How to Get Started with Crypto Sports Betting: A Beginner’s Guide
Using traditional payment methods like bank transfers and cards have a lot of restrictions both for users and sportsbooks/casinos. If you deposit using bank transfers, there is a chance that there may be network issues. Not to mention the regional laws that allow banks to reject your gambling-related transactions.
This is why a lot of sports betting platforms have introduced the use of cryptocurrencies for sports betting. When it comes to crypto sports betting, think of faster transactions, low fees, and anonymity. But where do you start? Here is a step-by-step guide on how to start crypto betting and leverage all the benefits it offers.
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Choose a Reliable Crypto Wallet
A crypto wallet is where you store your cryptocurrency, and it is similar to how your regular wallet holds cash. Picking the right wallet is an important first step because it makes sure that your money is safe and easy to access.
You can choose from two main types of wallets: Hot Wallets (online wallets) and Cold Wallets (offline wallets).The Hot Wallets are connected to the internet and are usually in the form of apps on your phone or website. Some examples of reputable hot wallets are MetaMask, Trust Wallet, and Coinbase Wallet.
They are the most ideal wallets for crypto sports betting because they are perfect for making frequent transactions as it is always online. Before picking a Hot Wallet make sure to read reviews about it, and confirm that it supports the specific cryptocurrency you would like to use.
Once you have a wallet, you will need to buy some cryptocurrency before you can start betting. Here is a step-by-step guide on how to do it;
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Step 1: Choose a Crypto Exchange
A crypto exchange is like a marketplace where you can buy and sell cryptocurrencies using regular money like dollars or euros. Some popular exchanges include Binance, Coinbase, Kraken, and Crypto.com. Choose a reputable exchange that has strong security features and good customer reviews.
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Step 2: Create an Account
Sign up on the exchange by providing some basic information like your email and password. Most exchanges will require you to complete some form of identity verification before you can start buying cryptocurrency.
Once your account is set up, add money into your exchange account using any of the available payment options you're comfortable with. Be sure to check the deposit fees and processing time of each payment option before settling for any.
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Step 4: Buy Cryptocurrency
After depositing funds into your account, go to the “buy” section of the crypto exchange. Then choose the cryptocurrency you want to buy, such as Litecoin (LTC) or Ethereum (ETH).
Enter the amount you want to buy, cross-check the transaction details, and confirm it. The crypto you bought will then appear in your exchange wallet.
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Step 5: Transfer Crypto to Your Wallet
To do this, copy your wallet's address and use it to withdraw the crypto from the exchange to your wallet. Recheck the wallet address before confirming the transaction, as you cannot undo any mistake you make.
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Find the Best Crypto Sports Betting Site
Not all crypto sports betting sites are created equal, so choosing a trustworthy one is important. To choose the best crypto sports betting sites.
- Read reviews on reliable sites like Trust pilot and see what other users are saying about their experiences.
- Check whether the site has valid licensing and is well-regulated. A license from a known gambling authority like Malta Gaming Authority or Curacao Gaming can provide an extra layer of trust.
- Make sure the site uses SSL encryption to protect your data and money. Also confirm that it supports the cryptocurrency you have in your wallet.
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Deposit Cryptocurrency Into Your Betting Account
Now that you have found a good site and created an account, transfer some of your crypto to your betting account. Here's how to go about it:
- Login to the betting site: Login to your crypto sports betting site account, and go to the” deposit” section on your homepage.
- Select your cryptocurrency: Choose the cryptocurrency you want to deposit. Then the betting site will give you a unique wallet address for deposits.
- Transfer funds from your wallet: Copy the wallet address provided by the betting site. Open your crypto wallet, select the option to send funds, and paste the betting site's address. Enter the amount you want to deposit and double-check that the address is correct. Then, confirm the transaction.
Once it is confirmed, the funds will appear in your betting account, and you will be ready to bet on your favorite sports.
With funds in your account, you're ready to start betting. Go to the home page on the crypto betting site and select the sports or game you want to bet on. Then, choose your wager amount and enter the amount of cryptocurrency you want to bet on.
The site will show you your potential payout. Review everything and confirm your bet. Before placing a bet, make sure you understand the odds. Odds tell you how much you can win if your bet is successful.
Becoming a Pro at Crypto Sports Betting
Crypto sports betting might feel overwhelming, but with the right approach, it can be an exciting and rewarding journey. By choosing a reliable wallet, picking a trusted betting site, and making secure deposits, you're well on your way.
Don't forget to research thoroughly before placing your first bet. As you get more comfortable, you'll start to see the advantages of using crypto, such as faster transactions, better privacy, and more flexibility. With practice and a little patience, you can become a pro at navigating the crypto sports betting scene.
