What is crypto sports betting? How to play crypto sports betting

Crypto sports betting is becoming more and more popular and loved by many players around the world. E-sports tournaments also become as exciting and attractive as traditional sports. What makes eSports special is that it allows players to duel or face each other in virtual matches wherever they are. Therefore, e-sports betting is increasingly interested and becomes an attractive profitable investment channel. In this article, Premiumsoccertips will learn about esports betting, how to play crypto sports betting and tips to help you make money from esports betting.

What is Crypto Sports Betting?

Cryptocurrency sports betting involves using various types of cryptocurrencies such as Bitcoin, Ethereum, or other cryptocurrencies to place bets on sporting events. Instead of using traditional fiat currencies like USD, EUR, or GBP, players can use cryptocurrencies to place bets and receive payments in these currencies.

This process is often carried out through online sports betting websites or professional cryptocurrency exchanges. Players can bet on a variety of different sporting events, from soccer, basketball, and tennis to horse racing or electronic sports.

Using cryptocurrency in sports betting offers several benefits, including high security, privacy, transparency, and convenience. Particularly for those interested in cryptocurrencies, betting with cryptocurrency is also a way for them to use and experience these currencies in an entertainment environment.

Pros and Cons of sports betting crypto

The introduction of sports betting exchanges marks a distinctive shift from conventional sports betting, enabling participants to wager against one another rather than the bookmaker. This peer-to-peer framework presents various merits and demerits that merit examination.

Advantages

• Lower fees: Typically, betting exchanges charge lower fees compared to the vig of traditional sportsbooks (commission charged for betting). This provides better long-term economic benefits for bettors.
• Better control over bets: Users can flexibly set their own odds and stakes, providing more control than sportsbooks, which may impose betting limits or restrict successful bettors.
• Peer-to-peer interaction: The nature of a betting exchange is direct competition among users, providing a more strategic and engaging betting experience as you pit your wits against another individual rather than a bookmaker.

Disadvantages

• Limited betting opportunities: Finding suitable bets can sometimes be challenging as the availability of attractive wagers depends on the interests and activities of other users on the platform.
• Matchmaking challenges: Some bettors may find it disadvantageous that, despite appealing odds, there’s no assurance of finding a compatible match for their bet, introducing uncertainty into the equation.
• Limited betting options and promotions: Betting exchanges typically offer fewer types of bets, sports to bet on, and promotions compared to traditional sports betting. This limited diversity may be less appealing to bettors accustomed to a wide range of options in sports betting.

How to Place Sports Betting with Bitcoin

Placing sports bets using Bitcoin is typically done through sports betting websites that accept cryptocurrency payments. Below is the basic process for placing sports bets with Bitcoin:

Step 1: Choose a Bitcoin-friendly sports betting website

The most important step is to find a sports betting website that accepts Bitcoin payments. You can search online or seek recommendations from other players. Make sure your choice is a reputable website, highly rated, and has a good track record.

Step 2: Create an account

If you don’t have an account on that sports betting website, sign up and create a new account. This process usually requires you to provide personal information such as name, email address, and other contact information. Then, you may need to verify your account through the account verification process.

Step 3: Please make a deposit into your account

After successfully creating your account, you need to deposit Bitcoin into your account on the sports betting website. This is typically done by navigating to the “Deposit” section on the website and selecting Bitcoin as the payment method. The website will provide you with a Bitcoin wallet address or QR code for you to transfer funds into your account.

Step 4: Choose a sports event and place your bet

Once you have funds in your account, you can choose the sports event you want to bet on. The website will offer a variety of events and betting options for you to consider. Select the event and type of bet you want to participate in and proceed to place your bet.

Step 5: Confirm and place your bet

Review your betting information and confirm your bet placement. Make sure you carefully check all the details before confirming.

Step 6: Monitor the results

Monitor the sports event and await the outcome of your bet. If you win, the winnings will be updated in your account.

Step 7: Withdraw funds (if necessary)

If you want to withdraw funds from your account, navigate to the “Withdraw” section on the website and follow the website’s rules and conditions regarding the withdrawal process. Make sure you meet all the requirements and have sufficient balance in your account for withdrawal.

Experience crypto sports betting

Below are some esports betting tips to help you increase your chances of winning and minimize risks:

• Conduct thorough research before placing bets: Before betting, research the teams, tournaments, and esports you want to bet on. Information about player health, form, experience, and gameplay style will help you make informed decisions.
• Set a budget and manage risk: Set a budget for your betting activities and always stick to it. Avoid betting too much money and refrain from betting on matches you don’t have enough knowledge about. If you’re facing risks, reduce your betting stakes or temporarily pause your activities.
• Choose reputable and trustworthy bookmakers: Select bookmakers with a good reputation and trustworthiness to ensure the safety of your betting activities. Reputable bookmakers usually have policies in place for information security and secure payments.
• Monitor results and learn from them: Keep track of the results of the matches you’ve bet on and draw lessons from them. This will help you improve your knowledge and experience to make better decisions in the future.
• Engage in the betting community: Join forums or groups on social media to share experiences with other players. They can provide you with valuable advice and guidance to become a successful esports bettor.

Conclude

In short, cryptocurrency sports betting offers flexibility and convenience to players, with advantages such as high security, low fees, and the ability to execute transactions quickly and transparently. However, success in crypto sports betting requires a deep knowledge of sports and cryptocurrencies, along with careful budgeting and risk management skills. With the continued development of both of these areas, the use of cryptocurrencies in sports betting has the potential to continue to grow and become an integral part of the betting industry. Good luck!

See also: How to be a bookie online for newbies?