6 Tips for Sports Betting with Cryptocurrency
Crypto sports betting has increasing popularity, and appears to be going strong. In fact, the amount of money being wagered on these platforms is likely to accelerate. The speed of deposits and withdrawals, safety and security, and anonymity (to some extent) are enticing to players.
This article discusses 6 tried and true tips to help you maximize your enjoyment while visiting cryptocurrency betting sites.
Why Bet on Sports with Cryptocurrency?
Before we go any further, let's explain why many players are drawn to crypto-based betting sites instead of using traditional fiat sites. Grand View Research reported that the online gambling market was valued at over $63 billion, growing to more than 11% annually for the foreseeable future.
Crypto sports betting is coming of age in perfect timing for sports gamblers. Bettors select Bitcoin and Ethereum betting because of the benefits; these benefits are lower transaction fees, quicker payouts (in minutes) and better anonymity.
Being anonymous is a big factor!! While traditional banking systems want your personal information such as full name, date of birth, and address, many crypto sports betting sites only require a username and password.
Lastly, crypto sports betting allows for freedom and flexibility with less limitations to the deposit and withdrawal processes, and on location.
Top Crypto Betting Tips for Success
Now it is time to give crypto betting advice! The advice covers safe betting, dealing with volatility of crypto, secure betting, and more to help new and experienced bettors enhance their betting experience using crypto.
1. Choose a Reliable Crypto Sportsbook
Not every crypto sports betting platform is created equal in the world of crypto sports betting. Like the regular cryptocurrency space, the cryptocurrency area has its share of shady companies as well. There are investment scams, phishing scams, and everything in between.
If you lose money, you may have few options for recourse with sites that are scams, given that there is little regulation and oversight.
Invest in research and discover a reputable crypto sports book that has an excellent history. Search for sites that are licensed under reputable organizations--these sites will most likely have better consumer protections and better security.
Established online sportsbooks frequently adhere to provably fair gaming, which guarantees you won't get cheated. Checking online reviews and user feedback is also a great place to learn about user experience.
2. Manage Cryptocurrency Volatility
Knowing what “volatility” is is very important in the cryptocurrency world. Digital currencies can be high-risk returns, as their value can vary wildly in a short period of time, even without making a bet.
As an example, on a Polygon betting website, maybe in the afternoon your account balance is worth $500 worth of MATIC and then you check it a few hours later and it's only worth $470; or maybe the price of MATIC sees a nice bull run overnight and now your account balance is worth considerably more.
Reducing volatility risk is a critical step. One method is to keep some of your money in stablecoins, such as Tether. Stablecoins allow the use of cryptocurrency's benefits without the large price movements.
3. Secure Your Crypto Wallet
Regardless of what cryptocurrency you use, security is a big deal. Without security, you are exposing yourself to hacking techniques.
In general, you can select either a hot wallet, which is online, or a cold wallet, which is offline. A reasonable compromise is to keep your total funds in a cold wallet for security, and only have active betting funds in a hot wallet.
Enable two-factor authentication (2FA) to enhance security. Even if one somehow guesses your password, a second method of verification is needed. Create a strong password that uses letters, numbers, and special characters.
Also, be cautious of phishing scams in which scams try to acquire account details by redirecting you to fake websites. Keep your private keys safe, change wallet settings, and keep large amounts of money offline.
4. Utilize Crypto-Specific Bonuses
Use crypto sports betting bonuses, to find the best options for you. Bonuses can help build your bankroll. Starting with welcome bonuses, often a matched deposit, if you deposit $100 your bonus might be $100.
Some sites have no-deposit bonuses, which allow you to start betting without putting your own money down, and free bets allow you to have a chance to win without risking your own money.
Be cautious of bonus wagering requirements. Some may require you to wager the bonus amount 30 or 40 times to withdraw funds.
Look for bonuses with lower playthrough requirements and short time limits so you can bet smart.
5. Stay Updated on Legal and Regulatory Issues
There's a large variation in crypto sports betting regulations depending on the area. In Canada, for instance, regulations are set by the provinces.
At the same time, many Western European countries let residents gamble on sports using crypto, or at the very least don’t have specific regulations prohibiting it. For example, the United Kingdom is at the moment very permissive of crypto betting.
By contrast, a significant number of Asian nations have outright bans on gambling.
Before registering with any crypto sports betting platform, check the laws in your country regarding online gambling. Remember, crypto regulations might change quickly as well, so stay abreast of the regulations to avoid any nasty surprises.
6. Practice Responsible Betting
Lastly, responsible gambling is key to having a fun and sustainable experience on any crypto gambling site that you choose.
Fast deposits and withdrawals can lead to quick decisions, so make your budget strict and follow it. Only bet with money that you can afford to lose and do not borrow money to gamble.
Arguably one of the best crypto betting tips for long-term success is to follow your betting activity. You may want to invest in a spreadsheet and record all your bets. You can put the type of bet and the amount stake. This will also allow you to see patterns assigning you to manage your bankroll more successfully.
Take regular timeouts to reflect on your gambling, and if you think it is causing issues in your life, consider an extended break.
