Now that the US Supreme Court has struck down a previous law that has outlawed sports betting, a whole host of new opportunities have now opened up.
This is an industry that is worth $150 billion per year. Clearly sports bettors are interested in placing wagers on their most favourite sports teams.
However, in the age of blockchain technology, there is a new alternative betting mechanism that is taking the world by storm.
This is the option to place sports bets with Bitcoin and other cryptocurrencies. There are a number of advantages for the player themselves. These range from betting limits to ease of betting.
In this short piece, we will take you through some of the advantages of Bitcoin betting and how you will go about placing a bet in Bitcoin.
Why Bitcoin Betting?
Many will know that Bitcoin is a digital asset that is not attached to a bank account or individual name at all. This means that you are anonymous when you hold a bitcoin wallet.
When you make a payment with Bitcoin, no one knows who made the payment. This has a number of advantages. The premier among these is the benefits of privacy.
For someone who wants to place a sports bet on Bitcoin, the following advantages apply:
- There are no limits on traders from wherever they are. The bookie does not know who you are and where you are from. Hence, you are free to trade with any Bitcoin bookmaker.
- Bitcoin is much more efficient and cheaper than other funding methods. It is quick and relatively cheap. There are no limits on withdrawal due to bookie payment providers. This is much better than funding an account with a credit card
- Money saved on banking and compliance at the sports book can be invested in the platform and give the trader higher odds. Saving costs helps the bettor
- One of the most advantageous parts of Bitcoin betting is the anonymity. The bookie has no way of knowing who you are and how often you are betting. They are not able to ban good players. This is not something that can be said on other platforms.
So now that you know the many benefits of sports betting with Bitcoin, we are going to go through a simple explanation of how to place your first bets in Bitcoin.
Making Your First Bitcoin Sports Bet
Before you can actually place any bets with Bitcoin, you have to get some Bitcoin to use.
There are a number of exchanges and brokers that you can buy Bitcoin from. Given that you will only be buying the coins to use them for the sports bet, the trading platform itself is not of importance.
What is important is to make sure that the broker has reasonable fees and that they are regulated by some government agency. One of the best brokers to use for these purposes is IQ option. They are fully regulated in Europe and have a range of buying options.
You can read more about them in IQ option reviews.
Now that you have your cryptocurrency, you have to get ready to place your first bet.
Finding the Best Bookie
There are already quite a large collection of online Bitcoin betting books. Each will have a certain number of pros and cons.
Your main criteria should not be on any sort of bonuses or the like. It should be on choosing a bookie that covers your chosen sport. Take a look at online reviews to make sure that the bookie is reputable and fair.
It also helps to have more than one bookie so that you can confirm that the odds that you are being given are at least considerable.
Finding Your Game
Most of these Bitcoin bookies will have an easy search option that will allow you to zero in on the game that you are interested in.
There may also be easy navigation to the sports you are interested in above the fold. Once you have found the game in question, you need to observe the odds.
You should then check in at the odds that are being presented by the other bookie. If they are both in line then you should feel comfortable placing a bet with either one.
Placing Your Bets
Now that you have decided the game that you want to bet on as well as which bookie you would like to use, you can proceed to placing your bet.
You will tell the bookie how much you would like to stake on the trade and then how you woulf like to pay. Some may offer you more cryptocurrency options apart from Bitcoin.
If you select the Bitcoin option, you are presented with the Bookies Bitcoin wallet. This will either be their long string address or a simple QR code.
You will use your wallet and send the Bitcoin to the bookie. Bitcoin transaction times are usually between 10-20 minutes so your account will be credited shortly after that.
Claim Your Winnings
Assuming that your sports bet was placed correctly and you managed your account to min some money, you can then proceed to withdraw this money. Given that you have chosen to fund in Bitcoin, this is relatively quick and effortless.
You will merely hit withdraw, insert your wallet address and then wait.
There are no requirements for documents, confirmations or any other sort of laborious rigmarole. The bookie will process the transaction and send it out. The transaction will take between 10-20 minutes to process.
We all know how fun sports betting is.
It gives us an opportunity to try our stakes at a game that we know all too well. Now with relaxed regulations, it will give us more freedom to bet on the games we value.
Moreover, with Bitcoin sports betting, you have much more freedom in what you can bet on, where and for how much. There is also no complications that come from being banned or removed from the bookies website.
May the best team win.