Published 2 weeks ago • 6 minute read

Betting With Cryptocurrency

Betting is probably every sports fan’s favourite activity besides watching the match itself. It can be why many gather around at home or in bars watching top sporting events, watching their stakes win or lose.

Sports betting has developed in different shapes and forms since its inception in the late 1990s, adding more features for gamblers and making the experience more enjoyable for sports fans.

The increasing attention to gambling encouraged the foundation of more betting spots - bookmakers - who host fans and gamblers to watch the game and bet as the match goes. Now, you can bet on almost every sport, whether horseriding, basketball, football, or rugby.

As betting developed, many betting options developed as well. Now, you can predict the match outcome, the number of corner kicks, goalscorers, and many more. Besides that, the payment methods have evolved dramatically from cash to credit/debit cards, and now involve the most advanced payment medium - cryptocurrency.

Crypto betting

Almost everyone has now heard about cryptocurrency. It’s a virtual currency that you can use as a medium of exchange and payment, and you can use it to buy and sell goods or services online. Cryptocurrency doesn’t have a physical form, so unlike conventional money, you don’t use banknotes, but you use digital money that’s stored and exchanged over the internet.

Bookmakers add cryptocurrency as a payment option, allowing you to use famous cryptocurrencies to top up your account, receive, and withdraw your money. Bitcoin and Ethereum are the top cryptos, growing 10,000% from their original value 10 years ago.

Betting with cryptocurrency is becoming more popular. You can find top betting sites offering more than a couple of cryptocurrencies to charge your account and receive your gains. 

On the other hand, many bookmakers encourage gambling with cryptocurrency, 10CRIC crypto betting offers bonuses and bonus bundles when you start betting with Bitcoin on different sporting events.

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Why bet with cryptocurrency?

Betting using cryptocurrency isn’t popular just because it’s modern. In fact, there are several reasons why betting with cryptocurrency makes sense.

Faster

Cryptocurrency transfers are peer-to-peer transactions that are usually faster than most payment methods on online betting sites. Therefore, transactions using cryptocurrency on betting sites are much faster, allowing you to deposit money to your account and receive your gains much faster. 

Gamblers prefer betting with cryptos simply because it’s faster. When you make a deposit using Bitcoin, the money will most likely arrive in your account in less than one hour or even in 10 minutes.

Security

Cryptocurrency transactions are done on the blockchain network, which is safer and more transparent. Even though blockchain hacks are possible, debit and credit card frauds are also likely. But if you’re concerned about sharing your personal information, cryptocurrency is your go-to solution.

The blockchain doesn’t store or ask you for your personal information like your name, location, and ID information like any bank requires. Therefore, it’s more convenient for you to send your money over cryptocurrency.

Convenience

Cryptocurrency betting is a direct transaction between you and your betting account, avoiding dealing with bank procedures and operators and leading to lower transaction fees.

Depositing and withdrawing money using bank cards or wire transfers entail multiple services and handling fees, and you’re eventually receiving less than the amount you expect. However, betting with cryptocurrency is cheaper and more convenient.

Usage

There are several usages of cryptocurrency besides transacting quickly and safely. These currencies change value almost every minute, and if the value of the cryptos you’re holding increases, you gain additional profits. 

You can also pay on several e-commerce websites using crypto wallets, savouring the rapid money transfers. Or you can simply transfer your holdings of cryptocurrencies into US Dollars or your local currency.

Potential

More companies are accepting cryptos as a payment medium for several products and services, and governments are implementing different regulations to facilitate decentralised payments. The UAE was one of the first countries to regulate crypto trading and payments in its free zone.

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How to start betting with cryptocurrency?

To start betting with cryptocurrency, you must register your account on an online betting site, similarly to registering any other account. However, there are some extra steps that you need to follow, as explained below.

  1. Create an account on a reputable crypto platform and own your crypto wallet. If you already have a crypto wallet, you can skip this step, and if you don’t, this will be your first crypto wallet.
  2. Buy cryptocurrency to top up your newly created wallet. Top crypto betting sites accommodate Bitcoin, Ethereum, and Litecoin as payment options. Check the online bookmaker website to ensure what cryptos you need to have in your wallet.
  3. Find a reliable crypto betting website and create your account.
  4. Link your crypto wallet to your account on the betting website. Some websites don’t offer you to link your crypto; alternatively, you may need to send your cryptos to a betting wallet.
  5. Check the funds in your wallet, start betting and play!

Advantages and disadvantages of crypto betting

Sports betting with cryptocurrency seems like the perfect choice for all sports fans. However, after we uncovered more details about crypto betting, let’s look at the pros and cons of betting with cryptocurrency.

Pros

  • Fast transactions, quick deposits, and withdraws within 10 minutes sometimes.
  • Lower transaction fees while depositing and withdrawing your gains.
  • Increasing usages of holding cryptocurrencies, including shopping and trading.
  • Some crypto betting sites add bonuses to using cryptocurrencies as a payment method.
  • More secure since you don’t need to share your banking details with any third party.

Cons

  • Crypto transactions are immutable. You can’t reverse an incorrectly inserted transfer.
  • Some countries don’t allow using cryptocurrencies.
  • Cryptocurrency values are volatile and change over the day.

Conclusion

Cryptocurrencies make sports betting a more enjoyable experience, where you don’t only bet and watch your team winning, but you also receive your gains very quickly compared to other payment options. 

All you need to do is create a crypto wallet, link it to your account on the betting website, transfer cryptos to your account in minutes, and start playing. 

 

DISCLAIMER

The views, opinions and positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.

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