Cryptocurrencies in sports betting: What you need to know
Cryptocurrencies in sports betting: What you need to know
Cryptocurrency in sports betting is a relatively recent addition to the explosion in online sports betting. The concept of using cryptocurrencies for things like gambling isn’t a new one, but it’s only now that it’s become more commonplace.
People are also becoming more aware of the option to use crypto, particularly Bitcoin. According to one study, 47% of sports fans said they were familiar with crypto, which is more than the general population.
With this in mind, if you’re thinking about using cryptocurrencies for sports betting, here’s what you need to know:
Types of cryptocurrencies
Firstly, there are different types of cryptocurrencies you might come across. The standard cryptocurrencies are the ones everyone knows, such as Bitcoin and Ethereum. If a betting platform accepts cryptocurrencies, these are the ones you’re most likely to see.
Sometimes, a sports betting platform may also accept stablecoins. Stablecoins are digitized versions of fiat currencies because they closely track the rise and fall of real-world currencies, such as the United States dollar.
Finally, there are altcoins. These tend to be more volatile and have smaller followings. In most cases, if you want to use altcoins to fund your wagers, you’ll need to convert them into another currency, such as Bitcoin, first.
Every betting platform can decide whether to accept crypto and which cryptocurrencies they would like to accept. Do your research on crypto sports betting websites to find the right betting platform for you.
Advantages of crypto betting
Why should you use cryptocurrency to bet on popular sports?
Some of the biggest advantages include:
- Fast transactions
- Enhanced privacy and security
- Higher deposit and withdrawal limits
- Low or no transaction fees
- A universal currency you can use around the world
Disadvantages of crypto betting
Of course, there are disadvantages to betting with crypto too. Some of these downsides include:
- High volatility could impact your account value
- Not all currencies are accepted
- Strong regulations in your country could make crypto betting problematic
How to bet with cryptocurrencies
Betting with cryptocurrencies couldn’t be simpler. The only real difference between sports betting websites specializing in fiat currencies and those specializing in cryptocurrencies is the payment method.
Every platform has a different setup for using cryptocurrencies. The most common setup is to allow bettors to wager cryptocurrency directly. For example, you may decide to bet 0.01 of a Bitcoin on the Buffalo Bills to beat the New York Jets and cover the spread.
Other platforms resemble ordinary betting platforms. Instead of betting directly with cryptocurrencies, you deposit crypto and withdraw crypto while placing wagers in the casino’s crypto tokens.
While this may seem like an added hassle, it has the advantage of protecting your deposit from excessive volatility because your money isn’t sitting there in crypto. The value of what you take out will be worth the same in your chosen fiat currency as it was when you made a deposit.
Other than these wrinkles, the online betting experience remains the same.
Popular crypto betting sports
Betting with crypto continues to grow in popularity, and most analysts expect the practice to increase in the years to come.
Some of the popular crypto betting sports available right now include:
- Football
- Baseball
- Basketball
- Ice hockey
- Soccer
- Rugby
- Cricket
- Formula One
- NASCAR
Since using crypto doesn’t impact the betting experience itself, you can bet on any number of sports from around the world. You can even bet with crypto through dedicated apps for each company.
What you need to know before crypto sports betting
The same rules of gambling apply to crypto sports betting. The key to successful sports betting is learning about your chosen sport and only making wagers on events you understand. Learn about the teams, the players and their recent track record to make intelligent bets.
Additionally, it’s also a good idea to listen to the experts. For example, if you’re looking for the best NFL prop bets, there’s a treasure trove of resources to explore.
Your crypto sports betting platform of choice will tell you everything you need to know about making a deposit, but beware that crypto transactions are irreversible.
Finally, ensure you’re only wagering what you can afford to lose. There are no guarantees of making a profit, and betting to try to win your money back will only lead to disaster.
Conclusion
Gambling with crypto is quickly becoming a standard option with major betting platforms around the world. Bet on your favorite sports in crypto or fiat currency to make any game more exciting.
Have you tried gambling with your favorite cryptocurrency yet?
