Sports betting adds a touch of extra excitement to watching your favorite sports and teams. However, with the advent of cryptocurrency and more sports betting sites now accepting crypto payments, it has become even easier than ever to place bets on sporting events. In this complete guide, we’ll show you how to start crypto sports betting in 2023.
Introduction to crypto sports betting
Crypto sports betting is a relatively new phenomenon that has emerged in the last few years. It allows bettors to place wagers on sporting events using cryptocurrency, rather than traditional fiat currency.
Benefits of crypto sports betting
There are a number of benefits to betting on sports with cryptocurrency:
Increased security: Cryptocurrencies offer a level of anonymity that fiat currencies simply cannot. With blockchain’s built-in security measures, you can be assured that your funds are safe and less vulnerable to a breach in the betting site’s security than those who only use fiat currency to place bets.
Global accessibility: There is often a barrier to entry for bettors whose currency may not be supported by the specific website they’d like to place bets on. However, being globally available, cryptocurrency eliminated this problem. In addition to this, there are certain states where betting is legal versus illegal, so using cryptocurrency can be a workaround to these kinds of challenges.
More sites to choose from: Being able to place bets using cryptocurrency opens up opportunities to bet on more websites than you could before. Increased competition also forces websites to up their game and provide users with the very best experience possible.
Exclusive promotions: Most betting websites offer players special promotions or bonus deals, so the benefit of signing up for crypto sports betting websites means you have more opportunities to receive bonuses or promos.
Different types of crypto sports betting available
There are a few different types of crypto sports betting that you can do. The first is to bet on traditional sports games that are played by professional teams. You can find these odds at most online sportsbooks that accept cryptocurrency.
The second type of betting is called fantasy sports betting. In this type of betting, you create a team of real-life players and then compete against other teams in a simulated game. The winner is usually the person who has the best combination of players on their team.
The third type of crypto sports betting is called esports betting. This is where you bet on the outcome of professional video game competitions. These matches are usually between two very skilled teams and the odds are usually quite good.
What cryptocurrencies are supported?
The most popular cryptocurrency is Bitcoin, but there are many other cryptocurrencies that are often accepted by sportsbooks, including Ethereum, Litecoin, Bitcoin Cash and others.
Managing your winnings and deposits
Assuming you’re new to cryptocurrency and sports betting, we will start with the basics of managing your winnings and deposits. If you already have experience with online sports betting, then you can skip ahead to the next section.
The first thing you need to do is set up a digital wallet to store your cryptocurrency.
Once you have created your wallet, you will need to fund it with some cryptocurrency. You can buy cryptocurrency on any number of exchanges, but we recommend Coinbase or Binance.
When you have funded your wallet, you are ready to start betting. Make sure to research the teams and players before placing any bets, and always have an idea of your odds of winning.
When you win a bet, the winnings are typically sent to your sports betting account balance. You can then withdraw your cryptocurrency back to your digital wallet .
Privacy and security when betting with cryptocurrency
As with anything else related to cryptocurrency and sports betting, there are certain risks and challenges that you need to be aware of in order to stay safe.
First and foremost, always make sure that you are using a reputable and trustworthy sportsbook or a sportsbook portal as found here: https://bitedge.com/. There are a lot of scammers out there who are looking to take advantage of inexperienced crypto users, so it’s important to do your research before choosing a sportsbook. Stick with well-established platforms that have a good reputation in the betting community.
When creating an account with a sportsbook, be sure to use a strong password that can’t be easily guessed by hackers. It’s also a good idea to enable two-factor authentication (2FA) if possible. This will add an extra layer of security to your account and help protect you from fraudsters.
Finally, always be careful with the personal information you share online. When making deposits or withdrawals, never provide any more information than necessary. The less personal data that’s floating around online, the better off you’ll be in the long run.
This comprehensive guide should have provided you with all the necessary information you need to get involved with crypto sports betting in 2023. While the mechanisms aren’t very different to betting with fiat currency, always do your due diligence before selecting a sportsbook and take precautions to stay safe online.