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How to Withdraw Funds to Your Bank Account From Bovada Using Bitcoin

Kay spends more time than they'd like to admit playing (and sometimes winning) roulette and betting on League of Legends matches on Bovada. You can receive your Bovada funds via courier check, but it usually takes 10-15 days before you get your money. Using bitcoin will speed up this process. Photo by Clifford Photography on Unsplash

What Is Bovada?

Bovada is an online sports betting and casino website based out of Costa Rica, and it's one of the few truly safe and legit gambling sites that are legal for US residents. With an abundance of gambling possibilities—whether it be slots, horse racing, blackjack, esports, or everything in-between—Bovada is consistently ranked as the #1 gambling website in the world. However, when it comes time to withdraw your earnings, things can get a little... confusing.

Withdrawal Options

Bovada has four options for withdrawal: Bitcoin, Bitcoin Cash, check, and wire transfer. Since the wire transfer option has a high minimum withdrawal limit of $1500, most people opt to receive their payment by courier check, which has a minimum withdrawal limit of $100 and is free if used only once every 90 days. However, there's a problem: The expected timeframe to withdraw via check is 10 to 15 business days! Sheesh. So if that's too long, your options are limited to Bitcoin and Bitcoin Cash. For the sake of this article, we'll be using Bitcoin to withdraw and deposit earnings into your bank account, although the process is exactly the same for Bitcoin Cash.

Why Use Bitcoin?

It's understandable that people might be wary of the idea of withdrawing their funds via Bitcoin. I, at first, was too. I never felt comfortable with the idea of virtual currency, and the fact that Bitcoin tends to fluctuate didn't help put me at ease, either. However, because the process to withdraw funds to your bank account is much, much faster using Bitcoin, there's really nothing to be concerned about. Now, in order to withdraw funds using Bitcoin, you'll need to download and utilize two free apps to your phone: BlockChain Wallet and Coinbase. These two apps will serve as middlemen to move your funds from Bovada and into your bank account. To visualize, this is what will happen:

Bovada --> BlockChain Wallet --> Coinbase --> Bank

If you think you can handle a bit of homework, follow along below for a step-by-step guide on how to withdraw your winnings to your bank account using Bitcoin!

Step One: Download Blockchain Wallet and Coinbase

You'll first want to sign up for the Blockchain wallet (its app is available in both the Apple and Google Play stores). You'll be asked to provide verification details, including an image of your ID. Once you've done this, repeat the process for Coinbase (also available in the Apple and Google Play stores).

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Note: When signing up for Coinbase, it will ask you how you intend to use the app. Be sure to choose the "investing" option.

You'll need to download both Blockchain Wallet and Coinbase.

Step Two: Withdraw Funds from Bovada

Open Blockchain Wallet. Select the little downwards arrow in the bottom-right corner to receive funds. Tap to copy the address to your clipboard. It will look something like this: sdffsjsG4bfdsgE5BpsiwVll6 Next, go to your Bovada account on your phone and select "Withdraw." Select "Bitcoin." In the "Wallet Address" field, paste what you copied from the Blockchain Wallet. Enter the amount you'd like to withdraw, along with your 4-digit security code. Check "I agree." Tap "request withdrawal." You will then be taken to a confirmation screen stating that your withdrawal will be reviewed and processed within 48 hours. You'll also receive an email once the withdrawal has been completed. (For what it's worth, it usually does not take the full 48 hours—every time I've withdrawn from Bovada, it was completed within half a day.)

Message from Bovada alerting me that my withdrawal had been processed.

Step Three: Send Funds to Coinbase

Once the withdrawal has been completed, return to Blockchain Wallet. You should be able to see the funds that you withdrew from Bovada. It may be off by a dollar or two due to the fluctuating price of Bitcoin; don't panic. Open Coinbase. Tap on "accounts." Select "BTC wallet." In the top left, select the square little QR code button. Tap "I understand." Copy the address to your clipboard. Return to Blockchain Wallet. Select the little upwards pointing arrow in the bottom-left corner to send funds. In the "to" field, paste the address from your clipboard. Tap "use total spendable balance" below. Choose between regular (1+ hr) or priority (0–60 min) delivery fees. Tap "send." You'll see a pop-up confirming the delivery, and you should instantly receive a notification from Coinbase alerting you that you received Bitcoin.

Return to Coinbase.

Tap on "accounts."

Select "BTC wallet."

Here you can see the pending delivery. Depending on which delivery fee you chose, you'll have to wait for the funds to become available. Check back periodically.

Step Four: Exchange Bitcoin for USD

We're almost finished! There's just one last step that you'll need to do—exchange the Bitcoin for USD, and then finally send that money to your bank (or PayPal). Open Coinbase. Tap "accounts." Select "BTC wallet." Select "sell." Select "sell max." Tap "preview sale." Tap "confirm sale." After reviewing the information, tap "confirm sale."

The sale will be executed immediately, and you will receive confirmation.

Example of the "Confirm Sale" page.

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Step Five: Withdraw Funds to Bank (or PayPal)

Now we're in the home stretch!

Tap "accounts." Select "cash (USD)." Select "withdraw."

From here you will move your funds into either a bank account or PayPal account. If you haven't already set up a bank account, you can do so in the "settings" section of the app.

Congratulations! You're All Done!

While the process might seem lengthy and complicated at first, it gets a lot easier the second, third, and fourth time around. It also beats having to wait 10-15 business days for a courier check to come from Costa Rica—after all, the ACH transfer from Coinbase to your bank account only takes 1-2 business days. Hopefully this article helped, and if you have questions or need clarification, feel free to reach out! This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2019 Kay B

Ted Owen on June 14, 2020:

Great article ..worked perfectly the first time I did it but the second time i moved $200 from Bovada to Block chain and I can't send it to Coinbase due to Insufficient Funds in my bch wallet...how can that possibly be the case? Over a week and no response from block chain so hoping you can help?

Sheila on May 27, 2020:

Cool!

Bamf07 on May 20, 2020:

Followed step by step and worked out perfectly. CB says it will take a week for my bank to receive the money but worked just as you stated.

Aaron on March 05, 2020:

Dont withdraw from bovada straight to coinbase. they dont allow gambling and might ban your account

John on February 23, 2020:

I agree with Ricky, Coinbase doesn't have the options that are referred to in "How to Withdraw Funds ..."

Ricky on February 05, 2020:

I dont understand the coinbase step. I dont see account or BTC anywhere

Lee Holmes on February 05, 2020:

Can you send bitcoin cash from bovada to your bank account too ? using these same steps or is it differrent ? For some reason my blockchain wallet is NOT giving me a different address to use

Jeremy on October 03, 2019:

You can just have bovada send directly to your Coinbase account instead of having to do blockchain too?

toughnickel.com - How to Withdraw Funds to Your Bank Account From Bovada Using Bitcoin

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