Sports betting can be one of the most fun and immersive types of gambling you can do, but what happens when you mix cryptocurrency into the mix? Cryptocurrency is becoming a major part of people’s lives, and with gambling doing the same – there was never any doubt that the two would meet. But is it safe? In today’s article, we take a look at if it’s safe to place football, and sports in general bets with crypto.
Is it safe to place football sports bets using crypto?
In short – yes! Placing football or in general sports bets using crypto is just as safe as if you would with normal money, but in some cases, your bet (and winnings) may be adjusted as you’re placing the value of the cryptocurrency, and not the USD, EUR, or GBP balance despite how you see it in your bankroll.
What are Crypto Sports Betting Websites?
Crypto sports betting websites (or crypto sportsbooks for short) are casinos/sportsbooks where you can place bets on sports matches, such as football, hockey, or tennis. The only difference between a crypto sportsbook and typical sportsbooks like William Hill is that crypto sportsbooks accept and award players with cryptocurrency rather than a fiat balance such as GBP, USD, or EUR for example.
Are there any downsides to placing sports bets with crypto?
Whilst placing bets with cryptocurrency has its perks, there are a few downsides to placing bets in cryptocurrency. One of the main ones is the value of cryptocurrency. When you place sports bet and win, although you may see it as $10 or £10, you’re betting £10 or $10 of the currency you placed it in. For example, if “Bitcoin” was £100, and you placed £10 – you’re placing 0.1 Bitcoin. If this was a 2x payout win – you would get 0.2 Bitcoin. However, if Bitcoin went up to £200 after your bet was placed – you would still own 0.2 BTC, however, the value would double from £10-£20 (after winning) – to £40.
Although this is a good thing, the alternative side is when the value depreciates, and you lose some of the proposed initial winnings. This is common with cryptocurrency but shouldn’t vary too much depending on how much you are betting.
Are there benefits to placing sports bets with crypto?
Although we mentioned the price of crypto can be both a good thing and a bad thing – for the most part – placing bets with cryptocurrency is about equal to normal currencies. The only difference is that your cryptocurrency could make you more money even if your bet isn’t.
Another key benefit to using cryptocurrency whilst placing sports bets is that you can be fully anonymous behind it. Although uncommon, you may have someone who works at the casino you play on, or you might have a public profile with other people who can see what you’re placing bets on.
If you use a crypto sportsbook, and cryptocurrency such as BTC, ETH, or LTC to place your bets – then you’re covering your tracks so people don’t know who you are, or what you’re placing a bet on. This can be good if you want to bet against your favourite teams, but don’t want people to know!
Should I be using crypto to place my sports bets?
In short, the answer should be yes. Cryptocurrency can be beneficial in some cases, but in others not so much. Cryptocurrency in general for gambling is a good idea because of the anonymity as well as key privacy and speed differences between normal currencies.
So in the grand scheme of placing sports bets, and in the casino – using cryptocurrency has more benefits than if you were to not use crypto, so we think you should give it a go! There are plenty of crypto-only casinos that use nothing but cryptocurrency with their players, and some mainstream casinos that have started to accept this form of payment, so we’re sure that you’ll be able to find some that will work for you.
What are the best sportsbook casinos that support crypto deposits?
Crypto betting sites may be hard to come across for a few more years, as some countries don’t always allow regulated crypto casinos to operate in their jurisdiction. For example, in the UK – there are casinos you can use but the way you use them has to be heavily modified when compared to people who play in the same casino, but in the US or mainland Europe.
With that being said, there are a few casinos/sportsbooks that we can recommend that we think you should try, if you’re looking to try out or place some crypto sports bets, like on football.
Stake – is one of the biggest and most prominent cryptocurrency casinos and sportsbooks on the market. Stake has prided itself on having the best slot games, live table games, as well as the best sportsbook covering most football (and most other sports) that happen every single day. Not only this, but Stake offers some of the most extensive bonuses and VIP schemes giving away millions in promotions most days! Stake is one sportsbook we recommend you try when wanting to place bets on football using cryptocurrency. They’re also the most regulated, making them the safest!
RocketPot – is another crypto-only casino which has its roots as a sportsbook. RocketPot is fairly new to the scene but is heavily regulated and available in most countries, including those that Stake doesn’t cover. They have all the typical casino games and slots but also feature a very rich sportsbook allowing you to place bets on all kinds of games from all over the world. Other than Stake, we’re sure they’re up there with the most lines per game for a crypto sportsbook – especially with football.
Overall, crypto casinos in general are safe as long as they are regulated by the crypto gambling authority. In general, as long as the casino you’re playing on is reputable and has the correct licenses – then you’re all good to go!
Sports betting can be fun and placing crypto on sports bets with a reputable casino will be just as good as normal currency if not better!Follow paulmbanks