Using Cryptocurrencies in Sports Betting

Using Cryptocurrencies in Sports Betting

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Using cryptocurrencies in sports betting has been proved to be beneficial to players. Kate Richardson and other sports betting pundits are in agreement that punters stand to gain when they use bitcoin and other cryptocurrencies to wager on their favorite sites. Kate Richardson has been reviewing sports betting sites and she concludes that security, anonymity, higher deposit limits, and low transaction fees are some of the benefits that punters will get in sites that accept cryptocurrencies. With the growth of crypto sports betting, Kate Richardson encourages punters to familiarize themselves with cryptocurrencies and how they can use digital wallets in their betting endeavors.

If you are interested in reading Kate Richardson’s review on crypto betting sites, see her profile here. In the meantime, for those who are not familiar with how to use cryptocurrencies in sports betting, we will provide a brief on how to go about it, that is the process of getting the digital currency into your sportsbook’s account.

Ignore the myths and dive in

Forget about all the myths that you may have heard about Bitcoin and other cryptocurrencies. These digital currencies are safe and secure. They are also here to stay. So, if we are not using it, we better start getting some information on how we can benefit from the cryptocurrencies, especially in our betting endeavors.

For starters, you will need to identify sportsbooks that accept cryptocurrencies. That’s not all, you also need to find out which cryptocurrencies are accepted on a given site. There are hundreds of cryptocurrencies out there, so getting some details on what you can use and where is important.

Here are the steps that you need to follow:

  • Sign up at your selected bookmaker
  • Set up a crypto wallet
  • Establish an account
  • Send a cryptocurrency wallet
  • Deposit into your account

Creating an account

This involves selecting one of the bookmakers that accept cryptocurrencies and follow the stipulated procedure. In the process select a cryptocurrency such as Bitcoin as one of the payment options, where you will be presented with an address or QR code. You will use the details to make a bitcoin transaction.

Cryptocurrency wallet

If you do not have one already you need to set up a cryptocurrency wallet. There are several that you can open, just familiarize yourself with the available options. This is where you will be safely keeping your cryptocurrency.

Buy Cryptocurrency

Once you have a wallet you can buy, sell or transfer cryptocurrency. At this juncture, you will need to fund your account with cryptos that you can use in your betting platform. To do this you will need a cryptocurrency exchange platform such as Binance, LocalBitcoins, or Coinbase among others.

Using the exchange, you can buy cryptocurrencies following the procedure that is stipulated in your exchange platform of choice. For safe custody, the cryptos need to be sent into your wallet. This is where you will get the money to fund your crypto sports betting site.

Send the cryptos to your sportsbook

To use the cryptos to bet, you will need to complete the process by sending the digital currency to your sports betting site. Although you will be required to provide some details for verification purposes the deposit process is simple and straightforward.

Now that you have cryptos in your sports betting account, use the funds to wager on your favorite games.