Understanding Crypto Sports Betting: Delving Deeper Into How It Works

Crypto sports betting, in many ways, is no different from any other form of betting where you place your bet on a specific match, league, or tournament. However, there is a critical difference in the payment methods, as cryptocurrencies like Bitcoin, Litecoin, Ethereum, and others are used to place bets. Betting with crypto offers enhanced security and cost efficiency compared to conventional payment methods. This is the most significant reason gamblers are flocking to crypto.

In the current landscape, bookmakers and betting brokerages have swiftly embraced cryptocurrencies, facilitating lightning-fast transactions for passionate sports enthusiasts. If you’re in Asia and keen on utilizing your crypto assets, you can visit Betinasia or even Bet on Black.

How Sports Betting Sites Process Crypto Betting

The sports betting sites that offer crypto betting do so in one of two ways: bitcoin betting or betting with different tokens. Also, some platforms exclusively accept cryptocurrencies as deposit currencies, which they convert to fiat equivalents in your betting balance. These are the main ways bookies let you bet using cryptocurrency: 

1. Deposit in Crypto, Bet in Fiat: Some crypto sports betting sites treat crypto as a money-adding method, converting it to fiat equivalents in your account. While it protects you from crypto price fluctuations, it also ties you to the bookmaker’s conversion rate. This method’s downside often lies in unfavorable exchange rates, potentially causing significant losses when changing currencies. 
2. Using Existing Tokens: This crypto-betting approach is straightforward and highly sought after. Here, your crypto becomes your betting currency. You deposit in crypto, the bookmaker maintains your balance in crypto, and payouts are also in crypto. While prices may fluctuate, they only change as they would if you were holding the crypto outside the bookmaker. 
3. Bet Using the Bookmaker’s Tokens:  Here, bookmakers offer a unique betting experience using their tokens. These exclusive cryptocurrencies are minted by the bookmaker and used solely for betting. While engaging, it relies on the bookmaker’s rates and centralized supply and lacks the appeal of decentralization. It’s an engaging form of crypto betting but shares similar downsides to converting crypto within a bookmaker.

Available Betting Markets and Options in Crypto Sports Betting

There is little to no difference between the sports you can bet on at a crypto sportsbook and those available at a fiat bookmaker. That means you have access to popular options like football, basketball, tennis, and even niche sports.

Just like traditional sportsbooks, crypto betting sites offer standard markets such as moneyline, point spread, and totals (over/under). These are the bread and butter of sports betting, allowing you to wager on the outcome of a game, the point difference, or the total points scored.

Also, crypto bookies allow for real-time or in-play betting. This means you can place bets on games as they happen, adjusting your wagers based on live game developments. It adds an exhilarating layer to the betting experience, with odds updating rapidly as the game unfolds.

For those who enjoy a more nuanced approach, crypto sportsbooks offer an array of prop bets (proposition bets) and futures. 

Conclusion

The future of crypto sports betting is bright as more players embrace what cryptocurrencies offer. While one of the biggest advantages is reduced transaction fees, it’s also great to see that bookies in the crypto space do not cut corners when it comes to the betting options they provide.