Some Sportsbooks with Bitcoin Process Payouts Manually
Scott Morris | August 9, 2015
For many bettors today, the instant bitcoin withdrawals have become a big topic of conversation. Dozens of online sportsbooks now accept bitcoins, but not all of them pay instantly.
While some sportsbooks that are bitcoin exclusive have automated their withdrawal transactions, except for any instances where a red flag has been raised, traditional sportsbooks online manually process the bitcoin transactions, causing their players to wait in certain instances for more than day prior to having their payout.
Many are asking why is there a delay and doesn’t every online sportsbook process the bitcoin payouts instantly?
One big reason is compliance. The sportsbooks have issues with compliance they must deal with and responsibilities to gaming regulators to show that their “ Know Your Customer” procedures have been put in place.
These verification procedures allow the business to curb the amount of identity fraud and ensure just players from jurisdictions that are permitted, have created accounts.
Scam attempts increase on sportsbooks due to the most having free play or cash bonus incentives for their players. Multiple accounts at times are set up to redeem the same free offers twice or more. That has caused sportsbooks to become more careful and slow the procedure of withdrawals down due to a few people who have created problems.
To receive the free play and cash bonuses on sportsbooks the player has to wager a set number of times prior to requesting any payments.
While many of the software platforms online for sportsbooks can track the bonus fulfillment quite well, many of the sportsbooks have their own payout department go through once-overs and confirm the player has cleared the wagering terms properly.
The up and down movement of the bitcoin has kept certain sports bettors who are interested in different funding options from exploring bitcoin.
Besides worrying about the fluctuation in the value of the bitcoin, many bettors are confused by the new form of virtual currency in general.
