One of the most popular and exciting forms of entertainment on the Internet is sports betting, a perfect activity for those who have a great passion for sports and predictions, as they can use that enthusiasm and knowledge to their advantage.
If you add to this an interest in or direct use of cryptocurrencies, the benefit could be tripled because sports betting with digital currencies is the latest innovation in the online gambling ecosystem.
Crypto sports betting has been around for some time and is here to stay thanks to the advantages offered by blockchain technology.
This activity provides a safer gaming environment for both bettors and sportsbooks, offering online gambling services.
What is Crypto Betting?
This concept derives from the act of betting on sporting events, but instead of using fiat money, it involves using virtual currencies. Thus, users of a crypto betting site wager their units on the outcomes of a tournament, match, or any other competition with the aim of increasing their funds.
Some of the most important and present cryptocurrencies in the world of online betting are Bitcoin, Litecoin, Ethereum, Dogecoin, and Litecoin, among others, but it should be noted that there are currently more than 2,000 cryptocurrency options for bettors to choose from.
A few years ago, crypto betting wasn’t really that big, but as cryptocurrencies grew in popularity, it was only a matter of time before some of the reputable sports betting sites adopted them as a betting option. In fact, some bookmakers made cryptocurrencies their primary form of payment for placing bets.
Is Crypto Betting Legal and Safe in Nigeria?
The best crypto betting apps are legal in Nigeria, as most crypto bookmakers in Nigeria are licensed to operate in the country. Even though the country has faced some issues regarding cryptocurrencies in the past, the new tax law has legalized crypto betting in Nigeria.
Why Place Sports Bets with Cryptocurrencies?
The reason millions prefer to bet with cryptocurrencies today is that they are generally a much better way to finance gambling, as they keep your identity secure and all your actions private. The first thing to do before betting is to check if the cryptocurrency sports betting platform is legal.
Once this is verified, it’s important to know that making crypto predictions is completely safe and legal, as there are no laws regulating betting with Bitcoin or any other virtual currency.
Which Sports Can You Bet on with Cryptocurrencies?
Traditional sports betting with cryptocurrencies has been around for a while, so there are plenty of options. Of course, your choices may differ from site to site, but if you’re genuinely interested in betting on a sport, you’ll likely find a bookmaker with odds that suit your preferences.
When it comes to cryptocurrency sports betting, there isn’t much difference compared to traditional methods, meaning you’ll have all the usual options. This translates to being able to bet on sports like basketball, soccer, tennis, American football, golf, table tennis, hockey, rugby, handball, volleyball, and many more.
Just like with regular sports betting, some sites offer special events among their additional options. Special events include things like the Olympic Games, where you can bet on various sports not typically offered by sportsbooks. These special events can also sometimes be non-sporting events, such as elections in any part of the world, the Eurovision Song Contest, and many more.
One variant of cryptocurrency sports betting that’s gaining popularity is virtual sports, also known as fantasy sports.
This is essentially a sport played in a virtual environment by a computer, and while you won’t be able to see the match live, you will have access to statistics for each team and the players on those teams.
It’s a new and exciting take on sports, and although it’s not yet available on all sports betting sites, it’s gradually gaining traction. Let’s take a look below.
Esports Where You Can Bet with Cryptocurrencies
While sports betting remains one of the most popular ways to make a prediction, esports is becoming increasingly accepted in the industry.
It’s actually quite surprising to see how far esports have come, as certain betting sites offer wagering on all the major esports titles such as League of Legends, Call of Duty, Hearthstone, Dota 2, Rainbow Six, and CS:GO, among many others.
Generally, when it comes to certain sports, traditional sports betting offers many betting options, but with esports, the odds of winning are much higher because the chances of something specific happening in a competitive football match are extremely low in comparison.
A good example of this is if you bet on a League of Legends player getting a pentakill, the payout could be as high as 20 times your stake.
Just like with traditional sports betting, there are special events where certain games receive more attention than usual. Since esports events are more common than traditional sports betting, this provides more options to explore.
Generally, all major conventions such as Dreamhack, IEM, TwitchCon, and Gamescom, among others, have several titles on their main stage.
Tips for Betting with Cryptocurrency
Betting with cryptocurrency is different from other fiat payment methods, and there are some things you need to take note of to stay safe in this aspect. Below, we’ll briefly explain them.
- Security: As a gambler, you must ensure that the cryptocurrency you invest in or use is secure and safe. Do some research and gather information about the coins you want to use to avoid fraud and scams.
- Supply: Check that the cryptocurrency you’re using has sufficient supply. Yes, cryptocurrencies have a limited supply. Therefore, research and gather information about availability.
- Stability: In the world of cryptocurrencies, the concept of “stability” is a term that carries contrasts. However, some cryptocurrencies are more reliable and stable than others. Therefore, before investing, confirm which cryptocurrencies are more stable than the rest.
- Scalability: This term refers to how many transactions can be processed or completed per second. This is another aspect or characteristic of cryptocurrencies that you should consider before using them for sports betting.
How to Start Crypto Sports Betting Step By Step
When it comes to sports predictions using digital currencies, there are a few simple things you should do. Therefore, we’re sharing a simple and comprehensive guide with the following steps:
- Open a Crypto Wallet
This is quite easy to do since there are hundreds of crypto wallets available online. If you already use one for other crypto-related activities—such as trading coins, playing at casinos, or buying NFTs—you can skip this step.
There are different types of wallets, including websites or apps that store your cryptocurrencies in the cloud, mobile wallets, desktop wallets, and hardware wallets.
- Buy Some Coins
Once you have your crypto wallet, you’ll need to buy some. Many people choose Bitcoin and Ethereum, but it depends on your preferences and the types of currencies accepted by your chosen sportsbook. The most common way to acquire them is through exchanges, as they generally offer the best rates.
Each platform may have a different rate for the cryptocurrency you’re interested in, so be sure to check. Once you acquire the cryptocurrency you want, it will be in your crypto wallet.
- Make a Deposit
After choosing a sportsbook and having some cryptocurrency on hand, you can create a free betting account and, while making a deposit, choose to do so with your cryptocurrency.
Once you’ve transferred your funds to your betting account, you’ll be able to use all the services the sportsbook offers that accept cryptocurrency.
- Pay Attention to the Value of Cryptocurrencies While Betting
While most people are used to betting with fiat currency like dollars or euros, you need to be more careful when betting with cryptocurrencies. Not only because their value changes daily, but also because you could be betting more than you think. This is especially true for Bitcoin sportsbooks, as even a fraction of a Bitcoin can be worth thousands of dollars.
How to Withdraw Your Winnings with Crypto in Nigeria
If you want to withdraw some of your cryptocurrency winnings from the sportsbook, all you have to do is go to the cashier page of the site you’re using and choose to withdraw as you normally would with traditional currency.
When the system asks if you want to withdraw your cryptocurrency, it will also ask for your cryptocurrency wallet address. This address can be obtained from your cryptocurrency wallet’s website. It will usually tell you the address to receive the funds and which currency you want to withdraw.
Once you enter the address designated to receive cryptocurrency, simply press confirm, and your cryptocurrency wallet should soon contain the funds.
FAQs
How do we rate the best crypto betting sites?
The best crypto betting sites are rated based on the features they possess, such as security, ease of use, and cryptocurrencies accepted.
How do we test & review the top crypto betting sites?
We visit these websites, register with them, and test their features and services. Their crypto payment system is one of the features we test and review to help you make a decision.
