How to Bet on Sports with Bitcoin?
The rise in popularity of cryptocurrencies has had an impact on countless areas of everyday life. The freedom, anonymity and low transaction fees have made these digital currencies, such as Bitcoin, a major player in how goods are bought and sold all over the world.
Sports betting is just one area where Bitcoin has been introduced as a viable payment method. This is good news for cryptocurrency users, as they can now use their Bitcoin at a number of sportsbooks - including Bovada, Cloudbet, and many more.
But if you are new to the world of sports betting you may not know how to go about setting up a customer account or placing wagers. This guide will tell you all you need to know about the basics of betting with Bitcoin.
How to Sign Up with a Sportsbook?
If you are already familiar with how to set up a crypto wallet then the good news is that there is nothing much more to do than to sign up with an online sportsbook. You will need to find out whether sports betting is legal where you live, but more states are amending their gambling laws all the time – so you should be fine there.
Registering for a sports betting account is easy. Just decide on which sportsbook you want to go with and sign up, providing the personal details required and opting into any welcome bonus. Some sportsbooks even have exclusive Bitcoin offers these days – so you could find yourself boosting your wallet just by joining a sportsbook.
How to Bet with Bitcoin at a Sportsbook?
Once you have registered for a customer account at one of the sportsbooks that accept Bitcoin (or any other preferred cryptocurrency), the actual act of betting is just the same as if you were using any other kind of payment method. You find the event you want to bet on and make your selection. Clicking on the odds next to your pick will add it to a betslip.
You then just have to decide on a stake for your wager. When you registered for the account you will have stated that your preferred currency is Bitcoin – but if that is not shown you can just change your personal settings. Once you are happy with the bet you just need to confirm and then hope that your prediction comes true.
Bitcoin can be used to gamble on many different sports
Why Use Bitcoin to Bet on Sports?
Some of the benefits of betting on sports with Bitcoin are the same reasons why people invest in cryptocurrencies in the first place. Anonymity is a definite plus point. That privacy is crucial for Bitcoin users and gambling is something where that can be even more important. Customers will also be able to bet with much higher limits.
The speed of transactions is something else that Bitcoin bettors enjoy. Some other payment methods take days to go through, whereas cryptocurrencies are much faster. This is especially important when it comes to payouts. There is also the higher bonuses that some sportsbooks offer for Bitcoin customers.
The Future of Betting with Cryptocurrencies
Bitcoin betting is still in its fairly early days – especially compared to how digital currencies are used in other walks of life. With more people getting interested in a decentralized way of looking after their money, it would seem as though using Bitcoin – and other cryptocurrencies – is only going to become more common in the years ahead.
That will have a knock on effect with sports betting. The use of Bitcoin at sportsbooks is likely to develop in the same way that the switch to online revolutionized the gambling industry. When more people become less trusting in the established financial systems, the use of digital currencies is bound to increase. Sports betting is just one area where Bitcoin may well become the norm.
Coin Shark is not responsible for any content, accuracy, quality, advertising, products or other content posted on the site. The review is for informational purposes only, reflects only the opinion of the author and is not a proposal for action. Gambling is full of risks and only depends on luck. Users should do their own research before taking any action.