How fast are bitcoin withdrawals at Bovada?

Discussion in 'Bitcoin Sports Betting' started by NKOTB, Jul 1, 2016.

  1. NKOTB

    NKOTB Member

    It says on their website it takes 72 hours but I find it hard to believe it takes that long. BTC deposits happen in a couple of minutes. Has anyone here received a bitcoin payout from Bovada?
     
  2. 4TheWin

    4TheWin Member

    I've received my btc within a 24 hours on a couple of occasions but I've also had to wait as long as 4 days so so there is no fixed withdrawal time.

    I use Circle to transfer the bitcoin back into my bank account in the US.
     
  3. Spud

    Spud Member

    typically bitcoin payouts from bovada hit my wallet within 2 - 4 days. not the fastest but they have 0% bitcoin banking fees so i'm happy to wait.
     
  4. NKOTB

    NKOTB Member

    My last btc withdrawal from Bovada was delayed because they said I had to provide a new address? How do I create a new bitcoin address and why do they do this?
     
  5. Humble Servant

    Humble Servant Active Member Staff Member

    If Bovada are requesting that you provide a new address it probably means that you've already received a payment from them to the original BTC address you provided. If you look in your wallet you will probably notice that the address to receive bitcoin has now changed. For greater privacy, most modern wallets like Mycelium, AitBitz, Bread, Electrum etc. provide a new address automatically once a payment has been received to the old address.
     
  6. NKOTB

    NKOTB Member

    In my experience bitcoin withdrawals are processed in 3 or 4 days. On a couple of occasions the bitcoin were in my wallet in 24 hours. Before I switched to bitcoin, cash-outs used to take 2 weeks.
     
  7. Pony

    Pony Member

    If you request a payout via bank wire or cheque, how long would it take?
     
  8. Dara

    Dara Member

    when i request my first bitcoin payout will bovada ask me for proof of ID and proof of residence?
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    Yes. Bovada, 5Dimes, BetOnline and all the traditional online bookies require their players to go through a AML/KYC process when they request a withdrawal for the first time. It doesn't matter if you request a payout via bank wire, check or BTC.

    If that sounds like too much hassle for you then you should create an anonymous account at Nitrogen http://www.bitcoingambling.io/nitrogen-sports.html
     
  10. Gooch

    Gooch Member

    My first couple of bitcoin withdrawals at Bovada were processed within 3 days but the last one took almost a week. Is there something going on at Bovada that we should be worried about?
     
  11. Humble Servant

    Humble Servant Active Member Staff Member

    Bovada shut-down their poker room at the start of October. As a results, there was a huge increase in the number of withdrawal requests as poker players withdrew their bankrolls from the poker site. This caused a backlog and a delay in most payouts requests but thankfully it was just temporary and things seem to be back to normal again. If you ask for a BTC payout at Bovada, you can expect the coins to be in your wallet in the 1 to 3 day timeframe.
     
  12. Kaboom

    Kaboom Member

    the last payout i requested was processed in 2 days so it looks like things are back to normal again at bovada.
     
  13. Humble Servant

    Humble Servant Active Member Staff Member

    I would expect some delays over the coming days due to the Super Bowl.
     
  14. Humble Servant

    Humble Servant Active Member Staff Member

    Some of the delays that people experienced may have been caused by network congestion. The bitcoin network can only process between 3 and 7 transactions per second so sometimes your transactions can get stuck in the queue for hours or days. The good news is the bitcoin blockchain will soon be able to process 6 to 14 transactions per second, which will hopefully be sufficient for the NFL 2017/2018 season.
     
  15. Toast

    Toast Member

    Right now you can pay as little as 1 satoshi per byte and a miner will confirm your transaction within an hour.
     
  16. Lance

    Lance Member

    I'm thinking about signing up at Ignition Casino because they are the only major poker room still operating in Australia. Since they are part of the same poker network as Bovada and Bodog, do they also use the same cashier? Can I expect to receive my withdrawals within a few hours?
     

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