Let’s face it, betting on sports is fun. The rush of backing your favorite team while also knowing you have money on the line is an adrenaline rush. But what if you can’t bet on your favorite teams because your country, bank, or even spouse will frown upon such things?
Sports betting using cryptocurrencies seeks to answer that.
Using cryptocurrencies to bet on sports events and matches is trending, and for very good reason.
"I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever ... that is clearly shaking the system.”
In 2017, Lagarde told her fellow bankers, politicians, and lawmakers that cryptocurrencies and blockchain technology should be looked at, not just to prevent fraud but also for all their useful properties.
One of the most useful properties of cryptocurrencies is increasing money transfer speeds. The other important benefit is cutting money transfer costs.
You can take advantage of those benefits not just for sports betting but for any time you need/want to transfer money.
The first step is buying some cryptocurrency. You can do that by:
Signing up at a cryptocurrency exchange available in your part of the world. Coinbase springs to mind.
Choose which coin to buy. All sports betting sites that accept cryptocurrency will accept Bitcoin -- since Bitcoin is the king. But you can buy Ethereum or other coins too.
Buy an amount of cryptocurrency that you feel is right for you.
Send it to your crypto wallet or keep it on the exchange
After signing up for your chosen sports betting site, follow their instructions on how to deposit your cryptocurrencies.
2) Chose a great cryptocurrency sports betting site
Plenty of choices exist these days for sports betting sites where you can deposit and withdraw in cryptocurrencies. You can find many guides on betting with bitcoin. Read some before you begin so that you can get a firm grasp on all your options.
In general, you’ll want to consider six things:
#1 Restricted Countries
Are you legally allowed to play?
Some cryptocurrency sports betting sites require KYC verification. If you are on the restricted list you won’t be able to play. Other sites let you keep an anonymous account if you use crypto only. Consider if that’s a benefit to you.
#2 Reputation and Trust
What’s the reputation of the site?
If you play on a site with a low reputation factor, be sure to only bet and hold an amount you’re okay with losing just in case.
#3 Sports Available
If you’re a fan of more diverse sports then consider going for a site that offers many different types of sports to bet on.
Also, consider the fact that you might branch out to other sorts in the future. In that case, you might want to go with a site that has a reputation for building new sports betting features into their site.
#4 VIP Programs and Bonuses
Are you a casual sports bettor or someone who bets frequently? Casual players who only visit a few times may not be interested in VIP programs but if you plan on frequently betting then consider a site that offers VIP services.
#5 Payout and Withdraw Speeds & Terms
Even though betting using crypto is often faster, not all sports crypto betting sites offer the same withdrawal speeds or terms.
That’s because some cryptocurrencies require more time than others, especially if the site stores funds in cold wallets.
Figure out if you’re okay with waiting longer and don’t forget to take a look at the max. withdraw limits.
#6 Customer Service
The last factor to consider for you is...how easy and fast is the customer service?
If you enjoy sports betting with crypto and do it frequently then you’ll eventually encounter a problem. Read some reviews about the customer service and maybe even try it out. If your site of choice handles your concern quickly, then you’ll feel safe.
3) Place your bets!
Once you’ve acquired some BTC (or the cryptocurrency of your choice) and selected a great crypto sports betting site then all you’ll need to do is deposit the crypto into the site and...start placing bets!
Who knows, if you discover a talent for betting on the right teams, you might even wonder how to start a podcast on a budget so that you can share your experiences with fellow sports betters.
Remember, this is just the tip of the iceberg. The amount of knowledge available for cryptocurrencies and sports betting sometimes seems limitless. So stock up on all the knowledge you can by exploring and reading more articles. Then, when you're ready, place your bets!