Has Offshore Betting Via Bitcoin Saved Gambling Sites?

Last Updated: November 12, 2020

The short answer is: Yes.

It hasn’t been easy for offshore sportsbooks or betting sites to operate in the United States since the passage of the UIGEA back in 2006. Since then, payment processing for sports betting and other forms of gambling has gotten progressively tougher. Many sites left the U.S. market immediately after the UIGEA was passed. However, a lot more stayed. The poker industry was going strong, for the most part, but that all stopped in 2011 after Black Friday. Online poker and casino gambling is now regulated in some states, with more on the horizon, but the offshore market is still alive and well.

Why is that? Well, a crypto-currency called Bitcoin is a big reason for that.

Credit and Debit Card Deposits Increasingly Unreliable

Bitcoin Sportsbook At this point, most sites are moving towards dealing exclusively with Bitcoin. Depositing with a credit card or debit card is still possible at just about every sportsbook, but in many cases, it comes with hoops to jump thru and other associated risks.

Look what is happening at 5Dimes Sportsbook. Dozens of users have reported fraudulent charges showing up on their cards. 5Dimes’ hasn’t acknowledged the situation publicly. We don’t think it’s likely that management is behind this, but rather, a dodgy payment processor. Bovada Sportsbook, one of our top sportsbooks, still takes Visa deposits, but they come with 4.9% fee. Compare that to Bitcoin, which comes with zero fees and much less of a hassle, and it becomes a no-brainer for bettors.

Even bank wires or the now, not-so-often used, cash transfers are better options than credit or debit card deposits. We detail how to deposit via credit or debit card but highly recommend other options. Most cards are not accepted on the first try when trying to deposit at offshore betting sites. This forces users to jump through hoops, such as calling banks to get your card allowed for international transactions and worrying about fraud issues. We’re not saying that depositing with a card isn’t a viable route, but it’s far more time-consuming and expensive than depositing with Bitcoins.

Do All Betting Sites Take Bitcoins?

best Cryptocurrencies to Bet online Every major sportsbook (and just about every smaller one) take bitcoins these days. This wasn’t the case, even a year ago, but for now, it seems the entire offshore betting industry is moving to adopt Bitcoin as their primary means of doing business. MyBookie.ag Sportsbook and SportsBetting.ag not only take Bitcoins but another crypto-currency, Litecoin. Bitcoin and other crypto-currencies aren’t the future currency of online betting – they’re already the standard.

Learn how to use Bitcoin (BTC) by reading our Online Bitcoin Gambling Sites: Step by Step Guide.

Content Refreshed & Republished: November 26, 2018

Joseph Falchetti - Editor-in-Chief, Pro Sports Bettor and Casino Expert

Joe is the author of the majority of sports betting pages on SBS and he serves as a gambling consultant to our content team. He's been mentioned on Forbes.com as a gaming analyst, and his articles have been linked by larger publications, such as the New York Times.

TAGS: