With the proliferation of legalized sports gambling in the United States, it's never been easier for gamblers to lay action with a sportsbook. Online sportsbooks run by casinos and large commercial books now dominate the betting market.
They have their advantages. With a few finger swipes, a player can lay money on a nine-leg parlay from their couch.
They also have their disadvantages. Hit big, and your money may take five days to show up in your bank account.
As Bitcoin and cryptocurrency grow in popularity, betting with it may be the best way for sports gamblers to ensure safety and swift transactions.
Sportsbook betting with Bitcoin doesn't change the rules of the game, though. Whether you're laying cryptocurrency and cash, you want to win. Check out our five tips for Bitcoin gambling success.
1. Use Market Volatility to Your Advantage
Because Bitcoin isn't a fiat currency or money issued by a centralized government, the market value fluctuates with high peaks and low valleys. This may feel dangerous to gamblers, but you can use this volatile marketplace to your advantage.
Understand that when betting with Bitcoin, you're not only gambling on a football game, you're betting on the future market value.
Let's explain. Most reputable sportsbooks that accept Bitcoin convert your deposit into American dollars. Upon withdrawal, that money is then converted back to Bitcoin at current market value. They do this to stabilize your deposit.
If you invest in Bitcoin at a low market value, you get more. Purchasing Bitcoin at a market high means you get less.
Your deposit strategy needs to be the opposite. If you deposit your Bitcoin at an online casino when the value is at a high, thanks to that conversion, your deposit will be larger.
This means you'll have more money to bet, and like anything else, you need money to make money.
Since your US Dollar amount is re-converted into Bitcoin upon withdrawal, doing so at a market low means more Bitcoin. If you withdraw at low market value, you're betting on the price rising again.
When it does, you can re-deposit or sell your Bitcoin off for serious money.
2. Understand the Rules
If you're thinking about gambling with Bitcoin, you must learn how to gamble on sports. While your best Bitcoin strategy is more involved than betting with government-backed money, the rules of the game remain consistent.
When betting sportsbooks, you need to comprehend the basic terminology to win. Sports gambling can be a lot more complicated than people think.
Though the esoteric aspects of betting are important, they all revolve around three basic bets. These examples use US Dollar amounts because your Bitcoin will convert to these units upon deposit.
Betting on the Moneyline is a bet on a team to win by any amount. We'll use a real-life example of an upcoming football game between San Diego and Buffalo. The sportsbook has San Diego +125 and Buffalo at -141.
A '+' means San Diego is the underdog, while a '-' indicates Buffalo as the favorite. If you bet $100 on San Diego, you'll win $125. However, if you bet on Buffalo this way, you lay $141 for $100.
Spread bets add another complicated layer to gambling. With a spread bet, you bet on a team, but to cash, they must win by a certain amount of points. On the flip side, you can win on a losing team if they lose by less than that amount.
Let's build on the above example. The book lists San Diego +2.5, while they place Buffalo at -2.5. The '2.5' is the spread. This means if you place a bet on Buffalo to win as the favorite, they must win by more than 2.5 points for you to cash.
Should you bet on San Diego, you win if San Diego wins the game or loses by less than 2.5 points.
This is a bet you place on the combined total score of the game.
Using the above example, the book set the number at 47.5. If you bet on the over, you win if San Diego and Buffalo combine for more than 47.5 points.
If you bet the under, you win if both teams combine to score less.
3. Use Your Anonymity
Sports gambling isn't a profitable business by accident. If you're a skilled gambler who bets big money, you may find you have trouble placing bets at traditional casinos or online sportsbooks.
These businesses watch every dollar they pay out and who it goes to. If you're good, they'll limit how much you can bet. If you're exceptional, you might lose your gambling privileges completely.
Since Bitcoin is mostly anonymous, you can use it to place really big bets you otherwise couldn't.
4. Take Advantage of Fast Transactions
Professional gamblers play multiple sportsbooks for a simple reason. They offer different numbers. It's a basic betting strategy. Find the number you like and hit it.
This gives you the flexibility to find the numbers you want to play at multiple sportsbooks. If one sportsbook has San Diego at +2.5, but another has them at +3, instantaneous withdrawal and deposit allow you to take advantage.
5. Bonus Bonus Bonus
Sportsbooks love to offer bonuses to encourage play. Bitcoin sportsbooks are no different. To get more, search for deposit bonuses and frequent player bonuses.
Many casinos who offer Bitcoin play prefer it to cash play. The transactions are easier and the market fluctuates. Because of this, many online sportsbooks offer Crypto reload bonuses that give you free money each time you deposit.
Bitcoin Sportsbook Betting
Bitcoin sportsbook betting is the future. With fast transaction times and a decentralized currency market, many sportsbooks and gamblers now turn to Bitcoin for profit.
To be successful, learning how to use the Bitcoin market to your advantage is as important as knowing the rules of sports betting. If you can combine these skills, you can go from guppie to whale in no time.
At gamblerspick.com, we offer the latest Bitcoin gambling news as well as a comprehensive listing of all the best bonuses. Check us out for all the latest industry trends and the news you need.
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