Online sports betting is a huge industry, but users are always 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 crypto as a payment method and so it is becoming an extremely acceptable form of currency to use on the majority of sports betting sites, whether Bitcoin or a number of altcoins.
With faster deposits and withdrawals, lower fees and often bigger bonuses for crypto deposits, crypto sports betting is taking off.
Crypto Sports Betting Pros & Cons
Pros
Lightning-fast deposits and withdrawals
Some operators offer incentives for depositing crypto
Fees are generally reduced
Cons
You must first acquire crypto before depositing
There are shady sports betting websites
Is Crypto Sports Betting Legal?
Crypto sports betting is legal for you as long as sports betting and crypto is legal for you.
For US citizens, it is legal to bet on sports in 26 states, and Wyoming has taken the lead for US sportsbooks that accept crypto due to their crypto friendly legislature.
As more and more states regulate sports betting it seems likely that they will begin accepting crypto, especially if the ones running out of Wyoming show there is financial benefit.
The rest of the world is generally more open to online gambling in every form.
Benefits of Betting with Crypto
There are a few main benefits to betting with crypto, and most are for both the user and the operator. Firstly, crypto deposits and withdrawals are much faster than traditional finance methods, this leads to more satisfied customers because they do not have to wait as long, and the operator has to deal with less complaints about the speed of withdrawals.
Secondly, crypto networks have much lower fees than traditional payment methods, and this applies to both the user and operator. The user has to pay less in fees to deposit money, and the operator has to pay far less in processing fees to payment providers, meaning both keep more money in their pockets.
Finally, and related to the lower fees, sites that accept crypto often have much better bonuses, either for deposits or as bonuses. This is because they are able to save so much on fees and pass incentives onto users as a result.
Factors to Consider when Picking a Crypto Sportsbook
Accepted cryptocurrencies – 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
Is Betting with Crypto Safe?
Betting with crypto is safe as long as the site you are betting on is reputable.
Try to find a site with an active community and live support available in case you run into a problem. Make sure that all addresses are correct before sending funds to crypto sportsbooks too.
Can I Make Money Sports Betting with Crypto?
It’s definitely possible to make money sports betting but you should keep in mind that the vast majority of gamblers lose money in the long run.
There’s a reason that casinos, sportsbooks and online gambling sites continue to rake in cash. They generally come out on top. That doesn’t mean there aren’t exceptions but you shouldn’t expect to make a huge amount of money from gambling. It goes without saying that you should only risk what you are willing to lose.
