There is a lot that the cryptocurrency and sports betting industries have in common. Both have become a major part of the mainstream in recent years – especially in the US – and both can count themselves as rare success stories in the current global economic climate. It is understandable that those with an interest in one are also more than likely to be interested in the other.
Online sports platforms have definitely been interested in what is happening in the crypto universe. Ever since the US Supreme Court revoked the Professional and Amateur Sports Protection Act (PASPA) in 2018, effectively handing control of betting laws to individual states, there has been an explosion in the number of sportsbooks available – and many have started accepting digital currencies to grow their customer base.
There are now millions more US citizens interested in – and able to try out – sports betting. Newcomers should learn all they can about sports betting before they begin, however. Those who wish to use crypto for transactions should also know that there are extra tips to take on board. Here are some of the things you should know if you are interested in getting into the world of crypto sports betting.
The Basics
It all seems very exciting but you can’t just jump straight into the betting pool. You will need to sign up as a new customer with an online sportsbook before you can place any bets and make your predictions. There are plenty to choose from in most states – and many of them also make a big thing about welcoming crypto users.
You will need to buy your cryptocurrency from a respected exchange and then move the digital assets into your own wallet. From there, the betting process is very similar to customers using fiat currencies. We will go into greater detail in a moment, but once you have the funds and a new betting account, you are just about ready to go!
Managing Your Bankroll
When it comes to looking after your money, the general rules of investing apply. You should always bet responsibly and take care with your sports gambling. As you will be betting with cryptocurrencies, there are other factors to take into consideration that your normal fiat currency user doesn’t have to think about.
Although most crypto online sportsbooks now take a wide range of different digital currencies, it is probably a good idea to concentrate your bankroll on the more established ones, like Bitcoin. Diversifying with stablecoins is an option, as you can look after your investment in both bull and bear markets.
Understanding Value
You may already have a good understanding of a wide range of sports and actively support major league teams. But betting on sports requires more than just a devotion to your local club. In fact, a major tip for betting on sports is to forget about allegiances altogether. You need to be betting with your head, not your heart.
Understanding value is the part of betting that doesn’t really have anything to do with whether you are using crypto or not. It is simply knowing whether the odds offered have a higher or lower probability. There is no point just betting on long shots – and big favorites will offer little in the way of winning returns. Try to find where the sportsbook has offered higher odds than it should have – and take advantage.
Small Differences
What a lot of newcomers to sports betting don’t understand is that there will be differences in odds offered by the sportsbooks. They may all look virtually the same but it is the small differences that can really affect the outcome. These fine details can make the potential winning returns very different.
Crypto sports betting offers even more chances to take advantage of these differences, as some mainstream platforms may not be quite as used to crypto customers. Some new or smaller sportsbooks may also update their odds less regularly, meaning that there may be short-term edges for bettors. Always compare odds to get the best bet possible.
Live Betting
One of the major attractions of using cryptocurrency for any financial transaction is the speed it offers. When it comes to sports betting, the amount of time it takes for platforms to process withdrawals, for example, is a huge bugbear for traditional customers. Cryptocurrency transactions are obviously much faster.
That is one reason why using crypto for live betting is so popular. Betting on events as they are taking place is a huge market and there is a certain skill in timing your bet to perfection to make the most of fluctuating lines and odds. Speed and timing are everything here and it is good to know that if you are using cryptocurrency, it will never be your funds that let you down.
Figure 2 Using crypto for betting on sports could provide an edge -Source: Pexels
Join the Community
A final thing to remember if you are looking to get into crypto sports betting is that you should always seek out the help of others. Betting tips are the lifeblood of the experience and it doesn’t matter how many years you have been betting – you can always do with more information to help.
This is particularly important when it comes to betting with digital assets, as there are a lot of ways you can make the most of your bankroll, with the help of others in the know. Look online for community discussion groups and sites and get as much information as you can to give yourself the best chance of success with your own sports betting.
