Portnoy Prepares For Future, Welcomes Crypto Deposits

Written By Alec Cunningham on June 13, 2022 - Last Updated on July 10, 2023

Barstool Sportsbook is always on the brink of something new. With Dave Portnoy at the helm, it’s often hard to tell whether that something is madness or brilliance. This time, the Penn National-backed brand is calling this newest venture a step toward the future.

Colorado and Virginia sports betting enthusiasts can now fund their accounts via cryptocurrency deposits.

Barstool Sportsbook now supports crypto deposits

Portnoy has been following the crypto trends for quite some time now. Although he was originally skeptical, he’s since come around to the idea. This past February, he purchased $1 million worth of Bitcoin, commenting that cryptocurrency is perhaps the currency of tomorrow.

Now, Portnoy is putting even more money where his mouth is by integrating crypto into his own business development strategy.

This new deposit method isn’t available to Barstool Sportsbook bettors in every state quite yet, though. For now, crypto deposits are only permitted for those physically located in either Virginia or Colorado.

How cryptocurrency funding works

Since crypto is a relatively new concept for the majority of Americans, Barstool’s crypto FAQ section takes players through the process and addresses potential concerns. If you’re not already familiar with crypto and how it works, it’s also wise to gain a high-level understanding before opting for this deposit method.

If you’re still interested, you’ll need two things: some cryptocurrency and an external wallet.

Players are currently able to fund their Barstool account with four different types of cryptocurrency:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • DASH

Crypto wallets that can be used to making these deposits include (but are certainly not limited to):

  • Coinbase
  • Metamask
  • Electrum
  • Ledger
  • Exodus

You can also send funds directly from a crypto exchange, though that method typically results in longer processing times.

Regardless of the specific cryptocurrency or deposit method you choose, the end result will be the same. Barstool uses a cryptocurrency exchange provided by an undisclosed, licensed third party to convert your crypto into useable funds. These funds will ultimately appear in your gaming wallet as US Currency, which can then be wagered as normal.

Making your first crypto deposit

To deposit funds using cryptocurrency, navigate to the app’s “Deposit” tab, then select “Cryptocurrency.” You already uploaded your Government ID during the initial sign-up and verification process, so you likely won’t need to do this again now.

You’ll then decide how much to deposit into your Barstool account.

Crypto exchange rate

Once you specify the currency and amount, you’ll see your exchange rate, which will then be locked in for 15 minutes. After that, it will readjust based on the most recent market price.

Cryptocurrency operates the same way as traditional currency. Much like foreign currency such as the peso or euro doesn’t carry the same value as the US Dollar, neither does any type of crypto.

For instance, one Peso doesn’t carry the same value as one US Dollar. This means there’s a certain exchange rate involved when converting the two. And this particular rate will fluctuate depending on the current market value. In the case of crypto, the exchange rate varies based on the value of the particular medium you’re depositing.

Send funds via your crypto wallet

Along with this specific exchange rate, you’ll also be given a unique chain of letters and numbers. This is the wallet address you’ll be sending your funds to.

Begin the transaction by copying and pasting this address into the personal wallet where your crypto is stored.

To avoid potential issues, send the exact amount of crypto that you initially locked in. Sending less will result in you receiving less. Sending more will deposit the extra as an “Overpayment” within your transaction history. It’s also especially important to ensure the wallet address is correct. Any and all cryptocurrency accidentally sent to an incorrect address is lost for good. There are no take-backs.

Up next for Barstool & crypto

At this time, Barstool only accepts cryptocurrency as a deposit method. You’ll still have to use traditional methods to withdraw these funds. But now that crypto has made its introduction to the sports betting world, this is just the tip of the metaphorical iceberg.

Pending regulatory approval, Barstool aims to expand this futuristic deposit method into additional states. Portnoy and his clan have also expressed ideas to purchase an English Football team with funds raised from selling NFTs.

On a global level, cryptocurrency and gambling have already made waves. Various non-regulated gambling websites accept crypto as a form of payment. And if you dive into the Metaverse, even more crypto-based gambling opportunities await you.

For those that would rather dip their toes in before going cuckoo for crypto, come visit us in Virginia for a taste of what the future might hold.

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Alec Cunningham

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