When it comes to sports betting, crypto is a natural fit. Why wager with fiat currency when you could put your accumulated crypto assets on the line, and potentially walk away with a big win that has further potential to grow in value?
Of course if you’re new to the world of crypto sportsbooks, there’s a lot to get to grips with and a few common mistakes to avoid. To that end, here are the main things you need to know before you begin your crypto betting journey.
Playing with legitimate bookmakers is important
The unregulated, decentralized nature of crypto as a whole can create risks for the uninitiated, and this is also true of bookmakers that accept deposits and wagers in digital, blockchain-based currencies.
For that reason it’s important to only use crypto sports betting sites that have a good reputation and have a proven track record of serving their customers honestly and consistently.
Support for cryptocurrencies varies significantly
Another inevitable aspect of crypto sportsbooks is that they won’t all offer blanket support for every conceivable token that a customer might want to wager.
As a rule, the big name currencies like Bitcoin and Ethereum enjoy effectively universal support in this market. However, more obscure alt coins are not always compatible with reputable sites, so do check which currencies are supported before you sign up.
Mobile apps are surprisingly uncommon
The majority of mainstream online casinos and bookmakers have dedicated mobile applications which let customers place bets and play games on the go.
However, in the world of crypto sportsbooks, it seems that the creation of standalone apps is not a priority. Instead you’ll need to rely on browser-based betting, which might not be the most intuitive experience if you are restricted to accessing the sites via a portable device.
This may change with time, but it’s easier to bet with crypto bookmakers from a desktop or laptop with a larger screen for the moment.
Conversion can be necessary
Bookmakers operating in the crypto space can typically be expected to support deposits and withdrawals in popular currencies, as discussed earlier. However, that doesn’t mean that every site will actually let you place bets using the coin that you originally added to your account.
Some will convert any crypto you add to a fiat currency for wagering purposes, while others will have their own crypto token that’s used for betting.
This isn’t always the case, of course, and it might not be a deal breaker, but it’s worth bearing in mind nevertheless.
Bonuses are available, but can be misleading
New player incentives are another widespread feature of the online casino industry, and crypto sportsbooks follow this trend with deals and offers to entice people to create accounts.
This can be a good thing, but be warned that there are always going to be terms and conditions that influence just how attractive a sign-up bonus is in the long run.
For example, you may need to wager over a certain amount before you can make a withdrawal. Again, not all operators stick to the same restrictions, but doing your research is still advised.
Anonymity is available
Using crypto to bet on sports and other events offers you a way to place wagers anonymously, so long as you are up to speed with how to handle crypto transactions.
As a rule, using sportsbooks that support cryptocurrencies is best done by those who are already well versed in the crypto world. It’s also important to gamble responsibly, and recognize the risks involved in any wager.
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