A-Z of Betting with Bitcoin in the USA
The US is one of the newest additions to online betting. It might not make sense to many of you simply because the US has always been known as a progressive country regarding gambling. The distinction here is between “gambling” and “online gambling”.
But let it all be in the past. We live in the present, and online sports betting is allowed in the United States. Not only that, they also allow bookmakers who pay out money in cryptocurrencies — bitcoin bookies. This is an even newer paradigm for real money players in the USA.
If you’re not aware, BetZillion is an educational and promotional platform for bettors all over the world. Tim Harrison is one of the most respected betting guru who works for that platform. That’s why Tech Behind It has decided to invite Tim Harrison from BetZillion to discuss the current status of the industry as well as how it’s coping with Bitcoin usage.
How Do Bookies Payout in Bitcoin?
If you’re not involved in the crypto industry deep enough to know how it works, you might wonder how bookies payout in crypto. That’s the question we asked Tim Harrison.
The main idea behind cryptocurrencies like Bitcoin is to establish a decentralized network. Decentralization means a process free from any central regulation. For example, the federal government is the main authority in the USA.
It’s the government that regulates the liquidity of USD as well as controls the overall flow through banks and other financial institutions.
On the contrary, a decentralized platform is supposed to give the users absolute control. Decentralization also enables users to cross-border transactions without any additional costs, making it a truly global paradigm. Bitcoin was the first attempt at decentralization and is still the most successful.
Now, when we say bookies that payout in Bitcoin, we’re referring to online betting sites that accept Bitcoin as a payment currency. If that’s not the case, how can you expect BTC payouts?
Bitcoin, or BTC, remains the most popular currency for transactions because it’s the first-generation blockchain. It’s been tried and tested for over a decade. It managed to hold its own.
Tim Harrison Explains to Tech Behind It: Is Bitcoin Betting Legal in the USA?
We know that many of our readers are confused about whether Bitcoin betting is legal in their states or not. Tim believes the only way to know that is to look into your state’s gambling laws.
Until 2018, sports betting was illegal nationally as a tool to protect amateur and professional athletes. Unlike other countries, the gambling laws in the USA are not handled by the federal government. Instead, it’s the state governments that regulate both online and offline gambling. A new bill by the Supreme Court decriminalized online sports betting.
As of 2022, 36 states have given the green light. And 18 of the states allow online betting too! However, it’s still up to the state regulatory body whether they want to legalize betting or not.
So, if you’re physically present in any of those 18 states, it’s safe to assume that you can not only bet but also use Bitcoin. Also, don’t forget to check the minimum age requirement for gambling in your state.
What You Need to Use Bitcoin at Online Betting Sites: A Tech Behind It Guide
It’s very much possible that you’re not yet ready to use the Bitcoin betting sites Tim has listed in this post. But worry not because we’re not going to let you go empty-handed. Let’s go! You’ll learn the A-Z of how to start online sports betting using Bitcoins. Discover new facts here.
Get Yourself Some Bitcoins First
Technically, the first step is to ensure that your state allows online betting and that you’re of legal gambling age. We’re assuming you’ve already checked that out. The next step is getting some BTC tokens in your crypto wallet.
A crypto wallet is very similar to regular online wallets. The main difference is that they’re designed to hold and protect crypto tokens instead of fiat money. You can use both free and paid wallets based on your needs. For betting, a free wallet will do. You can try to download Metamask or Coinbase for this tutorial.
Signing up for a crypto wallet account differs from registering for any other website. It’s a 5-minute process, and at the end, you should get a unique wallet address.
Now, you need to visit an online crypto exchange. These websites legally buy, sell, and trade crypto tokens. The great thing is that you can buy BTC at the current market price with fiat money! All you need is a debit card or PayPal.
Connect your crypto wallet to your exchange account. Once you buy the tokens, they’ll show up in your account.
How to Deposit BTC in a Betting Account
We assume you’ve already chosen your Bitcoin betting site and signed up. Now, you’re ready for the deposit.
- Visit your account’s banker/cashier/deposit section and choose Bitcoin from the list.
- Connect your crypto wallet to your betting account for the deposit.
- Enter the amount you want to deposit. You should get an option to copy the betting site’s wallet address.
- Now, go to your crypto wallet and choose “send”. Paste the betting site’s wallet address in the receiver’s field.
How to Withdraw BTC from Your Account
The best thing about betting at bookies that payout in Bitcoin is that you can use the same process for withdrawal.
- Go to the withdrawal page of your account and choose Bitcoin from the list.
- Make sure you don’t have any special wagering requirements. Otherwise, you’ll lose all active bonuses.
- Enter the amount you want to withdraw. Crypto methods like Bitcoin usually allow unlimited withdrawal!
- Copy your wallet’s address from the app and paste it on the casino’s withdrawal page.
- The BTC tokens should be credited to your account within a few minutes.