Overview of Bitcoin Sports Betting
The rapid rise in cryptocurrencies has led to the emergence of a huge number of online betting sites that prefer bitcoins over other payment modes. The low fees, anonymity of transactions, top-notch security, better bonuses, and easy transfer of assets are some of the reasons why bettors prefer crypto sports betting over traditional ones.
How Do You Use Bitcoin for Sports Betting?
Using bitcoin or any other supported cryptocurrency to wager in sports betting is easy and takes only a few minutes to get started. All that the players need is a robust internet connection and some crypto coins to start with, and they are all set to enter the bitcoin sports betting market. Bitcoins can be purchased from any cryptocurrency exchange but users should make sure that the exchange is reliable. After the user has accumulated enough bitcoins, the following steps should be followed to initiate sports betting:
Creating a Bitcoin Wallet
After a user has accumulated bitcoins, he needs to store them safely in a crypto wallet. A crypto wallet works like a bank account but instead of a password, a wallet comes with a private key. Some cryptocurrency exchanges offer a default wallet that the users can directly install in their systems, while other users prefer to download it directly from the web.
Registering in a Licensed Bitcoin Betting Site
After storing the bitcoins in a crypto wallet, users are required to find a reliable betting site and register there with some basic details, like date of birth, email ID, and password. After the account is created, an auto-generated email is sent to the user with a link, and the bookmaker account will be activated as soon as the user clicks on the link.
Depositing Funds into the Account
In this step, the users are required to get the wallet address of the sportsbook where they are required to send bitcoins. After depositing funds into the bookmaker’s account, the list of sports, events, and tournaments available with the bookmaker will be unleashed, and the players need to select the available markets and odds and start placing their bets.
Expert Tips to Win Big on Bitcoin Sports Betting
Experts recommend users follow these simple tricks to win big on bitcoin sports betting:
- Players should place a bet only on the sports that they are interested in. Placing a bet just by following a trend will not yield desirable results. Players should understand the sports or events first before placing a bet on them.
- Choose a licensed sports betting site.
- Users should play responsively and should not waste time thinking about the losses. Instead, they should try to count upon their wins.
- Punters should never place random bets as betting unnecessarily may result in huge losses.
- Players should choose lower odds and lower house edges to maximize their wins at the betting sites.
Benefits of Bitcoin Sports Betting
Bitcoin sports betting comes with a plethora of benefits, the most important ones are discussed below:
Privacy
The most important factor that makes bitcoin sports betting so popular among bettors is the privacy of transactions. Even though every transaction is recorded in the blockchain ledger and players can verify them at ease, blockchain does not require players to share any other details apart from the wallet address.
Bet on Virtual Sports
Apart from letting the bettors bet on live sports like football, tennis, or soccer, crypto sports betting sites also allow players to bet on virtual sports, which are not provided on traditional betting sites.
Provably Fair Gaming
Bitcoin sports betting sites work on mathematical algorithms that ensure provably fair gaming that is devoid of any manipulations.
Do I Get a Huge Bonus on Bitcoin Sports Betting Sites?
Yes, most crypto sportsbooks offer huge bonuses like deposit bonuses, free spin bonuses, or even no-deposit bonuses. These bonuses, however, are subject to complex wagering requirements. Bettors are required to wager a certain portion of their winnings before they could withdraw their winnings from the casino sites.
The Popularity of Bitcoin Sports Betting
With cryptocurrencies gradually coming to the mainstream and disrupting the financial markets, bitcoin sports betting sites are also evolving rapidly. Investors are taking a keen interest in cryptocurrencies, which is further compelling the regulatory bodies to make cryptocurrencies a legal tender.
Bottom Line
As a decentralized cryptocurrency, bitcoin offers an appealing way to place online bets. Players can reap the advantages of anonymity, faster withdrawal of winnings, better bonuses, transparency, provably fair games, and security, amongst other benefits. Using cryptocurrencies, mainly bitcoins, in an online sportsbook is easier, and players from all over the world can perform bitcoin sports betting.
