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When sports betting at an online sportsbook with oddsmakers, you have several choices for transferring your funds to the sportsbooks. You can use a prepaid card, a credit card, a bank wire and the newest form of funds transfer, cryptocurrency. At MyTopSportsbooks, we provide a guide to using cryptocurrencies for sports betting and help educate the sports bettor on the finer points of using cryptocurrencies when establishing an online sportsbook account.
Cryptocurrency in Sports Betting, What is it?
Online sports betting is becoming one of the leading industries across the global Internet, and with it, the rise of crypto use is blossoming as a means for funds transfer. It is quick, reliable and flexible for both the bettor and online sportsbook. Never has it been easier to make a deposit and withdrawal than now when using crypto for your bankroll. For some, cryptocurrencies represent a mystery, and in this article, we will explain all the details.
You can use crypto to bet on the NFL, NBA, esports using bitcoin cash at a crypto sportsbook. Most bookmakers will receive your bitcoin sports betting deposit for horse racing and live betting. Depending on the sportsbook or casino, betting bonuses like a welcome bonus can be received when transferring funds from your bitcoin wallet as a deposit method on your first deposit at many online betting sites. Promo codes can be used at online casinos and sports betting websites to boost your sports betting account.
Cryptocurrencies, What Are They?
Cryptocurrencies use a form of cryptography to buy, sell and trade credits without the intervention of a banking institution or government. Cryptocurrencies find their basis in blockchain technology; while developed strictly for investment purposes, cross applications have been developed for shopping – buying goods and services and online gambling. Decentralized banking systems use coins regularly as a vehicle to complete online transactions.
How Does Blockchain Work?
Blockchain technology was developed as a way to record data securely. The system is virtually hack-proof; you can not cheat or manipulate the system as it is structured. The digital recordings are duplicated and replicated as transactions in a more extensive network that resides in the system. Storage of transactions is stored in each block of the chain; when a new transaction is recorded, it is sent to each participant’s ledger for credit of the amount that is transferred. Each participant manages the decentralized database known as decentralized ledger technology.
What Makes Blockchain Valuable?
- Programmable
- Anonymous
- Unanimous
- Distributed
- Time Stamped
- Immutable
- Secure
What Are The Advantages of Crypto Betting?
Cryptocurrencies are exploding across the decentralized financial sector and enjoying immense popularity in the sports betting community. We have developed a list of why crypto is popular and how it is used as opposed to traditional funds transfers.
- Security
When sending money to any source, you want to feel secure that the funds you are remitting will arrive safely in a secure fashion. When you register with a crypto sports betting site, you will only provide wallet information. No personal information is required. The fewer times you provide personal information, the less your chance of identity theft. The transactions are unchangeable once finalized; they can’t be retrieved, cancelled, or tampered with.
- Privacy
Your privacy is protected when using crypto for sports bets, unlike traditional methods like using a bank. It is completely anonymous unless you tell someone. Banks have been known to decline credit applications if they sports betting in your financial records, so like the old saying says, ‘silence is golden, and the less your financial institution knows about you, the better.
- Faster Transactions
Casinos and sportsbooks that use traditional currencies are hamstrung by bureaucracy and regulations. That is why it takes an eternity to make a deposit, place a bet, or withdraw at traditional cash currency betting establishments. Certainly, crypto betting sites are regulated, but it is less onerous, and some sites have no limit on crypto deposits or wagers for gamblers as payment methods. You can cash out in the blink of an eye as blockchain works almost at the speed of light, making receiving your payouts in USD an instant proposition. Sportsbooks and casinos like to provide betting options for gamblers and BTC is the newest.
- Fewer Restrictions
Some countries restrict sports betting, and using crypto allows a bettor to avoid the scrutiny that comes with currency betting. Obeying the law in local jurisdictions is job one for betting sites, but bettors from across the globe can sign in using a crypto wallet and a VPN to place bets, and it doesn’t violate the law.
- No Bank Interference
Banks do not love sports betting or sports bettors; that is a given. There have been reports in the public domain about banks freezing the bank accounts and credit cards of sports bettors for the transgression of sports betting. Using cryptocurrency cuts the banks out of the equation, where a sports bettor must not explain their hobby or apologize.
- Growing Assets
As cryptocurrencies increase in value, so does your stake at the betting site you are playing at. One problem, though, is that when the currency decreases in value, so does your stake.
Crypto Betting, The Disadvantages
Sure, crypto betting provides many benefits to the sports bettor, but some inconvenient facts come into play when using cryptocurrencies.
- Volatility
Because cryptocurrency is a traded commodity, the currency’s value can change from one minute to the next for reasons unbeknownst. Crypto is like a stock in the stock market; it can accelerate in value or decrease in value based on trading or other information that affects its value.
- Legality
We previously touched on the privacy issue and how some locales’ regulations make it difficult for sports bettors. Using crypto allows a sports bettor to find sites to play on, but in turn, these sites may freeze or lock accounts from countries that have regulations governing sports betting.
Cryptocurrencies
- Bitcoin
- Ethereum
- Dogecoin
- Litecoin
Steps For Using Cryptocurrency for Betting
- Open a Wallet
- Purchase Coins
- Find a Site
- Make a Deposit
- Start Betting
Cryptocurrency Betting
- Single Wager, Straight Bet
Pick a team to win is what a single wager is. It can include prop bets, future bets and totals.
- Totals
Here you are betting on the combined score of the two teams or the total points amassed by one team, aka over/under
- Prop Bets
You can bet on the coin flip or who puts points on the boards first. These are fun bets and don’t require any gambling acumen to play.
There are two types a positive and negative. The negative Moneyline is the amount of the bet you need to win $100; the opposite is true for the positive.
- Point Spreads
PS is a bet designed to even the playing field when teams of different abilities play. The favorite must cover the spread, while the underdog cannot lose by more than the spread.
- Parlays
You pick multiple games in a single bet, and all your games must win to cash your ticket. If you miss one game, your ticket is a loser.
What sportsbooks accept crypto?
Check out these top sportsbooks that accept cryptocurrencies!
