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How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

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J-MoneyMaker
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How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

Hey guys, we used to have a thread with some minor discussions on Bitcoin, but it appears they were accidentally lost. I figured I'd re-type everything now that I'm more familiar with things and share it with the forum in case anyone found it useful.

I started using Bitcoin to fund my online sportsbook in the summer of 2016 and have been happy with the transition ever since. I’m sure a lot of people are probably curious, as I was, with how it all works. Perhaps you may even be afraid to use it because it seems confusing and intimidating. Well, it is at first! I didn’t have anyone to teach me the step-by-step process, so I had to do some of my own research and trial/error to figure it all out on my own. I figured it would be beneficial to everyone on here if I helped simplify the process a bit and listed out the main steps that I go through when making a deposit/withdrawal. Here are the basic steps:

1. Sign up at an e-wallet site, such as Circle or Coinbase. I personally use both, but have utilized Circle the most so far because of the fact that you can instantly purchase up to $3,000 in Bitcoin with your debit card (Coinbase can take a few days). Both received good reviews and are legit based on everything I researched. For the duration of this walkthrough, I’m going to use Circle as my e-wallet example. Think of Circle as your own personal online wallet, similar to how PayPal works. This is where you will deposit your money when you are ready to make a deposit to your sportsbook.

2. Once you have signed up with Circle or Coinbase, you will want to link your bank's checking account or your debit/credit card. I prefer to use the debit card method on Circle because the deposit goes through instantly, whereas your bank checking account may take a day or two. Both options work just fine, but similarly to PayPal, Circle may make a few tiny deposits into your bank account for you to verify, before you can continue on.

3. Again, it's a lot like PayPal if you are familiar with how that is set up. Once you have your checking account or debit/credit card linked, you can make a deposit into your e-wallet. The first time may require an extra verification step, but it will be much simpler going forward from that point on.

4. Once you have deposited some money into your e-wallet in Circle ($3,000/week limit), you will then want to sign up for an account at Blockchain. Think of Blockchain as a "middle man" that you will be handing off your money to, right before it's delivered into your 5Dimes account. This may seem weird or feel shady, but it's legit. Doing this will help you avoid any suspicious transaction questions or anything like that. This is the most important step that I read in all of my research. You NEVER want to send money from Circle directly to your sportsbook or vice versa. They are familiar with some of the addresses that come from sportsbook accounts and they may ban you from continuing on, if they feel you are making gambling transactions. Make sure you get Blockchain set up. With Blockchain, you don't really have to do anything once you have it set up. There's no linking your checking account or debit card. It's simply an intermediary between your Circle and sportsbook accounts.

5. Now that you officially have some money in your Circle account and you have Blockchain set up, what you will want to do next is send that money from your Circle account over to your Blockchain account. Whenever you are going to send/receive Bitcoin, you need to make sure you have a Bitcoin wallet "address" so you know where to send it. In this case, you are sending money TO Blockchain, so you will need to determine what your Blockchain wallet address is. On the main page of Blockchain, there is a “Receive” button towards the top left of the screen. Click that and it will generate a random address for you to use with that transaction. It should be a lengthy string of numbers and letters, similar to something like this (12btFPBAU5Lfey76caRKEHaKoYv84ezKUq).

6. Once you figure out what your Blockchain wallet address is, you simply copy that address. Then you go back to your Circle account and click on the "Send" button. It should ask you what the address is that you want to send your money to. Paste that Blockchain address into that field. It will also ask you how much money you intend on sending. Keep in mind that if your money is being displayed in US Dollars, it may get converted into Bitcoin format, which is usually a long decimal amount. Don't be freaked out by that, because 1 Bitcoin is equivalent to around $550 or so and it fluctuates. So $100 is only like .25 Bitcoin for example. It may seem weird at first, but you'll get used to it.

7. Once you send the money from Circle to Blockchain, it should go through pretty quickly. Sometimes it may take 10-15 minutes, but it's usually instant. If it takes a bit longer (especially the first time), don’t panic. You should then see your Bitcoin showing in your Blockchain account at that point. Once you see that your money has successfully been transferred to your Blockchain account, you can start the sportsbook deposit transaction.

8. For this example, I’m going to use 5Dimes as the sportsbook, since that’s what I mostly deal with. Go to your 5Dimes account, click on "Cashier," "Deposit," and then they "CryptoBitcoin" option next to "E-Wallet." It will then ask you how much US Dollars you want to make your deposit for. For this example, let's just say it's $100. Type in $100 and then click the "Deposit" button. A message should appear, giving you a long string of numbers/letters. This is the Bitcoin wallet address that you will be sending your Bitcoin to FROM your Blockchain account. Copy that address.

9. Now go back to your Blockchain account and click on the "Send" button on the top left of the screen. It should be a similar setup as before when you sent the money from Circle to Blockchain. You will paste in the address that you received from 5Dimes. Then it will ask you how much you want to send. When using Blockchain, I like to look up in the upper-right hand corner and simply start typing in the Bitcoin amount number by number, since it's a very long decimal amount. As you start to type in the numbers, Blockchain usually pops up a message that asks you if you want to use your entire Bitcoin balance, plus a small convenience fee to send it. Go ahead and click on that option. This will automatically populate the rest of the Bitcoin amount for you. Go ahead and send it on its way.

10. At that point, you simply play the waiting game and 5Dimes should add in your money anywhere from 5 minutes to an hour. It may take a little time when you do it for the first attempt, but I've usually seen it in my account within 15 minutes. I should also point out that Bitcoin is a currency that fluctuates ever so slightly, so you may see a few dollars difference (higher or lower) when you make your deposit. So a deposit of $100 may end up showing up as $103.43 or $96.78. It's usually not a significant difference. I kind of chalk it up as a convenience fee, but sometimes it can actually give you a few extra bucks as well, so it does work both ways.

That should take care of everything on the deposit side. This may seem like a lot of steps, using multiple websites, but trust me, after you do it a few times, it becomes pretty straight forward. After the first attempt, you no longer have to do any sign ups, verifications, etc. That cuts down on a lot of time and effort. The same rules apply for withdrawals from 5Dimes. You will essentially follow the same steps as you did when you deposited. You will request a withdrawal from 5Dimes for whatever amount you want. They will then ask you which address you want the money sent to. You would then go into your Blockchain account and secure an address (by clicking on the “Receive” button), copy it, and paste it into the 5Dimes withdrawal request. Once 5Dimes has approved the request, they will send your Bitcoin to Blockchain. Then you simply send that Bitcoin from Blockchain back to your Circle account (you'll need to get an address from Circle right before you send that). Once the money is back in your Circle account, you're able to cash it out back to your checking account or debit/credit card. Simple as that. Just like PayPal, you can decide to keep the funds in your Circle account for later use if you prefer. The value of the BTC may fluctuate a bit over time (for better or worse), so just make sure you keep that in mind.

So to recap, when making a deposit into 5Dimes, you go Circle to Blockchain to 5Dimes. When making a withdrawal, you go 5Dimes to Blockchain to Circle. Circle is your main wallet, Blockchain is the middle man, 5Dimes is where you ultimately are depositing or withdrawing your money from.

Again, I understand if all of this sounds confusing. It is at first, especially when nobody gives you any instructions. But I was able to figure it out relatively easily and I've passed it along to a few friends that have also had success using this method. So hopefully you'll be able to figure it out too. It’s been 6 months later, and using BTC is a snap for me now. I can’t tell you how much quicker and easier it is to make deposits or withdraw money. I would always have issues with my bank when trying to make a deposit with my debit/credit card, because the activity would be coming from another country and would raise a bunch of flags. I would have to spend forever on the phone trying to justify the transactions, and it was just always a mess. Plus, a book like 5Dimes has a $500 limit per deposit when using MasterCard (which is what my credit/debit cards both are). So I would have to make 5 deposits, for example, of $500 each in order to deposit $2500 into my account.

Now, if I wanted to, I could deposit $2500 instantly with no hassle. The same can be said for withdrawals. Prior to using BTC, it was the biggest headache to make a withdrawal (at least for me anyways). My bank had major issues with a check from some weird Canadian bank. The ACH withdrawal method that was supposed to easily withdraw funds to directly to my debit card also ran into problems. MoneyGram and Western Union scared me from all of the horror stories I had heard from others. I have made multiple withdrawals of several thousand dollars and have gotten that money from 5Dimes directly into my checking account within 48 hours of initiating the withdrawal. That’s so much easier and more convenient than any other method I’d dealt with previously. Bitcoin is definitely the future! At least give it a try if you have the time. If you’re worried something will go wrong the first time around, maybe just play with a small amount of funds to test it out for yourself. I promise you it’s worth it though.

If you have any questions or get stuck along the way, don't hesitate to PM me or respond to this thread on the message board. I don't mind answering questions. I'm here to help.

~ J-Money
Last edited by Admin on Wed Dec 14, 2016 6:55 am, edited 1 time in total.



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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Admin »

Thanks for the post J!

I'm sure many can benefit from it.

John

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

No problem! Like I said, if anyone has any questions, don't hesitate to ask on this thread or shoot me a PM, and I'll try to help as best I can

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

So I was attempting to withdraw some more money from 5Dimes this week and was going through the steps I listed above. Turns out, Circle has recently decided to stop allowing you to receive BTC payments from any other wallets (at least from what I could tell). I couldn't figure out how to make it work. I wanted the money ASAP, so I just went ahead and went thru a similar process with Coinbase (the other e-wallet site I referenced above). Not a big deal, but I had been primarily using Circle up to this point. I'm going to do a little more research on what's going on and may have some additional feedback to this in the near future. I believe you can still buy BTC using Circle and send it to Blockchain though, so that's good at least. I'll keep you posted!

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by princess »

Why bother with all that? Why not just use moneygram for deposits? With my book, I use the "check by mail" option since I'm not home during the day.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

princess wrote:Why bother with all that? Why not just use moneygram for deposits? With my book, I use the "check by mail" option since I'm not home during the day.
Because some people have had issues with moneygram and Wester Union-like deposits/withdrawals. Sometimes those transactions get flagged if you do them repeatedly from locations outside of the country. Also, some books are really pushing the use of BTC and offer extra bonuses/rewards for using that deposit method. There are also super high limits when you deposit/withdraw with BTC, as compared to some other methods. The transactions are super fast, you don't have to leave the comfort of your home or deal with issues with the bank. I could tell you some horror stories that I have had over the years in terms of checks I've received as payouts from various books. It's just another useful solution that a lot of people have been asking and wondering about, so I thought I'd help the forum by listing out the steps and explaining the process. It can be a bit intimidating at first, but it's super easy once you get the hang of it. It's been a huge improvement for me, especially when I want to deposit or withdraw funds quickly and often.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by princess »

Western Union does not work anymore, but moneygram does, as long as you don't use it too often. I never use it more than twice per month, so I have had no problems. I only use books with an SBR rating of A or better, and have had no problem with checks. The limits are no problem, since most online players play under 1,000 per play. The easiest method is the way to go untill it doesn't work anymore. I NEVER accept sportsbook bonuses, too many "conditions" for me.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

Alright, well the purpose of this thread was never intended to discuss the pros/cons of using Moneygram. It was intended to explain the process of depositing/withdrawing with bitcoin, which is a question that a lot of people have been asking and are curious about. If you don't want to use BTC and are happy with Moneygram, then by all means, keep using it. Some people have had issues with certain deposit methods, though, and bitcoin offers a quick and easy alternative for those folks. It's really easy after the initial setup and eventually becomes second nature once you get comfortable with it. Also, the limits I was referring to pertain to depositing/withdrawing. 5Dimes, for example, allows you to withdraw $10,000 at a time with bitcoin. Obviously not everyone needs to withdraw that much, but some people may want the freedom to take out a high amount quickly and easily, without raising a lot of eyebrows.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Admin »

J,

I heard the same thing, about Circle. I only used them a few times. My primary is Coinbase and have never had a problem. Im not sure why Circle would stop altogether except from an exchange. That don't make much sense to me, unless they are having financial probs.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Dabears »

princess wrote:Western Union does not work anymore, but moneygram does, as long as you don't use it too often. I never use it more than twice per month, so I have had no problems. I only use books with an SBR rating of A or better, and have had no problem with checks. The limits are no problem, since most online players play under 1,000 per play. The easiest method is the way to go untill it doesn't work anymore. I NEVER accept sportsbook bonuses, too many "conditions" for me.
You're Canadian right? Different situations in the USA.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Dabears »

Admin wrote:J,

I heard the same thing, about Circle. I only used them a few times. My primary is Coinbase and have never had a problem. Im not sure why Circle would stop altogether except from an exchange. That don't make much sense to me, unless they are having financial probs.
Gotta b careful...peeps have lost millions on bitcoin wallet hacks. Since it is a fantasy money, no recourse to get your money back.

Research extensively...and I want to add I am not paranoid for being hacked. They hack the sites, then POOF!

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

Some people use bitcoin wallets to hold on to their money or try to wait and sell the bitcoin at a better price. I only strictly use it for the depositing/withdrawing from sportsbooks. The money is only there for a minute or two, which reduces the risk of any hacks or things that you are referencing. I would agree, though, not to just simply keep the money sitting in your account for weeks on end, unless it's a small amount.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Admin »

Online Books I have used BitCoin
=============================


Bodog / Bovada
5 Dimes
GT Bets
Justbet
MyBookie
Last edited by Admin on Fri Mar 31, 2017 6:36 pm, edited 1 time in total.

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by Kenny981 »

Bitcoin $16,000 each. Better than gambling!
You win some and you lose some...
Life is the vig you have to pay.....

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Re: How to Use Bitcoin to Deposit/Withdraw from Sportsbooks

Post by J-MoneyMaker »

yea, I guess I have been wasting my time and effort all along and should have been holding onto my initial Bitcoin deposit in 2016! I could have retired by now! Darn it!


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