The use of cryptocurrency is becoming considerably common in sports betting. Many bookies now accept Bitcoin and other cryptocurrencies. This payment option is convenient for bettors and offers exceptional anonymity and safety.
Crypto sports betting offers many different benefits as well. This post will tell you how it works, its pros and cons, and the wisest method to choose a crypto betting site. Keep reading!
How Does Crypto Betting Work?
Crypto sports betting brings the world of gambling to your fingertips similar to betting using fiat currencies on online platforms. The difference is you bet with cryptocurrencies.
You need to look for a betting site that accepts a wide number of cryptocurrencies. Since most of them are now accepting crypto payments, all you have to do is find a trustworthy option. A guide to this is at the bottom of the article!
Pros and Cons of Crypto Betting
Sports betting is a popular industry that works with numerous payment services. With the advancement t of technology—specifically cryptocurrency—it has become easy for them to place a bet online safely.
Here’s a list of the pros and cons of crypto sports betting that you should know about before jumping on the bandwagon.
- Quick and easy transactions: One of the biggest benefits of crypto sports betting is it offers quick and easy payment transactions. You don’t have to wait for long for funds to transfer. Transactions are instant, which is why many bettors are switching to this payment method for betting.
- Privacy: Bettors fear hacks, frauds, and scams online. Crypto betting guarantees privacy considerably. Cryptocurrencies are untraceable and can’t be accessed by unauthorized users. Thus, it is a great option for punters who want to place wagers without providing financial information.
- High transaction limits: Several cryptos betting sites offer high deposit and withdrawal limits. If you’re an expert bettor, then it’s a great option for you to avail of. This is because you can deposit enough funds to wager on several markets using different bet options.
- Global currency: There’s no exchange platform needed for cryptocurrency as it is globally accepted. You don’t have to worry about conversions or fees provided as long as your chosen betting site accepts crypto payments.
- High volatility: Those who deal in crypto understand how volatile the market is. The prices of cryptocurrencies is not standard; They can change anytime. Whether you’re placing a small bet or a big one, there’s no guarantee that you’ll get the same conversion value as the time of withdrawal. It will be best to have some basic knowledge of crypto market and a few tips. For example, withdrawing when the market is in your favor.
- Very few regulations: Another downside of crypto sports betting is the lack of regulation in a few countries. Crypto lacks many strict rules around it to offer the ultimate protection to bettors. But a licensed and regulated sportsbook will do its best to protect you.
- Can’t reverse payments: You cannot reverse the crypto transaction once it’s done. Don’t make the payment until you’re fully convinced you want to bet on a specific game or player.
How to Choose a Crypto Betting Site
There are hundreds and thousands of crypto betting sites online, but not all of them are worth it. Thus, you have to choose a site that has a remarkable reputation in the market.
Apart from that, here’s a list of things that you must not forget to check on a crypto betting site!
The first thing you must check is if the site is trustworthy. Signing up with an operator that holds a license and is regulated by a reputable body is crucial. You can also read online reviews of previous bettors or ask in a relevant community to see if the site is reliable enough for crypto sports betting.
Look for a betting site that offers incredible winning returns. You should choose a betting site offering numerous crypto betting promotions to increase your chances of winning.
Verify if the betting site offers fast withdrawals. Using cryptocurrency for sports betting naturally increases the withdrawal time, but the period can be slightly longer in some betting sites. You can find this information in the ‘Payments’ ‘Banking’ or ‘FAQ’ sections of a sportsbook.
Lastly, look for a crypto betting site with exceptional customer support. You want a site that offers instant support whenever you need it. It’s one of the many features that make the operators stand out from others. You can test this by sending a message to the sites you are looking into and gauge the response period.
In addition, a reliable crypto betting sportsbook has numerous customer support options. Thus includes live chat, email support, and phone number. A detailed FAQ section is also crucial.
Sports betting is gaining a lot of hype in the world and bettors are always on the lookout for easy and flexible transaction options. Crypto sports betting is not only safe and secure, but also offers fast withdrawals as well. You can easily bet on your favorite game or player from the comfort of your home without disclosing your details.
Crypto sports betting is also expected to grow in the future. Thus, it will be best for punters to consider signing up with betting sites that accept cryptocurrency. Use the information provided in this guide to make the right moves.