A new sportsbook deposit method is making its way to the banking suites of prominent bookmakers known as bitcoin, and is a very attractive option for both US and UK players. As bitcoin sportsbook deposits begin to emerge, players will have access to a funding option that is very unique as compared to traditional online banking solutions, and quite possibly the most viable USA sportsbook deposit method to ever emerge for American players. Over the past 3-4 years, the use of bitcoins to move money and make payments has been increasing in popularity, especially in Europe. For sports gamblers, it is only a matter of time before it becomes one of the most popular deposit/withdrawal methods used on online sports books due to the high level of security offered with this option as well as strong anonymity. You can read about its entrance into the mainstream USA online sportsbook market in our article titled: BetOnline Adopts Bitcoin as New Funding Option.

Bitcoin is a new unit of money, often referred to as "virtual money" or "digital currency", and differs significantly from other ewallet sportsbook deposits in some key ways. This virtual money is handled through an exchange and public ledger instead of traditional bank accounts. It's much like gold in that it appreciates and depreciates on a continual basis, meaning the value at any given point of time is established by the market. Buyers go to a public online exchange and purchase bitcoins with real currency. The process is very simple and transferring of funds occurs timely. Following a bitcoin purchase, the currency can be used to send money to individuals or to merchants accepting bitcoin in exchange for goods or services, such as online sportsbooks. While Bitcoin is still a new product in the US, Europeans have been using it successfully for several years already.

It's very simple. Bitcoin provides an efficient, secure and convenient way to move large or small amounts of money without having to carry a credit/debit card or checkbook. For people who gamble with online sports books, the use of bitcoin solves a lot of problems. The most notable problem solved is being able to fund an online account without having to share credit card or bank account information. Some sports betting sites that are dedicated bitcoin merchants even allow the player to remain completely anonymous. Because the US government has no bearing on Bitcoin currency, there are no issues for USA players who want to use this funding method for online gambling and many other types of online purchases and funds transfers. Having tried both bitcoin and other ewallet options such as Skrill and Neteller, I have concluded that bitcoin offers a level of security and flexibility that other digital wallets cannot compete with.

Prior to purchasing bitcoin, it is incumbent on the purchaser to make sure they understand the product and how it works. When ready, an individual goes to one of the online exchanges, also sometimes referred to as a bitcoin wallet, and registers for an account. One of the most popular and widely used bitcoin wallets is Coinbase, which is the one I prefer myself as a US resident, primarily because it facilitates online transactions very easily. Once the account is established, it's funded with currency from their bank account or through other approved means. When the account has been funded, it's time to go out onto the exchange and submit a bid to purchase the bitcoin. The process is similar to purchasing stock or precious metals, but mush simpler. The buyer is able to submit a "market" order accepting the current price or they can use a "limit" order and make an offer.

Currently, a limited number of sportsbooks accept bitcoin. However we do expect a larger number of sportsbooks to embrace this options in the near future to not only remain competitive, but to ensure their players have the most suitable funding methods available to them. To submit a deposit request through the "bitcoin" option provided in the banking menu, you will simply use the bitcoin address provided by the sportsbook in order to send the funds electronically. Some sports books will accept the deposit in bitcoins and convert them into real cash based on market rates. Other sites will accept wagers using bitcoins.

Sites that accept bitcoins and US players are rare at this time, but as we mentioned earlier, we expect that to change pretty quickly. That said, there are a couple of sites in liberal jurisdictions that have begun accepting bitcoins for US players. For UK players, the number of sites that accept bitcoins is increasing. Many sites and jurisdictions that market to players from the UK are more attuned to providing as many deposit methods as possible in order to accommodate players. As bitcoins gain popularity in the general marketplace, online sports books are starting to follow suit.

Conceptually, many sites in the online gaming industry are interested in accepting bitcoins. However, most of the top sports books are operating based on current regulations. Eventually, the transition to bitcoins is going to happen as market forces are pushing many industries, including the gaming industry, into accepting this form of payment. Surely, all eyes are on the few sites that are pioneering the use of bitcoins. For now, players should begin the process of educating themselves about this new form of money and selecting a bitcoin exchange in which to facilitate their funds transfers.

To get more information about using Bitcoin currency, you can contact them through any of the following options:

Bitcoin Official Website: www.Bitcoin.org

Bitcoin Email Contact: not available - but they do provide great information on their site, and their Bitcoin exchange partners are available to answer questions through their own websites.

Latest Bitcoin News

Neteller Announces Decision To Allow Bitcoin Funding Option To Account Holders

Betonline Now Accepting Bitcoin