Transformative experience: Your 2023 crypto sports betting guide
It is a fusion of traditional sports betting and digital assets’ cutting-edge technology that holds a lot of benefits for players. Whether you’re a sports enthusiast or a bettor, this guide will help you unlock the full potential of wagering on your favourite sport using digital assets. Get to know more about crypto sports betting below:
What is crypto sports betting?
Crypto sports betting is a form of online sports betting where punters use cryptocurrencies like Bitcoin or Ethereum to place bets on various sports events. It has the element of both traditional principles of sports betting with the distinct functionalities provided by crypto such as decentralisation, anonymity, and many more.
Bettors can now place bets on their favourite sports using their mobile devices and an internet connection. However, the benefits of crypto sports betting extend beyond the enjoyment part as crypto sports betting offers global accessibility, lower transaction fees, enticing bonuses, and higher betting limits. Some platforms may even offer unique features like a provably fair system, which enables users to verify the integrity of their bets and outcomes.
Advantages of using cryptocurrencies for sports betting
Nowadays, many crypto sports betting sites recognise the immense potential of utilising crypto to enhance their services and provide a superior betting experience for bettors. Crypto's growing dominance in the online sports betting world is driven by the numerous benefits it offers. Take a look at the key benefits of crypto betting:
Faster transactions
Crypto’s decentralised nature eliminates the need for intermediaries like banks to process each transaction. Instead, transactions can happen directly between users, resulting in faster fund transfers.
Unlike traditional bank transfers that can take days to process due to confirmation steps from banks, crypto transactions are much quicker. This is because blockchain technology enables nearly instant verification and recording of transactions, eliminating the need for manual processing or waiting for bank approvals.
Security and anonymity
While traditional online betting employs SSL encryption to ensure security, using blockchain technology in crypto betting takes security to a whole new level. Crypto transactions are protected by robust cryptographic protocols that make them extremely resistant to fraud and hacking attempts.
Moreover, crypto betting provides the added benefit of privacy and anonymity for players. Unlike traditional betting, which typically requires users to disclose personal and financial information, crypto betting allows individuals to use pseudonyms or aliases, safeguarding their identities while enjoying betting on their favourite sports.
Global accessibility
Crypto betting offers global accessibility due to its decentralised nature which means they operate without borders. As long as you have an internet connection, you can engage in crypto transactions for sports betting from anywhere, at any time.
Hence, cryptocurrencies serve as a universal form of exchange, eliminating the need for currency conversion. This is particularly beneficial for sports bettors who wish to place bets using various currencies or participate in international betting platforms. This unrestricted access eliminates the limitations imposed by local regulations.
Lower transaction fees
Using cryptocurrencies for sports betting eliminates the need for intermediaries or payment processors, which often charge fees. The direct peer-to-peer nature of crypto transactions, then, reduces the overall cost for bettors.
Crypto transactions in sports betting often require lower processing fees or, in some instances, no fees at all, depending on the specific crypto and blockchain network utilised. As a result, you can save more funds that can be used for extended periods of sports betting.
Transparency
Cryptocurrency transactions are recorded in a publicly accessible ledger, providing a comprehensive account of transfers, deposits, and withdrawals. This allows anyone who has access to the blockchain network to track and investigate every transaction.
Blockchain technology ensures transparency by creating an immutable record of all transactions. This means that each transaction record cannot be altered or tampered with, further ensuring a higher level of transparency.
Higher betting limits
The decentralised nature of crypto also grants operators greater flexibility in setting betting limits. Unlike traditional betting platforms that often impose caps on wager amounts, crypto opens up the possibility of accessing high or even no betting limit crypto casinos. This creates an opportunity to achieve more wins without being restricted by betting limits.
Rewards and bonuses
While traditional online betting platforms already provide generous rewards and bonuses to punters, crypto betting offers advantages beyond them. Crypto sportsbooks often offer exclusive promotions designed to attract players who specifically use crypto for placing wagers. Here are some examples of the rewards you may receive when using crypto in sports betting:
- Welcome bonus
- No deposit bonus
- Reload bonus
- Cashback offers
Cryptocurrencies for sports betting
There are a multitude of cryptocurrencies accepted in sports betting. Each with various unique features that provide an elevated sports betting experience. Here are some of the most popular cryptocurrencies that you can use for crypto sports betting:
Bitcoin (BTC)
Bitcoin is the decentralised digital currency and the first of its kind that was established in 2009 by a pseudonymous Satoshi Nakamoto. It is often referred to as ‘digital gold’ due to its store of value and use for various purposes including online purchases and investment. As the pioneer of the cryptocurrency movement, Bitcoin is still the currency most commonly mentioned in discussions about digital assets.
Ethereum (ETH)
Considered as the first alternative to Bitcoin, Ethereum was introduced in 2015 by Vitalik Buterin. It functions as a decentralised software platform specifically built to enable the development and functionality of smart contracts and decentralised applications (dApps). Ether (ETH), its native crypto, is used for transactions and computational services on the network.
Ripple (XRP)
XRP operates as the native token of the XRP Ledger, a payment system created by Ripple in 2012. Unlike other crypto that use methods like extensive computational power (Proof of Work) and stakeholder voting (Proof of Stake), XRP highlights their XRP Ledger Consensus Protocol that operates through a network of trusted validators.
Tether (USDT)
Tether (USDT) was among the earliest and most widely adopted stablecoins. Stablecoins are alternative cryptocurrencies designed to maintain a stable market value by pegging them to a specific currency or external reference point. This pegging helps to mitigate the volatility commonly associated with other cryptocurrencies.
Dogecoin (DOGE)
Dogecoin (DOGE), often considered the original ‘memecoin,’ gained significant attention in 2021 when its price experienced a remarkable surge. It highlights its inflationary supply model, which means there is no limit on the number of Dogecoins that can be created. Moreover, Dogecoin is often used for charitable donations, showcasing its focus on having a community-oriented nature.
How are cryptocurrencies used as payment in sports betting?
In recent years, crypto has established itself as one of the primary and preferred payment methods in the world of sports betting. This has led to the emergence of dedicated platforms like bitcoin casino and crypto sportsbooks, which facilitate seamless transactions for users.
This allows users to conveniently deposit funds, place bets, and withdraw winnings in the form of their preferred virtual currency. The transition to cryptocurrency payments not only simplifies the betting process but also provides users with the flexibility of managing their finances within the crypto ecosystem that operates using blockchain technology. If you are a newcomer, here’s a step-by-step guide on how to use crypto for sports betting:
- Select a suitable bitcoin casino or sportsbook that aligns with your unique betting preferences.
- Create a personal account on the platform. This account will allow you to easily manage your bets and track your winnings.
- Next, you will need to create a crypto wallet where you can store and manage your cryptocurrencies. Choose a safe and reliable wallet that supports the specific crypto you want to use.
- Now, it's time to purchase the cryptocurrency. Find a reliable cryptocurrency exchange that supports the cryptocurrency of your choice.
- Go to the exchange's trading section and choose the crypto you wish to purchase. Specify the amount and confirm your purchase.
- After buying your preferred crypto, go to your sportsbook account and look for the deposit button. It is usually easy to find and is often displayed on the homepage.
- Select the cryptocurrency you wish to deposit and generate a special wallet address provided by the sportsbook. Transfer the desired amount of cryptocurrency from your personal wallet to the sportsbook's wallet address.
- With the deposit process complete, you are now ready to begin placing your bets!
Choosing the right sports betting platform
The internet is teeming with numerous bookmakers, and their numbers continue to rise due to the growing popularity of both online sports betting and cryptocurrency. Remember that your first step in this rewarding experience is to select a reliable and trustworthy sportsbook. When making your choice, it is important to take into account the following factors:
User-friendly interface
Choosing a sportsbook with a user-friendly interface is crucial for your betting experience, even if it has the best odds in the market. If the website is hard to navigate or find the sports you want to bet on, it can result in a frustrating experience.
User-friendliness encompasses more than just the interface as it extends to the entire user journey. Starting from the registration process, a user-friendly platform provides clear and simple sign-up instructions that will make it effortless for you to complete.
It also showcases excellent functionality, making it easy for users to navigate and find essential features. This includes convenient access to the deposit section, betting page, and help centre. A user-friendly sportsbook ensures that every step of the betting process is intuitive and accessible, enhancing the overall user experience.
Mobile compatibility
Nowadays, the convenience of placing bets and tracking their results in sports betting is a necessity among punters. That's why mobile betting has become a major trend and is expected to drive the future growth of sports betting.
When choosing a sportsbook, it provides an added advantage if you can use your smartphone or tablet to access the betting platform. This option is only available if you choose sportsbooks that are compatible with mobile devices. This allows for convenient and effortless sports betting from anywhere, whether you're commuting or relaxing in a coffee shop.
Payment options
Reliable crypto bookmakers cater to a global player base by offering a wide array of payment options. Look for a platform that provides a convenient payment method tailored to your specific needs. The more payment options available, the better. It is best if the platform supports cryptocurrencies and fiat currencies, offering a broad selection of options for each type.
Besides having a wide range of payment options, it is also important to prioritise platforms that implement SSL encryption and Hypertext Transfer Protocol Secure (HTTPS) protocols. These security measures encrypt your data and establish a secure connection between your device and the website, protecting your financial information from unauthorised access.
Reputation
To further ensure security and safety, it's important to consider the sportsbook’s reputation. One way to assess this is by checking if the platform is licenced by a recognised regulatory body. A licence confirms that the sportsbook has met certain standards and requirements, such as fair play, responsible gambling practices, and financial integrity.
Another way to ensure that the platform is reputable is by looking at the feedback, ratings, and reviews by both current and previous players, as well as industry experts. Moreover, you can consider the longevity of the sportsbook. If it has been operating for a significant period of time, it is more likely to have established a trustworthy reputation.
Sports and betting markets
It's better to choose a sportsbook that offers a wide range of sports and events to bet on. Most sportsbooks go beyond popular sports by offering esports events. This variety of options allows you to explore different interests and makes the betting experience more thrilling.
It's also important to check the variety of betting options available on the site. While many sportsbooks offer common betting markets like moneylines and over/under, only a few provide smaller bet options. These unique bets can give you more opportunities to win and may involve predicting specific outcomes such as the first player to score or the result of a match’s first half.
Odds and payouts
Besides enjoying the excitement of watching sports with the thrill of betting, your main goal is to win. To improve your chances of winning, it's important to pay attention to the odds and payouts offered by the sportsbook. Good odds and higher payouts mean you have a better chance of winning bigger prizes.
The odds represent the ratio of risk to potential return offered by the sportsbook. To make the most of your betting experience, you can compare the odds across different platforms. Look for the sportsbook that provides the best and most competitive odds in the market.
Customer support
The ideal sportsbook places a strong emphasis on the players' needs and satisfaction. This means that they go the extra mile to ensure that all their services are of the highest quality and that players do not encounter any concerns or problems while using the platform. One way to identify such a sportsbook is by checking if they have active customer support in place.
Look for a sportsbook that has a responsive customer support team ready to assist you with any inquiries or issues about your betting experience. It's best if the platform offers 24/7 customer support and multiple communication channels like email, phone, and live chat. This way, you can easily reach out for assistance whenever you need it.
Popular sports for crypto sports betting
In reputable crypto sportsbooks, you can find a plethora of sports with diverse arrays of betting markets that will undoubtedly keep the excitement alive. If you are new to sports betting, here are some of the most popular sports that you can bet on in a crypto sportsbook:
Soccer
Soccer, also known as football, is an immensely popular sport globally, capturing the attention of millions of fans during every tournament and match. It is a team-based game where the aim is to score goals by kicking the ball into the opponent's net.
The world of sports betting is already exhilarating, but when renowned leagues like the Premier League, La Liga, and Serie A are added to the mix, it becomes an even more thrilling and engaging experience. Here are some of the most popular betting markets available for football:
- Match result (1x2): You have the option to place a bet on the outcome of the match, which can result in a home win (1), a draw (X), or an away win (2).
- Handicap: In handicap betting, one team is given an advantage or disadvantage to make the match more even. You can bet on whether that team will overcome or fall short of the handicap.
- Totals: You can bet on whether the total number of goals in the match will be higher or lower than a specific number set by the sportsbook.
- Double chance: This market allows you to bet on two potential outcomes of the match. For example, you can bet on a home win or a draw, an away win or a draw, or a home win or an away win.
Tennis
Tennis is a popular sport played between two players. The goal is to hit a ball over the net and into the opponent's side of the court without them being able to return it. When it comes to betting, this sport has a lot of exciting betting markets to choose from, such as the following:
- Outright winner: This is when you place a bet on who you believe will win the tournament and be crowned the champion. It's a risk you take before the tournament commences as it predicts the ultimate winner.
- Match betting: Match betting in tennis is when you place a bet on each individual match and predict which player or team will come out as the winner.
- Set betting: You can place your bet on the outcome of each set within a match. You can make predictions on the exact scoreline, such as 2-0 or 2-1, in favour of a specific player.
- Handicap: In handicap betting for tennis, one player is given a virtual advantage or disadvantage. You can place a bet on whether that player will surpass or cover the handicap or not.
Basketball
Basketball is a widely loved sport with millions of fans worldwide, particularly with the popularity of leagues like the National Basketball Association (NBA) and EuroLeague. Alongside the game, legendary basketball players have garnered immense adoration from fans.
With its thrilling gameplay, it's no surprise that basketball betting is also popular among enthusiasts. Here are some of the most favoured betting markets in the sport:
- Match winner: You can place your bet on the team you predict will win the game.
- Point spread: Each team is assigned a specific point spread to level the playing field. You can place a bet on whether a team will win by a greater number of points than the given spread or not.
- Over/Under: Place a bet on whether the total number of points scored in the game by both teams will be higher or lower than a specific score set by the sportsbook.
- First half/Second half: You can place bets on the winner of that specific period or on the total number of points scored during that particular period.
Mixed Martial Arts (MMA)
Mixed Martial Arts (MMA) is a competitive combat sport where fighters aim to win by knocking out their opponent, making them submit, or by the decision of judges. With the rise of prominent MMA organisations like the Ultimate Fighting Championship (UFC), the sport has garnered global popularity and offers thrilling betting markets for enthusiasts.
- Winner: Involves predicting the fighter who will emerge as the winner of the match.
- Method of victory: Place a bet on how the fight will conclude, including possibilities like knockout, submission, or decision.
- Round betting: Place a bet on the specific round in which the fight will conclude or whether it will go the distance, meaning it will last for all the scheduled rounds.
- Total rounds: Place a bet on whether the total number of rounds in the fight will exceed or fall short of a predetermined threshold set by the sportsbook.
Esports
The sports betting industry has recognised the remarkable growth of esports throughout the years. Esports involves competitive video gaming, where professional players or teams compete in organised tournaments or leagues.
With popular games like DOTA 2, Counter-Strike: Global Offensive, League of Legends, and more, esports offers a variety of thrilling betting markets, including:
- Match winner: Place a bet on the team or player that is predicted to come out as the winner of the match.
- Map winner: This involves placing a bet on the team or player expected to emerge as the winner of a particular map within a match.
- First blood: This simply places a bet on the team or player predicted to score the first kill in a match.
- Outright winner: Making a prediction on the team or player expected to emerge as the overall winner of the entire tournament.
Top picks for crypto sports betting platforms
Now that you have a good understanding of what crypto sports betting entails, it's time to put your knowledge into action. Here are some of the best crypto sportsbooks where you can place your bets. These platforms are reputable and offer a fantastic betting experience.
Sportsbet.io
Established in 2016, Sportsbet.io became a leading crypto sportsbook and casino that allows users to bet on sporting events and play online casino games. It is currently one of the top-rated crypto bookmakers known worldwide as it offers an exceptional sports betting experience for all users.
Sportsbet.io provides a broad selection of sports, ensuring there is something for every bettor. The platform also offers a diverse range of sporting events and betting markets. Some of the popular sports available for crypto and Bitcoin Sportsbet wagers include:
- Soccer
- Basketball
- Baseball
- Boxing
- Formula 1
- Cricket
- MMA
- Football
- Horse racing
In addition to its extensive sports offerings, the platform distinguishes itself as an all-in-one solution. It provides an exclusive program called the Clubhouse that enhances the betting experience.
Within the Clubhouse, bettors can access exclusive perks and features to make more informed decisions. These include Club Talk, a platform for interacting with the betting community, and Clubhouse TV, which provides updates on special events, and many more.
Betway
Betway is one of the highly regarded crypto sportsbooks that primarily serves European players. With its wide range of betting options, the site aims to offer the best online betting experience to users. It boasts thousands of betting markets, ensuring a diverse selection for bettors to choose from. Here are some of the sports options available on the platform.
- Soccer
- Horse racing
- Tennis
- Golf
- Cricket
- Football
- Basketball
- Esports
- Darts
At Betway, you will find all the standard bet types, such as moneylines, totals, spreads, and futures. The platform also offers an extensive selection of props for major leagues, providing even more betting opportunities.
Moreover, Betway introduces special bets known as Betway Boosts that appear on specific games. These are special offers of odds that will allow you to increase your bets and potentially earn huge payouts.
Bet365
Bet365 is widely recognised as one of the premier sportsbooks in the industry, earning high praise for its exceptional interface and comprehensive sports coverage. Since its establishment in 2000, Bet365 has risen to prominence and is considered one of the leading online sports betting companies globally, often regarded as the best in its field. Here are some of the sports options available on the platform.
- American football
- Soccer
- Formula 1
- Esports
- Boxing
- Basketball
- Golf
- Horse racing
- Ice hockey
Bet365 is also known for offering competitive odds across various sports. The platform consistently provides reduced juice on their lines, ensuring punters have competitive betting options available. Plus, the platform offers a generous welcome bonus of a 100% deposit match, allowing new users to receive up to $200 in bet credits as a bonus.
Experience the perks of crypto sports betting now
As the crypto sports betting industry continues to flourish, a variety of dedicated platforms await your exploration With this abundance of options, you can find the perfect fit for your preferences, allowing you to personalise your betting experience to your liking. So don’t wait any longer, and start your search for the perfect crypto sportsbook for you, and start placing bets with ease!
Frequently Asked Questions (FAQs)
To help you get started on the right foot, here are some commonly asked questions about crypto sports betting:
What cryptocurrencies can I use for sports betting?
Most reputable crypto sportsbooks accept a wide range of cryptocurrencies to cater to a wide range of player preferences. Here are some of the most popular cryptocurrencies that you can use for sports betting:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
What are the advantages of crypto sports betting?
There are a plethora of perks when it comes to crypto sports betting, here are a few of them that make an ultimate sports betting experience possible:
- Enhanced security privacy
- Faster transactions
- Lower associated fees
- Global accessibility
- Higher betting limits
How do I choose a reputable crypto sportsbook?
To make the most out of your betting experience, the first step is to choose a reputable and trustworthy sportsbook. Here are some factors that you must consider when selecting:
- Licensing and regulation
- Range of sports and betting markets
- Competitive odds
- User-friendly interface
- Wide payment options
How secure is crypto sports betting?
Cryptocurrency uses blockchain technology, which provides an additional layer of security for your personal and financial information. This is achieved through advanced encryption techniques, ensuring that your data is highly protected and safeguarded against any malicious threats.
Are there any transaction fees for crypto sports betting?
Since crypto eliminates the need for intermediaries like banks or financial institutions, there are usually minimal to no fees associated with crypto sports betting transactions.