcoin on their DFS platform:
Neteller Provides an Option
There are a few ways that Bitcoin can still be used to fund your U.S. sports betting accounts, but it will require a few additional steps. US sports betting sites offer a large number of deposit options, and Neteller is a common one that is found in most states.
Neteller is a service that does accept Bitcoin as a form of payment, and other cryptocurrencies can be used as well. Once your money is attached to your Neteller account, you can then use that account to send funds to your sports betting account as long as this is an acceptable option.
Not all betting websites accept Neteller, but there could be a similar service that can be used. If you are set on using Bitcoin when funding your sports betting account, then you need to check out all of the deposit options available in that state.
Advantages & Disadvantages of using Bitcoin as payment
If you are someone that has Bitcoin in your crypto wallet, then you have probably noticed some advantages and disadvantages to using this form of payment. If you are looking to get into using cryptocurrency, here are a few considerations to keep in mind.
Advantages
- No transaction fees
- Don’t have to go through a bank
- Extremely safe and secure
Disadvantages
- Slower Processing Times
- Not accepted at U.S. Sportsbooks
- Prices can fluctuate
Interestingly, BTC can also have benefits for casino gamblers, as some online casinos have started to offer larger bonuses for Bitcoin depositors. So using Bitcoin instead Fiat money can, in this case, lead to better bonuses for those creating new accounts.
Only Use Regulated Sportsbooks
Even though you might find it frustrating to not being able to use Bitcoin as a form of payment at an online sportsbook here in the U.S., remember that taking your chances with an offshore book is not worth it. Online betting sites like Draftkings and Wiliam Hill are still the best and safest and legal options for us here in the United States. Offshore sportsbooks do allow you to fund your account with Bitcoin, but that’s about the only real advantage that these sites provide.
If your state has not yet legalized online sports betting, then there are no safe and legal options available to you, unfortunately. Choosing to bet on sports at an offshore sportsbook is never a good choice, and it could lead to some legal troubles, along with some safety and security issues.
Here are some of the top sports betting sites in the United States that we recommend instead:
Happy Betting!