Cryptos are slowly taking over the world, and we’re witnessing a number of innovations each year. More than ever, DeFi is competing with traditional finance, and all of these achievements also resonate within the modern gambling industry. Another example is NFTs, which have positioned themselves as the new form of digital art.
The online gambling industry is one of the first major sectors to adopt cryptocurrency. Today, there are hundreds of sports betting sites that support various cryptocurrencies. Although they offer an identical betting experience in terms of odds, markets, and betting options, they have some unique aspects.
In this post, we’ll talk about the unique constraints of crypto sports betting to help you start on the right track.
If You Want to Avoid Volatility, Use Stablecoins
The key difference between fiat currencies and crypto is their volatility. Cryptos can oscillate in value, and this can be both an advantage and a disadvantage, depending on how you use them. However, if you want to avoid this potential issue, you can use stablecoin cryptos.
Stablecoins are cryptos with a stable value, and their value is usually calculated in USD. The most popular stablecoin examples are USD Coin and Tether. Although there weren’t many stablecoins available at online sports betting sites initially, you can find various options today.
In fact, you can choose between multiple Tether betting sites to find the one that’s tailored exactly to your needs. Apart from USDT and USDC, you can also find DAI, USDE, PYUSD, and other options.
Consider What Wallet You’re Using
Cryptos are digital assets, and they must be stored securely. These digital currencies have a decentralized, peer-to-peer approach, making it impossible to store them in typical bank accounts. That’s why you must use a digital wallet, and the two most common options are cold and hot wallets.
Cold wallets are external, physical devices that can store crypto. For example, a typical cold wallet can be a USB stick. These wallets enable you to store crypto offline, providing enhanced security as hackers cannot access them through ransomware, malware, or viruses.
Hot wallets come in the form of software or browser extensions. They offer more convenience and allow you to transfer funds more quickly. However, they are more vulnerable to security breaches. Make sure to find a wallet that supports your preferred crypto and allows you to deposit and withdraw funds with ease.
Find a Betting Platform Offering Crypto Bonuses
Although most modern online bookies support crypto, not all of them offer crypto-specific bonuses. In other words, a bookie might have welcome bonuses that are paid out only in fiat currencies. Naturally, this doesn’t work in your favor if you want to use crypto.
Instead, make sure to find a betting platform that offers crypto bonuses. For example, if there’s a 100% welcome deposit bonus, the bonus amount should be paid in the same currency you use. At the same time, you should be able to withdraw in that same currency once it’s possible.
Always read the fine print because most betting bonuses come with attached strings. For example, deposit match bonuses usually include wagering requirements. In other words, you can’t withdraw your funds until you’ve bet a specific amount.
Pay Attention to Network Congestion and Fees
First of all, you should pick a crypto betting platform that has low or no fees associated with crypto transactions. But even when that’s the case, you can expect specific blockchain fees. However, there are also ways around that.
For example, if you use TRX, you can stake some of your funds to eliminate transaction fees altogether. This allows you to save in the long run and ensures there are no blockchain fees when depositing or withdrawing your crypto. Ethereum gas fees can be expensive, so consider low-fee alternatives like Solana, Tron, or BSC platforms.
Some betting sites are even willing to cover any blockchain-related fees. This is something worth considering when looking for your betting hub.
Convert Displayed Wagers Into Fiat
When you add bets on crypto betting sites, they’re usually displayed in your selected currency. When you’re using cryptos, this can become a problem, especially if that crypto is volatile and its value changes often. Luckily, most bookies allow you to display wagers in fiat equivalents.
This can help you ensure you don’t make any mathematical errors, ending up betting more or less than you wanted. At the same time, this helps you make bets faster and focus on finding the best odds, betting markets, or potential opportunities instead of thinking about how much you’ve actually wagered.
Conclusion
Ultimately, remember to always stay informed about cryptocurrency markets. This can help you withdraw your funds at the right time for maximum profit. In a way, crypto sports betting allows you to profit from wagers, but also by holding a specific currency.
Many betting sites also have pages where you can track the value of cryptos or even trade them directly. Some even offer their own tokens that you can buy as an investment, opening up opportunities for exclusive betting odds or rewards.