Here we see a great guide on what you should know about Crypto Sports Betting and how to place wagers.
We know the popularity of cryptocurrency is huge, and so is Crypto Sports Betting. Detailed below is what it is about, and how you can get involved with placing those sports wagers.
Crypto sports betting might still be in its infant stages, but the inherent practice has been around for decades. The novelty is using cryptocurrencies to place wagers on the matches as they come. Once you get a hold of it, you might even prefer it to the conventional way.
There are inherent features, or should we say, characteristics that make crypto sports betting different. Having them at the back of your mind will ensure a good experience anytime you go online. Nevertheless, one can never be sure of a match’s outcome but can only predict it.
We will journey down crucial things about crypto sports betting and set you on a pedestal for thrills. It is essential to know them before wagering your coins on matches. So, without further ado, let’s start this exciting journey and bring you up to speed.
Essential Things About Crypto Sports Betting
The feeling of funding your gaming account from your cryptocurrency wallet and placing wagers on games is relaxing. Having such speed at your disposal makes the experience a lot better. However, things could quickly spiral downward if you don’t note the following:
It is the Same as Conventional Bookmakers for the Most Part
At the most basic level, Bitcoin sports betting is the same as making wagers at a conventional bookmaker. You must search for upcoming matches online, pick your odds, and bet. It is that simple and something you can do in a matter of minutes.
The use of cryptocurrency does not make the process any different. The only deviation is that you would make your wager on Bitcoin sports betting sites and not traditional bookies.
When you get onto these platforms, you will recognize most features if you have visited sportsbooks. There will be a section for sports, including football, basketball, volleyball, tennis, golf, cycling, rugby, handball, and virtually all genres.
Clicking on any sport takes you to the betting markets available. Needless to say, you will find options like correct score, first to score, match winner, over and under, etc. Then, you can pick your market and look at the odds available.
Once you find an odd that suits your prediction, the next thing is to bet on it. The entire process is simple, but it depends on your familiarity with it. Returning players will have no problem settling and placing bets quickly.
Pull out cryptocurrencies, and Bitcoin sports betting is the same as the fiat variants. However, these Bitcoin-based casinos may offer features that are better than the latter.
The Bets are in Cryptocurrencies
In the previous section, we mentioned how cryptocurrencies were the main differentiating factor in Bitcoin sports betting. Bookies that allow it support different coins, including Bitcoin, Litecoin, Dogecoin, Solana, etc. Hence, you must place bets using any of the supported altcoins.
In Bitcoin sports betting, you cannot bet in fiat currency. While some bookmakers may convert your fiat deposits into coins, the practice is rare. What is more common is the direct use of tokens in making wagers.
So, prepare yourself and get your coins ready. You might need to have a crypto exchange on standby in case there is a need for conversions. The last thing you want is to go with Solana only to have the bookie have no support for the token.
With an exchange, you can quickly change to the supported cryptocurrency and get your bets in on time. As a result, you will not miss out on any opportunities in Bitcoin sports betting.
Crypto Sports Betting is Susceptible to Market Fluctuations
Of course, it is no longer news that the cryptocurrency market is very fragile. Bitcoin might trade for $19,128.98 today and change drastically in a few hours. Even things as simple as a tweet can cause disruptions in the system.
There is no telling when the market will change and in which direction it will go. Despite spirited efforts to predict the prices of these coins, a market not based on physical assets is hard to control. So, what does this mean for Bitcoin sports betting?
Price fluctuations could go both ways, increasing or decreasing. If the price of your primary coin surges upward, you stand to gain after placing wagers on events. That is what we often hope for, but there is no guarantee.
On the other hand, the price could spiral downward, resulting in losses even if you win the bets. That would be unfortunate, but not out of touch with reality.
The safest thing to do in Bitcoin sports betting is to place bets using stablecoins, as they have fixed values. Irrespective of the fluctuations in the market, their worth will still be the same when the results are out.
Bitcoin sports betting carries more risk than fiat variants, thanks to the unstable nature of the cryptocurrency market. You should keep that at the back of your mind whenever you want to wager.
Absence of Geographical Limitations
Have you ever tried to access a bookmaker only to get the message, “Sorry, not available in your region?” That is the reality with fiat variants, as they have limited reach. Sometimes, they may not have the necessary licenses to operate in your country.
Bitcoin sports betting sites have a significant advantage on their side. The use of cryptocurrencies expands their reach beyond borders, reaching bettors on the far side of the globe.
Regardless of where you are, the decentralized nature of blockchain is a big plus for Bitcoin sports wagering. There aren’t any geographical limitations, leaving you to battle with licensing only. Even with the latter, some sites allow anonymity, meaning you can circumvent restrictions.
The bookmaking world needed something new, and they got Bitcoin sports betting. It is essentially what you get on conventional sportsbooks, but with the promise of something better. Players can leverage the swiftness of cryptocurrencies and enjoy wagering on their favorite games.
You can seamlessly connect your Bitcoin wallets and fund your account without hassles. Then pick your team and bet on them, or explore the vast betting markets available.
While crypto sports betting is fun and thrilling, watch out for addiction. Use tools like win and loss limits to wager responsibly and stay in control of your online adventure.