What is Crypto Betting?
Cryptocurrencies, unlike fiat currencies, exist on the internet through blockchain technology, and being virtual, their value does not get reduced. The use of cryptocurrency has multiple benefits, which are why crypto sports betting sites are excited to use it as a safe and secure method of making deposits and withdrawals at these platforms.
The most popular cryptocurrency used by crypto sports betting sites is Bitcoin. However, many platforms are accepting other major cryptocurrencies, including Ethereum, Bitcoin Cash, Bitcoin Gold, Dogecoin, Litecoin, Tron, Ripple, Cardano, to name a few.
To know more about the uses of crypto for betting on sports, let’s delve deeper into the benefits and features of crypto sports betting.
Why Use Crypto For Betting On Sports?
Fast Deposits And Withdrawal
One of the biggest reasons why using cryptocurrency always has an advantage over traditional payment methods is that it offers lightning-fast deposit and withdrawal processes. While traditional payment methods like bank transfers and credit card payments can take about days and even weeks to appear in a betting account, crypto deposits take only a few minutes to process.
This is possible because crypto transactions are based on blockchain networks which removes the requirement for any third-party agency. However, note that the transaction time may vary depending on the current load on the crypto blockchain network.
Compared to bank transfers and credit card payments that can generally get denied or blocked, crypto transactions do not have this issue as there is no third-party intermediary who approves the transaction when a player sends crypto coins to a betting site. He can be confident and sure that the deposits will arrive at the crypto betting site account. All the players need to do is provide a crypto wallet ID and private keys, if any, at the time of the transaction.
Crypto-Specific Rewards And Crypto Bonuses
Apart from price fluctuations and extreme volatility that come with cryptocurrency transactions, the sports bettors are entitled to various generous crypto-specific bonuses and rewards just for placing bets with Bitcoin and other major cryptocurrencies. These bonuses include special welcome bonus offers, deposit bonuses, no deposit bonuses, cash backs, and other promotional offers.
These bonuses are offered by the crypto sports betting sites in order to attract new players into the platform and to keep them engaged for longer hours. However, note that these bonuses and rewards may vary from one sportsbook to another; hence, it is important to read the terms and conditions before placing bets.
How Does Betting With Crypto Work?
When a player uses credit cards to bet on a particular sport, the funds come from his bank account. This means that the player receives monthly bank statements, which include information from crypto betting sites. While this may be useful to some players, for many others, this record creates additional paperwork which they find unnecessary.
However, with cryptocurrency, there is no paperwork as the transactions are safely stored in a public ledger using crypto addresses. When a bettor sends crypto coins from one address to another, the blockchain network is updated. When he deposits Bitcoin or any other cryptos to a crypto sportsbook, it is automatically added to the public ledger.
Use Different Cryptocurrency for Sports Betting
Crypto sports betting sites are of various kinds that offer different payment methods. While some platforms allow only Bitcoin transactions, other platforms, which have realized the worth of offering other major cryptocurrencies, have included Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Ripple, and many more. Each cryptocurrency has its own specific advantages over the others. Based on the requirements of the players, they should choose their payment method wisely. This means the crypto sports betting operators must make more cryptos available to invite more players into their platforms.
Why Choose Crypto For Your Sports Betting Site Deposits?
When a bettor bets with cryptocurrency, he does not need to maintain his records as the transactions are safely stored virtually. The players are also free from any third-party involvement, which is lacking in traditional payment methods used to fund a betting account. In addition, crypto transactions involve little or no transaction fees based on the crypto betting site. This leads to higher financial flexibility and convenience over online sports betting.
What Sports Can I Bet On With Crypto?
Whether a player uses a five-dollar cheque or crypto coins from his wallet, the sporting events offered by betting sites will remain the same. Moreover, the types of bets that one can place are also the same. Players can choose from points spreads, teasers, money lines, parlays, props, futures, and totals bets. Let’s assume that there is a huge sporting event coming up, and the player is looking forward to placing a bet. Crypto boxing betting, for instance, would work in the same way it would if the player used any other currency or payment method. Hence, regardless of what player bets on – football, baseball, basketball, tennis, golf, soccer, hockey, horse races, entertainment, politics, casinos games, etc., he can do the same on any reliable crypto sports betting site.
To sum up, cryptocurrency is indeed an intriguing option for depositing funds at a preferred bookie, and players should definitely explore additional features and functions of playing at a crypto betting site. Live betting is also another fun way of placing bets on sports that offer in-play betting markets. This allows the players to bet on each drive, shot and at-bat. Also, note that instead of placing bets before a game starts, the players can continue betting even while the game is on, or they can do both.