HeritageSports values your trust by giving you the best transaction services available in the industry with an unmatched integrity. One of them is Bitcoin which has greatly grown in popularity over the last few years, with bettors finding it to be more convenient than traditional sports betting in many cases. However, as with any new technology, there can be issues associated with bitcoin sports betting that players should look out for before making their deposits. If you follow these tips, you’ll be on your way to safely betting on sports using bitcoin.
First, make sure you are using a sportsbook that is licensed and regulated. This isn’t the beginning of the online sports betting era, which means that enough time has passed for regulations to be put into place to protect you, the consumer. Take advantage of these protections by choosing an established bitcoin sportsbook like HeritageSports. Taking this step ensures that your money won’t disappear overnight, something you’d presumably like to avoid. Even highly respected authorities like The Isle of Man Gambling Supervision Commission and the UK Gambling Commission are also giving the green light to crypto-currency gambling.
Use A Middleman Wallet
When buying your bitcoin at a bitcoin exchange site, remember that you should not use that exchange site as your bitcoin wallet. Bitcoin exchange sites can be subject to many of the same regulations that other financial institutions are subject to, which means that in many countries (such as the United States), they can close your account if it is being used for transactions related to gambling. The best way to prevent this from becoming an issue is to set up a wallet at a site like Blockchain.info, and transfer your funds from your exchange site to the second wallet, where you can perform your betting-related transactions with no hassle.
Make Frequent Withdrawals – They’re Free
Once you’ve got your funds into your bitcoin sports betting account, remember to make frequent withdrawals if you win big and your bankroll increases. Payouts using bitcoin are free, as opposed to transactions that can lead to fees when opting for a payout via check or bank wire at many sports books. This is a great tool for managing your bankroll, as taking money out of your account frequently can prevent mismanagement caused by impulsive betting.
Beware Of Price Fluctuations
Should you opt to use a bitcoin-only sportsbook, or keep your withdrawn funds as bitcoin for an extended period of time, do keep in mind that the price of bitcoin frequently fluctuates. The value of bitcoin can change by 20% of its value against the dollar in a given week, which means that you could have more or less money in your account than you originally thought if you do not keep an eye on these constant fluctuations.
Take the frustrations out of sending money to and receiving money from your sportsbook. Save time and money PLUS earn more by simply using this preferred funding method at Heritagesports and bet on sports safely.