Have you considered using cryptocurrencies over credit cards for sports betting? “Cryptos” have become an alternative to other options like debit cards and e-checks. Bitcoin dates back to 2009 and continues to expand.
Today, you can make cryptocurrency deposits and withdrawals for online sports betting.
Sports fans now have several cryptos to pick from when betting on pro or college sports events.
Besides picking a payment option like cryptos, you’ll also need to find good sports betting odds on websites like this. They may improve your chance of winning bets like the favorite or underdog.
You can also use cryptocurrencies for other types of online gambling, including an online casino with options like poker games and slot machines.
This article explains the basics of cryptocurrencies and how to use them at legit online sportsbooks. Are you ready to take a close look at cryptos for betting on sports?
What Exactly Are Cryptocurrencies?
A cryptocurrency is either a digital or virtual currency. Cryptography secures it, making it difficult for individuals to counterfeit or double-spend the money.
Cryptos are often decentralized networks that blockchain technology supports. A blockchain allows simultaneous access that a computer network enforces
Some potential benefits of using cryptocurrency include:
– Lower processing fees – Many online sportsbooks charge higher processing fees for bitcoin than they do for traditional currency.
– Greater anonymity – Cryptocurrency transactions are anonymous, which may appeal to some users who want to remain anonymous when making bets.
– Greater security – Cryptocurrencies are more secure than traditional payment methods, such as credit cards. Because cryptocurrency transactions are decentralized, there is no central point of attack from which a hacker could steal your money.
What’s Crypto Sports Betting All About?
The United States’ sports betting industry has expanded significantly since the Supreme Court decided to cease the near-nationwide sports betting prohibition in 2018.
Over a decade since Bitcoin’s launch, cryptocurrencies have become a significant currency in the financial world.
One key feature of cryptos is that governments don’t authorize or supervise them. What’s the effect? It’s somewhat easier for sportsbooks to process cryptocurrency transactions.
Today, online gamblers can place wagers on sports using various cryptos like Bitcoin and Ethereum. You can use cryptos to bet on multiple sporting events like the Super Bowl, Summer Olympics, and Federation Internationale de Football Association (FIFA) World Cup.
Consider that most online casinos only accept a limited number of cryptos, such as Bitcoin.
How to Use Cryptocurrencies for Sports Betting: The Basics
You’ll need to purchase a particular cryptocurrency before using it at a legitimate online sportsbook.
Here are the basic steps.
Step 1: Purchase the crypto at a venue. Cryptocurrency exchange sites are trendy options.
Step 2: Open a digital wallet and store any cryptos in it.
If you’re interested in buying and selling cryptos, you can open a brokerage account. Brokerage accounts are investment accounts you can use for buying and selling securities.
Before buying cryptos, please verify that the sportsbook where you want to use the currency accepts it. A sportsbook may not accept less-known currencies like Unobtanium, The Cyberfunks, and DeepOnion.
Meanwhile, several internet sportsbooks accept well-known cryptos like Bitcoin.
Here are some guidelines for buying, depositing, and withdrawing cryptocurrencies for sports betting.
How to Deposit Cryptocurrencies for Sports Betting
Here are the general steps to making crypto deposits into your sportsbook account. The steps may vary somewhat from one sportsbook to another:
Step 1: Sign up to create a sportsbook account.
Some sportsbooks allow free bets. However, you’ll generally need to have a sportsbook account before you can bet and win real money.
If you already have an account, you’ll need to sign in. However, you may need to create a new account if the old one was inactive for a long time.
Step 2: Provide required personal information.
Such information will likely include items like your name, email, home address, and birthdate.
Make sure a sportsbook uses strong encryption. This feature can help ensure your personal information is protected.
For example, look for Secure Sockets Layer (SSL) encryption. Strong encryption is also helpful for safe online betting. So “double-down” on it.
Step 3: Make a crypto deposit.
You’ll need the sportsbook’s address for sending cryptos. Next, select the cryptocurrency you want to deposit and the amount of money to deposit.
Step 4: Use the crypto address to send money.
Utilize the sportsbook’s crypto address to send the selected amount to your crypto wallet or private wallet. That’s it!
How to Withdraw Cryptocurrencies for Sports Betting
Withdrawing cryptos from a sportsbook cashier into your wallet is similar to making crypto deposits.
As with making deposits, the process may differ somewhat between various sportsbooks. However, here are the general steps:
Step 1: Enter the sportsbook’s “withdrawal” or “cash-out” section.
Step 2: Select the crypto you intend to withdraw and the amount you wish to withdraw.
Step 3: The sportsbook will then likely take you to a page that shows items such as:
- Transaction ID number
- Amount to withdraw
- Crypto exchange rate
- Blank box for the crypto address
Step 4: Enter the crypto wallet client and the sportsbook’s crypto address. Verify that the address is 100% correct, then click “confirm” or a similar button.
Step 5: You’ll see a new page that informs you that the sportsbook is processing the crypto withdrawal.
Take note that the withdrawal time and fee may vary. In addition, remember that a change in crypto prices will affect your payouts.
Step 6: The sportsbook will notify you by email or other means when your withdrawal transaction is complete.
Final Thoughts
Like the internet itself, cryptocurrencies have become a game-changer in online sports betting. The guidelines mentioned above can help you buy, deposit, and withdraw cryptos for sportsbooks.
Convenience is one of the critical benefits of cryptocurrencies. It allows you to focus more on making better bets. Here’s the bottom line. Crypto sports betting can be a good option after it becomes clearer and, well–less cryptic.