Cryptocurrency and Sports Betting: What You Need to Know

Sports betting is one of the most exciting and fastest-growing ways to enjoy sports and make some extra cash. The global online gambling market is anticipated to be valued at more than 92.9 billion USD in 2023. You may have already placed a sports bet online or even with a family member or friend. Have you ever bet someone ten bucks or lunch if your team won? If you have, then you have made a sports bet. 

Sports betting is offered for almost every sport or game prediction in existence. Some sportsbooks even offer wagering on non-sport events like politics, weather, or WWE. Placing a bet can be as simple as predicting who will win the game or as complex as the winning margin. 

There is a lot of fun to be had while betting on sports, but it can also be a dangerous game to play if you lack self-discipline or have an addictive personality. So, before we get into the benefits of betting and the possibility to do so with crypto, let’s go over some disclaimers.

Gohkshein Media is not an online sportsbook or gambling site of any kind. This article is meant for betting information and entertainment purposes only. It is the responsibility of the reader to learn about online gambling laws and regulations in their region and to abide by state laws. All knowledge gained from this article is not legal advice and the viewer takes full responsibility in understanding that it is possible to lose money while wagering on any bets.

Why Do People Bet on Sports?

The Entertainment Value

I would say this is the main reason I got started in sports betting. Watching live sports is fun, but when betting on the game, there is a certain rush that can really amp you up. I was never a huge fan of sports, but when I have a wager in place, I get in the mood to cheer and get excited! Even a small amount of $5 can get you pumped about a usually dull game.

There’s a Potential to Make Money

Regardless of the size of your bet, there’s always an ability to make some extra money. But remember only to wager what you are willing to lose. 

The Opportunity to Learn

A lot of people have trained themselves to become professional sports betters. They comb through stats, professional research predictions and utilize online algorithms to place intelligent bets. There is also an opportunity to learn more about sports than you ever thought possible. If you’re not a sports fan but enjoy the rush of wagering, this is an excellent opportunity to learn more about the teams and players you are placing bets on.

It’s Different Than Gambling

Well, yes and no… depending. If you are randomly making picks without much thought or research, you are using sports betting as a form of gambling. But, professional betters would not be able to make a living by doing just that. That’s where statistics, algorithms, and experience are required. So, for these pros, sports betting is far from gambling.

It’s A Convenient Hobby

Enjoy betting from the comfort of your home. Utilize online apps and sportsbooks with ease. Some hobbies and activities require you to purchase equipment, do heavy research, and dedicate lots of time. However, sports betting is as easy as signing up for an online sportsbook and placing a bet of any amount.

Blockchain and New Tech are Revolutionizing Sports Betting

Sportsbetting and cryptocurrency… are two subjects that often get a bad name due to unfamiliarity. Well, it wouldn’t be fair to you if I only told you the benefits of wagering money on sports. Some people find betting to be a nasty habit. But, a very small percentage of people get into sports betting and bet outside of their means. Unfortunately, the betters who lack self-control can run through their savings and risk the chance of addiction. That’s why it is essential to know yourself before getting involved in the rush of online gambling.

Similarly, the negative associations with crypto are often made by those unfamiliar with blockchain technology. This may be due to certain scams and criminal activity in the cryptocurrency community. The fast-moving innovation of crypto has left the governments a lot of catching up to do. While the US gov is developing regulations, the beginning of the crypto movement was unexplored territory for them.

But just like any other online transaction, there is a risk of scams, criminal activity, and lack of regulation. Due to cryptocurrency’s nature, it is not regulated, which carries the risk of market volatility and loss for investors. But on the other hand, the security risks and risks of fraud are significantly reduced compared to other payment methods. The blockchain technology backing cryptocurrency is inherently secure due to the decentralized and public nature and the encryption process that every transaction goes through.

While crypto is just as vulnerable to the changing market, currencies like Bitcoin and Etherium are convenient and stable. And, when used for betting transitions, crypto lets you play with near-perfect anonymity. In addition, betting with crypto is fast and flexible. Regardless, it is essential to do your research when deciding if working with these two technologies is suitable for you.

How To Get Started Sports Betting With Crypto

Based on recent figures, it is estimated that 60% of Bitcoin transactions are related to cryptocurrency betting sites. 

If you would like to get started in sports betting with crypto, here’s what to do:

1. Sign up on a reputable online exchange platform. There are several big-name private wallets for US residents, such as Coinbase, Exodus, Kraken, and more. Enter all required information and link an active bank account.

2. Choose which crypto sportsbook is right for you. There are sportsbooks such as “BetOnline,” “Betflip,” and “Thunderpick,” to name a few that are gaining notoriety. Sign up by submitting the information required. (Hint: Be sure to know what coin they accept.)

3. Deposit money into your crypto exchange account and buy into coins that are compatible with your sports betting site (Most sites accept Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and a few others.

4. New users will typically have to wait 5-10 days before sending crypto off-platform to the sportsbook. You can use this time to do your research and come up with a wagering plan.

Once both of your accounts are established and you can send your crypto off-platform, transfer your currency from your wallet to your sportsbook. Do this by visiting your site of choice and clicking “make a deposit.” Select the crypto option for your particular coin and copy the sportsbook crypto-sending address. Next, in your crypto exchange account or private wallet, select the “Send” option. Then, enter whatever amount you would like to deposit to the sports betting address. 

Submit the form, and you’re ready to rock!

To learn more about the endless possibilities of utilizing cryptocurrency, visit https://gokhshteinmedia.com for helpful tips and advice in the blockchain community.

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