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How to Use Cryptocurrency Sports Betting
The advent of cryptocurrencies revolutionized virtually every industry, including online gambling. Although the cryptos were initially volatile and a reserve for high-risk takers and speculators, they have stabilized and are now trusted for everyday business transactions. For instance, unofficial statistics reveal that about 60% of bitcoin transactions are related to betting. However, what are the advantages and disadvantages of crypto sports betting? How do you bet with crypto? How do you choose the right cryptocurrency bookmaker? Here is everything you need to know about it and the best crypto sport betting bookmakers
Advantages of Bitcoin and Cryptocurrency Sports Betting
- The anonymity of the user during wallet transfers and account creation among some bookmakers which shelters one from government bans on betting in some countries and some taxes
- Higher betting limits due to the instability of bitcoin and other cryptocurrencies
- Fast and easy deposits and withdrawals because it is decentralized cash with no intermediaries
- Lower fees that are almost negligible as compared to other deposit and withdrawal options
- Makes it possible for a user to exchange their crypto that may be or will be banned in their country
- Accessibility of the bookmakers globally by surpassing local gambling laws
- More significant offers with some sites offering as much as 5 Bitcoins
Disadvantages of Bitcoin and Cryptocurrency Sports Betting
- Fluctuations in cryptocurrency value mean that the returns depend on not only bet results but also the crypto exchange rate
- Reliability of the crypto sports betting bookmakers that are relatively new is less than the traditional bookmakers
- Most bookmakers don’t accept bitcoin, and therefore a user has fewer options to choose from
However, the crypto sports betting industry is rapidly evolving as cryptos become more and more stable, which will reduce the price fluctuations. Nevertheless, if a user is observant enough, they can even make more money from the fluctuations. As more and more bookmakers start accepting crypto, the options will increase, and reliability will become better too.
How to Bet with Cryptocurrency
Even though people think of crypto sports betting as a complicated process, it is as easy as betting with cash. You only have to follow the following three steps:
- Find a betting site that accepts cryptocurrency and set up your account
- Create an e-wallet for your cryptocurrency on sites like Coinbase and buy crypto
- Link your e-wallet to your bookmaker account and transfer cryptocurrency to it which allows you to place bets the usual way
How to Choose the Right Crypto Sports Bookmaker
A quick search will reveal quite a vast number of bookmakers who accept cryptocurrency. However, one may end up having issues with deposits or withdrawals if not careful. The worst scenario is losing the cryptocurrency or being conned. Here are some factors to consider before settling for a bookmaker:
- Security
The first is the security of the money. How secure is the site? A company that takes the security of its users’ money will be obvious. Check out their reviews on sites like smartbettingguide.com to establish how secure they are for you. Establish its legitimacy before you think about betting with them.
- Banking Options
A site that accepts the kind of cryptocurrency you have is the best choice when it comes to this factor. Bitcoin is the most common cryptocurrency option. However, there is Etherium and many other cryptocurrencies that you can use. Some sites have PayPal, MasterCard, and other bank transfer options.
- Bet Markets
Ensure a bookmaker has the bet market you enjoy betting in, or else you may end up betting on sports about which you have no idea—the more varied the markets, the better the bookmaker. The best bookmakers have a vast number of bet markets to allow their users to bet all year round without having to wait for a particular season to begin.
- Offers
Finally, the kind of offers available is a good determinant of what to go for when choosing a crypto bookmaker. There are welcome bonuses, deposit bonuses, and many other offers to enjoy when you opt for the right site.
Top 5 Bitcoin Crypto Sports Betting Bookmakers
One of the perfectly designed betting sites that accept crypto is Nitrogen Sports that offers users convenience and ease of use. Here’s is a quick summary of their pros and cons:
Pros
- Anonymous account for your ultimate privacy while gambling
- Wide range of betting markets with up to 25 disciplines
- A user-friendly mobile version
- Has the NFL “survivor pool” event
- High odds
Cons
- Only accepts Bitcoin
A neat user interface and variety in markets and cryptocurrency options make Stake.com one of the most popular options available today.
Pros
- Anonymous needing only a username, password, and an email address
- Seven cryptocurrencies: BTC, BCH, ETH, LTC, DOGE, TRX and XRP
- Many bet markets with over 20 disciplines
- Social betting with an active public chat and ability to make a bet public
- Perfect mobile version
- High bets
Cons
- No welcome bonus
- Unavailable for punters in the US, Australia, and the Czech Republic
You probably have heard about the site that has become increasingly popular over the recent past. It offers many banking options, including cryptocurrency.
Pros
- Very high odds
- Many bonuses and promotions
- Variety of bet markets is huge
- Many deposit and withdrawal options
Cons
- Outdated interface
Another bookmaker that has been rapidly growing internationally is 22BET. Its variety when it comes to betting is the reason behind its popularity.
Pros
- Wide range of betting markets
- Has an impressive live betting section
- High odds
- The deposits and withdrawals are quick
- Rapidly growing
Cons
- It is not as easy to use as some bookmakers
The final bookmaker in the list is SportsBet, which is well known for its excellence from a legal standpoint. Here is a summary of its pros and cons:
Pros
- Great user experience
- Wide range of bet markets including eSports betting and water polo
- Accepts many currencies including BTC, ETH, LTC, SOC, USD, CAD, EUR, INR
- Variety of payment options
Cons
- Players from Australia, the US and Estonia cannot use it
Conclusion
Cryptocurrency sports’ betting has changed online gambling by offering enormous advantages for both the punter and the bookmaker. It is an easy way to bet and allows you to enjoy anonymity, higher bet limits, quick deposit, and withdrawals, and lower fees besides other benefits. Nitrogen Sports, Stake.com, 1XBET, 22BET, and SportsBet, are some of the best bitcoin and other crypto sports betting bookmakers.
Image by bianca-stock-photos from Pixabay
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Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
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Fundamentals
Bitcoin price has been on a downward trend for seven consecutive days amid congestion in the network’s system and the regulatory crackdown on cryptocurrencies. The digital coin has been struggling to gain bullish momentum for the past few days. Bitcoin is currently up by 60.54% in the year to date, but its prices have remained volatile.
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Fundamentals
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