Crypto betting. The new age. 🙂 The exponential growth of Bitcoin and the cryptocurrency sphere has been remarkable to watch over the past few years, and it is quite certain that the blockchain technology will not go away anytime soon.
Financial markets have taken note, and the sports betting industry makes no exception. There are now many Sportsbooks (1, 2) where you can bet with Bitcoin and other cryptocurrencies, some of them being exclusively dedicated to gambling with these digital currencies.
This aims to be a quick guide to get you familiar with Crypto betting.
The advantages of betting with cryptocurrencies are clear: privacy, anonymity, speed, taxes. Other perks derive from these. Among them: higher odds (as bookies save on taxes), almost no country restrictions or not being limited (since you give away no personal information). Are you interested? Let’s get you started.
How to buy cryptocurrency?
The first thing you want to do is create an account with a CryptoCurrency exchange. The best option would probably be Coinbase: it’s by far the most beginner-friendly and it’s a public company, making it more trustworthy. There are other good options like Binance or Kraken, but they’re a bit more difficult for novices, so we’ll stick with Coinbase for exemplification.
You will have to sign up and undergo a process of verification and you’ll have to send a few documents (Id, Bank Statement) in order to get fully verified. You will then have access to a wallet for every cryptocurrency and you will be able to buy, sell, send and receive.
Hint: When you buy / sell / deposit, you will want to use Coinbase PRO, it is MUCH cheaper. It has a shared account with Coinbase, so you don’t have to create another one, and you can instantly transfer funds from Coinbase to Coinbase Pro (and vice-versa) for free. You want to use Coinbase Pro both for trading and for depositing funds. It’s much cheaper to make a Sepa Bank Transfer to Coinbase Pro than it is to buy with Credit Card on Coinbase.
Purchasing on Coinbase with credit card is really quick and easy, so you don’t need any help for that, but I want to show you how to buy on Coinbase Pro. In the first image you see part of their interface, including the buy / sell area. There’s also a deposit button. Follow these steps: Deposit – Eur – SEPA Transfer – Default Portfolio. You will be prompted with a list of bank details and a reference number. Make a bank transfer with those details, and funds should arrive either instantly or in 1-3 working days, depending on your bank. Revolut is instant. My bank too two days. DO NOT forget to add the reference number, that’s your unique identification, and to have a bank account in EUR, that’s also important (for Coinbase).
From the “Deposit” button you can also add your funds to CoinbasePro from Coinbase. And then you can withdraw them back from the “Withdraw” button, which is also visible in the image.
How to bet with cryptocurrency?
Obviously, you need to open account with a Crypto Sportsbook. We recommend 1xBit. Registration is instant. You just have to click ‘Register’ (and enter our bonus code 125WB, so you can get a 125% bonus up to 7BTC). Nothing else is required, although you’ll probably want to enter your e-mail / phone number for backup in case you forget your account number.
For the following exemplification we will work with Coinbase and 1xBit, but the procedure is the same no matter what exchange / bookmaker you are using.
Go to the deposit area at your bookmaker, choose the cryptocurrency you want to deposit in, and you will be given an “address” (a group of characters). Go to your exchange, find the “Send” tab, choose the type of cryptocurrency to send, paste that address in the required field, choose an amount and click send / continue. Make sure to send the proper crypto (not send Bitcoin to an Ethereum address), otherwise the funds will be lost.
Depending on the cryptocurrency you use, funds should be in your account between a second and an hour. I’m guessing you don’t need a guide about the betting part (the currency is all that’s different), so let’s get to withdrawal.
The process is similar, just in reverse. Go to your Crypto exchange and look for the “Receive” Tab. Select the cryptocurency you want to receive, then copy the address you are given. Go to 1xBit (or your bookie’s) withdrawal section, select the type of cryptocurrency you want to withdraw, and paste your address. That’s it. Funds available between a second and an hour, depending on the coin you used. Again, make sure to withdraw and receive the same currency!
That’s all there is to it, really. Is Cryptocurrency and Bitcoin betting for you? There’s only one person who can decide that. We only recommend that you be careful and not jump in head first. For all the advantages of Crypto betting, the downside is that the market is not exactly regulated – and that has its rewards, but also its risks.