Sports Betting with Cryptocurrency
With well over $400 billion of wagers placed in the United States alone on a yearly basis, the sports betting industry is taking over. It is exhilarating to be watching your favorite sports team and know that you could win $100 if your team covers the spread.
Many sports investors see this as a place to find a higher return while waiting for the cryptocurrencies to go up in value. With diligence, bank roll management, and some solid research… you might just double your money in no time!
Differences between cryptocurrency and fiat currency sports betting
At first, it is quite confusing to constantly calculate the value of USD (or any other fiat currency) to cryptocurrency while placing your wager. After performing the calculation the first few times, you start to get comfortable with a certain amount and generally use the same number. There are also conversion calculators that will help you out.
Security and privacy
Fiat currency sportsbooks have the most amount of risk as far as security and privacy are concerned. Your privacy is out in the open with a fiat currency sportsbook.
It is mandatory you give them your full name, address, and date of birth. Many times, they even want a picture of your government identification card. All it would take to have your identity stolen is for that sportsbook to be hacked, your information is completely out there. (Not to mention, some companies may knowingly choose to sell your personal information.)
With cryptocurrency sportsbooks, you can generally get away with just a username and an email address. Sometimes, not even an email address is necessary! Your information is not floating around in space, which will help you stay comfortable while gambling on the internet.
Deposit & Withdrawal Times and Limits
Fiat sportsbooks usually have maximums as low as $2,000 on deposit and withdrawals. However, cryptocurrency only sportsbooks generally have no maximum deposit amounts or withdrawal amounts. They will generally limit the amount allowed to receive bonuses on, but that is not a big deal if you space deposits out long enough.
The time limit on receiving your funds varies dramatically. Generally, fiat sportsbooks offer payout options that as seen are limited and can take weeks to receive!
Occasionally, you can transfer the money via Western Union but most use the cash out option. This forces you to wake generally 2-4 weeks to receive a prepaid card in the mail.
With cryptocurrency sportsbooks, the withdrawal generally takes 2-4 hours to receive sometimes even faster. Less information is needed to withdrawal as you only need to enter a wallet address/ID.
Sports Betting Odds Compared to Fiat Currency Betting Odds
Sports betting with cryptocurrencies is very new. The online sportsbooks already accepting fiat currency have been doing this for over 10+ years. They have the lines fine-tuned and adjust them frequently. Generally, cryptocurrency-based sportsbooks will give you even better odds.
Where can I Bet with Cryptocurrencies?
The first step is to find a solid sportsbook to make your deposit. Do not just go with random google search selection. Some sportsbooks don’t really pay out. Watch out for cryptocurrency scams!
The most diverse, secure crypto sports book I have found is BetCoin.
BetCoin is known for fast pay outs, a great community, and an overall easy website to operate. Very simple sign up with minimal information asked. They accept Bitcoin, Ethereum and Litecoin.
They offer a 100% match (up to 1 BTC) with your first deposit as well as a 50% match on your next. Also, they track a bonus system based on deposits and how many bets are placed. These bonuses can add up as you go up the ranks. Bettors start to earn a percentage of losses back as free play.
Registration on the site is very easy. Just create a username and type your email address. Once logged in you can generate wallet ids and make your deposit.
For all of you concerned with the Bitcoin Hard Fork. Nearly every Bitcoin and gambling affiliated site was halted due to it. However, BetCoin released the following statement: “We will not be suspending service in any way, deposits or withdrawals and will continue to run in full to provide you a great service.” This should bring comfort to fellow sports bettors.
If you are a poker player, don’t be alarmed BetCoin also caters to you! They have a full poker platform and a large community to play with. BetCoin offers multiple card games and a full casino as well.
Overall gambling can be incredibly rewarding if you properly manage a bank roll. However, it can also be very addicting. Make sure that you do the appropriate research and view it as an investment. This is the best way to maximize the value of your money and truly win.
Sports betting has the best odds of any casino in Las Vegas. If you can master that and study sports, it is easy to create a comfortable additional stream of income.
Daily Cryptocurrency may receive a small commission for users who create an account through the links above (which will we probably gamble away anyway!). You may also use this link to visit Betcoin without a referral link.