Crypto sports betting is taking over traditional sports betting. If you are a new crypto sports bettor, our introductory guide will give insight into this innovative betting style.
Many of you might already be aware of crypto sports betting, a burgeoning phenomenon worldwide today. With Cryptocurrency gambling, the level of fun and excitement is beyond comparison due to the various engaging benefits it offers to gamblers. Cryptocurrency has its own class of currency and a heightened level of security, transparency, etc. In fact, the trend of cryptocurrency sports betting is thriving today, and in the future, its significance will be even more.
Crypto sports betting is attractive to bettors because it promises to be a win-win scenario for everyone involved. Apart from ensuring heightened transparency and security, this innovative betting type facilitates players to place large bets and make larger withdrawals almost in a jiffy!
What is Crypto Sports Betting?
Sports betting cryptocurrency is when you place bets on a game of skill that uses cryptocurrencies to handle bets and payouts. The process of placing a bet is similar to any other online sportsbook, with the difference that crypto sports betting sites have no physical location. They are just websites with cryptocurrency wallets for their users.
Sports betting crypto offers several benefits over traditional sports betting, for example, enhanced anonymity, higher betting and withdrawal limits, faster and more secure transactions, lower to no fees, larger bonuses, less risk, etc.
To understand thoroughly how crypto sports betting differs from traditional sports betting, let us dive into some of the factors below:
- Faster and More Secure Transactions: Unlike traditional sports betting, crypto sports betting ensures faster and more secure transactions. It is because crypto sports betting utilizes digital assets subject to be transferred almost instantly.
- Lower Fees: In general, traditional sports betting involves high fees when it comes to signing up for a website or making withdrawals. On the other hand, crypto sports betting charges lower fees, which attracts more bettors.
- Enhanced Anonymity: Compared to traditional sports betting, the level of anonymity in crypto sports betting is enhanced, which means no one can hunt you down or come to know who you are and from which country you are, and your transactions always remain anonymous.
Steps to Getting Started with Crypto Sports Betting
Getting started with crypto sports betting on one of the best crypto sports betting sites is an exciting and engaging experience for every new sports bettor. We will mention all the key steps to discovering what this innovative form of betting offers compared to the traditional one.
Here is how to get started with crypto sports betting stepwise, including setting up a wallet and acquiring cryptocurrency:-
1) Acquire some cryptocurrency by mining it or buying it on an exchange
2) Set up a wallet to store your funds in (we recommend either Exodus or Jaxx)
3) Go to one of the best crypto sportsbooks, which accepts more US players than just about any other site, and deposit money into a casino account there.
4) You are ready to play!
Factors to Consider When Choose a Crypto Exchange
If you are looking to choose a crypto exchange for acquiring cryptocurrency, here are a few things that should be considered:-
- Fees: You should give top priority to the fees a crypto exchange charges. Indeed, you should choose an exchange with minimal fees to ensure that while making transactions, you need not feel concerned about paying surplus fees time after time.
- Speed of Transactions: The next point of consideration is the transaction speed. Most decidedly, you would tend to choose an exchange committed to making transactions quickly so that you can withdraw your cryptocurrency immediately and maximize it.
- Security: Security is another key point of consideration when choosing a cryptocurrency exchange. A crypto exchange offering a first-rate security system is worth considering to fend off hacking attacks.
- Multiple Payment Options: It is always good to consider choosing an exchange offering multiple payment options. This way, you can pay using your favorite payment option.
Placing Your Bets
Placing bets with cryptocurrency on a crypto sportsbook is an exciting experience for every crypto sports bettor. Many benefits come from betting on the best crypto sportsbooks. It includes faster deposit and withdrawal times, greater anonymity, and more. However, it takes a lot of research to find the best crypto sportsbook for your needs. This section covers the top three tips to help you choose a reputable cryptocurrency sportsbook for your bets.
Here are the tips to place bets with cryptocurrency on a sportsbook
- Selecting a Sport and Event: Selecting a sport and event contributes greatly to making your bet a success. You can scout online for an online sportsbook offering a vast range of available sports and events for bettors.
- Choosing a Betting Market: After you have narrowed down on a betting market, it is essential to ensure which market (for example, money line, spread, total, or prop bets) you want to bet on. Also, it is good to pay attention to the nitty-gritty of the market and the rules of the sportsbook you have selected.
- Establishing a Chance: The main point of sports handicapping is placing a wager on the basis that it has a good chance of being successful. You should know the team, player, or competitor’s abilities to ensure that the bet is placed confidently.
The world of crypto sports betting is teeming with many betting markets and bet types. Some of these include “Asian handicap betting” – a type of bet placed on the outcome of a football event where a team is provided with the opportunity to win. Another kind is “parlay betting”, where the person bets on multiple events in one wager, which results in greater odds for winning, but only if all parts succeed. “Prop bets” are future bets placed on events that haven’t yet been decided, with either or both teams winning or losing.
Manage Your Bets and Bankroll
Like any other type of gambling, in crypto sports betting, you need to factor in various key things in regard to managing your bets and bankroll.
First, it is essential to know that putting together a fantasy sports team is a serious commitment. Meanwhile, it also substantially matters how much financial risk you are willing to take on your fantasy teams. A pointer worth noting here is that betting on a sports event or match means the amount of money you are ready to stake on an outcome. Many people often confuse ‘bets’ with ‘wagers’; however, not necessarily, they always mean the same in plenty of different gambling terms. Setting up and managing your bankroll wisely is largely responsible for ensuring success in crypto sports betting. It is because it protects you from incurring heavy losses. At the same time, it contributes to cutting down your losses and stepping up your gains.
Like general gambling types, players should know how to manage risk and maximize profits in crypto sports betting. Here are some tips in the same regard. So let’s dive in:
- Set a Budget: You need to set a budget for trading cryptocurrency. It is okay to put in a bit of money here and there for your first few trades. However, don’t get too bold and throw in the bulk of your life savings, or you could be left with nothing.
- Track Your Chances of Success: Tracking your chances of success will help you manage risk and maximize profits in crypto sports betting. Many resources can help you do this, especially if you have access to the knowledge of a pro-sports gambler.
- Avoid Emotional Betting: We all know that the crypto market is rife with volatility; however, it does not mean that you cannot profit from it. However, if you know how to keep patience and remain calm, you can exploit the market. You can fail if your emotions get the best of you!
Cash Out Your Winnings
Now that you have made so much money in gambling, how do you cash out your winnings? If you are a US-based gambler, you can join a reputable crypto casino and make a bet on sports. You place the bet that your favorite team or player will win. If they lose, there is no payout; however, if they win, the casino rewards you in bitcoin cashout, a version of bitcoins where the money can be withdrawn from the online sportsbook to your wallet. The method of cashing out from crypto sportsbooks varies depending on which one you used to place your bet, and table games bets differ from betting on sports events. There may be a withdrawal fee if the amount you want to withdraw is more than the balance you have in your account. However, many gamblers find Bitcoin sports betting to be a fast and convenient option for cashing out their winnings.
As a crypto sports bettor looking to get the best user experience with complete security and fun, bettors need to be aware of the various scams, hacks, and risks commonplace in crypto gambling. They should also have a basic knowledge of the betting platform, smart devices, and the latest market trends to ensure they have enhanced odds of success in the market.
The most important thing to remember when getting started with crypto sports betting is that no matter your knowledge of a particular market, there’s always somebody who has more experience than you. So it’s best if you listen passively and learn from them instead of trying to educate yourself and becoming a know-it-all by jumping into the deep end of the pool.
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