NFL Online Betting with Bitcoin

At Bovada Sportsbook, there’s a good way to bet on the NFL and a better way. The better way is by using Bitcoin for your deposit and withdrawal transactions. Bitcoin was designed to simplify day-to-day online purchases by removing the middle-man, which is typically a financial institution. Instead of using a bank, the digital currency relies on a secure peer-to-peer network called the blockchain for faster and cheaper transactions—and the best part is the blockchain does not restrict how and where you use your money.

Fortunately, you don’t need to be a tech whiz to use Bitcoin here at Bovada Sportsbook. We’ll go over the various steps involved in transitioning from fiat currency to cryptocurrency, with the end goal of using Bitcoin for NFL betting for real money payouts. We’ll begin our guide with a section that explains how to deposit with Bitcoin and conclude with an explanation on using Bitcoin for bankroll withdrawals. Enjoy the process and be sure to scoop up the bonus cash that’s exclusively available to our Bitcoin players.

How to Deposit with Bitcoin

Before you make your first Bitcoin transaction, you’ll need a digital wallet downloaded onto your smartphone and access to a regulated Bitcoin exchange. Both steps can be covered at once by downloading a single app, like Blockchain or Coinbase, that offers both services. Setting up the wallet involves verifying an email address and creating a password; this is where you can store Bitcoin. Meanwhile, creating a profile on the app’s Bitcoin exchange involves verifying a piece of ID and is where you’ll go to buy and sell Bitcoin. When complete, you’re free to purchase Bitcoin on the exchange by following the “Buy” prompts.

As mentioned, one of the best perks of going crypto is the availability of bonus money; our Bitcoin players have access to the most generous match bonuses on the market. So, when you make that first deposit, be sure to browse our Bitcoin Welcome Bonus to see what’s available at the time. Even after utilizing the initial welcome bonus, there are still ways to add bonus cash to your bankroll with a Bitcoin deposit.

With that in mind, you can follow the steps that you’d typically take to make a deposit, but instead of picking “credit card” as a deposit method, you’ll select Bitcoin (or Bitcoin Cash if that’s what you purchased at the exchange). An address code will appear for you to copy and paste into your digital wallet once you complete the steps to “Send” Bitcoin. A visual walk-through of this process is available in our Video Library under the “Bitcoin” section.

A Note on Bitcoin vs. Bitcoin Cash

Beginner crypto players often ask about the difference between Bitcoin and Bitcoin Cash. In August 2017, Bitcoin Cash was developed from Bitcoin as a fork in order to solve some slow-down issues that were happening on the blockchain. Bitcoin Cash was designed to handle a higher volume of transactions per block for expediated transaction times. This creation relieved pressure from the popular Bitcoin system, making the original cryptocurrency a fast-moving digital option once again.

How to Bet Against the Spread, Moneyline and Totals with Bitcoin

Speaking of speed, sending Bitcoin from your digital wallet to your Bovada account takes just 15-20 minutes once everything is up and running. On our end, we’ll convert the BTC to USD automatically upon deposit to protect your bankroll from any market changes while you play. You’ll quickly notice that the sportsbook operates the same way you’re used to, with all of the same NFL betting options available, including the following three straight bets.

Spread

When you bet on the spread, it’s not just about who wins the game. The favored team is required to beat the underdog by a certain number of points (as stated by the spread), while the underdog can lose by a maximum number of points and still pay bettors. For example, if the Pats are 3.5-point favourites on the spread to beat the Miami Dolphins, they must win by at least four points to cover the spread and pay bettors.

Moneyline

The moneyline simply asks you to pick a team to win, and if you pick right, you’re paid based on the team’s odds. A favorite will always pay less than an underdog and typically has negative odds (displayed as American odds as a default in our sportsbook). These odds show how much money you’d need to bet in order to win $100. Conversely, the underdog typically has positive odds that show how much money you’d win off a $100 bet. For example, if the Kansas City Chiefs are —650 favourites on the moneyline against the New England Patriots, who are +425 underdogs, KC will require a $650 bet to win $100, and New England would pay $425 off a $100 bet. Bigger and smaller bets are allowed, with the payouts scaling up and down to match the same payout ratio.

Totals

A lot of sports bettors enjoy combining a total with their spread bet. The total refers to the total number of points scored by both teams in a game and insinuates how offensive or defensive the game is expected to be. The oddsmaker chooses a number beforehand, and people bet on the actual total going “over” or “under” the oddsmaker’s prediction. An example of a total bet would be 52 points set for a game featuring the Cincinnati Bengals and Baltimore Ravens. Payouts for the over under typically begin at—110 (bet $110 to win $100) and can shift to balance the action between both betting sides.

How to Bet on NFL Player Props with Bitcoin

Player props work the same way whether you’ve funded your bankroll with a credit card or with Bitcoin. Simply pull up the options using the drop-down menu on our NFL Betting page and browse through the props. Props are bets on anything and everything beyond the actual outcome of a game, and player props focus on individual accomplishments on the field as opposed to team accomplishments, such as passing or receiving yards for a specific player.

How to Bet on NFL Futures with Bitcoin

The same NFL futures market is available to both Bitcoin and non-Bitcoin players. This is where you’ll find betting options for big events taking place in the future, like the Super Bowl, conference championships, and division winners. At the start of a season, all teams have futures odds assigned to win these events, and as teams are eliminated from the playoffs, they’re removed from the board. The best time to snap up value in the futures market is pre-season, but the increased payout potential comes at a cost since you have less information to make an informed betting decision.

How to Withdraw NFL Wins with Bitcoin

The fastest way to withdraw a payout from a winning NFL bet is with Bitcoin and Bitcoin Cash, which take just 15 minutes once your withdrawal is approved on our end. To initiate the process, follow the same steps that you would to withdraw any other payout; click the “Withdraw” button after logging in to your Bovada account to populate all of the options. Scroll down until you find Bitcoin and Bitcoin Cash, and then select the currency you want. You’ll be asked to input your address code for where you want your funds sent; to get this address code, you need to open your digital wallet and press the “Request/Receive” link. Doing so will autogenerate an address code for your wallet. Copy and paste the code into your Bovada account as the final step for the withdrawal.

Your withdrawal request will be put into a queue for our authorization team and it takes roughly 24 to 48 hours for us to approve it. Once authorized, your Bitcoin payout will be sent to your digital wallet—a process that takes under 20 minutes. Upon receiving it in your wallet, you can log in to the Bitcoin exchange and convert the BTC to USD (or whichever currency you prefer), and if you link your bank account to the exchange, the funds can be deposited there automatically.

All of these steps can be done right on your smartphone and they significantly reduce the waiting time involved with our more traditional withdrawal methods. No one enjoys waiting to receive a check in the mail, so now we have alternative options. We’re confident that after a few Bitcoin trial runs, you’ll want to stick to this innovative currency for all your NFL betting needs. It’s the future of online sports betting.