As anyone reading this will know, the likes of Bitcoin and Ethereum are no longer niche. They’re being used on more and more platforms, increasingly crossing over into the mainstream, and now they have also become major players in online betting.
If you take the inherent speed of the crypto world and add in low fees and the potential for global access, you start to see how this has come to be. There’s also the all-important anonymity factor for those who want to make sure that their identity is protected at all times. All you need to know now is how to use them for online betting so that you can see how it all works.
The good news is that this article will explain how to use BTC and ETH for sports betting, casinos, and slots. Let’s dive into the details.
Why Bettors Are Turning to Crypto
Security is so often the name of the game when it comes to online transactions, and blockchain early adopters will be the first to tell you that nothing does it better. But there’s a little more to it than that because, after all, no one wants a super-secure payment path that is slow, clumsy, and time-consuming to use.
Faster and Cheaper Transactions
The near-instant deposits and withdrawals compared to traditional local banking, which still relies solely on fiat currency, are a plus for many players. Players rightfully want to be able to enjoy their winnings without having to wait for them to clear, and that’s where the speed of crypto comes into its own. To make things more reliable, many platforms focus their attention on supporting the use of Ethereum stablecoins such as USDT and USDC so that the experience is consistent and stable.
Privacy and Accessibility
Another thing to consider is the current mistrust of major institutions in many demographics. Bettors can wager without relying on banks when they turn to crypto games, allowing them to explore new things online without feeling like they are being tracked or monitored. This is especially popular with users in regions that have only limited traditional payment access. For this reason, many crypto adopters see it as a democratic shift in how they can connect with the rest of the world.
Step-by-Step Guide to Using Bitcoin and Ethereum for Betting
Sometimes all it takes to try something new is a few quick points that will show you how things are done. Let’s start with the basics.
Setting Up a Wallet
Hot wallets like MetaMask and Trust Wallet tend to be more popular with bettors than cold wallets because they offer constant connectivity. If you want to make sure that you can always make deposits and withdrawals without having to wait, a hot wallet is the tool you need here.
While the sites for every wallet will talk you through the basics of setting one up, the key point is that you need to think about how you are going to go about keeping your private keys safe. There are some horror stories out there of people saving their keys as draft messages in their email inboxes or sending a WhatsApp to themselves. Use specialist software recommended by the wallet provider so that you never leave yourself exposed.
Buying BTC or ETH
Exchanges like Binance, Coinbase, and Kraken are the places to go when you want to convert fiat into crypto. The important thing here is that, while anyone can launch a new coin, only established exchanges will be able to protect you. Even if the on-ramp you see advertised on social media claims to be able to beat everyone else in terms of speed and fees, focus on the big-name players so that you’re not taking chances.
Depositing to a Betting Site
To transfer funds to sportsbooks or casinos, you will need to start by creating a profile with them. You may be asked to prove your identity by submitting a copy of a valid photo ID to check that you meet the age restrictions of the site. Once your profile is up and ready to go, many sites will use QR codes to streamline the steps you need to take.
You will also need to check the wallet addresses you use to make sure you are funding your deposits from the right source. And once you action the deposit, you will receive transaction confirmations just as you would with any other online platform.
Sports Betting with Bitcoin and Ethereum
Sport lends itself to betting because of the constant stream of action and the fact that fans are already watching it for entertainment purposes. This is why it has become a natural avenue for crypto to explore.
Advantages for Bettors
Having instant access to funds during live betting allows fans to take up new positions, draw out some of their winnings, and feel like they are in the thick of the action. At the same time, there are also reduced withdrawal limits compared to fiat currency-based play, allowing bettors to have greater flexibility. All of this aligns with the democratic nature of crypto and the way that it is coming to be seen in the mainstream.
Popular Crypto-Friendly Sportsbooks
The likes of Stake, BC.Game, and Cloudbet are amongst the most well-known crypto-friendly sportsbooks. Developers have built their brands around the twin ideas of global access and fast payouts, with the intention of catching the eye of sports fans. Although a shift in behaviour is needed to move more traditional bettors away from fiat currency, the advantages of doing so are simple enough to explain and market.
Slots and Casino Games in the Crypto Era
If you are a lover of traditional casino games, you may find that the CryptoSpinners slots guide helps bring your passion up to date for the crypto age.
Why Slots Are Popular in Crypto Casinos
A winning combination of simple gameplay, the potential for quick wins, and good integration with blockchain casinos makes slots a popular choice. Casual players, in particular, who are using BTC or ETH, find that the familiarity of slots helps them bridge the gap to crypto casinos for the first time. It’s this extra layer of comfort that means new players and casuals are increasingly able to overcome their reservations and test out the playing experience for themselves. Shifts in behaviour of this kind are one of the major drivers of the increasing move of crypto into the mainstream.
Popular Slot Titles in Crypto Casinos
Titles like Book of Dead, Sweet Bonanza, and Gates of Olympus are proving popular across ETH & BTC casinos for two main reasons. The first is the playability and themed nature of the games, which largely speaks for itself. The second is the fact that such games have provably fair mechanics and bonus features when deployed in crypto environments.
Players want to know that a game is built on a level playing field, and the combination of security and transparency that a blockchain offers is a big part of this. In an age where public trust in institutions is falling, it’s important that new developments like crypto gaming do everything they can to build trust in their early stages.
Risks and Considerations for Crypto Betting
As with any asset, the value of cryptocurrencies will shift across time. It’s important to know that changes can happen quickly between deposit and withdrawal, which makes stablecoins with pegged values generally a safer option to consider.
Many crypto casinos choose to operate offshore for several reasons, and this means that checking licensing and responsible gambling policies is essential. If you feel that you are being pressured into making more deposits, for example, this should be a red flag that all is not as it seems. If you have any doubts or if information regarding licensing is not forthcoming, don’t be afraid to walk away.
The Future of Crypto in Online Betting
The future of crypto is all about proving stability and security so that it gains increasing mainstream acceptance. For this reason, we can expect to see consistent growth in stablecoin betting and Layer 2 Ethereum adoption, both of which are designed, in part, to help convince new users that crypto is here to stay. It will also be fascinating to see whether or not more casinos go about integrating with the metaverse and Web3 ecosystems to provide more immersive experiences.
Betting with Bitcoin and Ethereum Made Simple
The use of BTC and ETH brings speed, privacy, and global access to the world of betting. Everything from traditional slots and online sportsbooks is currently adapting to the crypto shift, giving players more options than ever before. Provided players bet responsibly and take the right precautions with their personal and financial information, they can find new games to explore online.
