* BETFAIR DOES NOT ACCEPT BITCOIN
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What is betfair?
Betfair started life almost 2 decades ago as a sports betting exchange. This means unlike a traditional sportsbook you are betting against other players rather than the house. This means you get much better odds. The house make their money by taking a commission on every winning bet.
But it doesn’t end there with betfair! They not only run the most successful betting exchange on the planet but they also have a traditional sportsbook, some may ask why have a normal sportsbook if you have an exchange? well a sportsbook offers some extras that an exchange can’t such as multiples on any sports markets and the abilities to go e/w on horse racing etc. Also there is no fear of lack of liquidity on a sportsbook (i.e. you don’t need someone to match your bet before it’s placed)
What is Bitcoin
Now over a decade old bitcoin is a P2P crypto currency. No one is entirely sure who started it but it’s gone on to revolutionize the payment industry. Users can send coins to each other almost instantly from anywhere in the world. Bitcoin wallets are available for all devices from PC to android. We highly recommend when searching for a wallet to do your own research, make sure it has encryption and offline storage. It’s always best to use a device such as a trezor to store your coins, failing that a paper wallet is a good alternative. Never leave your money in an online wallet system as they will often run of with your coins and are very prone to hacking. The great thing about bitcoin is the opensource community has come out to make some great products to make bitcoin a lot easier and user friendly, there are some super simple wallet systems out there to use
First of all you need to buy bitcoin. You should do you research on which exchange to use thoroughly. I am reluctant to recommend one here as they frequently go ‘bust’ or simply run of with users money. This isn’t to say there aren’t legitimate exchanges out there but you need to be wary. Furthermore you should NEVER keep your money on an exchange. Once you have bought bitcoin store it in an offline wallet.
If buying bitcoin using a credit or debit card you may often be asked by your bank to verify the transaction, some banks have now be known to block all crypto related gambling transactions. This is due to the large amount of fraudulent transactions (not as some conspiracy theorists may have you believe is because the banks are afraid of bitcoin!). Also when using a credit card due to how easy it is to do charge backs exchanges are very cautious with who they deal with, you will need to verify your ID (this means sending in copies of passport etc) though this will apply regardless of whether you use credit card or bank transfer etc.
I Have Bitcoin, How do I get it to Betfair?
First of all you need to setup an account with Neteller. Neteller is a wallet based system similar to paypal but for gambling sites such as ladbrokes. It’s free to setup but you must be over 18. Certain countries are excluded such as the USA so always read the terms and conditions. You may need to send in ID to verify your account (but don’t worry they are totally legit).
Once you have your neteller wallet setup go to ‘add funds and select the bitcoin option. You will then get a unique bitcoin address which you can use to send funds to. Simply open your bitcoin wallet and send the desired amount of funds to that address. We don’t recommend sending directly from an exchange.
Now you have your funds on neteller (they may take an hour or so to appear). Go to the betfair website and login to your account. Click on the banking option and go to deposit. You should then see the neteller option assuming it’s a valid option for your country.
What about other crypto
To get other crypto funds to betfair you need to take a similar route, but first of all you need to use an exchange such as binance to convert your crypto currency to bitcoin. This is a pretty simple process, but as above you should do your research on which exchange to use, see sites like livecoinwatch.com and see which exchanges are available for the crypto you wish to exchange. Once you have found an exchange simply signup and send your chosen currency to the site. Do your research on the site first and do send a couple of smaller test transactions. Also check to see if the site has enough volume to make your trade. Lots of smaller crypto currencies get very little trading volume and some of the small exchanges only get a small % of that so double check that you’ll be able to offload your crypto currency. Once you have traded it for bitcoin then simply send it back to your wallet (as I have stated many times above don’t leave it on the exchange, ever)
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