Skip to main content

Bitcoin Betting

    It is no secret that Bitcoin online gambling is on it’s way. Bitcoin betting enables players and Bitcoin enthusiasts to place a wager on the outcome of future real world events. It’s regulated by the site moderators and the outcome or results of the bet are decided by the moderators themselves. Simply put, the players with the correct prediction get their wagers back, plus the wagers of those with wrong predictions.

    The earnings you can get from Bitcoin betting vary because the bets are time-weighted. So the earlier you place your bet, the higher returns you can get when you make correct predictions.

    A bet statement is a prediction of a future event, wherein players can bet their assumptions. Furthermore, anyone can make a bet statement. However, not all statements are listed for betting. The site administrator vets these new statements in order to identify the bets whose results would be difficult or impossible to determine, and the bets that the site moderator himself disregards from the list.

    As the creator of the bet statement, you can get half of the commission the site receives using your statement. This is a great opportunity for anyone who wishes to earn bucks in an instant.

    Types of statement statuses

    In Bitcoin betting, there are three different types of statement statuses. Knowing the meaning of each type can help you a lot in your first steps to betting Bitcoins.

    To start off, Available Statements are the statements that you can still bet on. These are the ones that have been approved by the site moderator and whose deadlines have not yet passed. On the other hand, Waiting Statements are those whose deadlines have already passed. These statements are currently waiting for the event date, wherein the result will be decided.

    Afterwards, these statements will be closed. Therefore, Closed Statements are the ones with event dates that have already passed, and have already been decided by the site administrators.

    How to bet on a statement

    Before you can start betting on a statement, you need to prepare two things. The first one is an account. To get one, you can simply register for a free account on your chosen Bitcoin Betting website. After depositing Bitcoins to the Bitcoin address given to you, you can then pick a statement you want to bet on.

    Some websites would require you to meet a minimum betting amount, although this amount doesn’t usually cost much. Take note that earlier bets get higher returns, so it would be better if you place your bets right after the statement is made available for betting.

    There are ways on how to estimate your possible gains and losses in Bitcoin betting. One factor in the calculation is the amount of your wager. Another factor is the distribution of the losing bets. The common breakdown of the losing bets include 45% proportional to your bets, another 45% to your weighted bets, 5% to the creator of the statement, and 5% to the website.

    Although this is a common breakdown template for losing bets, it still changes depending on the site you have chosen.

    To know more about the disparate kinds of bitcoin gambling and legalities, the Bitcoin Gambling Guide and the Bitcoin gambling legal page will inform you about everything you need to know.