Using bitcoins in sports betting

Benefits of Using Bitcoins in Sports Betting

Sportsbooks hustle to provide players with convenient deposit alternatives, engaging bonuses, and promotions. Likewise, they offer promising odds in some way to attract more players on their online betting sites. Using bitcoins in sports betting is the latest trend and offers great benefits to the users.

Regardless if the players have several years of using bitcoins in sports betting or not, the particularity of the game remains the same. You must play only with the money you’re willing to lose. Moreover, you have to manage your budget, consider the odds, and choose the winning team. 

Why Most Bettors are Using Bitcoins in Sports Betting?

Most bettors are using bitcoins in sports betting due to the several advantages it provides. There is no need for a central authority to be in charge of the cryptocurrency. It means that the player is the banker himself and has control over it. Besides, there is no need to register just to access the bitcoin network. 

At the same time, exchanges require interconnection, when it’s possible to obtain bitcoins privately. You can transfer them straight to a sportsbook. Crypto sports betting, by the way, don’t accept cash deposits without involving a third-party.  

Now, let’s go to the disadvantaged part. The bitcoin network offers no customer support of any kind. You can no longer take back the cryptocurrency sent to the wrong address unless the recipient is willing to send it back. Another thing is, there is a higher fee when buying a bitcoin using a credit card.  Higher fees can be frustrating, however, it’s still manageable compared to banks and credit card issuers. 

Betting websites that accept bitcoins enable players to keep betting on their favorite games and sports events. It protects bettors from the 30% to 40% volatility in price that virtual currencies usually deal with. 

Most sportsbooks that accept bitcoins as payments or deposits also protect their players from price fluctuations. Another good thing about using bitcoins in sports betting as deposits is the huge payout which sometimes reaches 200%. You might likewise get a free bet every now and then as a gratitude for using bitcoins in sports betting.

Depositing and Withdrawing Cryptocurrencies

Using bitcoins in sports betting as deposits are effortless. You just need to buy digital currency if you don’t have one yet. In case you already have it, you can start transferring the amount needed to the bookmaker’s crypto wallet address. 

A crypto wallet address is a link of long alphanumeric characters that distinguish both the sender and receiver of the coins. It costs only a few cents for the transaction which takes a few seconds to 20 minutes before it reflects on the bookmaker’s end. This can be carried out using your mobile apps or websites with your smartphone, tablet, desktop, or laptop. 

Additionally, cryptocurrency trades to 12 decimal places compared to traditional currencies that trade to 2. This shows that completing a Bitcoin transaction costs less than a penny. Even so, bitcoin betting sites usually convert cryptocurrency into dollars. Besides, players are also entitled to minimums and maximums in terms of deposits and bets.

Using bitcoins in sports betting

Fundamentals of Using Bitcoins

Before placing your bets with cryptocurrency, it’s imperative to know the basics of using bitcoins in sports betting. Equally important are the options available online.

Even if you can make various kinds of bets, there are quite a few types of accounts most players make at a sportsbook. Below are the most common cryptocurrency betting types that gamblers used to make:

  • PROPOSITION BETTING

This is also known as prop betting. The result of a prop bet doesn’t rely on the outcome of the game itself. It depends on the development of a particular event in the game. There are instances it might appear the same with future bets. The difference between the 2 is, prop bets are bets on an individual player or certain event.   

  • PARLAY BETTING

Parlay betting allows players to combine their bets to increase the payout on a win. The majority of the sportsbooks ask at least 3 selections to place a parlay-style bet. One advantage of using this type of bet is a bigger payout. However, all bets on a parlay card should win to get the payout. It is profitable when you win 5 out of 6 bets as single moneyline wagers but is a loss in terms of parlay betting.

  • MONEYLINE

Moneyline is the most explicit way to get in the game. You’ll receive a payout straightly subjected to the possibility of a given event happening. Sportsbook usually presents these odds as fractions, decimals, or American odds. 

They fuse their profits in the odds according to the betting patterns of their players in the sports betting industry. It’s the reason why an even odds wager generally pays out a bit less than what the wager is worth. 

  • FUTURES BET

It’s a bet made on an event or series created for some time in the future. The majority of futures bets are associated to winning championships. However, this bet can be established on almost anything such as the winning political candidate. The oddsmaker sets the odds depending on the probable outcomes. 

  • POINT SPREAD

This is all about betting on events with even odds. It means that the favorite needs to win by a provided margin or more. The underdog, on the other hand, has to lose by the given margin or less. 

IDSCA Bookie Software at Your Service

IDSCA stands for International Data Solutions and is a leading pay per head service in the sports betting industry. Most sportsbooks use the state-of-the-art bookie software it provides that makes it possible for sportsbooks and players to use bitcoins.

Do not hesitate to become a profitable sportsbook agent today. Take advantage of the different and awesome features of their bookie software. Do not hesitate to become and call (866) 225-5437 and sign up now.