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What are cryptocurrency bets like?
Bets with cryptocurrencies do not differ from bets paid with other payment methods except in the payment method itself. It is a difference on the choice of payment method and not on the betting model that is the same. Instead of making bets with euros, you will make them with cryptocurrencies.
How payments are made with cryptocurrencies for bets
Although eventually each bookmaker can modify the deposit method, payments with cryptocurrencies to place bets go through depositing the cryptocurrency in the account of the platform where the bet is going to be made.
Different methods are likely to be offered for this, but all should more or less follow these steps:
Select add a payment method and choose cryptocurrency.
Select the deposit amount:
Option 1: an address is obtained that, from the digital wallet, is used to send cryptocurrency.
Option 2: a provided QR code is used that is scanned from the very exchange platform in which the cryptocurrencies are traded.
Confirm the operation.
Although in some cases the steps may be different, they are all oriented to the same function: to make a previous deposit in the bookmaker’s account before starting to operate. If, for example, you make a deposit in Bitcoin, the exchange rate in force at the time of the transaction will be applied, and to the currency chosen as usual within the bookmaker.
Where can you place sports bets with cryptocurrencies?
To find out if a bookmaker accepts cryptocurrencies as a payment method, you should go to the information area of its web platform (or frequently asked questions) and consult the payment methods. In some cases, only Bitcoin will be accepted as the only cryptocurrency, in other cases there are platforms that accept more than twenty cryptocurrencies to make deposits and operate with sports bets.
Currently, the most well-known bookmakers do not accept payment with cryptocurrencies. However, this is opening up an opportunity in the market, and small bookmakers that do allow it are gaining ground in this regard. Some online bookmakers that allow you to bet with Bitcoins are:
1xBit
CloudBet
Stake (also accepts Ethereum)
Fortune Jack
Sportsbet.io (accepts even other cryptocurrencies)
Why cryptocurrency betting is chosen
Cryptocurrencies are becoming more and more openly accepted as a payment method. In this context, it is logical that they have also reached sports betting.
It is a flexible, fast payment method with lower average commissions than other types of payment. Furthermore, cryptocurrencies offer superior privacy than other methods.
On the other side of the scale, the fluctuations and vulnerability of cryptocurrencies make their full implementation difficult. This privacy can also become a disadvantage, since bookmakers need to control the personal data of those who bet on their platforms.