Cryptocurrencies are still very new, and different industries are grappling with how they can incorporate them into their operations. Online betting sites have emerged as innovators and found a viable use case for crypto. In this article, we explore how you can use Bitcoin, Ethereum, and other cryptocurrencies to elevate your sports betting experience!
Can You Bet on Sports With Crypto?
Many sports betting sites now allow you to deposit, bet, and withdraw via crypto. They accept all kinds of different coins, including Bitcoin, Ethereum, Tether, Ripple, and Doge. Crypto sportsbooks work exactly the same as standard betting sites, except you get to bet using your crypto stash.
Sign up at a sportsbook and then tap on the deposit button, and select the cryptocurrency you wish to deposit. You then copy the site’s crypto wallet address, open your crypto wallet, and paste the address. You type in the amount you wish to send and confirm the transaction. A few minutes later, the crypto will be in your betting account.
Click on a particular sport and match, then select a bet type and make a prediction. For example, you bet on the Denver Nuggets to beat the Los Angeles Lakers. Enter your crypto stake, for example, 0.01 BTC, and confirm the bet.
Now, just sit back and tune into the game! If the Nuggets take the W, your winnings will be automatically credited to your account. To withdraw, you just type in your crypto wallet address and type in the amount you wish to cash out.
Sports Betting Gives You the Chance to Win Crypto
Accumulating crypto can be challenging as market prices increase. There were times when you could pick up a whole Bitcoin for a couple of hundred bucks. Thanks to sports betting, trading isn’t the only way to compound your crypto bankroll.
You can make predictions on sporting events and potentially earn crypto prizes. While sports betting is gambling, there is a clear skill element involved, and similarly to trading, it’s estimated that up to 10% of bettors are profitable over the long term.
You can use your specialized knowledge to accurately predict the outcomes of your favorite sports and earn Bitcoin, Ethereum, and other cryptocurrencies in the process.
Cryptocurrencies Help You Avoid Sports Betting Restrictions & Enhance Privacy
Sports betting is still prohibited in many countries, and local operators are banned. In these restricted countries, there are no laws preventing residents from betting at offshore sites. Crypto sportsbooks offer fair and world-class sports betting to players who don’t have access to local operators.
Despite widespread adoption, sports betting isn’t as popular in other countries. Thanks to cryptocurrencies, you can maintain your privacy and avoid any personal blowback due to your innocent hobby. With cryptocurrency, sports betting deposits and withdrawals will never show up on your bank statement and won’t be traceable. Also, at many crypto sportsbooks, you don’t even have to share your name or any ID, which allows you to wager 100% anonymously.
Gambling authorities have been very reluctant to give licenses to crypto sports betting sites as there are concerns over KYC and the origins of players’ funds.
Cryptocurrencies Speed Up Payment Processing & Reduce Fees
At non-crypto sports betting sites, it can take up to seven days or sometimes longer to receive your winnings. This is incredibly frustrating and can really take the joy out of a big win. Fortunately, cryptocurrencies solve this issue! Due to the speed of crypto processing, you can cash via all kinds of coins, including BTC, ETC, XRP, and USDT, and receive your winnings in under 10 minutes. The crypto withdrawal process is also simplified – you simply tap the withdraw button, copy and paste your crypto wallet address, and before you know it, your winnings will arrive.
Another huge advantage crypto sports betting sites have over standard sportsbooks is the lack of fees. While sportsbooks themselves don’t charge fees, you often get hit with nasty fees from either your own bank or e-wallet. When you cash out via crypto, you will receive the whole amount in your account.
The downside to using crypto is that the payments are non-reversible. It can be very challenging to get a refund from a sportsbook and if you send crypto to the wrong address it can be lost forever.
Cryptocurrencies have shaken up the online sports betting industry. They offer a range of unique advantages, including increasing access to betting markers, enhancing privacy, faster withdrawals, and reduced fees. Check out our crypto betting guides to learn about different sites where you can play and win BTC, ETH, and other cryptocurrencies!
