Over the past years, crypto has proven itself as a reliable payment method that works, its fast and in some cases – the fees are way, way lower than with a normal payment provider. This has drawn the attention of many industries: ecommerce, payments and even the sports betting one.
What is the advantage to pay with crypto?
It’s pretty easy to know what are the benefits of a normal payment system – it’s easy, it’s fast and sometimes it’s cheap. But sometimes, it’s not . And most importantly, there is some information in your life that the bank doesn’t need to know. That’s why crypto emerged and that’s why the sports betting industry started using crypto. The reasons are below:
- It’s fast – Using a token as XRP or XLM or even BTC/ETH can be more cheap than doing the payment with a credit card. For XRP, the payment takes less than 5 minutes and the fee is just too small to notice.
- It’s reliable – Payments with crypto don’t fail. If you’ve sent something from address A to address B, the transfer will happen.
- It’s cheap – As mentioned above, a transfer with XRP costs barely one cent. You can send $10 or $1,000 – the fee is the same and the speed is guaranteed.
- It’s not invading your privacy – If you’re focused on privacy, you probably think that there are some things that your bank doesn’t need to know
- It’s convenient – If you don’t have money on a card – you need to top it up and there are fees there too. With crypto, you just send it from any wallet and wait for it to come.
But how do you actually start playing with crypto on sports betting?
This is not so easy for a beginner in crypto – so I’ll try to explain the steps below:
- The first thing you need is to find a website dedicated to crypto sport betting – where you can actually find the paying casinos that are trustworthy. This is mandatory because without a good one, you have a chance to get scammed. Finding a website like I’ve said would reduce the chance of getting scammed by a no name casino.
- Pick the casino and create an account – There are some casinos where creating an account would take a few minutes, if not less. Some of them don’t even require KYC – but the laws of your country still apply – so make sure that gambling is not prohibited in your geo.
- Check the accepted cryptocurrency – Each casino has a number of accepted cryptocurrencies. Most of them accept only BTC and ETH – but there are a few that accept Ripple, Litecoin, Tron and other cryptocurrencies that you can own and use to play on sport betting.
- Select the cryptocurrency that you want to deposit it – a few factors when you’re thinking about it would be – the speed, the transfer costs and the spread when converting that cryptocurrency to usd/ euro or another fiat currency that you want to play with.
- After you’ve selected it, make sure to deposit to the right network – Usually, the website will let you know if they accept ERC-20, BEP2 or any other versions of that currency. And according to that, you can send on the corresponding network and avoid any unpleasant situations.
- Do the transfer from a wallet or an exchange – After selecting your cryptocurrency and making sure that your the network is correct – the next step is to actually do the transfer and see how it goes.
- Start playing – your transfer should be done within minutes, right before your favorite game would start. Now use the funds to bet on the outcome. Good luck!
A few tips at the end
- Always check the websites recommending sport betting websites, they usually know which one is the most trustworthy and your chances of picking a bad one are low.
- Use cryptocurrencies with a low fee and a fast transfer in order to avoid spending $20-$30 for a transfer.
- Be sure you’re using the right network. A cryptocurrency like usdt is on tron network, ethereum network and Binance smart chain. Sending it to the wrong chain could mean your funds are lost forever. So pay attention to this, and if needed, ask the sport betting staff about it.