Online sports betting is a huge industry, but users are constantly looking for better ways to bet, and they may have found it in crypto sports betting.
It is far faster, and cheaper for both users and sportsbook operators, to use digital assets as a payment method. So, it is becoming a popular way for users to put their virtual currency to the test. Jumping into this system can be intimidating, but we have broken it down for you step-by-step.
Advantages and Disadvantages To Consider
Pros
Lightning-fast deposits and withdrawals
Some operators offer incentives for depositing digital tokens
Fees are generally reduced
Added anonymity and privacy for placing bets
Cons
You must first acquire tokens before depositing
There are shady sports betting websites
Markets are highly volatile
Step 1: Choose A Reputable Crypto Sportsbook
Before you can get into any pulse-raising bets, or electrifying thrills – you will have to select a suitable platform for your online gambling activities. Not all betting platforms are created equal. So, to spare you the hassle, we have compiled a list of our favorite platforms:
Platform
Best for
Welcome bonus
Sign up
Is Crypto Sports Betting Legal?
From soccer, to table tennis, to esports – these days you can play the odds on just about any type of sport available. However, the legality around sports betting using crypto, bitcoin gambling, or just about any online wagering activities, can get a little murky.
In the United States, crypto sports betting exists in a grey area. As of the time of writing, over 30 states have legalized some form of sports betting. The other either prohibit it or just have no clear laws outlining regulations.
Whilst owning cryptocurrencies and even sports betting in the wider sense are both legal, there are no real laws governing crypto sports betting, specifically. This means bettors have to be extra careful when it comes screening for trusted platforms.
Step 2: Fund Your Betting Account
Once you’ve settled on a reputable platform that suits your needs, it is time to fund your account. If you’ve wagered with a digital sportsbook before, this process will seem very familiar to you.
Simply head to one of your favorite crypto wallets, choose your currency, and then send your chosen amount to the unique address provided by the sportsbook. Although this process is not overly complicated, we suggest you scroll through our guide on How to Send Cryptocurrency, if you are unsure – just to ensure you have a good grasp of the basics.
CryptoVantage tip: Always double-check that the blockchain you have chosen for the deposit and the token you are depositing match up. You may end up with missing assets if you try to transfer BTC to an ETH address.
No KYC Required: How To Make Bets Anonymously
Anonymity has always been one of the biggest draws for digital assets, and the good news is that you will not have to sacrifice your privacy when making bets online. Our top crypto sportsbook picks all have minimal KYC requirements for new users. Here’s a look at what we mean:
- BC.Game – No KYC requirements for everyday players. These requirements are typically only triggered for fiat transactions and huge withdrawals.
- Bets.io – Most players will be able to deposit, bet and withdraw tokens without the need for ID verification. Again, only large deposit or withdrawal amounts would typically trigger investigation.
- Fortune Jack – No KYC requirements by default, though players might be asked to provide proof of identification before large withdrawals or in accordance with suspicious activity.
- ThunderPick – Players can sign up and deposit without completing the KYC verification process, but this process usually needs to be completed before withdrawals can be made.
- Vave – Users can start playing immediately after creating an account – no identity checks required. KYC requirements are usually only triggered by large wins or big consecutive withdrawals.
As long as your withdrawals are not too large, you should be able to place your bets and keep your privacy. It is, however, important to note that some of these requirements may change over time (and may change on a player-to-player basis). Always read the fine print, or reach out to the platform, before you deposit.
Step 3: Place Your Bets Strategically
Now for the fun part! Once your account has been created and funded, you get to dive in with your sport of choice. Whether you prefer soccer, tennis, basketball, cricket, football, ice hockey, racing or even esports, you are spoilt for choice when you are sports betting using crypto.
But, before you charge in – take a moment to ensure you understand the different betting markets, and reflect on your odds.
A Quick Guide For Placing Bets
Here’s where we get into a bit of strategy-building. You may come across multiple market choices during your betting activities – each with their own risks, rewards and processes. These are some of the most common market types:
Unveiling how the odds work
The market determines the type of bet you’ll be making, but odds determine how likely the sportsbook thinks a certain outcome is, and how much you stand to win. There are several different ways that a crypto sportsbook may display the odds, some of the most popular ways include:
- American odds – Based on $100 bets, where positive odds show how much you stand to make, while the negative odds indicate how much you would need to make to win.
- Decimal odds – Your stake x the decimal odds = the amount you stand to win
- Fractional odds – Reveals the profit, relative to your stake
These odds can also help you to calculate the implied probability – in other words, how likely the sportsbook thinks it is for a certain outcome to happen (CryptoVantage tip: As you grow in confidence, use implied probability to spot “value bets”, where the sportsbook underestimates the likelihood of a certain outcome. Use this to your advantage when placing bets).
Step 4: Track Your Results
The best thing about cryptocurrency sports betting is that transactions typically happen instantly. This means your winnings should reflect in your account, pretty much as soon as the game is over.
The journey doesn’t have to end there, however, you can take your winnings and the experience of each bet and apply that to your future endeavours.
Play Smarter, Not Harder: A Guide to Risk and Reward
Although there are never any guarantees – that’s what makes cryptocurrency sports betting so fun, after all – these tried and true tips may just help you to fine-tune your wagering as you go:
- 1. Double-check everything. Blockchain-based betting happens instantly, and your transactions are irreversible, so make sure you have everything squared away, before you place your bet.
- 2. Look for secure and legitimate platforms. The most trusted platforms use SSL-encryption to secure their data transmissions. They also make use of provably fair systems and are transparent about licensing and regulations.
- 3. Shop around. Odds can differ drastically between different sportsbooks, and choosing stablecoins can reduce long-term volatility, so it is important to consider all your options before you lock in your picks.
- 4. Use promotions to your advantage. Joining loyalty programs or signing up for special sports betting tournaments can be an effective way to enhance your game and even boost your winnings.
Of course, the most important thing is to practice good bankroll management. Never deposit more than you can afford to lose.
Step 5: Withdraw Your Winnings
When all is said and done, the last thing that is left to do is to withdraw your winnings back into your personal wallet.
It is much more secure to store your tokens in a noncustodial wallet in the long-term, not to mention the fact that this will help you to keep track of all your coins. Do note, however, that most online casinos will have minimum withdraw requirements that you will need to meet, before you can complete this final step.
Can I Make Money Sports Betting with Crypto?
It’s definitely possible to make money sports betting, but you should keep in mind that crypto betting is unpredictable as it combines risk, strategy and luck.
The bettors who tend to do the best are strategic about their bets, informed about the stats, and disciplined enough to monitor the data over time.
Final Takeaway: Bet Smarter And Play Safer
Sports betting using crypto is a great way to enhance your thrills with ultra-fast deposits and withdrawals, premium bonuses and added anonymity.
It is a great way to bring your love for sports into the modern century (and possibly even earn some new coins, while you’re at it). Just be sure to stick to the well-known brands and reputable sites to guarantee that all the outcomes are unbiased, and that your data will be protected.
Frequently Asked Questions
Yes, betting with digital assets is generally safe, as long as you choose a reputable platform that is transparent and provably fair. Furthermore, be sure to withdraw your winnings to your personal wallet to ensure that you can maintain control over your assets.
There are a number of different factors to consider when choosing your ideal betting platforms. Some of the things you should take into account, include:
- Accepted tokens – the number of cryptocurrencies the sportsbook accepts, and the fees associated with them
- Reputation and trust – look for sites that are fully licensed and with good reputation, a simple internet search will provide you with a lot of information on an online sportsbook’s history
- Restricted locations – make sure the sportsbook is available to your region
- Payout and withdrawal speeds – the amount of time it takes to receive payouts in your betting account and to withdraw them to your desired wallet/account
Top sites should offer excellent security, a wide variety of sports to bet on, and many different assets to choose from. Platforms like Bets.io, Vave, ThunderPick, Fortunae Jack and BC.Game, have been around for years. They are well-known around the world, with great reputations for security, user-friendliness and great customer support.
Games that rely on skill and strategy typically offer the best odd – which is why crypto sports betting is such a popular choice. Moreover, focusing on main betting lines (like moneylines or point spreads) usually offer tighter margins than niche bets like props and parlays. Additionally, games like blackjack and video poker, tend to have a low house edge and better odds for players.
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