The Penn National-backed brand, Barstool Sportsbook, is constantly on the verge of introducing something fresh. With Dave Portnoy leading the way, it becomes challenging to discern whether this new endeavor is sheer madness or sheer brilliance. The brand now refers to this latest venture as a progressive step towards the future.
Sports betting enthusiasts in Colorado and Virginia now have the option to deposit funds into their accounts using cryptocurrency.
Barstool Sportsbook now supports crypto deposits
After closely monitoring the crypto trends for a considerable period, Portnoy, who was initially doubtful, has now embraced the concept. In February, he invested $1 million in Bitcoin, stating that cryptocurrency could potentially become the currency of the future.
Portnoy is now backing up his words with action, as he incorporates cryptocurrency into his business development strategy.
At the moment, Barstool Sportsbook bettors can only make crypto deposits if they are located in Virginia or Colorado. This new deposit method is not yet available in all states.
How cryptocurrency funding works
Given that crypto is a relatively unfamiliar concept to most Americans, Barstool’s crypto FAQ section guides players through the process and addresses any concerns they may have. If you’re not already acquainted with crypto and its workings, it’s advisable to gain a basic understanding before choosing this deposit method.
In case you are still keen, there are two prerequisites: possession of cryptocurrency and an external wallet.
At present, players have the option to finance their Barstool account using a variety of four cryptocurrency types.
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- DASH
Some examples of crypto wallets that can be utilized for these deposits encompass (but are not restricted to):
- Coinbase
- Metamask
- Electrum
- Ledger
- Exodus
Sending funds directly from a cryptocurrency exchange often leads to longer processing times, but it is still a viable option.
No matter which cryptocurrency or deposit method you select, the outcome remains unchanged. Barstool employs a licensed third-party cryptocurrency exchange to convert your crypto into usable funds. Eventually, these funds will be reflected in your gaming wallet as US Currency, allowing you to place wagers as usual.
Making your first crypto deposit
To make a cryptocurrency deposit, simply go to the app’s “Deposit” tab and choose “Cryptocurrency.” If you have already uploaded your Government ID during the initial sign-up and verification process, there is no need to repeat the process now.
Afterwards, you will determine the amount you wish to deposit into your Barstool account.
Crypto exchange rate
After selecting the currency and amount, the exchange rate will be displayed and remain fixed for 15 minutes. Subsequently, it will be automatically adjusted according to the latest market price.
Cryptocurrency functions similarly to conventional currency, just as foreign currencies like the peso or euro do not hold the same value as the US Dollar, nor does any form of crypto.
For example, the value of one Peso is not equivalent to one US Dollar, necessitating the use of an exchange rate for conversion. This exchange rate is subject to changes based on the current market value. Similarly, in the case of cryptocurrency, the exchange rate fluctuates depending on the value of the specific digital currency being deposited.
Send funds via your crypto wallet
In addition to the given exchange rate, you will receive a distinctive combination of letters and numbers. This represents the wallet address where you should transfer your funds.
To initiate the transaction, copy and paste this address into your personal wallet where your cryptocurrency is stored.
In order to prevent any possible complications, please send the precise amount of cryptocurrency that you initially locked in. Sending a lesser amount will result in receiving a reduced amount. Conversely, if you send an excess amount, the surplus will be recorded as an “Overpayment” in your transaction history. It is of utmost importance to double-check and confirm the accuracy of the wallet address. Any cryptocurrency mistakenly sent to an incorrect address will be irretrievably lost, without any possibility of reversal.
Up next for Barstool & crypto
Currently, Barstool solely allows cryptocurrency for deposits, while withdrawals still require traditional methods. However, the integration of crypto into the realm of sports betting is just the beginning, with much more potential lying beneath the surface.
If regulatory approval is granted, Barstool plans to extend this innovative deposit method to more states. Portnoy and his group have also voiced their intentions to buy an English Football team using the proceeds from selling NFTs.
Cryptocurrency and gambling have already created a significant impact on a global scale. Numerous unregulated gambling platforms have embraced cryptocurrency as a valid payment method. Furthermore, within the Metaverse, an even wider range of gambling options that utilize cryptocurrency are available for exploration.
If you prefer testing the waters before going crazy for crypto, we invite you to visit Virginia and get a glimpse of what the future may entail.
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