Casinos and betting platforms actively utilize cryptocurrencies as a payment method. Digital assets possess certain characteristics which make them ideal for gambling. They are anonymous, borderless, and crypto transactions fees are incredibly minute. Moreover, there are entire blockchain-based casinos that run smart contracts as the mechanism to conduct gambling and betting activities. Although the number of crypto-powered betting websites is rising, there are still examples of companies that are adamant about featuring a crypto deposit option. BETFAIR is one such company. Still, there are several viable ways available to the majority of crypto investors for depositing their Bitcoin and other cryptocurrencies to their BETFAIR balance.
Key Points:
- BETFAIR is an online sportsbook and gambling platform.
- Bitcoin is the first and most prominent cryptocurrency on the market.
- Betfair users can deposit money with BTC crypto using Neteller and PayPal.
- NOWPayments is a crypto payment gateway that allows businesses and merchants accept 100+ cryptocurrencies.
What is BETFAIR?
Betfair is an online sportsbook platform that lets its users gamble on thousands of sports events around the world. BETFAIR has an excellent reputation among gamblers which it has earned over more than two decades of its existence. Established in 2000, BETFAIR was virtually one of the first betting websites ever. The company services more than one million people from different parts of the planet. BETFAIR is a website that offers great odds, thus giving players a chance to earn good money if they win. The platform also provides a generous bonus for those who sign up for the service for the first time. Moreover, people who have been using BETFAIR for quite a while can occasionally get a free bet. BETFAIR is also known for its exceptional customer care. Whenever players come across problems on the platform, BETFAIR always finds ways to assist them.
BETFAIR has official gambling licenses both from the Gambling Commission and Malta’s Gaming Authority. In addition to sports betting, BETFAIR has a casino segment where you can play poker, bingo, and other games with fellow players. Yet, the most fantastic feature of BETFAIR is its exchange. BETFAIR exchange enables players to offer their own odds for sports events. The platform matches players depending on their odds and allows them to bet against each other and not against BETFAIR.
What is Bitcoin?
Bitcoin is the first and most prominent cryptocurrency on the market. Bitcoin was launched at the beginning of 2009, and since then, its value has risen by thousands of percent and, in 2021, reached its new record high of $63,000. Bitcoin is a currency that relies on a blockchain, a decentralized ledger. Blockchain stores every Bitcoin transaction forever, making information about them available to the public. The Bitcoin blockchain utilizes Proof of Work (PoW), a consensus mechanism that makes decentralization possible.
Essentially, Bitcoin’s PoW keeps the network secured by offering users to solve mathematical puzzles with the help of their hardware, such as CPUs and GPUs. Those users who get to be the first to solve all of the puzzles receive an opportunity to validate transactions and add new blocks to the blockchain. Additionally, they are given a reward in the form of Bitcoin tokens.
Bitcoin is an asset that is perfect for online gambling. Since Bitcoin does not require registration, its owners keep their anonymity when making crypto transactions. Bitcoin also can be transferred globally without any limitations in several minutes.
I have Bitcoin, so how do I get it to BETFAIR?
Currently, BETFAIR does not accept Bitcoin as a payment method. Yet, it is quite possible that in the near future, BETFAIR’s players will be able to deposit crypto to their balance. Nevertheless, there are still ways to do it, but not directly.
The first method of getting Bitcoin to BETAIR is by using Neteller, a money transfer service which recently began accepting cryptocurrencies. If you have a Neteller account, you can buy Bitcoin by going to Neteller’s official website or app and purchasing the crypto with your fiat currency. Once you can see your Bitcoin balance on Neteller’s dashboard, you can proceed to BETFAIR’s website. While on BETFAIR’s site, press the “deposit” button, choose Neteller as the deposit method, and then specify the sum. Then, a window will open with your Neteller balance, where you will be able to pick Bitcoin as a way to pay for the deposit. Bitcoin will automatically get converted to fiat.
BETFAIR also accepts PayPal, another service that features a Bitcoin wallet. In the case of PayPal, the process is similar. You can either buy Bitcoin with PayPal or send your existing crypto funds to your PayPal wallet. On BETFAIR’s website, you will need to choose PayPal as the payment method and then pick your Bitcoin wallet to foot the bill.
Can I get another cryptocurrency?
Getting another cryptocurrency on BETFAIR is easy. You can purchase cryptocurrencies in Neteller, which features a total of 28 digital assets. Apart from Bitcoin, you can get LTC, Ethereum, XRP, Dash, and many other coins. Then, you just follow the same path outlined above.
In addition to Bitcoin, PayPal also has an Ethereum wallet, so you can use this coin to pay for your deposit on BETFAIR.
If you have a cryptocurrency that is not supported by Neteller and PayPal, you can convert it to the one accepted by these platforms using a crypto exchange.
How to Accept Cryptocurrencies
If you have a business and want to accept cryptocurrency as payment just like PayPal and Neteller, you can make use of NOWPayments’ tools. NOWPayments has designed several solutions for deploying crypto payment gateways.
Crypto invoices are a popular and reliable method of accepting crypto, which provides your clients with payment data to help them to conduct a transaction. You can issue individual crypto invoices by employing a Point-of-Sale terminal and running it on your phone or laptop.
Owners of eCommerce stores on platforms such as PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware can rely on a plugin facilitating crypto payments.
Charities and bloggers can accept crypto donations by using widgets, buttons, and links on their websites and social media.
Conclusion
BETFAIR is a leading gambling and sportsbook platform that has not yet introduced crypto payments. Yet, its users can still deposit money with crypto by using Neteller and PayPal. If you are looking for ways to implement crypto payments in your business, then you can consider deploying a crypto payment gateway with NOWPayments.