Figure 1 More sportsbooks accept cryptocurrencies these days
Sports betting has continued to grow in the US since the Supreme Court made its landmark decision in 2018 to essentially hand over the gambling laws to individual states. Over 30 states now allow legal sports betting, and many more are looking to push legislation through soon.
The Vegas betting online sites have grown in popularity and customer account base, with more exposure and marketing of sports betting in the US. One area of betting that has timed its rise to perfection is the use of cryptocurrency. Digital currencies have become part of the mainstream in recent years, and the betting industry has been a part of that. Read on to find out about crypto betting.
Which Betting Sites Should You Use?
It depends on your location as to what sportsbook you choose for your online betting. There are a few sites specifically designed for crypto users, but the majority either accept traditional currencies or exclusively. Unless you particularly want to use a crypto-only site, it is probably better to go for one with a broader appeal.
Look for a wide range of betting opportunities, with markets covering many sports, leagues, and tournaments. You should also try to find a sportsbook that offers attractive odds. Even the smallest differences can affect your potential winning returns.
Make sure that the mobile side of the service is good too. You will want to be able to bet quickly and efficiently – something a mobile app allows you to do. But the mobile aspect of a sportsbook also suggests that it knows what it is doing with the latest technology.
Why Use Cryptocurrency?
The reasons for using cryptocurrencies for your sports betting are mostly the same reasons to use digital currencies. Thanks to blockchain technology, the security involved means that transactions are considered safer than traditional currencies.
You can also take advantage of how most sportsbooks deal with crypto. The usual method is for your digital currency to be converted into USD once you deposit funds. That means that not only are you using your Bitcoin or other currency; you are being shielded from the relative volatility of the market while it is in your betting customer account.
There is no guarantee when it comes to sports betting, of course. But the potential for increasing your digital currency amount is there. The USD will be exchanged back into crypto when you withdraw your winnings.
Figure 2 Both online sportsbooks and crypto are perfect for more efficient transactions.
How to Bet with Digital Currencies
Online sports betting is relatively new to most US customers, so you may not know the process. The actual betting is the same as with any other currency, as you make your predictions. But you will need to sort out a few things before you make your selections.
You first need to open a cryptocurrency wallet if you have not already. There are plenty available, and you just need to sign up. Then you will be able to buy some coins. The actual digital currency you invest in is up to you – but you should check which ones are accepted more by sportsbooks.
Finally, you just need to register with an online sportsbook and make your initial deposit. There may be some welcome bonus available for new customers, so shop for a deal that suits you. Once all that is done, you can start betting.
The Future of Crypto Sports Betting
Even though there has been some alarm in the mainstream media about the volatility of cryptocurrencies, there are more places that accept them as payment now. It would seem that that will only increase, and that means more sportsbooks will also.
Understanding the digital currency industry and the market makes sense before using it for sports betting. But this does look like an area of online gambling that is set to grow.