Crypto betting has exoded over the last few years. While crypto has obviously been around for on the way to two decades now, crypto gambling took around five years after the first appearance of Bitcoin to come along. Crypto sportsbooks came along after that, which meant that sports bettors had a little bit more of a wait to enjoy crypto betting.
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What is Crypto Betting?
Put simply, crypto betting is placing a wager using cryptocurrency. There are a lot of different options out there for players to choose from. One of the most popular is crypto casinos. These feature a large number of ways to play. All of the standard games that you can find at online casinos are available at crypto casinos, but added to this are provably fair games. They’re slightly different to standard casino games.
Provably Fair Games
Provably fair games are games that use blockchain technology to underpin the title. It allows players to instantly check out whether the game is behaving in a statistically fair manner. It offers an instant check and cannot be hacked. What’s so impressive is that the algorithms the games are built on make it impossible for the casino to edit the result of your bet.
So, if you’ve been on a winning streak, then the casino can’t change the result of future outcomes. Although this isn’t something that takes place at any reputable casino, it’s nice to have something in place that will ensure fairness.
Other Forms of Crypto Betting
Apart from playing at a crypto casino, crypto sports betting is one of the biggest ways to play with crypto. It is a very fast growing part of the crypto betting market. These are relatively simple to understand but we will cover them in more detail as we go on.
How does Crypto Betting Work?
Crypto betting works in a number of different ways. Obviously, the standard thing that is carried out with every single form of crypto betting, is that a bet is placed using available funds, then the player will either get a payout or lose their funds depending on how the bet plays out. When it comes to different ways to play with crypto though, there are some different options.
These are sites that allow for both crypto and fiat currency to be used to play. There are two main ways that these sites operate. The first is by playing with the cryptocurrency that you make a deposit with. So, you will make your deposit with your chosen crypto and then from there you use it to place your wagers. This is obviously the most appealing option for crypto betting.
The second is less appealing but is more common than the first one. When players make a deposit with crypto, it will then be converted to fiat. This often has an exchange fee in place, which means that less than the deposit will be added to the player account. On top of that, when it comes time to make a withdrawal, there will also be another exchange fee added on. It can be quite a negative for some players, especially if this is the only viable option for them to play using crypto.
Some sites do have the option for players to use fiat currency to purchase crypto directly through the site itself. This can sometimes be a solid option as it allows players to avoid the gas fees associated with a deposit. Although it requires the initial use of fiat currency, it can avoid further costs in the long run, especially when making deposits. It should be noted that this isn’t a common option though.
Pure Crypto Sites
These sites are obviously the most popular for crypto betting. When using these sites, players have the ability to instantly make deposits and withdrawals using crypto directly. The games or betting options that are then featured will also allow players to directly make their bets using crypto.
The sites will have gas fees associated with both deposits and withdrawals, but this is a small price to pay for the ability to quickly and easily play using crypto. As there are no fiat deposits involved here, it’s much more likely that these sites will allow players to retain their anonymity as well. This is a big positive and one of the main things that crypto players look for is the ability for them to play while remaining anonymous.
Do Crypto Betting Sites have a Regulatory License?
It all depends on the site. Some sites will have a regulatory license associated with them, while some won’t have one. It’s usually related to two different factors. Firstly, if the site is located in an area that is incredibly strict with its rules, it may have to make some concessions in order to get a license. This can involve KYC restrictions being in place, which can put some players off.
The second aspect that’s related to whether a site can get a license or not is the way that it behaves. Some sites can’t get a license because they behave in an unfair manner towards players. This is why it’s important to look into the reasons why a site doesn’t have a license. Reviews are a fantastic way to find out why a site does or doesn’t have a license in place for crypto betting.
What are the Benefits of Crypto Betting?
When it comes to the benefits of crypto betting, there’s actually quite a significant list. Crypto betting is essentially a brand new way for many players to start playing. This has allowed for some very interesting benefits to appear.
There are a lot of different reasons why someone might want to be anonymous when gambling online. It could be because they don’t want their bank to know what they are doing with their money. It could be because they want to make sure that their personal details are online where they can potentially be used for fraud. Whatever the reason for remaining anonymous, playing with crypto makes it a relatively simple way to do it. Although not all crypto betting sites make this a possibility, there is still a good proportion of them that offer it.
High Levels of Safety
Although this might be reducing it to an extremely simple explanation, a crypto transaction is on a base level a peer to peer operation. What makes it highly secure is that the encryption that’s in place can only be confirmed if both ends of the transaction confirm it. This means that when making a deposit or withdrawal, it is impossible for the payment to be intercepted and stolen. The only way that your accounts can be hacked is if you give your keys and address details out to people, which is obviously something you should never do, no matter how much you trust them. As long as you’re sensible with your details, then your crypto will also remain perfectly safe.
Lower Transaction Costs
Although it is true that transaction costs can be high with some cryptos when the network is busy, on the whole transaction costs are very low. When making a payment you’re able to keep your costs at a much lower level. With online gambling, this means that making deposits and withdrawals won’t eat into your profits as much as it would when using fiat payments.
Faster Transaction Speeds
This is an area that is incredible. When making a deposit with fiat methods, it’s normally carried out instantly due to the markers that are placed on accounts. However, with withdrawals it can be anything up to a week before you receive your funds. This isn’t the case with crypto. Even when the network is busy and it slows down transactions somewhat, you can still expect to get your crypto within the hour. On top of that, there’s no worry when it comes to having to wait for the weekend to end before making payments. It’s overall a massively positive aspect of using crypto betting sites.
Provably Fair Games
This is one of the most interesting benefits to getting started with crypto betting. Provably fair games ensure that players are kept safe and treated fairly when playing. As these are only offered at crypto sites, it’s a huge advantage for crypto players and crypto betting.
While it might be impossible to know exactly what is coming next, it’s still safe to assume that crypto betting has a bright future. The surface has only just been scratched in the world of crypto. This means that it’s very likely that many more impressive offerings will be available to players in the near future. By getting involved with crypto betting, you’re able to be at the very forefront of innovation.
What are the Risks of Crypto Betting?
Just like any form of betting, there are risks involved when carrying out crypto betting. It has pros and cons just like anything else. There’s no guarantee with any form of betting that it is risk free. However, the potential risks are still relatively small when compared to other forms of betting.
This is something that can also be a benefit. However, it’s still a risk regardless of the potential benefits. Because the price of crypto is volatile, it means that there is the potential for the value of winnings to go down. Of course, there is also the potential for the value to go up. This is what makes it a risk, as just as a loss can be made, so can a profit. Anyone who takes part in crypto betting has to be aware of this.
This is one that people have to take a little bit of responsibility for. When playing with crypto, withdrawals can lead to losses if the wrong information is entered. If you make a mistake when entering your address, it means that your withdrawal will be sent to someone else’s wallet. Unfortunately, if you make this mistake it’s very unlikely that you will get your funds back. As such, it’s vitally important to make sure that you take due care and attention when making a crypto withdrawal.
How to get Started with Crypto Betting
There are a few steps that you have to carry out when getting started with crypto betting. It’s quite a simple process, but it will take a little bit of time to get up and running. Here’s what you need to do in order to start betting.
- Find the right crypto wallet
- Find a good crypto exchange and purchase your crypto
- Read the best reviews and choose a crypto gambling site to play at
- Sign up and create your account
- Choose the best bonuses for you
- Pick how you want to bet and start playing
Find the Right Crypto Wallet
The first step on any crypto betting journey should be to find the best crypto wallet for your needs. Safety, ease of use, multiple cryptocurrency support and any other requirements that you have need to be looked into. Once you have found the best one for you, it’s time to sign up.
Find a Good Crypto Exchange and Purchase your Crypto
When your wallet is registered and ready, you’ll need to fund it. Here is where a crypto exchange comes into play. There are a lot of different crypto exchanges on the market, so you will need to look into which is the best for your needs. As soon as you’ve chosen the best one for you, it’s time to sign up and purchase your desired crypto.
Read the Best Reviews and Choose a Crypto Gambling Site to Play at
There are a lot of crypto betting reviews out there, so you will have plenty of different options available. Once you have got up to speed with what’s available, it’s just a case of making your way to the site and taking the next step.
Sign up and Create your Account
As soon as you are at the site all you need to do is sign up. This is normally quite a fast process and depending on the site that you are playing at there might be more information required at some sites. Once this has been done you will almost be ready to start playing.
Choose the Best Bonuses for you
The bonuses that are on offer are your next port of call. Because you have signed up you will be ready to make your deposit. It’s this first deposit that is normally eligible for the biggest bonus. Once you’ve chosen the bonus you want, or no bonus at all in some cases, you can make your deposit and get ready to play.
Pick how you Want to Bet and Start Playing
Now all you need to do is choose the way you want to start gambling. Whether it’s playing casino games or betting on sports, the option is available for you.
What Types of Bets can be Placed with Crypto?
There are a lot of different types of bets that are available to crypto players. It’s not just a case of playing with what you’re given and that’s that. The options that are available are essentially the most comprehensive on the market at the moment.
This is one of the largest offerings that’s available currently. Players have access to basically every single casino game that you can imagine when playing with crypto. This is because of two main things. Firstly, the existence of hybrid casinos allows for crypto players to still access the casino games that can’t be found at purely crypto casinos. Secondly, provably fair games are crypto only, so fiat players aren’t able to enjoy these titles.
Sports betting is one of the fastest growing aspects of crypto betting. Because there are a large proportion of crypto players in the modern world, this is becoming massively popular. Players have the ability to bet on pretty much every sport. It means that you can find soccer, football, baseball, basketball, rugby, cricket, tennis and lots more available to bet on. It makes it extremely easy for players to find the sport that they want to wager on.
It’s not just the sheer number of sports that are offered though. Players also have a massive selection of markets to choose from. Over/under markets, first scorer, final result, outright bets, it doesn’t matter what you want to bet on, the option is there for you. It means crypto players aren’t limited in any way at all compared to fiat players.
It might be one of the smaller parts of the market at the moment, but eSports is certainly growing in size. The options are a little bit limited currently, but more markets and games are becoming available all of the time. In the future this may make up a much more significant part of the sports betting market. Especially in the world of crypto betting.
How to make a Crypto Bet
Making a crypto bet isn’t a difficult task in the modern world. When it comes to betting on casino games, it’s just a case of following the on screen instructions and going from there. Sports betting can be a little bit more difficult and involved though. Each different sport will have different betting markets available and each one will require different things to look at when placing the bet.
- Choose the Right Market for you
There are so many different markets out there that you might not be fully aware of what’s on offer. So, before you even think about what bet you want to make, look into the different markets that are available. This will ensure that you’re fully ready and understand what is required of you.
- Check and Understand the Odds
All bets will have different odds and they will be expressed in different ways. This is why it is important that you are fully up to speed with how the different odds work. Look over American odds, fractional odds and decimal odds before you start playing. This way you will be fully up to speed with what your potential payout is.
- Choose your Stake and your Bet
Once you have understood the odds that are offered, it’s time to actually place the bet. Just select how much you want to bet, select the bet itself for your bet slip and then place the bet. Of course, there are other things to think about when choosing your stake, but we will come to that later on.
The most Common Mistakes made in Crypto Betting
Any form of betting is rife with mistakes. Part of the problem is that players are very quick to act without thinking. It’s not just related to the betting itself though. Some of the mistakes can be related to other aspects. These are our top tips for avoiding silly mistakes when crypto betting.
Ignoring Terms and Conditions
This is something that almost everyone does. Not just with betting, but pretty much everything. Lots of people ignore the terms and conditions and just get on with what they want to do. However, it’s important to read through them thoroughly when taking part in crypto gambling. This is even more important when you decide to claim a bonus. These can often have a lot of terms and conditions applied to them, so if you want to benefit from them you will need to make sure you adhere to all of the terms. If you want to claim your winnings, then you will need to know the terms and conditions off by heart.
Misunderstanding Provably Fair
Provably fair gaming is one of the biggest innovations in the world of online gambling in many years. However, it can sometimes cause players to behave in a silly manner. Provably fair just means that the game is statistically fair in every instance. It doesn’t mean that wins are guaranteed. There is still the same risk involved with each bet as there would be with standard betting. It’s important to take this on board before playing.
How to Avoid Losing Money in Crypto Betting
It should go without saying that gambling is a risk. There is no way to guarantee that you will win when playing. However, there are a few ways that you can take into account when playing that can minimise the risk somewhat. Here are our top ways that you can use to improve your winning chances.
Manage your Bankroll
When it comes to any form of betting, the most important thing that you can do is manage your bankroll. This also means two different things as well. The first is to choose the size of your stake units based on the size of your bankroll. If you have a bankroll of 1 BTC, then you might choose a stake unit of 0.01 BTC. However, if you have 0.01 BTC as your bankroll then obviously your stake sizes will be a lot smaller. This is an important aspect to understand when it comes to the next part of managing your bankroll.
There are a lot of different ways to manage your bankroll when playing different games. Strategies are available that can increase the chances of walking away with a profit. This applies to both casino betting and sports betting. Choosing the right strategy for your own betting style is important and can help you to be profitable when betting. This is where stake unit sizes come into play. Strategies will be explained in terms of unit size and not specific amounts. This will allow players with pretty much any size bankroll the ability to play.
Do your Research
This is possibly the most important thing that you can do when it comes to gambling. Gambling does have a random element to it, commonly referred to as “luck”. However, this doesn’t mean that you have to allow randomness to control all aspects of your playing. A great example of this is Blackjack. When you play Blackjack, there are right and wrong moves to make. If you do your research and learn how to play Blackjack properly then you will increase your chances of winning. It won’t guarantee that you will win, nothing can do that, but it will give you a better chance of winning.
The exact same is true for sports betting. When it comes to betting on sports you can increase your chances of winning with research. For example, if you’re planning on betting on basketball and there’s a game involving two high scoring teams, then a bet on over 150.5 points to be scored would be a solid bet to take. This logic can be applied to any number of sports and the markets that exist within them.
Know when to Walk Away
Far too many players cling onto the hope that they will turn around a losing streak. Sometimes it’s just not your day. When that happens, it’s time to just pack up and come back another day. When you’re gambling, you can’t win every day. Some players do better, on a more regular basis, than others, but to put it simply it won’t be your day every day.
Understand this and you will be able to walk away with some of your bankroll intact. You will then have the ability to put together a bigger bankroll on a different day, or even put the losing bankroll towards your overall profits on days when you have had a positive experience.
What are the Odds of Winning when Betting with Crypto?
The odds when betting with crypto will vary depending on what you are betting on. When you decide to bet on casino games, the odds will be different on every game you play. This is the case with almost all table games and video slots. There are a number of reasons for this.
The odds for video slots can vary between games for a range of reasons. The level of payout that is offered is one thing that can impact on the odds. As well as that, the number of paylines that are included on the reels will also impact the odds. Bonus features that are available in the game will also change what the overall odds are. With some games having a progressive jackpot that is separate from the game itself, it can also change what the overall odds are. As such, it’s important to look into and research what is offered in each game before you start playing.
Just like video slots, there are different options that come into play on each different table game. Blackjack is a great example of this. Each Blackjack game can provide different odds to players. This is because some games will have different rules in place. Double down is one command that varies between games. There are also different payout levels for natural Blackjacks and side bets. All of these differences will impact the overall odds.
Roulette also has a similar impact. There are lots of different versions of Roulette available, with different rules impacting on the overall odds of the game. As well as this, there are lots of different betting options available in Roulette. Each one has different odds available which can impact on the overall odds of the game. How you choose to bet, will impact on your own individual odds for the game. Lots of table games work in this way.
Sports betting is much more simple to understand when it comes to odds than casino games. Although it doesn’t have set odds for a particular bet, the odds are spelled out directly and obviously for each choice. It means that you can choose the bet you want any time and will understand what the odds are right away.
What’s also good about sports betting is that there are ways to increase the odds or increase the chances of winning on bets. For example, you can create a parlay bet, or accumulator depending on where in the world you are located. This will combine a number of bets together into a single bet. This will also combine the odds and create a much higher payout, albeit with a bigger risk. There are also handicap bets, which can be used to increase the chances of a risky bet winning. Just like any other bet on sports, the odds are advertised explicitly right from the start.
What isn’t taken into account with the odds on crypto betting is the volatility of crypto itself. It can mean that much higher payouts can be awarded if the price of your chosen crypto rises after you have placed the bet. By the same token, it means that the value can be lowered as well. As such it’s important to keep an eye on how the price is reacting currently.
When the price is low it makes sense to make deposits to your account. On the other hand, when the price is high that is when you should make your withdrawals. This is the best way to maximise your crypto.
What is the House Edge when Betting with Crypto?
The house edge is essentially the slice of profit that the site you bet with takes. It will vary from site to site, each site has different ways of operating. As well as this, online casinos will have different house edges to sportsbooks. It’s because of the different way that each site operates.
Each individual game at an online casino will also have its own house edge. This is independent of the casino house edge, so won’t be impacted by the average for the site. Sports betting is a little bit different, as in theory every single bet that is placed can potentially be won by the players. As such, the house edge is a lot more variable at a sportsbook.
Are there any Fees Associated with Crypto Betting?
This varies from site to site. Each site will have different approaches when it comes to fees. However, there are some fees that are always in place no matter what site you choose to play at.
You’re going to struggle to find a site that won’t have gas fees in place for your crypto transactions. This is because it’s a pretty accepted part of using crypto as a payment method. However, there are some things that you can do to minimise how much you spend on gas fees. Firstly, you can use a crypto that has lower gas fees. There are a number of choices out there, so look over the different options so that you choose the right one.
Secondly, choose a time when the network is quiet. This will both lower the gas fee but also make the transaction faster. This does require you to check what’s currently going on in order to make the most of your transfers. It also means that you might not be able to get your crypto when you want it.
There are some sites out there that offer to cover the gas fees for a short period of time. However, this is a rarity and it’s not a permanent offer, so it shouldn’t be taken for granted.
There are some gambling sites out there that charge for transfers that are made. This is normally most common with withdrawals, but there are some that put this in place on both. What is a big positive is that transfer fees for crypto are much less common than with fiat currency. Far more gambling sites charge an extra fee for fiat transfers than they do for crypto transfers.
How is my Privacy Protected when Betting with Crypto?
Privacy is protected in a number of different ways when you choose to bet with crypto. It makes it an extremely safe way for players to bet.
This is a big part of the appeal of crypto. It allows for anonymity to be retained. With so many ways to behave in a fraudulent manner prevalent on the internet today, remaining anonymous is a great way to protect yourself. For example, if your personal details aren’t stored anywhere online, then it means that you don’t have to worry about being the victim of identity theft. You can safely use online gambling sites, without this being an issue.
There is also the added bonus that your bank won’t be able to spy on what you are doing. Banks have often been known to take a dim view on gambling when people have applied for loans and mortgages. By using crypto betting players are able to enjoy the pastime without it having an impact on their credit with their bank.
Higher Levels of Security
It might seem like a strange thing to count towards privacy, but the level of security from crypto makes it a big part of retaining your privacy. With higher levels of security, it means that it is a lot harder to get hold of any personal information you might divulge. This is a massive part of retaining your privacy and playing in comfort.
Bitcoin Betting vs. Traditional Betting
At first glance, there aren’t too many differences between Bitcoin, or any other crypto, betting and traditional betting. However, there are a few out there that make crypto betting stand out as the more solid choice.
Provably Fair Games
Provably fair games are the biggest aspect when it comes to crypto betting standing out. It offers a whole new area of betting to players, while also giving more access to how the games are kept safe. This makes them without a doubt, the most impressive difference between the two types of betting.
This is another big difference. Fiat withdrawals can take up to a week to be carried out. It’s very rare that you have to wait longer than an hour to get access to your crypto funds. The ability to get access to your funds quickly and easily means that crypto betting players have a lot more flexibility available to them.
It’s very hard to retain your privacy when indulging in traditional betting. There are so many hoops that you have to jump through, it can sometimes become a bit tiresome. There are lots of crypto sites out there that make it a very easy process. In fact, there are actually some sites that allow players to sign up and start playing with a single click. You’ll never see that at a fiat betting site.
Although it’s safe to say that most modern banking has high levels of security in place, crypto security is on a whole different level. It’s almost impossible to hack into a crypto account. People have to actively give away their details in order for their account to be hacked. It makes it one of the most secure ways for you to play. As long as you keep your keys protected, then your crypto is almost impossible to steal.
This is the only area where traditional betting is objectively ahead. Some crypto sites can find it hard to get a regulatory license. This is due to governing bodies still not fully understanding what crypto has to offer. As such, crypto sites don’t always have a top license in place. However, even without a license you can use high quality reviews to find out which sites are the most trustworthy.
The Future of Crypto Betting
When it comes to the future of crypto betting, it’s incredibly bright. There are a lot of different ideas on the horizon that could come along extremely soon. While it’s impossible to predict the future with perfect accuracy, we do have an idea of what could be coming along very soon.
Virtual Reality Casinos
This is one of the possibilities that is a lot closer than you think. Blockchain technology is already being used to create some very advanced video game technology. One thing that is seeing a lot of experimentation is sandbox, cross platform games. This will allow people to access an online area that can do pretty much anything. Obviously, this is technology that could easily be adapted to create a virtual reality casino. It means that live dealer games would be taken completely to the next level. Imagine, walking around a casino in real time and then sitting down at a Blackjack table with a real dealer. This could be a reality very soon.
With the ability for native tokens to be created for casinos, it has the possibility for a complete ecosystem to be created extremely quickly.
Stadium Seating for Sportsbooks
This goes along a very similar line of thought to VR casinos. The basic premise is that cameras within a real life stadium can create a realistic picture of what it’s like to be at a sporting event in real time. This will then allow players to sit and watch the game that they have placed a bet on. With the right integrated software, it means that players can then place bets as the game is going on. With the limitless possibilities of the blockchain, it does mean that it could be integrated into a crypto ecosystem very easily.
We’ve already seen how provably fair games have caught on. It doesn’t have to end there. There are a lot of other potential ideas for creating games out there. While developers haven’t made it clear yet what their intentions are, it makes absolute sense that there will be new types of games coming along. Blockchain games are only just starting to make an appearance, so it’s only right to expect an increase in this tech being used for games as developers get used to how it works.