How To Bet With Bitcoins? Follow our 6 Steps to begin!
Updated: November 27, 2022
Getting started with Bitcoin betting is easy, when you know the steps. Here’s what you’re going to need to do:
- Sign up with your favorite online sportsbook (MyBookie, BetOnline.ag, BetNow and BetUS are a good place to start)
- Set up your cryptocurrency wallet
- Set up your exchange account
- Buy Bitcoin
- Send Bitcoin to your crypto wallet
- Deposit Bitcoin funds to your betting account
Easy, right? The first time can be tricky, so in this article I’m unpacking each step, so you can get more Bitcoin bang for your betting buck. Let’s go.
What You’re Going To Need
- Your personal details—to set up your online betting account and crypto wallet
Step 1. Sign Up With An Online Sportsbook
If you haven’t already got a sportsbook account online, you’re going to need one. There are plenty of online betting sites around—our favorites are BetUS, BetNow, BetOnline, and MyBookie—so choose the one that works for you.
To sign up, you’ll need to enter your personal details:
- First and last name
- Date of birth
- Mobile phone number
- Email address
- Physical address
Follow the prompts, and you’ll end up at a landing page that asks you to select your deposit option. Leave this tab open—we’ll come back to this shortly.
But first: it’s time to set up a crypto wallet.
Step 2. Set Up A Cryptocurrency Wallet
In order to use Bitcoin, you’ll need a cryptocurrency wallet—also known as a crypto wallet—in order to store, send, and receive your BTC. Essentially, a crypto wallet is an app that lets you keep your digital assets together, safe, and organized.
The steps may vary slightly from one crypto wallet to another, but here are the basics:
- Select your crypto wallet app of choice—Coinbase, Exodus, and Electrum are popular
- Navigate to the Download button and select your operating system
- Install the app
- Open the app and create your login
So, you’ve got a crypto wallet—now to get some Bitcoin to put in it. We’ll break that down over the next few steps.
Step 3. Set Up Your Exchange Account
A crypto exchange is a digital stock market for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). If you’ve already set yourself up with a Coinbase wallet in the last step, congratulations—you’re already set up on an exchange, too.
If not, here’s what to do:
- Download the Coinbase app—or your chosen alternative crypto exchange.
- Sign up following the prompts—you’ll be asked to provide your personal details, login information, and how you plan to use cryptocurrency
- Select investing from the dropdown menu when asked how you plan to use the Exchange
- Verify your login and details
Step 4. Buy Bitcoin On The Exchange
Now that you’re logged into your Exchange account, getting your hands on Bitcoin is a simple click to buy process.
- Navigate to your BTC Wallet—it’s in the Accounts tab on Coinbase and Gemini
- Click Buy Bitcoin
- Follow the prompts to verify your ID—you’ll need a driver’s licence or passport
- Select the amount of BTC you wish to purchase (in USD)
- Follow the payment prompts for your credit or debit card
- Preview your purchase
- Click Buy Now to confirm your purchase
Step 5. Send Bitcoin To Your Crypto Wallet
If you navigate back to your BTC Wallet, you’ll see the Send button—this is how you send Bitcoin from your Exchange account to your wallet—or anywhere else in the world.
- Click the Send button and enter the amount of Bitcoin you want to send
- Click Next and copy / paste your crypto wallet address or QR code into the To field
- Click Confirm Send
Your Bitcoin will be in your crypto wallet in seconds.
Step 6. Deposit Bitcoin In Your Online Sportsbook Account
Remember in step 1 when we were prompted to make a deposit? We’re doing it now:
- Return to your open sportsbook tab or mobile app.
- Select Bitcoin (BTC) as your deposit type
- Key in the amount you wish to deposit and click Next
- The sportsbook will generate a crypto address or QR code for you to scan. Keep this—you’ll need it to complete your Bitcoin transaction in a minute.
- Open your crypto wallet and select Send BTC
- In the Send BTC field—in some wallets this may appear as a To field—paste the sportsbook-generated address
- Click to confirm the transaction
That’s it! 6 simple steps to get you betting with Bitcoin. And the beauty of it is: you’re only going to need 3 of those steps once you’re set up!
Bitcoin can be used at your favorite sportsbooks just like you’d use any other currency, so it’s time to get betting.
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