Betting with cryptocurrency – is it possible?
Posted on 7. April 2021 | By admin
The wide range of sports, betting options and even gambling on one platform wooed many customers and many people gratefully accepted the offer. That entertainment is provided on the websites is clear. However, one component of the bookmakers is rarely mentioned and as good as not explained.
The payment methods for deposits and withdrawals are an important decision factor when choosing a bookmaker. In this regard, cryptocurrencies in particular attract attention. A lot of online casinos and bookmakers now also accept BTC. The use of the new digital form of currency also brings some advantages. What these are, as well as general questions and answers about gambling, are explained in the following article.
What are cryptocurrencies
To explain how cryptocurrencies can be used in sports betting, it is good to know what cryptocurrencies are in the first place. A cryptocurrency is a digital currency, the most famous among them being Bitcoin. However, there are other currencies, such as the Ethereum or Ripple. These have a real value, the Bitcoin was at its peak at a value of almost 20,000 US dollars for a Bitcoin. However, the difference with normal currencies is that there is a limited number of the cryptocurrencies. Thus, it is not possible to “reprint” multiple Bitcoins. This provides security for investors. However, they also have other advantages.
Fast and faster – the cryptocurrencies
The big advantage of cryptocurrencies is the fast payment transactions. Due to the fact that the currencies are one hundred percent digital, transfers work without a time delay. In sports betting, this has the advantage that professional players manage multiple accounts with different bookmakers.
The reason for the many accounts are the divergent odds per provider. If you discover a better, above-average odds at one provider, but you don’t have any funds on that account, you can top up your balance from one second to the next, thanks to cryptocurrency.
No limits for withdrawals
Possible at any time …
One reason cryptocurrencies made such a big splash is that they are completely anonymous. Even the account with which cryptocurrencies are managed can be made without providing any personal information. For accounts with bookmakers for sports betting and gambling, cryptocurrencies have the advantage that there are no maximum payout amounts. With normal currency, bookmakers impose limits on payouts as well as even win amounts. This problem does not exist with digital currencies. For many players, however, it is not about huge winnings or anonymously shifting large sums back and forth on accounts. It’s simply about the freedoms, the fast payment methods and the possibility to send the money directly to another account.
The advantages of cryptocurrencies
You might think that using cryptocurrency would only be beneficial for the user. However, this is not the case. The payments with a cryptocurrency are without a time delay. Thus, bookmakers have a much greater assurance that the payments made will actually arrive. Placing bets or making deposits with normal currencies takes a lot longer. Nevertheless, customers receive a bonus on it, even though betting with the normal currency is more cumbersome for the operators.
With cryptocurrencies, bookmakers have the money directly in their operator account and the assurance that the money will remain there. Because of this, bookmakers advertise generous bonuses on cryptocurrencies. Users benefit from this even more than they already do from the usual benefits.
Finding the bookmaker
Up to here, it was all about cryptocurrencies and their advantages in sports betting and payments in general. Now the focus will be on how to find the right bookmaker quickly and easily. Comparison sites help with this, listing the bookmakers along with the most important details. Perfect for newcomers to the market or for specific wishes, there is a function on these pages that allows you to enter individual criteria. These can be certain sports such as surfing, special betting options such as long-term bets over several years or the possibility to pay with cryptocurrencies. Thereupon, the list is re-sorted and the topmost top providers can be examined more closely.
The range of sports betting
The majority of bookmakers manage different sports, now and then even more than forty different ones. In addition, there are different leagues, national and international competitions and sporting events such as the World Cup. This still sounds manageable, but there are more than 40,000 different betting options for first division soccer matches alone. In addition, some bets are placed for a very long time, such as the betting option on the winner of the Bundesliga. You can bet on this even before the season starts. Last but not least, there is the gambling offer, which also allows for many different gaming options. Only if enough news about the sport is collected and used, the bets are promising and the risk is kept low.
What to consider when choosing
Where and how to find a bookmaker was mentioned in the point before. However, there are several other criteria that play a role in the selection. The first feature is the licenses of the bookmakers, which come from countries such as Malta or Curacao. In these countries there are clear and very strict regulations for gambling. These guarantee the company as well as the customers comprehensive securities.
The next mark of quality are the certificates from different national and international testing bodies. These reveal more information about the bookmaker, its offer, security and user-friendliness. In the same breath, customer reviews should also be mentioned. For example, these also provide information about the use of cryptocurrencies as well as how easy and beneficial it is to use them at this bookmaker.
The information is the crucial thing
On the one hand, this means the information about the bookmaker, its offer and the average level of the odds. On the other hand, it is the information about gambling including all risks as well as news about sports. Only if enough news about the sport is collected and used, the bets are promising and the risk is kept low. This also includes the information about betting in general. The tips and tricks of experienced players are also a part of the information, which should be used to make bets with responsibility.