How to set up your own crypto deposit system with Bookiemarket

What is CryptoDeposits by Bookiemarket?

CryptoDeposits is Bookiemarket's latest pay per head innovation, enabling players to fund plays and settle online using bitcoin. Transactions take place directly between you and your players, with no third parties involved – not even Bookiemarket. That means no payment processor fees, nobody looking over your shoulder, and no need to meet in person. You are your own online payment processor.

How do CryptoDeposits work?

CryptoDeposits integrates with Electrum, an ultra-secure cold wallet software that stores Bitcoin while disconnected from the internet. All transactions are encrypted and take place completely isolated from your network, so no private information ever leaves your device. The only information shared with the network is your public receiving addresses, and, as usual, basic information about each transaction is recorded to the blockchain ledger. 

You will receive a notification to approve or deny each transaction. Your players are free to use any major crypto wallet, including popular apps like Coinbase and Venmo. Once approved, the credit balance will be loaded into the player's account. If the player wants to withdraw, they can make a request in our system. You will receive a notification to approve the withdrawal and send the bitcoin through your cold wallet.

There are two CryptoDeposits account types: Credit Deposits or Balance Deposits. The first, Credit Deposits, lets players use crypto to fund plays as needed. You can even offer deposit bonuses to give players an incentive to add more credits. This is similar to exchanging a larger bill for tokens at the video game arcade. The second, Balance Deposits, allows you to issue a credit balance to your players. You can control how long deposits and wins take to mature. This is similar to spotting a friend some tokens to play with, as long as they return the same number of tokens at the end of the day.

How to set up CryptoDeposits on your sportsbook in 4 steps

  1. Get a cold wallet
  2. Choose privacy Level
  3. Generate and upload addresses
  4. Set Account type

Step 1: Get a cold wallet

A cold wallet lets you have your own online deposit system with cash-level privacy. 

You can choose any cold wallet application that has the ability to create multiple addresses. BKM recommends Electrum (electrum.org). It is a free and open-source application licensed by MIT. 

Once you create your cold wallet in Electrum, the next step is to generate multiple receiving addresses to start receiving your bitcoin transactions. The amount of addresses depends on the level of privacy you want.

How to use a cold wallet with CryptoDeposits

Step 2: Choose Privacy Level

You have several options to set your level of privacy

Low
The lowest level of privacy is to have only one receiving address. Every player will send payment to this one address. Using only one receiving address is not recommended since all of your players will see your entire transaction activity. 

Medium

BKM recommends using a one-address-per-user level of privacy. This type of privacy gives you a good balance between privacy and making it easier for you to manage your addresses. In addition, only the player and the agent know the activity at the address. Since this is the default setting, you don't need to configure anything. You need to generate the number of receiving addresses based on the number of players.

High
The highest level of privacy is to set 1 address per transaction. While it gives you the best level of privacy, you will have more addresses to manage. As a result, It will take longer for your cold wallet to load up.

Select Yes on Unassigned Address after Deposit for maximum privacy under Crypto Settings. Then generate your addresses.

Calculating the number of addresses

Once you determine your level of privacy, calculate the number of receiving addresses needed based on the number of players that will use CryptoDesposits.

For example, if you want medium security and you have 10 players. You will need to create 10 addresses since it requires 1 address per player.

If you want maximum security and you have 10 players. You will need to create at least 10 to 20 addresses to start and continue to create more addresses after your players start using them up.

Step 3: Generate receiving addresses and upload 

Generate your receiving addresses using your cold wallet.

After you generate your receiving addresses, you need to add them to your Bookiemarket account by clicking on the upload new addresses button under the deposit addresses page.

Protip: Open both applications and arrange the windows side by side. After generating the new address, click on the copy icon and paste the new addresses directly to Bookiemarket's Bitcoin address section. Once uploaded, you will see a list of deposit addresses without any assigned player.

When a player makes a deposit, the system will assign a deposit address to the player. 

Step 4: Set account type to player

Next, you need to set the account type for your player by going to the player profile settings.

There are 2 new account type settings for the crypto deposit system.

  1. Credit Deposit & Withdraw -The players will need to pay before they can play.

    CryptoDeposits lets players add play credits instantly online. Agents can even offer customized deposit bonuses to sweeten the deal. 
  2. Balance Deposit & Withdraw - Play now and pay later.

    Issue a recurring credit balance to players and use CryptoDeposits to settle up without meeting in person. You control how long it takes for deposits and wins to mature. 

You have the flexibility to set up 4 different account types of collection and payout features for each of your players.

All set!

Once you complete the setup. Check out the FAQ links below.

FAQ

How do players deposit and withdraw with CryptoDeposits?

How to give deposit bonus to players

How to set your withdraw maturity dates

Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.