It shouldn’t be seen as a sure-fire investment plan, but there is no doubt that online sports betting has become hugely popular around the world. Gambling has always been seen as high-risk, of course, but changes in laws and regulations – as well as advances in technology – have pushed it even more into the mainstream.
Online and mobile betting is everywhere these days. But there is another factor that has meant even more people have been attracted to giving it a go. Cryptocurrency – another boom industry – has been the focus of a lot of new investors and now those people are also able to use their digital currencies at sports betting sites.
With US states only recently opening up gambling to their residents, many will be new to the pastime and wondering how to bet on sports online. In this article, we will take a look at how you can get started, as well as incorporate crypto if your investments have allowed you to use it instead of fiat currencies.
Why Bet With Crypto?
Before we look at the process of betting on sports with crypto, it might be a good idea to identify just why this type of sports betting is becoming so popular. With digital currency users finding spending opportunities growing all the time, it is no surprise that betting platforms have wanted to get in on the act.
The reasons for preferring crypto are just the same as with any other industry. Transactions are faster, and also come with lower – or zero – fees. This is a particular bugbear for sports bettors when using fiat currencies, so crypto has been a revelation. The security and increased anonymity associated with cryptocurrency are also highly prized for bettors keen to ensure that their investments remain private and as safe as possible.
Choose a Betting Sportsbook
The good news is that many of the aspects of a sports betting step-by-step guide are exactly the same for crypto as with any other type of currency. You will already know how to purchase Bitcoin, Ethereum, or any other digital currency, so that part of the process will be very familiar.
To bet on sports online, you will also need to sign up for a customer account with a sportsbook. This is very simple – and completely free – and you just need to find a betting platform that suits your needs. Make sure that you do your research, finding out if it will have markets for sports and events you will want to bet on. You should also compare odds on a number of sites to ensure that you will get the best possible prices.
Move Your Crypto Into a Betting Wallet
Depositing funds into a sports betting customer account is very simple. Once you have registered your details, you will probably be prompted straight away. If not, just tap on the “deposit” button, which will be prominent on the home page of your online sportsbook. From there, you just need to follow the simple instructions.
You will be asked which method you want to use for your deposits – and that is where you can choose cryptocurrency. You just need to link up your wallet with your betting account and then you will be able to start placing bets. Do keep an eye on the crypto market fluctuation, however. Unlike fiat currencies, your fund amount can change due to the crypto markets and that can affect your betting strategy.
Some online sportsbooks actually convert your cryptocurrency deposit into a fiat currency when you deposit, for use on the site. You may find it easier to follow what is going on if that is the case.
Look for Bonuses
We have already mentioned that you should compare odds and suitability when it comes to choosing an online sportsbook but there is another very important factor to consider before you make your decision. The sports betting industry is a very competitive one and that means sportsbooks will quite often offer promotions and bonuses for new customers.
You should always read the small print with any bonus but it is not uncommon to be offered free bets or deposit matches by the sportsbooks. These extra funds can then be used on your initial bets. Crypto users might be pleased to see that sportsbooks are very keen for digital currencies to be used on their sites and may even offer even bigger bonuses or crypto-specific promotions.
Placing Sports Bets
Once you have gotten set up with your new online sports betting customer account, you will want to actually make some picks. You will soon find that the user experience at all good betting platforms is second to none – and very straightforward. They have tried to make the process as intuitive as possible.
There will be a number of markets for high-profile and live sports events on the home page but you can quite easily search for whatever you want to bet on, however niche it might be. You can then take a look at the odds, and if the price is agreeable, just tap on the odds and your selection will automatically be added to your betslip. From there, you just need to decide on a stake for your bet and confirm.
Bet With Your Head, Not Your Heart
As you can hopefully see, sports betting with cryptocurrency is remarkably straightforward. It might not be an investment in the truest sense of the word but it can be an enjoyable way of using your digital currencies. You will also get the chance to win back more crypto if you are lucky enough to predict the correct outcomes.
Just make sure that you do your research and don’t bet on anything you are not sure of. The whole experience should be enjoyable – and a slightly different way to utilize your cryptocurrency wallet.
