For a list of the best Bitcoin sports betting sites, visit http://www.sportsbookbonus.ca/sportsbook-deposit-methods/
This video will show you how to make a deposit at an online sportsbook using Bitcoin. It covers how to sign up for a bitcoin wallet, fund your wallet, buy bitcoin and send it to online betting sites.
FULL VIDEO TRANSCRIPTION
This video will show you how to make a Bitcoin sportsbook deposit.
It's a relatively new currency and there's a little bit of a learning curve at first.
1. Join a Bitcoin Sportsbook
For a list of recommended sports betting sites that accept bitcoin, visit http://www.sportsbookbonus.ca/sportsbook-deposit-methods/
2. Set up a Bitcoin wallet
You have many options when it comes to bitcoin wallets. We use one that was recommended to us by Bodog, called Kraken.com. We came on it on the Bodog site where it says "Step 1: sign up for a bitcoin wallet."
We went to Kraken which is known as bitcoin exchange. You buy, sell and trade bitcoin at a wallet like this.
When you sign up, there are different tiers of membership. Different tiers mean different options and capabilities.
If you were Tier 1, you could trade all currencies but you could only fund your account with digital currency. That means if you already have bitcoin, you could put bitcoin in and out of this wallet at Tier 1 level.
But if you need to buy some bitcoin, you'll need to deposit some actual money into your wallet before you can buy bitcoin so you will need Tier 3 membership. Tier 3 requires a copy of your driver's license, a proof of your residence (ie. a utility bill).
3. Fund your bitcoin wallet
You can do that via either electronic funds transfer (EFT) or an Interac email transfer. We went the Interac option which is done through Vogogo, and we sent them $50.
4. Buy some bitcoin
A whole entire bitcoin is worth, on average, $500-600 Canadian. Fortunately, you can buy very small percentages of bitcoin. You see what the market rate is on that day and then you offer to buy some bitcoin and whoever owns bitcoin can sell you a percentage of their bitcoin if they like the price that you're offering.
For $50 Canadian, the rate the day we bought bitcoin was approximately $545. We offered to purchase $50 of bitcoin at $545 rate, which would buy us .091 bitcoin. Someone approved and we had our bitcoin.
5. Send your bitcoin to your sportsbook
Now you go back to your sportsbook and input the amount of bitcoin you want to deposit.
We said we wanted to deposit the value of $25 Canadian, which they will then break down and give you a conversion into what amount of bitcoin that is. On this day, one bitcoin was worth $566 Canadian, so $25 Canadian cost us .004409805 bitcoin.
Your sportsbook will provide you with a wallet address and the amount of bitcoin that you need. You can copy that wallet address into your bitcoin wallet, input the amount of bitcoin you want to transfer, pay the very small fee (it was about 20 cents for this transaction), make sure everything's okay, and confirm.
The sportsbook will then be informed that you have requested a bitcoin deposit and they will update your balance once they reach confirmation. It took us 5 minutes before our Bodog account reflected the bitcoin depost.
6. Place your bets! You're good to go.