Your A-to-Z guide for crypto sports betting

how to bet on sports using bitcoin

Betting on sports is as popular now as it ever has been, and it is expected to continue growing in popularity as time moves on. From placing wagers on the latest round of football games to finding the best picks for NHL games, people just love the extra fun betting infuses into watching sports. 

 

One recent development which has injected even more spice into the industry is crypto sports betting, which allows people to place bets using popular cryptocurrencies at specific sportsbooks. The soaring interest in crypto generally has led to more interest in digital cash from the public and more industries becoming open to incorporating it. Crypto-based sports betting is seeing a real boom at the moment but may seem hard to get into as a beginner.

 

If you need some more information to start your crypto betting journey with, our A-to-Z guide below is a great starting point. 

 

A is for always gamble responsibly

 

It is always essential to gamble responsibly when betting on sports with cryptocurrencies. This will help you to keep gambling fun and sports betting in perspective. It can be crucial in looking after the long-term mental health of crypto bettors and helps them to avoid the danger of being tempted to chase losses. 

 

B is for Bitcoin

 

It is impossible to put together any guide to crypto wagering on sports without mentioning the most well-known coin globally. Bitcoin might have been the very first form of digital cash created but it still reigns supreme in the industry. This makes it the most popular coin for people to use for Bitcoin betting on sports. 

 

C is for crypto betting sportsbooks 

 

If you plan to bet on sports using crypto, there are dedicated and hybrid betting sites which make this simple. As with standard online sports betting, you should always find the safest and most reputable crypto sportsbooks online to register with. This will keep you safe from scams and give you somewhere to bet which treats customers well. 

 

D is for decentralization

 

One of the really unique things about using cryptocurrencies to gamble on sports is their decentralized nature. This basically means that there are no banks or intermediaries involved with crypto transactions or the sector in general. Many sports bettors prefer this for the transparency it offers. 

 

E is for Ethereum

 

While Bitcoin might still be the most popular token to gamble with for bettors, Ethereum is also accepted by lots of crypto betting sites. Although this coin’s main use is for smart contracts in business, it is also a well-known, legitimate choice for sports bettors.

 

F is for finding the right crypto wallet

 

If you plan to bet using cryptocurrencies, you will need a special wallet linked to your sportsbook account to do so. Luckily, there are lots of easy-to-use options available. 

 

G is for gas fees

 

Although transaction fees are much less common when using crypto for sports betting, gas fees are hard to avoid. These are an accepted part of using digital coins for wagering on sports, but you can minimize them by placing your wagers at quieter times. 

 

H is for high-level security

 

One reason for the growing popularity of crypto sports betting is the enhanced security it provides. This is largely due to the complex data encryption inherent in how the coins are designed and the transparent nature of the blockchain ledger they are based on. 

 

I is for in-play betting

 

This is one of the most popular markets for bettors to check out and especially popular for crypto gambling. Live betting is not only a lot of fun if you like to use the latest NBA picks or football tips, but also allows you to place bets while the game is in progress. 

 

J is for jargon

 

Knowing all the key terms and jargon when betting with crypto is key. This means it is essential to know about things like blockchain and ledgers — along with all the standard sports betting terminology you hear.

 

K is for know your sportsbook promotions

 

The very best crypto sportsbooks have some generous bonuses for new customers and ongoing promos for existing ones. It is key to find out which the most impressive are to take advantage of, so you do not miss out on the action.

 

L is for Litecoin

 

Litecoin was founded in 2011 by a former Google employee and shares similarities with Bitcoin in terms of how it functions. One crucial difference is that it’s based on a different algorithm which offers faster processing speeds. This is great news for sports bettors who can expect even quicker payouts. 

 

M is for managing your bankroll properly

 

Proper bankroll management is crucial in crypto betting. The most important part of this is not placing too much money on any one wager and setting a sensible stake level per bet. This should typically be a small percentage of your overall betting bankroll. 

 

N is for no limits

 

One of the great things about crypto betting is that it has no limits and provides true freedom to bettors. This is easy to see when you consider the massive range of sports crypto sites carry to wager on, such as UFC, football, soccer, hockey, baseball and basketball, and the variety of markets they offer. 

 

O is for odds

 

Just as with more traditional sports betting, odds are a key concept to understand in crypto wagering. This is because they not only show how much a bet might payout but also the probability of an event happening. 

 

P is for privacy

 

The enhanced privacy and anonymity crypto betting provides makes it a real hit with bettors. Crypto bettors do not have to enter any bank details onto sportsbooks to make deposits or withdrawals and this is a real boost for privacy. 

 

Q is for quiet revolution

 

Sports betting has been around pretty much unchanged for many years until now. Crypto betting though has quietly started to transform the industry and make it something that is truly fit for modern times. 

 

R is for research

 

It is essential to conduct proper research into any bets you make with cryptocurrencies. This will help you to make logical wagers which are based in fact and stand a better chance of winning. Common things to dig into include recent form, head-to-head records and team news. 

 

S is for Satoshi Nakamoto

 

Crypto betting would not be possible without Satoshi Nakamoto, the creator of Bitcoin and the anonymous person or group who first dreamt up digital cash. People are only able to bet with coins like Bitcoin today due to their work. 

 

T is for Tether

 

Tether is a coin you can find at all the best crypto betting sites online that is known as a stablecoin. Its value is pegged to the US dollar’s value. This can make it less volatile to bet with in terms of price and it has become the go-to choice for many bettors as a result. 

 

U is for price unpredictability 

 

The price of many cryptocurrencies can be highly volatile and subject to rapid changes. As a result, the value of your crypto assets can rise or fall after you buy them but before you withdraw them from a sportsbook. Of course, this can work in your favor if the price has risen and lead to your coins being worth a lot more, but the opposite is also true. 

 

V is for virtual reality

 

Although it may be some way off yet, it is hoped that virtual reality (VR) tech will soon make crypto sports betting a lot more immersive. The main way this could happen is by putting punters right into the heart of selected events they place wagers on. 

 

W is for withdrawal speeds

 

People love using digital cash to gamble on sports for many reasons, and lightning quick transaction speeds is one of these. This ensures that any withdrawal requests are handled almost instantly, so sports bettors do not have to hang around waiting for their winnings. 

 

X is for xchange

 

In addition to setting up a crypto wallet and registering with a reliable crypto betting site, bettors need to buy coins to bet with. The easiest way to do this is through a legitimate cryptocurrency exchange.

 

Y is for youthful

 

Both cryptocurrencies themselves and crypto betting are relatively young when compared to their more traditional counterparts. Crypto-based betting has only really taken off in the last few years, while betting on sports with standard currencies is much older. 

 

Z is for zero fees

 

Transaction fees are the bane of most sports gamblers’ lives and can really eat into profits. Crypto betting can be a great choice with this in mind, as it often features zero transaction fees or very low ones when compared to other banking methods. 

 

Crypto sports betting for beginners

 

If you have heard about betting on sports using cryptocurrencies, it may be something you are interested in trying out. When you consider the fast payout speeds, strong security and innovative bonuses this method of betting offers, this is easy to understand. It pays to know a little more about crypto betting first though and this is where our handy beginners guide can prove useful.

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