Betting with cryptocurrency – is it possible?

Sports betting has become an integral part of sports itself. Well-known faces from different sports pose for advertisements on TV and in pictures.

At the same time, they have not been possible in Germany without restrictions for so long. It was only in 2011 that there was a partial opening of the market, which allowed the then still few companies to offer their services on German soil. Also a new phenomenon are cryptocurrencies. Both are rarely mentioned in the same context, although they fit together ideally, like a fist on an eye. The following article briefly and succinctly explains what cryptocurrencies are and how you can use them to place sports bets.

What is a cryptocurrency?

To better explain how sports betting can be done with a cryptocurrency and what advantages it brings, it is beneficial to know what a cryptocurrency is. The first manifestation came into the limelight in 2009. Bitcoin rocked the financial world and caused big worry lines among investors. Meanwhile, there are several others, such as the Ripple or Ethereum. A cryptocurrency is, as the name suggests, a currency. Crypto because it is encrypted. The advantage of cryptocurrencies is that they are completely digital and limited to a fixed number, which means you can’t reprint money at will. Thus, in principle, they have a more real value than real currencies and much higher than, for example, the exchange rate Euro – USD. At its peak, bitcoin was worth nearly $20,000 USD for one bitcoin. Currently, the value has settled at around 8,000 USD.

Why cryptocurrencies – what securities they offer.

The basis for this is the global economic system. Since it has existed, the world has been hit by many crises. Many people suffered from austerity measures and inflation, and this despite the fact that money and capitalism were created by humans. There is a fitting phrase by Johann Nestroy, the Phoenicians invented money, but why so little? Cryptocurrencies should usher in a new age of payment. Due to the fact that the currency is limited, it has a real value. Due to its digital origin, it is comprehensively protected and it is also not possible for a pickpocket to steal the Bitcoins.

Cryptocurrencies in sports betting

Cryptocurrencies in sports bettingNow the question remains, what do digital currencies have to do with sports betting? To this end, another advantage of cryptocurrencies must be mentioned. Due to the fact that they are fully digital, payment transactions are completed in real time. There are no waiting times, as is common with banks and normal currencies. Accordingly, there is also no exchange fee. If, for example, you buy shares of a Bitcoin with the American dollar, you can have the money paid out again in another currency without any fee. Now, what cryptocurrencies have to do with sports betting is that you can use them as a means of payment with some providers.

The advantages of cryptocurrencies in sports betting.

Providers of sports betting are plentiful. The so-called bookmakers manage huge platforms on which gambling and sports betting are possible. After all bookmakers differ in their offer of sports, odds and bonuses, it is an often used strategy by experienced players to make several accounts with different providers. Thus, they always have the opportunity to use the highest odds on a particular betting option. In order for the bet to be placed, money must be wagered on this option. However, if there is no money in this very account, cryptocurrencies score. Unlike other currencies, it is possible from one second to another, to transfer an amount to another user account at another bookmaker. Check the BTC sports betting sites rating before you open an account!

The next advantage of cryptocurrencies is that payment transactions are very secure. In addition, bookmakers also benefit from receiving payments directly. Cancelled bets or fraud through remittances are thus a thing of the past. In addition, the bookmakers have to cede around four percent fees for credit card payments. Thus, sports betting providers can also benefit from cryptocurrencies and offer generous bonus payments for customers who pay with a digital currency. For example, in the form of higher bonuses on deposits or donated betting options.

The other advantages of using cryptocurrencies is that there are no withdrawal limits. Some bookmakers impose a limit. This can be €5,000, €10,000 or even €500,000. With cryptocurrencies, this limit does not exist.

How does sports betting actually work?

How does sports betting actually work?Although sports betting is very common nowadays, only very few people are familiar with it. This is despite millions of players in Germany alone and advertising on all channels. Even the biggest stars in the industry advertise for some providers. It is probably due to the relatively young market, which was opened in Germany only in 2011, that only a small part knows about sports betting and even fewer participate in it. This also led to a not very positive image, which the betting business and gambling have carried around for a long time. In order to clarify in the future how sports betting actually works, the following text provides information.

Although the two areas differ in many ways, they are both regulated by the same law, the Gambling Act. It states that any wager placed on an event in the future is a form of gambling. Even though sports betting is more or less predictable and predictable, the outcome is never one hundred percent certain. Even if, for example, it can be assumed with a high degree of certainty that a team from the first Bundesliga will win against a team from the third league. Another reason why both are mentioned in the same breath is because on many platforms on which sports betting is offered, the offer of an online casino can be found with one and the same user account.

The knowledge gap about sports betting

Sports betting has always existed. From the very first sporting events, enthusiastic spectators stood on the sidelines and made bets on the outcome of the event. With the Romans, this was a normal thing at horse races or gladiator fights, secrecy was not necessary. But that changed as history unfolded. After organized crime got into the business, the reputation of sports betting changed, so did the security, and so did the legal situation. However, in order to better regulate the market, a market opening took place. Betting is a profitable business and even today the amount of the black market for betting in the USA is estimated at several billion dollars. It is probably because of the image from the past why many did not engage in sports betting and some even still think it is illegal to bet.

To set the rumor straight, sports betting is legal in Germany. However, they may only be offered by licensed bookmakers. The business of gambling has become respectable and is comprehensively controlled by various authorities. In addition, there has been a change in the way sports betting is dispensed. If in the past you had to go to the betting office and place your bets there, today everything is state of the art. Even via the cell phone or tablet, the bets, without any time delay and from anywhere where there is Internet reception, are completed easily and directly. Furthermore, professional bettors have emerged by placing their bets specifically, but more on that later.

First of all, you need a bookmaker, i.e. an online sports betting provider. There are plenty of them on the Internet and after a short research you can make an account with a reputable bookmaker. As a rule, the offer includes between thirty and forty different sports. Among them are the classics soccer, boxing or basketball, up-and-coming sports with interesting odds and bets such as tennis or golf, to exotics such as surfing or video game championships. Each sport is followed by different leagues and competitions. Major bookmakers even offer bets on the fourth league for the German soccer league. If you now want to place a bet on a game, you select the sport and league on the previously selected platform and press on the respective game. Then numerous betting options open up. For example, one betting option is the final score of a match, how many goals a player will score in a match and so on. There are also long-term bets, such as on the championship title of the Bundesliga or Formula 1 before the season. A desired amount is bet on this and the bet is confirmed. Then it’s wait and see, unless you participate in live betting, which is still possible during the game.

Where to find a suitable bookmaker?

This is the basic requirement for placing sports bets. On the Internet, you can find numerous providers that advertise different bonuses and premiums. Moreover, bookmakers often have different odds on one betting option. Professional players therefore use several user accounts. However, for the beginning, one good bookmaker is enough. On the website, the individual providers, with the most important facts, are clearly listed. If one should be perplexed due to the large selection, a search function helps, with which personal criteria can be selected. This creates a new order in the list and you can take a closer look at the best hits.

What makes a good bookmaker

Of course, every provider advertises different advantages, special benefits or a particularly high bonus. These facts can of course be included in the decision-making process, but the licenses are important. Licenses from Malta or Gibraltar prove the seriousness of the bookmaker. Furthermore, the certificates and ratings of different testing agencies as well as the customers give a better insight into the performance and service. A final important factor in the decision is the customer service. Ideally, this is available around the clock via several channels and provides competent information.

As previously mentioned, sports betting used to be very cumbersome and decisions often came from the gut. Today, newbies still do that, but they are still in a kind of learning process. Sports betting today is based on the ready information that is out there about the sport in question. In the news, in magazines, the daily newspaper as well as in forums comprehensive information is provided, in the form of tables, statistics and reports. Based on this information, specific forecasts are developed. Luck then plays only a very small role, knowledge is decisive here. The advantage of the professionalism of sports betting is that newcomers can orient themselves better. As a rule, under the same column where the sports news can be found, there are numerous tips and tricks from experienced players.