With a large number of sports betting sites offering users support for cryptocurrencies, betting using cryptos is becoming increasingly popular all around the world. A growing number of gambling and betting sites are joining this bandwagon every single day.
To put it simply, crypto betting means placing a bet on any sport with cryptocurrency tokens like Bitcoin, Bitcoin Cash, Ripple, Litecoin, etc. When it comes to transacting online, cryptocurrencies have emerged as a viable alternative to traditional currencies or cash. A great number of bookmakers already offer their services via popular cryptocurrencies like Bitcoin, Ethereum, and others, even including meme coins like Dogecoin. There are thousands of cryptocurrencies on the market and more and more coins and tokens are being added as payment options on sports betting sites.
Traditional payment methods come with certain expenses:
- Bank transfers, especially international transfers are quite slow
Signing up and depositing dollars, euros, or other so-called fiat currencies can be complicated and time-consuming
Some fiat payment methods in sports betting come with higher transaction costs
You reveal your personal information when you bet using Fiat money
As opposed to traditional bookmakers, crypto betting sites come with great benefits:
- Cryptocurrency transactions are relatively anonymous, depending on the broker you choose to buy your cryptos. Some brokers and fintech apps verify your identity on the spot, others will allow you a free transfer of funds up to a certain limit.
- Most crypto bookmakers allow for instant deposits and fast withdrawals.
- Crypto bookmakers often offer a lot of betting markets.
- A few crypto bookmakers do not even need deposits so you don’t waste any time doing that. Your crypto wallet can be connected to a betting site and it will be ready to be used instantly.
- Cryptocurrency transactions come with minimal fees.
- Several unique events can be wagered at crypto bookmakers like esports and political events.
Welcome bonuses, deposit bonuses, and other promotions vary greatly between the different crypto sports betting sites. The best crypto bookmakers usually have welcome bonuses somewhere between the range of 50 and 300 euros. Many of them also offer cashback deals. These unique bonuses are one of the main reasons for the rise of crypto betting and they have great importance when it comes to choosing the right crypto bookmakers for yourself.
A huge competition exists among the best crypto bookmakers, so it is really important to gain upper hand by having the best deals and promotions available for your users. Some crypto bookmakers have at least a few temporary or permanent bonuses. Free bet bonuses are one of these. In this case, bookmakers require nothing from you, except signing up and going through the verification process. For this, you will be awarded free bets or free money. The most popular promotions are deposit bonuses, where a specific amount of money or crypto deposited to your account is required to claim the promotion.
Since there could be a great amount of difference between the best crypto bookmakers, make sure you dive deeper into bonuses and compare your options.
Placing a crypto bet is way much safer than placing a bet using fiat currencies. The reason for this is simple: cryptocurrencies are working on the blockchain, which is an immutable and unhackable database of transfers. The details of transfers simply cannot be changed so it is always clear whether a deposit or a withdrawal has taken place or not. There is no room for error and false claims on blockchains. Even though the tokens support user anonymity, digital currency transactions are always accounted for. This is something to be considered when choosing to place a bet on a standard sportsbook betting site compared to one that supports cryptocurrency tokens.
To place your bets in Bitcoin, you must first create your account on the online crypto sports betting site. While some of the best crypto bookmakers have crypto wallets, others require users to open a bitcoin wallet account. Bitcoin wallets are essentially software that allows individuals to buy Bitcoin using their credit cards and transfer them to various addresses. Bettors must deposit bitcoins to their accounts. With Bitcoins on your account, you can start betting on various sports events. After you are done betting, you can withdraw your earnings in the form of Bitcoin or other cryptocurrencies.
One of the reasons why people regularly choose crypto sports betting over traditional means is because cryptocurrencies are also highly volatile investment assets. But this is also the reason why they are so popular. Since the prices are changing constantly, high rollers can profit in the long run by cashing out the cryptocurrencies when the value of those particular coins increases. You can double or triple your initial investment while betting with cryptos, especially in a bull market. Since the bear market started, cryptocurrencies are cheaper and they also carry bigger growing potential: when the next bull run comes, you might be in for a treat.
The whole cryptocurrency market has been in a bull run for the larger part of last year. This has resulted in more and more new crypto bookmaker sites showing up. If you are thinking about signing up for one of the new ones, make sure you check out their requirements regarding withdrawals, deposits, or identity verification and their fees.