Cryptocurrency payments are fast, secure, and don’t involve any third parties, which makes them perfect for sports betting and many other online services.
With bigger bonuses, super low fees, and fast withdrawals, betting with Ethereum, Bitcoin, Bitcoin Cash, Tether, or Litecoin is an excellent option for any betting enthusiast – especially bettors who don’t want to wait around for bank transfers or cheques.
Check out our guide to see how easy it is to wager with crypto and step-by-step instructions on placing your first cryptocurrency wager.
What is a Cryptocurrency?
A cryptocurrency is a form of payment that uses blockchain technology to allow secure transfers. Most blockchains are not overseen by a third party, so you can use cryptos to make direct payments. One of the first cryptocurrencies was Bitcoin, designed by a programmer under the pseudonym of Satoshi Nakamoto.
The popularity of blockchain technology has exploded in the past few years, with many people trading these currencies. The technology has expanded to include technologies like NFTs (Non-Fungible Tokens) and Coin Exchanges.
As cryptocurrency becomes a common way of moving money on the internet, more and more sportsbooks are allowing you to place wagers with cryptocurrencies. While many sportsbooks are now joining this trend, sites like Bovada have introduced Bitcoin betting as early as 2016.
It has been estimated that cryptocurrency companies have spent $2.4 billion on sports partnerships. The connection between cryptocurrencies and sports has led to many sportsbooks providing these payment options. Bettors enjoy using cryptos thanks to the fast withdrawals and the security of blockchain.
What Cryptocurrencies can you use to Bet on Sports?
Usually, sites that allow you to be with cryptocurrencies will accept a variety of coins, including Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, or Litecoin. You’ll also see some sportsbooks accepting stablecoins tied to a specific value. For example, Tether is connected to the value of the US Dollar.
Check that the sportsbook you use accepts your preferred cryptocurrency before signing up and depositing.
What do you need to Bet using Crypto?
Thanks to the low fees and high speeds, cryptocurrencies are very attractive for bettors. However, it can be confusing to use cryptocurrencies for the first time. Follow our quick guide below to prepare your crypto wallet for betting on sports.
Crypto Wallet
A cryptocurrency wallet securely stores your private keys and gives you access to your funds. While you can select a “cold” wallet, which means you store your cryptocurrency offline, most people use “hot” wallets, which remain online and are an easy way to transfer funds quickly and easily. Wallets can store one currency, like Bitcoin Wallet, or several coins, like MetaMask.
Cryptocurrency Exchange
You will need to buy some crypto to use it as a currency for wagering. Most online sportsbooks don’t let you buy cryptocurrencies directly, so you’ll need to visit a trusted crypto exchange. A crypto exchange is like a stock market for cryptocurrencies, where you can buy and sell coins. Ensure you trade for a currency available on your sportsbook andtransfer it to your secure crypto wallet.
Placing your First Cryptocurrency Bet
Before you can wager using cryptocurrencies, you need to register with a sportsbook. Visit your chosen betting site and click the “Sign Up” or “Register” button. Enter your name, date of birth, address, and email. Once you are happy with the terms and conditions, confirm your account creation.
With your new betting account, visit the deposit or cashier section to add cryptocurrencies to your wallet. If the sportsbook provides crypto payments, you will see which currencies are available on this page. Choose how much you want to deposit.
You will then be given a sending address (such as a Bitcoin address), which you can copy and paste into your wallet. You can also scan a QR code to complete your transactions with your smartphone or tablet. Make sure you double-check that you’re sending your crypto to the correct address when processing your transfer.
Once you have transferred your funds, you’ll have to confirm with the sportsbook that you have received your cryptocurrency payment. It usually takes a few minutes to process a transaction, but many cryptocurrency deposits are instant. Once the crypto has arrived in your account, you are ready to start betting.
Browse the sportsbook’s markets for your first bet. You can choose to wager on a wide variety of markets, like moneylines, totals, player props, and futures. Add a market to your bet slip. Choose how much of your cryptocurrency to stake and place your bet.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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