How to Use Bitcoin for Crypto Sports Betting
Nowadays, sports betting has become almost synonymous with sports viewing as a form of entertainment. According to recent findings from Grand View Research, the global sports betting market accounted for $83.65 billion in 2022, with market researchers expecting a compound annual growth rate of 10.3% from 2023 to 2030.
Part of the reason for this uptick in market growth includes positive shifts in regulation and legalization and the rise of digital devices. Similarly, the rise of live sporting activities worldwide is fueling even more growth.
In 2023, Kentucky, Maine, Massachusetts, Nebraska, and Ohio contributed $1.49 billion in sports betting revenue. The five states only passed gaming laws in 2023, and the American Gaming Association (AGA) stated they have yet to include the most recent data from Kentucky and Arizona, indicating that numbers will likely rise.
As sports betting continues to gain popularity, digital innovations will transform this rapidly growing industry. One of the key digital developments impacting sports betting right now is cryptocurrency and blockchain.
Currently, crypto sports betting has become a much more viable option for bettors seeking alternatives to using fiat currency. Below, we’ll take a closer look at the rise of crypto sports betting and share some tips for doing so:
The Rise of Crypto Sports Betting
In recent years, cryptocurrency sports betting has become a more secure and anonymous alternative to its traditional counterpart. In a study on blockchain use cases in the sports industry, researchers proposed 10 different use cases for blockchain technology. The intersection of sports and technology was initially geared towards improving athletes’ performance.
At the same time, researchers note that sports tech can also impact a variety of other aspects of the sports industry, including broadcasting, sponsorship, event management, and fan interaction. Thus far, researchers propose using blockchain for athletes’ data management, sports finance, and crowdfunding. Other application suggestions include sports gambling, esports, and sports copyright protection.
Nowadays, many online betting platforms and websites allow users to use cryptocurrency when placing their bets. For one, crypto sports betting offers better efficiency in terms of withdrawals. Whereas traditional sports betting may require users to wait to get their winnings, crypto sports betting ensures quick transactions and payouts. Similarly, crypto betting for sports also offers minimal fees compared to traditional betting.
Cryptocurrency betting has become a popular option due to the increase in privacy and anonymity, which can help protect any sensitive information as well as your bets. As you can see, there are lots of benefits to trying out crypto sports betting if you’re an avid sports viewer and are confident in your ability to analyze the odds. So, below we’ll be sharing some tips for using Bitcoin for crypto sports betting:
Choosing a Reputable Platform to Bet On
It’s important to remember that, while crypto betting offers a variety of advantages over fiat and traditional currency, it’s still important to bet your cryptocurrencies safely and on a reputable platform. Fortunately, most major platforms support secure crypto sports betting across various professional sports leagues. Currently, online betting platform Thunderpick offers a variety of betting lines and odds for sports from soccer, basketball, American football, and baseball, all the way to darts, handball, snooker, and table tennis.
More importantly, Thunderpick also heavily supports bets and payouts in a variety of cryptocurrencies. This includes major coins like Bitcoin, Ethereum, and Litecoin. As mentioned above, Thunderpick also offers benefits such as anonymity and lower fees. On the betting platform, users can follow their favorite teams and players to receive real-time updates on their results and keep track of upcoming matches or tournaments to potentially bet on. Other cryptocurrencies supported on Thunderpick include Bitcoin Cash, Binance Coin, TRON, Dogecoin, and many more.
Setting up a reliable cryptocurrency wallet
Just as there are lots of crypto betting platforms available today, there are also a variety of cryptocurrency wallets and providers on the market. It’s important that you go with a reliable company or brand to ensure your finances stay safe. Different crypto wallet options on the market offer their own unique features and security protocols which may be better suited to specific needs and preferences. Crypto wallets may also differ in device availability. While some wallets may be available on desktop and mobile, some are more device-exclusive, so choose accordingly.
When looking through wallet options, you’ll also want to look at cash-in and withdrawal options. Crypto sports betting can be considerably fast-paced, depending on the sport you follow. Therefore, making sure you can cash in and withdraw with as few restrictions and time limits as possible can help improve the betting experience. In a previous post, we highlighted how to send Bitcoin from the fintech app PayPal to your external wallets and exchanges. This is a crucial step in your crypto sports betting journey as this allows you to convert your fiat currency to the crypto you want. This will also help you easily withdraw your winnings and payouts, converting them from crypto to fiat whenever you need to.
Keeping Records of Your Bets
Finally, another important tip for crypto sports betting is to actively record your bets. As mentioned above, sports betting can be incredibly fast-paced, especially if you follow different professional leagues or sports all at the same time. Thus, it can be easy to lose track of previous bets, losses, and winnings. However, experts believe that keeping track of your bets can help improve your betting journey in the long run.
Yahoo! Finance’s insights on how to keep track of your wagers explain that this can be as simple as using finance apps or a simple spreadsheet. What’s important is that you maintain a log that is as easy as possible for you to manage.
If you follow a variety of sports or leagues, you can create a separate tab for each league, whether the NFL, NCAAF, ATP, or PGA. You should also separate your columns based on the type of wager, from scores and match outcomes to over/under. Your betting log should be updated daily or every time a wager is made. You can also include notes when you notice significant patterns, like what kind of betting lines or odds you tend to win more on, so you can work on cutting your losses with future bets.
