All You Need to Know About Crypto Betting and Bitcoin Casino

All You Need to Know About Crypto Betting and Bitcoin Casino

Crypto betting and bitcoin casinos are becoming a fast-growing market in the gambling industry. More than before, esports bookmakers and crypto betting sites are accepting deposits in the form of currencies that are available in the crypto market. While you buy bitcoin or any cryptocurrency as an investment or for using them for a particular purpose, crypto betting offers you to do many things without transferring them into fiat currency.

Crypto betting is however different from traditional esports betting where you deposit and withdraw cash. As we know, cryptocurrencies are meme coins and their price fluctuates frequently, this makes crypto betting a bit complicated to understand. There are unique ways that crypto bookmakers follow among which, some may allow you to place bets directly using their own currencies while others may allow depositing currencies from outside. The entire process depends on the crypto betting sites or how you prefer to bet upon.

What is crypto betting?

Betting with cryptocurrencies is crypto betting and is like esports betting, but with meme coins. The winning and losing depends on the matches but the rise and fall of coins value make your overall winning or losing more exciting. Overall, betting with crypto is like playing with a double edge sword. Sometimes, the coin value rises and could multiply your wins while other times you win but your coin value drops severely, thereby making your gains turn into losses. Read below about how crypto betting works.

Is Crypto Sports Betting Legal?

Since crypto betting is part of a newly built decentralised or Web 3.0 product, legality depends strictly according to geographical factors. Every nation follows its own rules and regulations regarding cryptocurrency and whether they allow crypto for betting or not. However, the advantages and popularity of blockchain technology make the public pressurise more government to enable them to bet on crypto platforms easily. To avoid issues in the future, check the legal status of cryptocurrency in your country before betting with it.

What is a Bitcoin Casino?

Just like the name, a bitcoin casino is a place where gamblers use bitcoin for deposits and withdrawals instead of cash in the casino of their choice. Concerning control and anonymity among other elements, using bitcoin and digital currencies is regarded as the safest by many gamblers worldwide. This is the reason many gambling sites are considering bitcoin casinos while operating them just like the regular casino. Some of the advantage bitcoin casinos have over traditional casinos includes:

  • Almost zero fees are levied on deposit and withdrawal transactions.
  • Unlimited free transactions every day.
  • The verification part is minimal to zero.
  • Instant deposit and pay-outs.
  • Player’s identity and funds security.

How does the betting site accept bitcoin and cryptocurrencies?

Deposit in crypto and bet in fiat

Many crypto sites offer players an opportunity to deposit funds in the form of crypto along with payout or withdrawal in cryptocurrency. The sites value the deposit amount and take crypto equivalent to the amount. This method can be a bit tricky and has both ups and downs. In this deposit system, you are generally protected from price swings during betting. While you withdraw your coins, you can reap benefits without much risk. However, you have to rely on the bookmaker’s conversion rate to deposit or withdraw your crypto. Most likely, the bookmakers do not offer a good exchange rate. This means, that when you bet with this system, the exchange rate can lose you a lot of money.

Bets with existing token

The bulk of gamblers seeks and probably prefer this kind of cryptocurrency betting. In this kind of wagering, your cryptocurrency takes the role of fiat money. The coin is used for all transactions: deposits, balance storage by the bookmaker, and pay-outs. Although the price may vary, it will only do so in the same way as it would if you were to hold the cryptocurrency individually rather than from the bookmaker. This system for placing cryptocurrency bets is straightforward and efficient, and it treats the tokens the same as regular money.

With bookmaker tokens

This is yet another form of depositing money in which bookmakers offer their individual currency. You can place a bet using the coin used by the bookmaker only. The owners mint their own currency which you can buy or place a bet with. This process seems quite interesting to many and takes a full approach to utilise the cryptocurrency industry. Though, there are a few cons attached. Firstly, you rely completely on the bookmaker exchange rate. They usually control the coin supply which further affects coin price. It removes decentralised benefits as well which many people seek. With a single entity controlling the flow and exchange, you can become vulnerable to any sudden change made by them.

Difference between crypto betting and esports

Crypto betting is all about placing traditional bets but with cryptocurrency. The betting takes place similarly to events and outcomes. While esports betting is just like traditional sports betting, crypto betting is like esports betting and so on. Bitcoin and other meme coins just add fun to the exciting betting world and prove helpful in many ways. The best crypto betting sites provide you with good exchange rates and esports experience without any hassle.

Bottom line

With so many advantages, it is feasible that crypto betting and blockchain usage will grow in the gambling industry. And with the emergence of virtual reality, we can expect a rise in bitcoin casinos where players will be able to play from the comfort of their own homes. There is a strong outcry for more VR-based games along with esports games that can be played with cryptocurrencies, mainly due to a decrease in land-based casinos. On top of that, the added security and minimum identity make players feel more at ease as the chances of hacking and theft are minimised. Therefore, crypto betting is growing and becoming a preferred choice for many bettors and will continue to expand in forthcoming years.

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