Betting on sports with cryptocurrency
Back to the Fundamentals
The advantage of placing bets with Bitcoin is that you’re still making the same wagers, just with a different currency. If you’re new to the NBA betting scene, you may not understand all of the ins and outs associated with playing games of chance. Once you get a handle on the basics, you’ll be ready to make each wager count.
Even if you aren’t familiar with gambling at all you’ve probably heard of The Spread. Thanks to the shot clock, players only have 24 seconds to make their play. This leads to high scoring games, and the points spread gives both teams a chance of winning the wager. For example, in a Nicks vs Celtics game with a spread of +17.5 /-17.5 indicates the Nicks are a favorite (thanks to the plus sign) and need to beat the Celtics by at least 18 points for the wager to win.
The Moneyline is another standard since these bets are strictly ion who you’d pick to win the game. Again favorites are indicated by a plus with the minus symbol showing the underdog. In a game where bookmakers state the odds at -220 over +260, a $100 bet placed on the underdog offers a payout of $220. Conversely, a bettor would have to wager $260 on the favorite to only win $100 total.
NBA the Bitcoin Way
Bitcoin differs from traditional currencies in a variety of ways, but first and foremost is that there are no physical bills. Since it exists digitally, you’ll need to take a few extra steps to prepare for a bookkeeper exchange. The first step is hitting up a Bitcoin exchange and buying bitcoin. A Bitcoin wallet will become your cryptocurrency bank account that keeps your funds safe and anonymous. This lets you make a multitude of transactions that are very difficult to trace and even more trouble to access by anyone other than yourself. There are many advantages to using Bitcoin as your preferred gambling currency, including:
- Bonuses: When you place your cryptocurrency funds into a bookkeeper’s exchange, many sites will offer bonuses. These can range from extra coins to free bets placed on the site, making it a much more lucrative process than choosing conventional cash.
- Speed: Because of the digital nature and a lack of interference from financial institutions, Bitcoin transfers and withdrawals generally occur much more rapidly than with other currencies. This means faster betting and quick withdrawals of payouts.
- High Limits: The security surrounding cryptocurrencies means Bitcoin betting usually consists of higher limits, which equals higher payouts and more lucrative wagers on your end.
When it’s time to fund wagers, the sportsbook site will list an address to your own account. Simply input that address into your wallet for transfer and you’re on your way to placing those bets.
Playing for the Right Team
After setting up the bitcoin wallet, you’ll need to find a sportsbook site that fits with your betting style and gets you the best bonuses. There are many to choose from, so here are a few to get you started:
- BetNow: One of the most comprehensive sites on the web, they offer a 50% signup bonus that also kicks in every time you reload your account.
- CloudBet Sports: With a signup bonus of 100% up to 5BTC and covering almost every sport imaginable, it’s hard to pass up this sportsbook site.
- Sportsbet.io: Another page with a plethora of sports to pick from, Sportsbet gives you a 3x your stake on a free bid, which could put a good chunk of change into your bitcoin wallet.
Make sure you shop around for not only the best bonuses but for the most favorable odds as well. There’s no point in getting free bitcoins if your chances of winning big are next to none.
Is it legal to place sports wagers online?
As of now, it is only legal in Nevada, New Jersey and West Virginia so look to those locations for site hosting.
What are some other basketball bets?
Combined score betting lets you place wagers on the overall total score while Futures bets cover the entire season, so you’ve got a lot of options.
What’s the minimum bitcoin bet I can make?
As with other sports, the lowest bet you can make using bitcoin is 0.001.
How can I get Bitcoin for betting?
There are many sites that will let you convert traditional currencies to bitcoin. You can also attempt to “mine” it yourself but we don’t recommend that as it requires a powerful computer and some serious technical knowledge.
Now that you’ve got the basics for NBA betting with bitcoin, you’re ready to start making wagers. Make each game more thrilling by playing the odds, and rake in those big bitcoin bucks!