The concept of sports betting has close ties with the slang term ‘quick money’, which in turn kept this idea a topic of growing interest in terms of investment. Although some consider betting to be a gamble, it is generally considered a business with the right homework, set of data and a predilection towards prediction. Sports betting, in a level of investment, generally includes several popular sports spanning from horse races to football games. But it is not limited to only sports as it is commonly believed, because people tend to bet on anything with odds and probabilities, for example even political events like elections.
What Is Crypto Sports Betting?
Crypto betting is an efficient and less risky way of carrying out sports betting. More than in any other field, cryptocurrencies perform well in gambling and sports betting with more than 60% of the crypto users actively participating. It has been gaining momentum in these fields in recent times due to its disposition towards anonymity and assurance of tax-efficient transactions. With the number of sites accepting crypto betting increasing, the users are provided with an alternate way towards a safe and beneficial betting environment.
Is Crypto Sports Betting Legal?
The idea of betting itself has a controversial overtone due to the social and cultural complications that differ from one country to another. For the same reason, while several countries have banned betting altogether, some keep it legal with the intention of regulating the operations. As far as Crypto betting is considered, no law deems it illegal. However, it still does not mean Crypto betting is a legal tender. The US citizens currently cannot bet with cryptocurrency on sites located within the country. Yet, the global network of nodes in crypto transactions makes overseas betting as much easier as domestic betting.
How to Bet With Cryptocurrency on Sports?
Crypto betting is very similar to investments, so it essentially involves all the steps necessary for any investment. The trickiest part in Crypto betting is finding the right bookmaker that meets the needs of the user. However, the entire network of Crypto betting works on a profit-based system, so it is advisable to look for a site that is well aware of the market changes of cryptocurrencies.
Once finding the right bookmaker, the user needs to open an account on their site. It is very important to check whether the bookmaker accepts the kind of cryptocurrency the user wants to bet with. An e-wallet needs to set up crypto transactions between the bookmaker and the user accounts. Cryptocurrencies can be bought using credit or debit cards at the exchange rate of the day of purchase to fund the e-wallet. The crypto transactions are just like any other form of transaction, only that it is a much more efficient and cheaper alternative to them. After completing all steps above, the users will be able to place bets on any sports as offered on the site of the bookmaker.
Benefits of Betting With Crypto
Although a vast majority of the bookmakers currently do not accept cryptocurrency, it is emboldening to see sites emerging solely for Crypto sports betting. As these sites are newly emerging, for promotional reasons, they offer profitable schemes and given the growth rate of cryptocurrencies such a profit is only imaginable in a normal betting environment. Furthermore, due to the instability of cryptocurrencies, the betting limits are far better, yielding a good amount of money in bettings.
With Crypto betting, a user is allowed to keep their anonymity which would greatly impact the tax deduction from the winning money. Crypto betting also allows the user to invest a currency that might be forbidden in the country the bet takes place. One can easily exchange the amount of money for a cryptocurrency at the exchange rate of that particular day. Moreover, the exchange of currencies is carried out only for a nominal rate compared to how much the banks or any federal body would charge for such conversion.
With everything being said, it does not mean that crypto betting is without any negative aspects. Cryptocurrency is unstable and has a flowing value, unlike normal currencies. So, one has to think more like an investor when it comes to crypto betting. The users have to keep up with the latest news and developments in the field of cryptocurrency to thrive and make a profit. Additionally, with the established sites still not accepting cryptocurrency as a standard method of payment, the users have not much choice but to rely on the newly emerged sites. The lack of means to verify these small sites may lead to fraudulent activities and crypto betting becoming unreliable. And it might be hard for these small establishments to withhold the fluctuations of cryptocurrency.