BetOnline Adopts Bitcoin as New Funding Option

In a move that could lay the groundwork for other similar entities to follow in its footsteps, Sportsbook has announced that it will now be accepting Bitcoin deposits from its online customers based in the United States. You can learn more about this reputable sportsbook in our Sportsbook Review.

The online sportsbook, which is licensed out of Panama City, Panama, is one of the first in its select category of businesses to use the relatively new digital currency that first came into general usage less than six years ago. Other online-based merchants and businesses have already started accepting Bitcoin, but its use within online sportbooks has been a rarity thus far, and will likely make their website's use of Bitcoin sportsbook deposits a hot commodity. However, the nuances of how the currency can be used in this often-controversial segment of the overall gambling community could be reason for more widespread adoption.

The expansion of funding options by is being done in part to address issues of legality that continually arise in the United States, where different forms of gambling are legal, depending on where the business is located. These legality issues create challenges for players seeking viable USA sportsbook deposit methods. Prior to the announcement, the sportsbook had only accepted funds via standard methods, such as major credit cards, money orders or wire transfers. More recently, that has also included a number of online payment companies, with the adoption of Bitcoin a further change in commerce that could generate like-minded moves by its competitors.

One of the key enticements for United States customers of is the fact that Bitcoin is currently not subject to regulation by the American government, since many in financial circles consider it to be a commodity and not legal tender. That eliminates the possibility of maneuvers being used by the DOJ to go after an online sportsbook and its assets in any way. In addition, the move by is a concerted attempt to eliminate the possibility of internet hackers accessing and stealing accounts of its customers. One of the unique aspects of Bitcoin currency is that a transaction that uses Bitcoin as its currency cannot be reversed once it reaches a specific address.

The world of online gambling has consistently evolved over the past two decades, with one of the most important aspects being the level of trust involved between a sportsbook and its customer. As opposed to walking into physical buildings that house a sportsbook or casino, the lack of face-to-face contact with businesses that have an individual's credit information has always been seen as a major drawback when it comes to using online sportsbooks.

Due to such factors,'s move could be the first step within the sportsbook industry toward making Bitcoin a more credible form of payment.'s range of options for its customers includes being able to wager on sports events, casino and poker games as well as skill games such as Dominoes or Yahtzee. They are slotted to go live with Bitcoin deposits any day now. Their sister site, will also follow suit and offer Bitcoin deposit options.

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