Betting on sports with cryptocurrency
MLB Betting Basics
The primary strategy for baseball is to bet on the Moneyline. Basically, professionals make their picks for who wins the game, plain and simple. The risks involved are based around favorites, which always have a lower payout than bets placed on the underdog. For example, New York vs Boston may run -200 to +150 respectively, with Tampa being the favorites as denoted by the minus sign. This yields a payout of only $100 for a $200 bet on the Yankees while betting $100 on the Red Sox will win $150.
Other options for MLB gambling include the Runline and Totals. Think of runline bets like the points spread in other sports. With a 1.5 run over/under, the mainline favorites could find themselves as the underdogs, giving stats-oriented gamblers more insight into a profitable payout. Totals betting plays just like it sounds. Professionals try to estimate the combined total runs, so an over/under of 10.5 on a game where both teams score 11 runs all together would win on a bet made OVER the total.
Breaking the Bitcoin Bank
Since there are so many sites that let you place conventional MLB bets, it makes a gambler wonder why they should look at Bitcoin in the first place. As a newer form of universal currency, it seems counterproductive to learn about and implement different methods of placing wagers than the normal dollar-based systems. There are several advantages to cryptocurrencies in general which can be even more beneficial to those looking to use it on the MLB gambling field.
Bitcoin is safer: Cryptocurrencies are generally more secure, and bitcoin is one of the most recognizable of the lot. Opting to gamble with bitcoin will help make sure your funds stay where you want them, namely in your virtual wallet.
It’s decentralized: No bank owns bitcoin, and since it isn’t backed by a corporation or a credit company, transactions won’t be refused. In other words, no financial institution can block payments to or payouts from a gambling site.
It’s prioritized: In comparison to checks, wire transfers and credit exchanges, bitcoin is given top priority for transactions. Your payouts will come through right away with nothing blocking or delaying them.
Once you’ve decided that bitcoin is the way to go, take the next step and fund your gambling site account with BTC. Your funds will automatically be converted into USD upon deposit and will return to the BTC format once you get that big payout. Also, it’s a good idea to use your own Bitcoin wallet instead of an exchange. Exchanges have a habit of getting hacked and personal wallets are much safer if you have a large amount of cryptocurrency.
Places To Go, Bets To Make
Choosing a gambling site that accepts bitcoin is the next big step. Make sure you choose a reputable one, just like you would if your hard-earned cash was on the line. Top websites include:
- Bovada – One of the top sites around for sports betting, they cover every major league and college sport you can think of and even some that you didn’t know existed.
- Cloudbet – While other sites offer first-time deposit and betting perks, none come close to their 100% deposit bonus up to 5 BTC.
- FortuneJack – This site offers a nice welcome package and slick interface while also accepts seven other cryptocurrencies as well.
It’s also a good idea to stay clear of companies that only accept bitcoin as well since businesses that trade with a variety of currencies are usually better established and backed by more than virtual offerings.
Bitcoin Betting FAQ
Whether you’re new to bitcoin or new to gambling, you’re not going to know everything. Here are a few common questions many people have:
Is betting on MLB games legal?
You can currently bet on games in Delaware, Montana, Nevada and Oregon as well as many Native American run casinos.
Are there other types of bets you can make?
There are a few different bets you can make in addition to the ones listed, including First Five, or F5, bets that only look at the initial five innings and Futures bets that cover a wide range of options from World Series picks to MVPs.
Is Bitcoin betting completely anonymous?
While Bitcoin transactions will keep your identity mostly secure, there are still ways to track its use.
Can sportsbooks limit winning accounts?
It would be extremely difficult for a site to block your access since you could operate multiple accounts easily.
There’s nothing better than combining the latest tech with America’s favorite pastime. Now that you have a good grasp on how Bitcoin gambling works, go out and place your bets!