What Is Cryptocurrency Sports Betting? How To Use It?

Natalia Zhukova 03/08/2024 Crypto Casinos, Learn, What Is Leave a comment 105 Views

The advent of cryptocurrency changed every virtual industry including online gambling. Even though the digital currency was initially fluctuating and was a place for high risk takers and also speculators, now the scenario has changed and become more stabilized and trusted by many businesses and individuals. For example, unofficial statistics affirm that nearly 60% of the transactions are based on cryptocurrency sports betting.

However, in this article, we will be discussing the advantages and disadvantages of cryptocurrency sports betting and also how to bet with crypto. Here is everything that you will need to know about the best crypto sports betting flags.

Advantages Of Bitcoin And Cryptocurrency Sports Betting

The inconspicuousness of the user during the transfer of wallet and creation of accounts among some bookmakers protecting an individual from the ban of the government on betting in some countries and taxes.
Greater betting limits due to the fluctuating nature of Bitcoin and other digital currencies.
Quick and convenient deposits and withdrawals because it uses decentralized medium without the interference of any third party.
Low transaction fees that are almost negligible when compared to other withdrawal and deposit options.
Allows a user to exchange a particular crypto that may get banned in their country.
There is bookmakers accessibility globally by exceeding local gambling laws.
There are more amazing offers on some sites that offer as much as 5 Bitcoins.

Disadvantages Of Bitcoin And Cryptocurrency Sports Betting

Variations in digital currency value imply that the returns not only depend on bet results but also on the exchange rate of crypto.
The authenticity of cryptocurrency sports betting bookies that are comparatively new is less than the traditional bookie.
Most bookies do not accept Bitcoin and hence a user has a very few options to choose from.

Still, this industry is growing rapidly as the value of crypto is becoming more and more stable that reduces the fluctuation of price. But if an individual is vigilant enough they can earn even more money from the fluctuations. This option is expected to grow further if more and more bookies start accepting cryptos.

Steps For Betting In Cryptocurrency

Though many think of crypto sports betting as a very complex process, it is as easy as betting with cash. One will only have to follow the below mentioned steps:

Find a platform or exchange like Coinbase or Coinmama that accepts digital currency and then set up your account.
Then you will have to create an e-wallet for storing your digital currencies.
And finally, link your e-wallet with your bookie’s account and start betting in the usual way.

How Will You Choose The Appropriate Crypto Sports Bookie?

A rapid search on the internet will give you a vast list of bookies with whom you can start betting with cryptocurrencies. However, there will be many who will be having issues with deposits or withdrawals of cryptocurrencies and in the worst scenario, you may also get conned. Here is some parameter to consider before selecting your bookie:

Security

The first and prime parameter is the security of the money. A company that takes responsibility for its users’ money is obvious. So do a good market research and read reviews on that particular site before settling for it.

Banking Options

Always try to choose the site that accepts the type of cryptocurrency that you have. Bitcoin is one of the most common cryptocurrency options, however, there are other options like Ethereum and many more that you can choose from.

Bet Markets

Make sure a bookie has the bet market that you are comfortable betting in or else you may have to end up betting on sports where you might have no interest in. And there your chance of winning is very low.

Top 5 Cryptocurrency Sports Betting Bookies

Now that you have got an idea about the bookie system and the precautions to keep in mind let us see the top 5 cryptocurrency sports betting bookies.

Nitrogen Sports

This is one of the best designed betting sites that accepts cryptocurrencies and provides user’s convenience and ease of use.

Pros

There is an option for anonymous accounts to protect your privacy during gambling.
It provides a wide range of betting markets to its users.
Has a mobile version that is very user-friendly.
It also has a “survivor pool” event by the NFL.
Has high odds.

Cons

This site only accepts Bitcoins.

Stake

Stake.com is one of the most demanded betting sites currently because of its neat interference, availability of market variations, and a number of crypto options.

Pros

Can be operated anonymously. Only user name, password, and email id are required.
Offers a variation of seven digital currencies: BTC, BCH, ETH, LTC, DOGE, TRX, and XRP.
Bet market variations with more than 20 disciplines.
Opportunity to make a public bet through the social betting procedure.
Well designed mobile version available.
Offers high bets.

Cons

They do not provide any welcome bonus.
This site is unavailable in the USA, Australia, and Czech Republic.

1SBet

This is the site that has become quite popular in recent times. This site offers a large number of banking options that include cryptocurrency.

Pros

The odds on this site are really high.
It also provides lots of promotions and bonuses.
There is a huge variation in the betting market.
Provides many options in deposit and withdrawal.

Cons

The interface they provide is outdated.

22BET

This is another bookie that has seen rapid growth in the international market. When it comes to betting its variety serves as the prime reason for its popularity.

Pros

Provides a wide range of betting markets.
Includes an impressive and spontaneous live betting section.
The odds on this site are really high.
Provides quick deposit and withdrawal opportunities.
This site is currently seeing a rapid growth in its niche.

Cons

The number of bookies is very less here.

SportsBet

This is the final bookie in this list and is known for its excellent support from a legal standpoint.

Pros

Provides a good user experience.
Provides a variety of bet markets.
Offers a variation of seven digital currencies: BTC, ETH, LTC, SOC, USD, CAD, EUR, INR
Includes many payment options.

Cons

This site is unavailable in the US, Australia, and Estonia.

Conclusion

Cryptocurrency sports betting has transformed the online gambling world by providing endless advantages to both bookies and also punters. It is a simplified way of betting and also allows you to enjoy high limits in betting. Among them, some of the best Bitcoin and crypto sports betting bookies are Nitrogen Sports, Stake.com, 1XBET, 22BET, and SportsBet.

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Natalia Zhukova

The cryptocurrency world may initially seem complex but Natalia Zhukova is an expert in simplifying crypto concepts for its readers. She is an expert in sharing all crypto news and the latest cryptocurrency deals. If you have any queries about crypto trading, crypto trading tools, or even cryptocurrency trading platforms, then she has the answer to all your doubts.

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