What is Crypto Sports Betting?
Crypto sports betting is betting on sporting events using cryptocurrency. Lots of crypto players have made the moves into betting on sports, such as soccer, NFL, NBA, MLB, and pretty much every other sport that’s out there on the market.
It works basically the same as standard sports betting. Players choose the stake that they want to wager, choose their bet and then place it. The only real difference at first glance is that instead of using fiat currency, they use cryptocurrency. There are a few things that people need to know when playing with crypto:
- There are thousands of different cryptocurrencies, but most sites only accept the most well known
- Most digital currencies are highly volatile. This can have an impact on profit and loss
- If you make a mistake when transferring your crypto you will lose it forever, so you have to be very wary when entering information
How To Find The Best Place To Bet With Crypto?
Finding the best platform for betting can be a difficult task. There are some important factors that you have to think about. Fortunately, we’re here to make it a slightly easier task. The main factors that you need to look into are as follows:
Does Your Country Support Betting With Crypto?
If you want to play with crypto at a betting site, it’s vital that it is covered in your country. If it’s not, then it is a risk to play there. While there are some ways around the geolock issues, it does leave you open to having funds confiscated if you’re found out. So, it is vital to play only within accepted jurisdictions in order to protect yourself as much as possible.
Payments
Knowing which payment methods are accepted is vital. Will you be able to play using your chosen crypto or will you have to convert it to a different coin? How fast are payments processed, are there fees included? These are all important questions that you need to ask before you sign up to play.
Is the Site end-to-end Crypto?
This will be confusing if you’re not well-versed in the world of crypto. It basically means that the site allows players to directly play using their crypto. There is no need to use exchanges and the funds aren’t converted into fiat in order to play the different games.
Selection of Bonuses
The bonuses and promotions that are available at different sportsbooks is hugely important. If you want to boost your bankroll then you will want the best bonus possible. What’s excellent about crypto sportsbooks is that some offer faucets, which are essentially free bets on a regular basis. Checking the terms and conditions is important to make sure you know what you are claiming.
Sports Offering
This is the most vital one. If you want to bet on golf and it’s not offered, then what’s the point in signing up? Make sure that your chosen sport is available before you sign up to play.
Support Team
Customer support is an important part of modern service. This doesn’t just apply to crypto sportsbooks, it applies to everything that you use. Make sure that the support team is a good one, that way if you have any issues you can easily get them resolved and get back to enjoying your experience.
How Do We Select BTC Sportsbooks - Factors To Consider
With all the different factors that need to be looked at when choosing a crypto sportsbook, it can be difficult to keep track. That’s why there are a few different areas that we look at closely to make sure that you get the best sportsbook experience possible. We cover these areas in our reviews to make it easy for you to learn which site is best for you.
Restricted Countries
There are lots of sites out there that restrict which customers can use their services. A lot of this is to do with the different laws that are enacted across different countries. So, to make sure that it stays within the confines expected of its regulatory license it means some players will be unable to access the site. We make sure to cover this aspect of the site and provide the information needed to allow you to know whether you can play at a site or not.
Reputation and Trust
A good reputation is important to us. If we recommend a site that doesn’t behave in a fair way to players, it means that our reputation will take a hit. We don’t want that, so we take a lot of notice when it comes to the reputations of the sites that we review. If they have a bad reputation with players then we make sure that we cover it. That way when you use our site you know that you can trust what you read.
Sports, Lines, and Odds Available
When you’re betting on sports you need to have certain things available to you. The first is the different sports that are offered. If the sports you want to bet on aren’t available then the site isn’t for you. But, it’s not just about sports. If the right markets are unavailable then it means you can’t place the bets that you want either. On top of that, if the odds offered are of poor value, then it means the site isn’t worth playing at. We cover all of these aspects so that you’re fully aware of what you’re signing up for.
Anonymous Sports Betting
Some players want to be able to bet anonymously. Not all sites offer this service, so it’s important to check whether it is available or not. We make sure to be clear if a site offers anonymous play or whether it has KYC rules in place.
Payout and Withdrawal Speeds & Terms
When you make a withdrawal, you want to get fast access to your money. If you don’t, then it can make it an annoying process. Especially if you need the money for something. As well as that, if there are fees placed on deposits and withdrawals, then it can eat into your potential profits. We cover all payment terms to make sure that you know what you are signing up for.
VIP programs and Bonuses
Everyone loves a bonus. That’s why we go over the different bonuses, promotions and VIP programs that are available. Not only do we cover the specifics of what the bonuses offer, but we are going over the different terms. This makes sure that you are aware of what you have to do in order to get the most from your bonuses, and whether the bonus is a fair one.
How to Bet on Sports with Cryptocurrencies?
Betting on sports using cryptocurrency is actually quite a simple process. As long as you know the basics of using crypto then you will be able to sign up and start playing within minutes. The simple steps to start playing are as follows:
How To Bet With Crypto?
Wagering with crypto is essentially very easy for players to get started with. Apart from the deposit and withdrawal process, it is the same as with fiat. All you need to do is make your deposit to your favored site account, then you can start playing just like with a fiat site.
Should You Use Crypto When Betting?
There is absolutely nothing wrong with using crypto on a betting platform that accepts crypto. The only thing you need to be aware of is the current price of your chosen crypto. This will allow you to understand exactly what your stake is worth and can then set your budget accordingly. Just use the amount of any crypto you have available to set your budget in conjunction with its price.
What’s your favorite Crypto Sportsbook or Bookmaker?
There are a lot of fantastic crypto sportsbooks on the market. However, the one site that really stands out to us is Stake. As a complete package, this is the site we feel offers the best overall service. Despite our belief, you can always use our sportsbooks and betting site reviews to find the best site for your needs.
Pros & Cons of Using Crypto on Betting Sites
Pros
- Fast withdrawal speeds
- Easier division of stake size
- Lower transaction fees
- Higher levels of security
- Potential for price volatility to increase profits
Cons
- Potential for price volatility to decrease profits
Growth of Crypto Sports Betting
Crypto sports betting is one of the fastest-growing markets in the industry. There are a lot of different reasons for this, which is partly linked to how quickly the crypto world is growing. With new sites appearing much more often, it means that crypto sports wagering has seen a lot of growth.
How Much Is Betting With Crypto Expected to Grow?
It’s hard to quantify exactly how much betting with crypto will grow. This is because it’s a subset of the overall sports betting market. But overall, it’s expected to see a 10.3% growth by 2030.
This is because although cryptocurrency betting is a subset of sports betting, it’s one of the newer aspects of the market. As such, it will increase its market share of the overall market during this time. From there the prediction is that it will make up a larger portion of the market in 2030 when compared to now.
Pros and Cons
There is a lot of pros when compared to traditional betting and of course there is some downside to it.
Pros
- Betting with crypto allows for faster withdrawals compared to traditional betting
- Stake division is a lot easier with crypto
- Blockchain tech can offer more innovations that fiat betting
- Profits can increase if the market shifts upwards
- Allows for anonymity and protection from ID fraud
Cons
- Market volatility can lead to decreased profits if the market shifts downwards
Advantages of Using a Crypto when Betting
When you begin using a cryptocurrency-based betting site, you will be astounded by what is available to you. Many different benefits are available that make it massively valuable to players. It’s beyond the standard simplicity that crypto offers, there are a lot of added bonuses that make it a much better choice to bet with crypto.
Fast Withdrawals
Withdrawals are much quicker when using crypto. It ensures that you’re able to get access to your funds a lot faster. With a traditional betting site, your fiat funds can often take up to 5 working days to be available. Crypto payments are much faster. They are usually available instantly, but if the blockchain is busy then this can sometimes be up to an hour. But even an hour’s wait is much better than 5 working days.
Decentralized Payments
Decentralized payments have a lot of benefits to users. Although it will almost require a full article on its own to cover everything that decentralization offers, the most important aspect is self-custody. You’re in charge of your own funds. No more relying on banking institutions who use your money to make profits and try to govern how you spend your money. You are in charge of what your funds do.
Anonymous Deposits
Anonymity is another huge benefit to crypto betting. Being able to remain anonymous means that you are protected from two main things. Firstly, you’re not going to be a victim of ID fraud. With banking requiring full KYC regulations, it means your details can be accessed. With anonymous deposits, it ensures that your details are kept private and you can’t be the victim of fraud.
Secondly, it means that your bank can’t put any flags on your account for usage. If you’re playing with crypto it means that when you place a bet the bank will be unaware of it. So, they can’t block you for a loan or mortgage based on your usage.
Higher Bonuses
Higher bonuses can be offered using crypto. This is due to there being the ability for sites to generate their own crypto through staking and other methods. They can issue their own tokens, which will then make it even easier for higher bonuses to be offered. For players who like to give their bankrolls a shot in the arm, this is an excellent benefit.
What Cryptocurrencies Can You Use?
There are a lot of crypto tokens out there at the moment. Although there are a lot of different ones available, there are some that are offered almost everywhere. So, while you can find other cryptocurrencies to use, these are the main ones that are available at pretty much all sites.
- Bitcoin
- Litecoin
- Dogecoin
- Monero
Betting Bonuses
Betting bonuses can be claimed at most crypto betting sites. They are available in a number of different forms. The main one is with a matched deposit bonus. This is when you deposit some crypto and then receive that amount on top as a matched bonus. There will then be wagering requirements that have to be achieved before the bonus can be withdrawn.
There are free spins that can be awarded with deposits. These are valued at low amounts, you can get 300 free spins at 0.000001 BTC for example. Any winnings that you get from these free spins will then have wagering requirements applied to them.
The final most common bonus is free crypto faucets. These are essentially somewhere you can go every day, or sometimes every hour, and claim a small amount of free crypto to play with.
Where to Buy Crypto for Betting?
There are some excellent crypto exchanges available currently. It can be difficult to choose the best one for your needs. Our guide helps you to choose which is right for you, but our two favorite exchanges at the moment are as follows:
- Binance
- Coinbase
Best Crypto Wallets for Sports Betting
There are a lot of great wallets that can be used to store your crypto. If you’re struggling with making the choice, then you can find our guide to crypto wallets right here. On top of that, here are some of our favorite choices:
- Trezor One
- MetaMask
- Coinbase
- Ledger Nano X
Final Thoughts
Crypto sports betting is growing rapidly. As such, it can be hard to keep up with all of the different developments. By checking through our guide you can get up to speed with everything that you need to know. It makes it quick and easy for you to enhance your knowledge and become a crypto sports betting expert. If you want to start betting on sports with your crypto, then our guide is the perfect place to start!
FAQs
The best way to choose the right betting site is to check through our guide. This will allow you to easily find out and choose the best one for yourself.
There are a lot of different reasons why people love sites for crypto sports betting. These sites are more flexible, offer faster withdrawals and some of the more innovative features of the blockchain are available. It makes them very appealing to players.
There are a lot of different bookies that have a crypto betting platform in place. It’s up to you to check out which ones are available and offer the service that you require.
Yes it is, as long as it’s allowed within your jurisdiction.
It depends on the site that you use. At some sites, you will need to send the deposit using your crypto wallet in order to start playing. At others, you will have to purchase the crypto through an exchange that is linked to the site. It’s important to check this before you sign up so you sign up for the right site.
It is completely safe to bet with cryptocurrency. As long as you carry out the right safety procedures then you will be kept safe and secure when betting with crypto.
In most jurisdictions cryptocurrency betting is completely legal. However, in some it’s prohibited. So, it is important to double check before you play in order to make sure.
As long as you’re playing at a crypto sportsbook, you can use cryptocurrency to bet on sports. Sites that accept fiat currency also accept crypto in the modern world, so it’s a matter of time before many other sites accept crypto.
Reviewed and Fact Checked by Eugene Abungana , Investment Analyst, Financial Analyst, and Institutional Trader