Am I betting in dollars or bitcoin at Bovada?

Discussion in 'Bitcoin Sports Betting' started by NKOTB, Jul 7, 2016.

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  1. NKOTB

    NKOTB Member

    When I make a deposit at a bitcoin sportsbook or poker room like Betcoin or Nitrogen Sports, my money stays as BTC and all bets are done in BTC. If I make a deposit to Bovada, Betonline or 5Dimes, is my bitcoin instantly converted to dollars or does it stay in BTC?
     
  2. Humble Servant

    Humble Servant Active Member Staff Member

    If you are making a deposit at a regular fiat currency sportsbook like Bovada or 5Dimes then your BTC is instantly converted into U.S. dollars and that is what you will see in your player account. If you decide to cash-out using BTC then you will get the current market price of bitcoin at the moment the withdrawal is processed.
     
  3. PokerGod

    PokerGod Member

    If you deposit at Americas Cardroom or BlackChip Poker are you gambling with dollars or bitcoin?
     
  4. Humble Servant

    Humble Servant Active Member Staff Member

    If you deposit in bitcoin at any of these sites, your BTC will instantly be converted to dollars at the current market rate.

    Bovada
    Bodog
    5Dimes
    BetOnline
    Americas Cardroom
    Black Chip Poker
    True Poker
    Drake Casino
    Gossip Slots

    I'll try to keep this list updated.
     
  5. Gooch

    Gooch Member

    What about TonyBet? Don't they have some weird hybrid system?
     
  6. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, TonyBet allow you to deposit in bitcoin but it is only converted to bitcoin in real-time when you actually gamble. This is good if the price of bitcoin is rising because you'll have more dollars or euros to gamble.
     
  7. BeastyBoy

    BeastyBoy Member

    I deposited $100 of btc at Bovada last year but I din't use their sportsbook for 6 months. I was expecting there to be $300 when I went back because of the btc price rise but I completely forget that it's converted straight into dollars. Disappointing.
     
  8. NKOTB

    NKOTB Member

    Maybe it would be a good idea for Bovada to have a dollar and a bitcoin account for players, similar to how exchanges function. Then you would just transfer however much bitcoin you need into dollars as you need it. That way you would benefit from price rises.
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    This explainer article on NFL Bitcoin Sports Betting might explain the difference between bookmakers like CloudBet and Bovada a little more clearly.
     
  10. Humble Servant

    Humble Servant Active Member Staff Member

  11. Gooch

    Gooch Member

    doesn't anyone think that bovada and bodog might eventually allow their players to wager in cryptocurrencies rather than dollars?
     
  12. interesting question. my guess is that it would add a huge amount of confusion and result in tons of customer service tickets. if players accidentally hold their balance in btc and the price goes up their won't be a problem but if there is an 80% correction they will scream blue murder. my guess is that they will wait a couple of more years until people are more familiar with cryptocurrency and how it works.
     
  13. Humble Servant

    Humble Servant Active Member Staff Member

  14. Toast

    Toast Member

    personally I think sportsbooks should allow you to choose whether you want to keep your balance in bitcoin or dollars. during a bitcoin bull market it is better to keep your balance in bitcoin but during a bear market you should always be using dollars. the value of bitcoin dropped 84% against the dollar last year during the bear market.
     
  15. Header

    Header Member

    100% agree. Converting to dollars should be totally optional. If you only deposit and withdraw in BTC, there should be no KYC/AML.
     

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