It’s much easier to engage in Bitcoin sports betting than you might think. Many sportsbooks accept this cryptocurrency. Some even offer bigger bonuses to customers who choose crypto sports betting over traditional fiat currency. Both players and sportsbooks quickly learn the basics of such betting, and there are many ways to place a Bitcoin bet.
Bitcoin Sports Betting Basics
It is critical to learn the basics of cryptocurrency betting before considering placing a bet with bitcoin. You can place many types of bets, but the following five main types make up the majority of wagers made at a betting site. These are the most popular crypto betting types that gamblers choose:
- Money line
- Point Spread
- Live Bitcoin sports betting.
Each bet has pros and cons. The type of bet that a player chooses depends on many factors, including their knowledge of the bet type and the sports they are betting on. Let’s take a look at each one in more detail.
Bitcoin Sports Betting: Understanding Bet Types
Moneyline: How to Pick a Winner
The easiest way to enter the game is moneyline betting. This scenario allows the player to receive a payout directly linked to the probability of an event happening. These odds can be expressed using decimals, fractions, or American odds by Bitcoin sportsbooks. Throughout the entire article, we will use the American style to keep things simple.
American odds show how much it would cost for a player to win $100 on a particular bet. For example, the New Orleans Saints are the favorite to win the Super Bowl. These are the odds:
New England Patriots (-180), vs. New Orleans Saints (+150)
To win $100, you will need to place $180 on the Patriots. Simultaneously, $100 bets on the Saints’ underdog win will pay out $150. Remember that the odds rely on the players’ betting patterns in the sports betting market. An even odds bet usually pays slightly less than the wager’s value.
Point Spread: Victory or Loss Margin
Spread betting is as important in Bitcoin sports betting as it is in “regular” betting. Spread betting is when you bet on an event with even odds. In other words, the favorite needs to win by a certain margin or more, and the underdog must lose with a specified margin or less. Let’s continue with the Patriots vs. Saints scenario.
New England Patriots -6.5(-110) vs. New Orleans Saints +6.5 (-110)
To win $100, you must place a $110 bet on either team. The Patriots must win by at most seven points to cover the spread. On the other side, the Saints can win by at least six points or lose entirely, and the bet will still pay.
Point spread betting is popular with players who enjoy wagering on the NFL or NBA. A spread places a heavy favorite and a substantial underdog on an even playing field.
Note: Point spread betting is possible in other sports such as hockey (aka puck-line betting) or baseball (aka run-line betting). These sports have a higher chance of winning than one goal or run. Therefore, puck- and run-line betting combines both a moneyline and a point spread bet. If players bet on a team that wins by more than one score, they will receive better payouts.
Parlay Betting: Combining Bets
When discussing Bitcoin sports betting, note that parlay betting allows players to stack different games to increase their winnings. Parlay-style betting requires at least three selections from most sportsbooks. Parlays can include both moneylines and spread bets.
Parlaying selections have the advantage of a higher payout. However, the downside to parlaying is that you must win all of your bets on a card for it to pay out. Betting profitably means winning five of six single-moneyline bets. However, losing five of six parlay cards bets is what most bettors consider a loss.
Futures Wagers: Long-Term Bets
This type of wager includes precisely what the name implies: confidently making long-term predictions. This option is ideal for those confident about their knowledge of the betting market. For example, you can now pick the Los Angeles Clippers as the NBA Championship champion.
Los Angeles Clippers +333
A $100 wager will result in a $333 payout if the Clippers win. If one of the other 29 NBA teams takes the crown, the bet will lose.
Prop Betting: Milestones
When looking at the different bet types for Bitcoin sports betting, props are an inevitable topic. “Props” is an abbreviation of the word proposition. Prop bets are about the probability that Kawhi Leonard will score more than 27 points during a given game or whether Tom Brady will complete more than 25 passes in a single game. A props bet’s outcome depends not on what happens in the game but on specific events.
Deposit & Withdrawal Options Using Bitcoin
Accepting cryptocurrencies allows players to continue wagering on their favorite games. The best Bitcoin sportsbooks will make it easy for you to place BTC bets and convert them into dollars. The conversion to fiat money is possible because it protects bettors against the volatility of digital currencies’ prices, which can swing between 30-40%. Many sportsbooks accept bitcoins and offer massive deposit bonuses, sometimes as high as 200%. As a thank-you, you may receive a free bet now and again.
Bitcoin tends to invoke a sense of wariness since it’s a new, seemingly complicated technology. Luckily, getting started with Bitcoin sports betting is a straightforward process. First, you’ll need to purchase Bitcoin using a credit card on an exchange like Coinbase or Kraken. Once the funds in the form of bitcoins are in your possession, you can transfer them to the crypto wallet address of the sportsbook.
A crypto-wallet address is a long string of characters identifying the sender and the receiver. Transaction fees for Bitcoin are only a few cents, and it takes anywhere from a few seconds to 20 minutes for transactions to appear on a sportsbook. You can complete these steps using mobile apps or websites. Therefore, the process is quick, simple, and affordable.
Remember that bitcoins can trade at 12 decimal places while traditional currencies trade at two. Making a Bitcoin transaction that’s less than one penny is possible. Bitcoin betting sites convert crypto into dollars, but they still have minimums and maximums that players must meet for deposits and wagers.
Bitcoin Sports Betting vs. Alternative Deposit Options
You’ll come across many benefits to betting with cryptocurrency and some drawbacks over traditional payment options.
For instance, Bitcoin is not under the control of a central authority. In other words, each player can act as a banker. The Bitcoin network is accessible without the need for registration. Although exchanges require identification to access the network, you can acquire bitcoins off the map and then transfer them to a sportsbook. Crypto sports betting sites typically don’t accept cash deposits without the involvement of third parties.
Bitcoin’s network does not offer any customer support. It is impossible to send bitcoins to an incorrect address, and it’s also impossible for the player or the sportsbook to change it. The fees for buying Bitcoin with a bank account or credit card are usually higher than regular banking transaction fees.
Although it can be annoying to see that fee, it is still better than relying on banks and credit card companies. Additionally, Bitcoin sports betting transactions can take up to a minute to clear. Don’t be discouraged if you have been waiting for immediate clearance.
Getting Started at Bitcoin Sportbooks
Many big-name online gambling sites accept digital gold if you’re looking to gamble online. These include Bovada, BetOnline.ag, and Intertops.
When looking for the best bitcoin-friendly or crypto betting site, there are many factors to consider. Are you looking for a site that allows crypto e-sports betting? It is not available at all the top-rated sportsbooks. If you’re in the market for something more niche, such as betting on the Olympics, non-traditional crypto betting sites like CloudBet and Betcoin are better choices.
Using crypto to place your bets is also possible in online casinos that offer Bitcoin sports betting. Bitcoin internet gambling venues are all the rage these days, meaning you can find numerous reliable and entertaining options for both casino gaming and sports betting.
Remember that sportsbooks are there to help you bet on your favorite platforms.
No matter how much experience players have in gambling with Bitcoin, the game’s name is the same. Only use disposable funds, manage your bankroll, evaluate the odds, and choose the winning team. Good luck!