Bitcoins were released in 2009, and since that date, they started changing the world. Now, everybody knows something about blockchain tech and cryptocurrency. Withal, betting became popular long before the coins era. Gambling platforms dealing with real money all over the world picked up an idea and transformed into providers accepting crypto. Bitcoin casino sites modify the gaming reality. They propose better conditions for betting and withdrawals while staying casinos or sportsbooks in the traditional meaning.
What is online betting
Bets on sports and other events were popular since people started organising such activities. If in Ancient Greece or Ancient Rome, it was a simple parlay, in the 18th century in the UK, the first totalisator has started its activity. First online bookies were established in 1997. Since that time, many gamblers have played online with real money trying to make a scoop. Online betting is like a habit of placing wagers on the results of some event (sporting one, as usual) on the site of a bookmaker. Sportsbook platforms operate as a market maker for wagers (often with a binary outcome). It is needed to say that betting is a kind of gambling. Hence, it can turn into addiction with possible negative consequences. However, if gambling is a rare activity just for fun, betting will be entertainment with a chance to win money.
What bets can a player make
There are different types of bets: live or in-play (during the game), pre-match (before events), based on experts’ opinion or due to personal consideration, etc. Bookies propose 4 main bets types as usual:
- Single bet (one wager on the single outcome of the event)
- Combo bet (a bet, which includes several outcomes of different events. The final odds are the result of multiplying all the odds in the combination. If one event loses, all lose)
- Permutation or system bets (the combination of parlays of the size set by the player from the selected outcomes)
- Chain (a set of single bets for different events, the sequence of which is indicated by the bettor him/herself)
Pitfalls of gambling with real money
Online betting with fiat currency can be dangerous. There are many traps for bettors:
- Data fishing (a lot of new gambling platforms are weak, and they allow “fishing” personal data of their users. It can have a very negative aftereffect).
- Long waiting time for cashouts and additional fees (most online bookies demand supplementary money for withdrawal. They also can delay cashouts for days and even weeks).
- High probability of being deceived by an unreliable bookie.
- Illegal status (many gambling platforms that betray users reopen their sites for fresh players even being under criminal trial).
How does Cryptocurrency betting work
Bets made in tokens work as any other transfer based on blockchain technology. All data about the operation will be ciphered and kept on several public databases connected by P2P. The wager placed with BTC or other coins is the same as betting with real money on an online platform. First, you need to make an e-wallet with tokens. There are many instructions on the Internet on how to do it. Then, open the website of the bookie accepting BTC and create an account there. After it, you shall choose crypto as a currency for bets. The last step is placing a wager by transferring coins by a special link. That’s it! Wait for the award, which will come to your account when a bet wins automatically. A withdrawal will also be done in BTC or in other coins.
Benefits of betting with Bitcoins
Entries in tokens have a lot of advantages. The digital nature of crypto adds a positive characteristic to this process. The main merits of online bitcoin betting are:
- global accessibility (one of the coolest features of coins is that they have the same price in every country. Hence, crypto owners can place bets everywhere on the same conditions)
- the highest level of security (blockchain tech allows protecting all personal information. Also, the basic principle of P2P network excludes the ability to interrupt transaction by the third party)
- anonymity (this benefit comes entirely from the way blockchain networks function and the nature of bitcoin. Decentralised net and crypto data ensure that no one could recognise the parties of the deal)
- transparency (most platforms provide fair game and show to their users that odds are clear and equal for everyone)
- no chance a bet will be declined (there is no banking or other institution to approve the transaction for betting due to the decentralised structure of bitcoins flow. Hence, a bet can’t be rejected)
- low or absent supplementary fees (most online BTC gambling platforms do not demand additional fees from bettors. Also, there is no need to pay fees to banks for transfers)
- bigger diversity of events (bitcoin sportsbooks have more abilities for cooperation with solid brands due to reliability. It allows them to propose more events and fun for players)
- fast cashout (blockchain tech helps to provide thousands of transactions simultaneously. Thus, bettors can gain their withdrawals at once).
It is also necessary to remember that there are special conditions of coins flow (there are no supporting services to spot operation), and gamblers must be attentive.
So, as it can be understood after reading all the information mentioned above, betting with bitcoins is objectively safer than gambling with real money due to the technology of cryptocurrency functioning.