Published 4 years ago • 3 minute read

5 Things You Need to Know Before You Start Betting with Cryptocurrencies

Did you know that you can now place bets using cryptocurrencies, so called crypto sports betting? Not only are many online casinos starting to accept them, but ​it ​is on the rise too.

However, before you decide to give it a try, there are a few things that you should know about this new trend. Think of the following as a ​smart betting guide​ that will help you prepare to use cryptocurrencies and place bets:

Not all cryptocurrencies are accepted

Although more and more websites are starting to accept cryptocurrencies, that only applies to a couple of them. Nowadays, there are over 2,000 cryptocurrencies out there – and generally speaking, only about 4 of them are widely accepted by gambling sites.

The most commonly-accepted cryptocurrencies on gambling sites are ​Bitcoin​,​ Ethereum​, Litecoin​ and ​Bitcoin Cash​.

Cryptocurrencies can be volatile

Always remember that the value of cryptocurrencies is volatile, and that may affect your profits or losses. In most cases, the cryptocurrencies you deposit will be converted into fiat currency (e.g., USD) by the site.

That means that you could end up making a profit or loss on the deposit itself, and the same applies if you withdraw it as cryptocurrency. Unfortunately, there is no easy way to avoid this, and the best that you can do is keep an eye on the market so that you’re aware of the price of the relevant cryptos.

There are lots of dubious websites out there

In general, there are two types of gambling sites that accept cryptocurrencies. The first consists of established sites that are reputable and have started to offer cryptocurrencies as one of their deposit options.

The second type are new websites that have popped up over the last year or two and accept only cryptocurrencies. Such websites are often dubious, and you may want to steer clear of them – or at the very least research them thoroughly.

If you have any doubts about a site, you should withdraw your balance as quickly as possible – just to be safe.

Transactions are irreversible

Any transactions made using cryptocurrencies are irreversible – unlike bank transfers or credit card payments. It is important to keep that in mind when you’re placing a deposit and make sure you’re very careful.

If you accidentally use the wrong wallet code for the transfer – you could end up losing your deposit. The same applies if you’re making a withdrawal to a cryptocurrency wallet too.

Regulations are constantly changing

Over the last few years, there have been many changes to the regulations that govern both cryptocurrencies and online gambling. To be safe, you should make sure that you’re always up to date with the regulations in your jurisdiction.

All said and done, no bet is worth risking going to jail or receiving a hefty fine, so you should make sure that you comply with the regulations fully.

Make no mistake, crypto sports betting can provide lots of benefits by offering a secure and private way to place bets with streamlined transactions. But to take advantage of that, you need to be fully aware of what you’re getting into.

If you already own cryptocurrency, you could take a small amount and use it to test the water. However, if you don’t, you may want to limit the amount that you purchase initially and only buy as much as you need.

Always remember that the same rules of gambling apply in crypto sports betting. If you want to be safe, you need to be careful. Never risk more than you can afford to lose.



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