Did you know that you can fund your sportsbook account with gold? You probably didn’t. Not many bettors are aware that some online gaming sites accept it as a valid payment method. The process by which these transactions are completed is Goldpay. It is essentially a market that allows you to purchase gold and then convert that at any Goldpay betting sites at your convenience. Don’t worry if you’re still not getting it. That’s why we’re here: to explain all the ins and outs and even diagonals of Goldpay gambling.

Our GoldPay betting sites primer will cover all of the following:

• How does Goldpay work?
• Tips for betting with Goldpay
• Best Goldpay betting sites

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Sports Interaction – The Lowest Deposit Fees

Sports Interaction

100% Sign Up Bonus – up to $500

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Pros & Cons

Zero fees

Quick Approval

Competitive bonuses

Higher minimum deposit

If you’re looking to deposit your money via Goldpay without paying an extra dime, then Sports Interaction. They also treat it like an e-wallet and won’t hit you with any fees on incoming transactions. Outbound transactions are a different story, but their processing fee on withdrawals is usually minor.

Like other e-wallet transactions at Sports interaction, your deposits will hit your account right away. Withdrawals take a little longer than they do at other places, but it’s worth the wait when you’re not being hit with all sorts of expensive fees.

All sports bettors should be looking to complete transactions as quickly and cheaply as possible. Sports Interaction allows you to do that on Goldpay deposits. And to top it off, they also offer a competitive assortment of bonuses for first-time customers.

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Betway – The Best Mobile Betting Site for Goldpay

Betway

100% Sign Up Bonus – Up to $200

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Pros & Cons

Easy to use mobile site

Instant deposits

No fees on inbound transfers

Unspecific withdrawal fees

Bettors are not presently charged a fee at Betway for making deposits with Goldpay. Unfortunately, the terms of their withdrawals are less clear. It seems you could be charged a flat rate or percentage-based processing fee depending on the withdrawal method, but it’s not explicitly stated.

Any Goldpay deposits you make at Betway will be ready to roll immediately.

There currently isn’t a huge demand for on-the-go Goldpay transactions. Betway offers up that service anyway. Their site is super easy to navigate, and Goldpay instructions can be laid out succinctly on their deposits page or by a customer service rep.

Read Betway Review

Goldpay betting facts – How Does It Work?

At first glance, Goldpay can be difficult to understand. Rest assured, it’s really not.

You start by using a regular payment method—credit card, bank account, wire transfer—to purchase gold at its current going rate. The amount of gold you purchase is then your asset; that weight is your currency. 

By this point, what you’ve effectively done is create a gold e-wallet. Just as you would with PayPal or Skrill, you can transfer what’s in your account to other accounts or businesses to complete transactions—or, in this case, sportsbook deposits.

This is basically it. That’s the entire process. The bigger task at hand is actually finding places that allow you to pay in gold, which we’ll get to below.

Using Goldpay at Sportsbooks

Turning your gold into funds at an online gaming site is more complicated than actually setting up goldpay. These transactions usually aren’t completed on your own, without contacting customer service. 

Sure, some sportsbooks have Goldpay listed as an official payment option, thus ensuring nothing changes about the way you make deposits. You simply punch in the required information, and you move on. But others will require you to contact customer service. From there, you’ll have to either fill out a form or process your deposits over the phone.

Currency conversion is also part of this process. You’re converting an amount of gold to a sum of cash. This is an automated process for some sportsbooks, but one that must be done manually for others. Either way, be prepared to pay a currency conversion fee in certain instances.

Limited Availability of Goldpay 

Further complicating matters is the fact that Goldpay isn’t widely accepted at sportsbooks—at least not compared to more common forms of payment, like credit cards, wire transfers and other e-wallets. As if that’s not enough, it isn’t always easy to find out whether your online gambling site actually processes Goldpay transactions. They don’t always list them under approved deposit methods. You have to email, call or live chat a customer service rep to check on whether it’s a valid form of payment in these cases.

Additionally, you’re not eligible for direct payouts with Goldpay. If you want to convert your sportsbook winnings back to gold, you’ll need to withdraw the money into a bank account and then use that money to purchase stake in gold.

List of all Goldpay betting sites

Here are our favorite online gambling sites that accept Goldpay:

• Betway
• Sports Interation

Benefits of Using Goldpay

Please don’t confuse our emphasis on the complications involved with Goldpay betting as negative reinforcement. It can be quite useful—and profitable.

Unlike cash, gold has an inconstant value. It can increase or decrease. So, buying gold is technically an investment. If you purchase $2,500 worth of gold, you may find out sometime later that same amount of gold is actually worth $3,000. Theoretically, then, you can build a sportsbook purse that’s making you money while waiting to deposit it.

The flip side of all this is that the price of gold fluctuates. The amount you buy today may actually be worth less tomorrow. That can be problematic if you’re looking to reserve this investment for sports-betting deposits. Our suggestion is to only use Goldpay if you’re in this for the long haul, so that you can withstand the ebbs and flows incumbent of purchasing gold.

Betting Strategies for Goldpay

Deposit bonuses should be everything for Goldpay users. You’re already subjecting yourself to some risk—and, of course, high upside—by investing in gold. If the price of your purchase declines in value, you’ll want to make up some of that difference.

Beyond that, there will also be fees attached to certain Goldpay transactions. Most sportsbooks won’t charge you for processing the deposit itself, but you will have to foot the bill for a currency conversion fee. 

Factoring in these potential losses (as well as gains) is all part of the Goldpay betting experience. There’s no airtight way to stabilize this method. But you can neutralize some of the risk by prioritizing sportsbooks that offer 100 percent match bonuses on first-time deposits.

Safe betting with Goldpay - It’s Like an E-Wallet

Using gold to fund your Goldpay betting sites account is no different from using another e-wallet, aside from the hoops you may jump through to process the transaction. You’re using a third party site to facilitate your deposit, and in doing so, you’re consolidating the availability of certain financial information. Instead of putting in your bank account or credit card information at every sportsbook, you’ll house that same information in your Goldpay account, which you’ll then use to funnel funds everywhere else.

Our conclusions - An Interesting Yet Off-Beat Payment Method

It’s Not Difficult

We cannot stress this enough: Though there are extra steps involved with Goldpay betting, the process is not complicated. People get scared by the idea of purchasing gold. But all your doing is buying gold and then using that as the currency through which you’re funding your sportsbook account.

Goldpay is an Investment

Opening a Goldpay account isn’t just about tapping into an alternative payment method. It’s an investment. You can earn money on your deposit if the price of gold goes up. So, in theory, you can make money off your payment method and the actual sports gambling act itself.

Not for the Faint of Heart

Just as the price of gold can go up, it can also go down. We don’t recommend Goldpay if you’re into using it as a sportsbook deposit method over the short term. It needs to be one you plan on letting marinate, so that you can ride out both the highs and lows of it all.

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