Step-to-Step guide: How to place sports bets using cryptocurrency?

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Cryptocurrencies like bitcoin are getting very popular among the masses. Many people have started to use it in place of traditional currencies. As the popularity of cryptocurrencies grows, more and more sports bookmakers have begun to accept it as a mode of payment.  Intrigued? Want to know how to use crypto for online sports betting? It is much simpler than you think. In this article, we will discuss this in great detail. 

Five easy steps to start betting on sports using cryptocurrency

STEP 1:

The first step is to choose a bookmaker that accepts cryptocurrency as a mode of payment. To register with a bookmaker, you need elementary information like your phone number, email, name and password. The registration process of these bookmakers is similar to the traditional ones, so we will not waste time explaining that. Just make sure that the bookmaker you choose offers an excellent bonus for new players. That way, you can win big with fewer risks. If you struggle to find one, you may visit the Stake.com bonus code page to find a code that will give you the best bonuses for sports betting.

STEP 2:

Before you start your sports betting journey on your new account, you need to load some crypto coins into your account to place bets. To do this, first choose the cryptocurrency you want to use; let us take Bitcoins, for example. Now copy the Bitcoin address from the bookmaker website. The next thing you need to do is, go to your crypto wallet. Again, let us take Coinbase as an example. When you visit your crypto wallet, you need to click on the “Send/Request” and then paste the link you copied from the bookmaker there to send the desired amount of money from it. The rest of the process is similar to the online payment system that we use every day, so we will not go into details. Now that you have money, you can start placing your bets on sports. This takes us to our next step:

STEP 3:

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Your third step should be choosing a market and placing a bet. The positive news is that this is quite a simple step. If you know the basics of betting on sports already, this will be very easy for you. The working of a crypto bookmaker is no different than traditional online sportsbooks. When you open one, you will find a list of sports and events on their website to bet on. Just choose the one you find most beneficial for you, and then you will be redirected to a page with all the market and odds. After that, you can place your bets and start winning.

STEP 4:

Now that you have place bets and won some money, you must wonder how I get my money out of this bookmaker account. Or maybe you have some bitcoins left in your account after placing a bet, so you might want to get them back to your crypto wallet. These all fall under the section of withdrawing from a bookmaker. To do that, you have to repeat the similar process you did to deposit the crypto. First, locate the Crypto address in your crypto wallet. Now you need to copy it and then paste it into the bookmaker’s website. Next, you will need to paste it into a withdrawal form in the cashier section of the sports bookmaker. Now input the amount you need to withdraw, and voila, you have your money in your wallet.

STEP 5:

The final step is to cash in your crypto coins, such as Bitcoin, from your crypto wallet. You can do it by selling the coins you own and transferring the money to your bank account. You can do this by visiting the Sell section of your wallet. This process is universal for all types of crypto wallets. After clicking on the sell button you can input the number of coins you want to liquidate. After it turns into a traditional currency such as dollars, euros, pounds, etc., it will get automatically transferred to your linked bank account. 

Conclusion

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Betting with crypto is still in its early stages of implementation. It is hard and complicated to use, especially for the older generation. So adopting it just like the other traditional currencies is a far-fetched dream. But we are definitely moving towards that goal by being able to place bets on sports using cryptocurrencies.

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Rahul Roy
I am a computer guy by profession and a sports fanatic by choice.

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