In recent years, online betting has become a viral recreational activity for Americans. For the longest time, the strict legislation in the country stopped people from participating in this fun activity. Thankfully, that’s not the case anymore.
If you’re a prospective punter who wants to dip your toes in the betting pond, you’re right where you should be. It’s simply because you were searching for bookmakers accepting Bitcoin, and we’re here to deliver.
Well, not us but someone we love and respect a lot here at Tasteful Space. Of course, we’re talking about the infamous Tim Harrison, a betting guru from BetZillion. He’ll take you through Bitcoin gambling in the USA, using IPS as his vessel.
Table of Contents
Tim Harrison to Tasteful Space: What’s the Legal Situation of Betting in the US?
Tim always believes in staying safe. And you can’t possibly expect to stay safe if you’re participating in something illegal, can you?
First of all, gambling is not regulated on a federal level! The gambling laws in the US are different from the rest of the world on many accounts. It makes sense when you consider the majestic area of the country and the diversity in cultures you can witness from state to state.
That’s precisely why the federal government has endorsed the state governments to regulate gambling as they see fit. Casinos have been legal in the country for over a hundred years. And people seem to love the activity. So much so that the world’s most popular gambling destination is located right here, in Nevada. Of course, we’re referring to the Las Vegas strip.
Sports betting, however, has been neglected for a very long time. The reason behind this was the Professional and Amateur Sports Protection Act (PASPA) that made any bets on sports illegal.
Finally, the Supreme Court of America decided to dissolve the act and make single-game wagering legal! At the time of writing, more than 30 states have already legalized sports betting, and more are on their way to passing the required bills.
In 2020, the online gambling industry in the USA was valued at over $2 billion, which shows how much people love online betting, even after heavy taxation! And online sports wagering is available in 18 states.
Just a fraction of them are:
- New Jersey,
- Pennsylvania,
- Colorado,
- Michigan,
- etc.
Now that you’re up to date with the online betting legislation in the country, we can move on to the other part of Tim’s guide, Bitcoin gambling.
Tim Harrison on the Status of Bitcoin in the US
At this point, we’re all familiar with Bitcoin. As you’re looking for bookmakers that accept Bitcoin, chances are you’re already invested in the crypto paradigm. The most significant benefit of the crypto industry is decentralization. And it all started with Bitcoin.
Bitcoin remains the most expensive cryptocurrency token in the world! The Bitcoin white paper was published in 2008, and the first block was mined by January 2009. That makes Bitcoin over 13 years old at this point! During this time, the blockchain has gone through significant changes to make the network more secure and user-friendly.
So, the fact that you have Bitcoin in your possession makes you an investor automatically. And now, you’re looking forward to using your digital assets for betting. Tim has already shared a list of the best bookmakers that accept this token.
Check this video to add more information: https://www.youtube.com/watch?v=mn8kHzZQytw&t=8s&ab_channel=SafestBettingSites
Now, the real question is, why should you use crypto in the first place? Let’s find out! What are the benefits?
Benefits of Using Bitcoin for Online Betting
As promised, this is the section where Tim will share the most significant benefits of using BTC tokens at American online betting sites.
Instant Deposits and Withdrawals
If you have previous experience with online gambling, you might be familiar with the notorious “pending period”. The sportsbook operator needs a chunk of time to process your withdrawal.
It varies from operator to operator. The most common range for pending periods lasts between 24 hours and 72 hours, according to Tim.
When you use cryptocurrencies like Bitcoin, you cut the pending period down to a few minutes! The reason is simply decentralization. The operators consider crypto wallets as “preapproved”, so you don’t have to submit KYC documents for verification.
At the same time, the blockchain processes your withdrawal request, where many nodes work together to validate and record the transaction. It takes a few minutes at a time. For newer-generation blockchains, the process is even faster!
Anonymous
A big area for security breaches in the iGaming industry is payment methods. Payment information like your bank account number, credit card number, online banking password, e-wallet email address, etc., are susceptible. So, exposing them on the internet will always be a risk of them getting stolen.
Crypto transactions, on the contrary, are handled using your crypto wallet address only. These wallets, too, are protected with cryptographic encryption, so regular hackers can’t get into them.
So, when you use cryptocurrencies like Bitcoin for online payments, you safeguard your sensitive information and only use the essentials. Another great advantage is that crypto wallet addresses are random strings whose owners cannot be identified. You’re getting an anonymous payment method at your disposal!
Little to No Transaction Fees
Well, this one can be tricky. You can argue that fiat currency methods don’t incur gambling deposits and withdrawal fees. But hear Tim out.
You might not pay a direct fee to the bookmaker during your transactions. However, your method will almost always have an annual or monthly charge. E-wallets like Skrill and Neteller charge on a per-transaction basis when you deposit money from your bank account as well as withdraw it.
As you can see, you can’t claim that fiat currency methods don’t have fees. In the case of crypto tokens like BTC, the fees are all decentralized. You don’t have to pay a fee to the bookmaker you’re betting at, but there are operating costs for your crypto wallet.
On top of that, you pay a nominal fee when you convert the BTC to USD at a crypto exchange. In Tim’s experience, the cumulated Bitcoin fees are lower than traditional payment methods.
How to Get Start with Bitcoin Betting?
We believe we’ve answered most of your questions regarding bookmakers accepting Bitcoin. Now, you’re ready to explore the paradigm on your own. How to do that? Let the expert help!
- Choose a licensed online betting site in the USA. You can’t go wrong with FanDuel if you’re physically present in any licensed state.
- Open an account and connect your crypto wallet. It’s as simple as typing in your wallet address in the cashier section of the website.
- Now, when you deposit, choose Bitcoin from the menu, copy the wallet address for the operator, and use it to send the necessary amount of BTC to your account.
- The withdrawal is simply the opposite process. You choose withdrawal, and the operator will send the BTC to your wallet address.
