crypto for sports betting

Online betting has become one of the favourite pastimes especially now that we need to stay indoors because of the COVID-19 outbreak. While betting in a land-based bookmaker is fun, the convenience of online sports betting is difficult to ignore. 

Among the best features of sports betting sites is that there are several markets to bet on. You can also bet the lowest wager possible and easily compare the odds. Aside from the wide variety of betting markets, there are several payment methods available. It can be through bank transfers (credit/debit card) or cryptocurrency using a crypto wallet.

If you prefer bank transfers to deposit funds and withdraw your winnings, simply provide banking information such as your account number and CVV. The only downside is that it might take 3 to 5 business days for the amount to reflect in your account.

On the other hand, you should use cryptocurrency or crypto for sports betting if you prefer fast and anonymous betting. If cryptocurrency is new to your ears, it is a decentralized digital currency that you can use in exchange for goods and services online. To send or receive funds, simply scan the QR code or provide your crypto address. Even though depositing funds is much easier with crypto, you should still set a betting limit. For more wagering tips, PlayOrBet betting guides got you covered. 

Since crypto for sports betting is decentralized, the funds are directly sent to the receiver which is why the transaction fees are cheaper. Just make sure to provide the correct amount because crypto transactions are irreversible. 

The reason why using crypto for sports betting guarantees anonymous gambling is that all of the transactions are recorded on a public distributed ledger called blockchain. Even though it is accessible by anyone, it is impossible to change or alter any information because it is made by complicated cryptic codes. 

Advantages of using crypto 

With cheaper and faster transactions, several sports betting sites now accept the use of crypto. Using crypto might seem intimidating at first but it is actually easy to use. You just need to know the basics and look for a trusted crypto wallet and exchange platform. Aside from faster and cheaper transactions, here are the other advantages of using crypto in sports betting: 

Better bonuses 

Some sites offer more bonuses if you use crypto to deposit funds. It might not be obvious but there is such a thing as crypto reload bonuses. These bonuses can be free spins bonuses or bonus money that you can use to place more bets.

Lower deposits and high withdrawal limits 

Believe it or not, online sportsbooks offer lower deposit and high withdrawal limits if you use crypto. This simply means that you can deposit as low as $2 and collect huge winnings of up to five to six digits depending on your preferred currency. 

Increasing value

Cryptocurrencies are highly volatile. This simply means that their value might increase or decrease at any time. So, if the value of crypto increases, you have more money to bet with. You should also make sure that the value of crypto is not too low when exchanging them to fiat currency.   

Global currency  

Crypto is considered a global currency because it blurs the lines between borders. Since there is no universal law that prohibits the use of digital cash, it is widely used by the betting community. Unlike traditional currency, crypto is not minted by the government or any central authority which gives you the freedom to buy anything under the sun without being questioned. 

Top coins used in sports betting 

With crypto being among the hottest talks of the town, companies and private individuals are on the move to create their own cryptocurrency. This is one of the reasons why there are more than 4,000 coins in circulation right now. Out of thousands of coins available in the market, here are the cryptocurrencies you should watch out for: 

Bitcoin (BTC): Most valuable coin  

Bitcoin is the first cryptocurrency developed by a pseudonymous Satoshi Nakamoto in 2009. Even though there were a lot of attempts to find the person behind the mysterious developer, the real Satoshi Nakamoto remains a mystery.  

BTC is currently the most expensive coin in the market. Due to its finite supply of only 21 million coins, the demand and value remain steadily high. 

Based on its white paper, the main purpose of BTC is developed to serve as an alternative to fiat or traditional currency and to reduce third party costs. This is why BTC can be easily traded to fiat money such as the Japanese yen and the US dollar. 

Ethereum (ETH): Second-largest blockchain 

Ethereum is recognized as the second-largest blockchain and has the most active blockchain technology with its native coin Ether. Due to its continuous popularity, the developers released Ethereum 2.0 in late 2020 that replaces all servers with a worldwide system of nodes for faster transactions. ETH also has a smart contract feature and an open-source network that allows users to develop decentralized applications or dApps. 

Litecoin (LTC): Early Bitcoin spinoff 

Litecoin is one of the fastest altcoins that can finish transactions within 2.5 minutes. Even though LTC was developed as an early Bitcoin spinoff, it has a larger supply of 84 million coins. The reason why it has a larger supply than BTC is that it is easier to mine because its algorithm is much easier to work with and does not require several special mining equipment.

Bitcoin Cash (BCH): Fork of Bitcoin 

Bitcoin Cash is a fork of Bitcoin developed to solve blockchain’s scalability by increasing the block size from BTC’s 1 MB to 32 MB. This is to process more transactions at a much faster rate while still maintaining cheaper transaction fees. 

Tether (USDT): Top stablecoin 

Tether is a stablecoin backed by US dollars. This simply means that 1 USDT is equivalent to 1 USD. Tether is also regarded as the world’s first stablecoin that aims to remove price volatility in the crypto market. Since it is backed by traditional currency, it is much more flexible and less volatile compared to other digital currencies. 

Knowing the advantages and top coins is not enough, you should also know the basics before you invest and use crypto. To increase your chances of winning when using crypto for sports betting, there are several PlayOrBet betting guides you can refer to. 

What are you waiting for? Place your bets and cheer for your favourite team!

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