I was looking for a way to do this for a long time as I have platinum level in the play points and was getting a rewards chest every week.
Any sites or exchanges that allow you to deposit from Google play tend to not allow you to use your balance, but will only let you deposit directly from a debit card. I wanted to find a way around this as I was earning these free play points every week and wanted to convert them to BTC.
The solution I found was to use the faucet site Cointiply. Sign up for the site at http://cointiply.com/r/kg1Xo and then go the the play store and download the Cointiply app from there.
You want to go the the Google play points section in the play store and convert your points to Google Play Credit, this will give you the cash value to your Google Play account.
Next go to the Cointiply app and scroll through the offers, either on the home page or the individual offerwalls.
You are looking for offers like the examples below that reward you for making an in app purchase.
These offers are quick to complete. Bear in mind that 10,000 points is equivalent to $1, so if you can make a purchase that rewards more $ value in points than what you need to spend then you are also making a small profit.
In example 1 a purchase of $0.99 would reward us with $1.2393 worth of points and in example 2 the purchase of the $2.99 pack would reward us with $3.672 worth of points. Once you have been rewarded for these offers, there is no need to keep the games unless you want to. Remember you can only do each offer once and it needs to be the first time you have downloaded that app for it to count.
Once you reach the 50,000 points cash out threshold, you can withdraw your points as Bitcoin to your wallet with no fees. This is usually within 24 hours of request but occasionally I have had to wait a few days before funds were sent.
This method has worked well for me, bear in mind there is a risk that the offer may not pay. This has not been a problem so far for me, but I can offer no guarantees and if you choose to use this method you do so at your own risk.
