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Thread: Funding an Online Casino Account

  1. #1


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    Funding an Online Casino Account

    Hello all,

    I've tried funding an online blackjack account before, and it was a nightmare due to my lack of technological savvy. The online site I am thinking of frequenting has a $35 minimum deposit if I use my Mastercard debit card, but only a $10 minimum deposit if I use bitcoin.

    1) Why do the casinos want us to use bitcoin?

    2) What are some disadvantages to using a debit card?

    3) For the love of God , can anyone simplify the process of converting traditional money into bitcoin for the purposes of funding a new online casino account?

    4) Any bitcoin entities to stay away from?

    Thanks!
    Last edited by Overkill; 01-17-2022 at 03:30 PM. Reason: mistake I made in the content

  2. #2


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    1. Why not? It's just another form of "currency" to accept.
    2. I would NEVER use a debit card. Debit cards have no protections against unauthorized charges (unlike credit cards). It's like leaving the front door of your house wide open.
    3/4. Not a Bitcoin fan, so can't help here.

    I've used Paypal to fund online sportsbooks. No issues (other than Caesars being a real pain in the ass to withdraw large balances from - took me about 2 weeks with multiple transactions to withdraw 20K). I set up a separate checking account to use with Paypal, so even they don't have access to my "regular" account. Just another buffer in between electronic transfers.

    You say your a low roller. Unless you're a retiree with nothinig but time on your hands, is it really worth all this hassle for such a small amount? You could use your free time to help MidwestPlayer shovel his roof and driveway.

  3. #3


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    This is how I fund my online casinos.

    I strongly recommend setting up a separate checking account used just for gambling purposes as I and 21forme has done. This way there is no access to your regular checking account. A couple of times last year I did ACH transfers of some money out of my gambling checking account to my regular checking account as Uncle Sam wanted his share. First time I made estimated payments in years, but even though I increased my withholding it wasn't enough.

    I don't understand why you want to use bitcoin. U.S. currency works just fine. The IRS wants to know about all bitcoin transactions you make as they are taxable events. Last year I made over 430 gambling transactions when you consider the money going both in and out of the casino.

    I use two methods of deposit and one for withdrawal. I use both a debit card (I believe credit card companies treat credit card transactions as cash advances with high fees I would not use a credit card) and VIP Preferred for deposit, but only VIP for withdrawals. Here is information on VIP Preferred.
    https://www.vippreferred.com/en

    ....to be continued. Have to go eat.

  4. #4


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    Quote Originally Posted by 21forme View Post
    2. I would NEVER use a debit card. Debit cards have no protections against unauthorized charges (unlike credit cards). It's like leaving the front door of your house wide open.
    I think 21forme is being unreasonable about the dangers of unauthorized charges on a debit card. In theory, there might be unlimited liability, but in reality there are many safeguards. First, a debit card has a daily limit that only allows so much in transactions. My bank had a daily limit of only $2,500 and I had to request from the branch manger a daily limit up to $5,000. Second, a thief can only take as much money as you have in the account which would take several days in my case to clean out.
    And finally many banks will waive all liability if you notify them as soon as you discover an unauthorized charge which I would certainly do.
    https://www.nolo.com/legal-encyclope...ges-29654.html

    In my case, I only use the debit card when the casino is offering a large promotion which might require thousands of dollars to deposit. For smaller promotions which most casinos offer I use my VIP Preferred deposit method which is on file with the casino.

    I never let my money stay with the online casino. After the promotion is over I will withdraw the money. It only takes a couple of clicks of the mouse for withdrawals and deposits are just as fast. Sometimes your money is tied up until you complete the required play-thru but most of the time this is less than a week.

    I don't understand why anyone would only want to deposit $35. Even for a bonus amount of only $20 I usually deposit at least $500 as a play-thru on blackjack would require at least $800 in action.

  5. #5


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    Clarification Please

    Thanks 21forme and Midwest Player,

    Midwest Player: what does a "play-thru on blackjack" mean?
    Last edited by Overkill; 01-21-2022 at 04:33 PM. Reason: clarity

  6. #6


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    Quote Originally Posted by Overkill View Post
    Thanks 21forme and Midwest Player,

    Midwest Player: what does a "play-thru on blackjack" mean?
    When an online casino gives a deposit bonus, they don't let you withdraw the bonus money until you play it several times. Well, it is more than several times. It might be 10 or 15 times or more depending on the game you play. I have seen play thru of 200 times the bonus.

  7. #7


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    Thanks, Midwest Player

    Thank you

    Quote Originally Posted by Midwest Player View Post
    When an online casino gives a deposit bonus, they don't let you withdraw the bonus money until you play it several times. Well, it is more than several times. It might be 10 or 15 times or more depending on the game you play. I have seen play thru of 200 times the bonus.

  8. #8


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    Quote Originally Posted by ThomasPoole View Post
    I have used the old gift card several times now. If you want, you can see the instructions on [REDACTED].
    ThomasPoole,

    Why not just post the instructions here?

    I (and others too, I would guess) am very reluctant to download and open a .zip file from an unknown source.

    Dog Hand
    Last edited by Norm; 10-19-2022 at 06:54 AM.

  9. #9
    Random number herder Norm's Avatar
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    After your warning, the post to the link (a known virus) was removed.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

  10. #10


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    Quote Originally Posted by Norm View Post
    After your warning, the post to the link (a known virus) was removed.
    Norm, I downloaded the file. I thought it was just a link to a web page. When I saw it was a zip file I did not open it and deleted it. Do I have anything to worry about?

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