Online sports betting is a lucrative industry, yet it still continues to develop and offer new ways for users to place their bets. Cryptocurrencies are the latest trend that has revolutionised the landscape. It turned out to be faster than the existing payment methods and, more importantly, cheaper for both bookies and their customers.
That’s why it comes as no surprise that crypto has become widely accepted as a form of currency at sports betting sites. With faster deposits and cashouts, significantly lower fees, and sometimes even better bonuses, crypto sports betting is showing no signs of stopping.
Crypto sports betting is virtually the same as “regular” sports betting, with the only difference being the currency used to place bets. In this case, crypto sports betting involves using cryptocurrencies to wager on sports.
With so many options available, users have a wide range of choices to make deposits, place bets and claim their winnings. Apart from the different types of currencies, crypto sports betting also offers faster transactions, lower fees and enhanced privacy.
The process of betting on sports with crypto is rather simple. However, if you’re new to this, it’s good to know what to expect. We offer this step-by-step guide that should help you better understand how to place your bets and get you started without any problems.
First thing first. Before you can bet on your favourite team or sports, you’ll need a place to store your digital currency. Having a crypto wallet is a must-have, and luckily, there are lots of options for you, like Ledger or MetaMask.
Once you have where to keep your digital currency, you need to purchase the one you prefer. MoonPay and Binance exchanges are some of the popular platforms where you can get the desired crypto using traditional payment methods.
So, you’ve set up your wallet and brought crypto. Now, it’s time to find a sports betting site that accepts digital currencies. This shouldn’t be a problem, as we’ve already done the heavy lifting for you and picked some of the best brands out there. When choosing a sportsbook, be sure to read reviews and choose the one that matches your preferences.
If you don’t have an existing account at the chosen site, open one. Provide the necessary information and the registration should be completed in a few minutes.
Transfer your digital currency to the sportsbooks wallet.
Once you have currency in your balance, you can browse the site’s sports section, choose your favourite sporting events and create your betting slip.
Hopefully, you’ll get to this step eventually. If you win, your winnings will be transferred to your crypto wallet.
Compared to traditional fiat bookies, crypto sportsbooks offer several advantages, which makes them an appealing option for bettors. One of the most significant benefits of crypto sports betting is privacy. Transactions made with digital currencies don’t require any personal or banking information. This ensures all financial details stay confidential. The level of anonymity offered by cryptocurrencies is particularly enticing for those who value their privacy and wish to keep a low profile when it comes to their betting activities.
Another major plus for crypto bookies, and a significant advantage over their fiat counterparts, is the speed of transactions, especially when it comes to payouts. Withdrawals at crypto sportsbooks are processed fast, often completed within minutes. On the other hand, traditional sportsbooks have long processing times. Faster payouts allow bettors to claim their winnings almost immediately, boosting their overall experience.
One of the main features of blockchain, the technology behind cryptocurrency, is high security and transparency. Each crypto transaction is recorded on a decentralised ledger, and tampering with it is nearly impossible. Since all transactions are safe, it reduces the risk of fraud and impacts the trust that users have in the platform.
Crypto sportsbooks frequently provide attractive bonuses to their customers to incentivise them to either sign up or keep betting. These offers range from welcome bonuses to promotions, making them suitable and valuable for both new and existing bettors. Here are some of the most popular types of bonuses you’ll find at crypto bookies:
A welcome bonus targets new customers and is typically available upon joining a sportsbook and making the first deposit. In most cases, the welcome bonus is a percentage matching your initial deposit, ranging from 50% to 200%. It represents an excellent way to start your betting journey with additional funds.
A free bet is always handy, allowing users to place a wager without risking their own money. A free bet is typically part of a welcome promotion, allowing you to try your luck at some major events. Some crypto sportsbooks also like to reward loyal players with free bets if they follow them on social media.
This is a type of bonus where the sportsbook increases the odds on a specific event, giving you the chance to win more money than with the standard odds. It’s often used as a promotion for important matches or sporting events, where the potential payout is significantly higher.
A cashback bonus returns a percentage of their loss to players, typically on a weekly or monthly basis. The main advantage of this bonus is that it allows users to recover their losses (at least a portion) and encourages them to continue betting.
A reload bonus is similar to a welcome bonus, although it targets existing bettors when they make additional deposits. In addition to helping them keep the account funded, it offers more betting opportunities. Despite being smaller in size compared to welcome offers, reload bonuses can still be valuable.
As their name suggests, risk-free bets allow placing a wager without any risk involved. If you lose, the bookies will return your stake or at least a portion of it. This type of bonus is great as it reduces the financial risk involved.
Crypto sportsbooks accept a wide range of digital currencies, with each providing distinctive and unique benefits. Here are some of the most popular cryptocurrencies used for sports betting:
As the first cryptocurrency, Bitcoin is also the most widely recognised one. It’s known for its security, while widespread acceptance is another advantage.
If Bitcoin is regarded as the gold medal, Litecoin can surely be viewed as the silver. It offers multiple benefits, including fast transactions and low fees.
This digital currency takes things to another level by using smart contacts, a collection of code and data residing at a specific address on the cryptocurrency’s blockchain.
Since its value is pegged to the US Dollar, Tether offers increased stability. Compared to other digital currencies, it’s far less volatile.
Although it first started as a joke, it quickly attracted a lot of attention due to low transaction fees. Thanks to strong support from the community, Dogecoin has become quite popular.
As you might have guessed from its name, it is a tweak of Bitcoin. Its advantages are larger block sizes, which result in faster transactions and lower fees.
Picking the best crypto sportsbooks out there includes carefully evaluating several vital factors. Our objective is to provide users with a safe, enjoyable, and rewarding experience. Here are the criteria we consider during the process:
This is a crucial factor. When looking for crypto bookmakers, we look for platforms with transparent operators, positive reviews, and a history of reliable payouts. A good reputation shows a site can be trusted and represents a key criterion for a secure betting environment.
We also pay attention to the available range of sports and leagues. Diversity is the key word here, as we want to make sure bettors have plenty of choices. We prefer platforms that offer popular sports like football, basketball, and tennis but whose lineup includes niche sports and esports.
The range of betting markets is another important factor. We prefer platforms with a vast selection of options. Having a wide range of markets allows users to explore various betting strategies and find the best opportunities.
Competitive odds are crucial if you want to maximise potential winnings. During our selection process, we’ll compare the odds from different sites to find those with consistently competitive odds. Such platforms offer better value for their customers and represent more attractive options.
Bonuses and promotions can significantly impact any betting experience. We check the available offers to make sure they’re attractive enough. We also evaluate their generosity to see if they provide extra value.
Here are some of the most frequently asked questions about crypto sports betting.
Crypto sports betting is placing wagers on sports events using cryptocurrencies like Bitcoin, Ethereum, or Litecoin instead of traditional fiat currencies. This method offers benefits such as anonymity, faster transactions, and lower fees.
To deposit funds, you need to transfer cryptocurrency from your digital wallet to the sportsbook’s wallet address. For withdrawals, you request a payout to your digital wallet. Transactions are typically processed quickly, often within minutes, depending on the cryptocurrency used.
Crypto sportsbooks offer a wide range of bonuses, including welcome bonuses, free bets, odds boosts, cashback bonuses, reload bonuses, and risk-free bets. These promotions can further boost your betting experience by providing extra value and opportunities to win.
The main benefits of betting on sports with crypto are privacy, faster transactions, and lower fees.
Crypto sportsbooks accept a wide range of digital currencies, with the most popular ones being Bitcoin, Litecoin, Ethereum, Tether, Dogecoin, and Bitcoin Cash.
