Brief Guide on Utilising Crypto Assets in Sports Betting

Updated 19 september 2023
Author: James Burton
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Cryptocurrency use has become one of the hottest tendencies in the sports betting segment. Bookmakers are quickly adapting to this trend by allowing gamblers to place wagers utilising digital rather than conventional currencies. Let us arm you with everything you should know about the new form of payment.

Cryptocurrency use in sports betting

How to Select the Best Crypto Betting Site?

Players should focus on safety when searching for a reliable bookmaker. A positive reputation in the market is also one of the striking priorities. If there are any personal preferences for the betting site, they should not be ignored as well.

Here are additional criteria to consider:

  1. Variety of products. An offered software must be supplied by well-trusted providers. The range of sports disciplines needs to be large enough to enable numerous odds.
  2. Bonus system. A bookmaker should motivate its users with special rewards granted for a good performance. These can be promo campaigns and VIP programs.
  3. Online banking. All types of financial operations must be safe for processing. Crypto transactions usually take less time.
  4. Customer service. A reliable sportsbook must be open for 24/7 interactions with its users. A live chat and email are excellent contact channels for various inquiries.

How to Use Crypto Betting Sites?

Digital assets offer simplicity and convenience in every sphere. Before utilising this form of payment, it is significant to comprehend the associated risks and learn how to eliminate those effectively.

Here are the main steps punters should take when betting with crypto:

  1. Choose a bookmaker that accepts digital assets. Ensure its compatibility with popular coins like Bitcoin and Tether.
  2. Register an account. Make the initial deposit by means of crypto coins. Read through the instructions given by the wagering website.
  3. Place bets on particular sports competitions. Check the related odds and policies.
  4. Wait for winnings to be transferred to the personal account. Withdraw this cash immediately or use it for further gambling.

Responsible gaming must always be treated as the key priority. Players should bet with money they can afford to lose. Knowing the threats related to crypto sports wagering is an absolute must before making any serious decisions.

Positive and Negative Aspects of Crypto Sportsbooks

The advantages include:

  • bonus rewards and promotion campaigns;
  • irreversible financial operations with no chargebacks;
  • high level of confidentiality;
  • clearance of the blockchain mechanism;
  • range of covered markets;
  • fast withdrawals with reasonable fees;
  • proficient customer support;
  • less regulation, unlike traditional wagering, etc.

With all the positive aspects being mentioned, sports betting with crypto has not been fully covered at the legislative level. For example, taxation of digital winnings remains unclear in many jurisdictions.

The Most Common Crypto Coins for Sports Betting

The blockchain market has reached over $1.3 trillion. It does not make all digital coins equally successful. Some of them demonstrate a far more positive performance than others.

The most widely used crypto coins include:

  • Bitcoin;
  • Dogecoin;
  • Ripple;
  • Solana;
  • Stellar;
  • Tether, etc.

Each asset has unique attributes, determining its standing in the industry. Make sure to pick the right one for smooth operations.

Top Sports Supported by Blockchain

The role of crypto in digital entertainment is constantly growing. So, it is crucial to select the proper wagering options.

Let us see the impressive variety of disciplines punters can bid on using crypto:

  1. Football enables users to bet on the result of the competition. The NFL happens to be one of the most prominent leagues for crypto wagers.
  2. Hockey has a strong fanbase. The NHL has become one of the more powerful leagues in the world.
  3. Basketball brings a lot of betting odds. NBA crypto wagering allows sports amateurs to stand for the top teams.

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