Crypto betting is very similar to traditional betting but it’s more advanced and you will have features and bonuses that you didn’t have before. Most people look at it as another payment option but websites that focus on crypto betting are made much robustly than other platforms. Besides having games, there are plenty of other bonuses and advantages .
The first thing is to decide is if you will bet on sports and play casino games. If you decide to gamble on sports, at least check sports news to get more info for your bets. For both options, you can use cryptocurrencies.
Difference Between Traditional and Crypto Betting
The first and the main difference is a regulatory factor which is far more serious when it comes to traditional gambling. In order to open an account, you will need to provide a valid document so they can identify you. This is a problem for many countries where it’s not legal to gamble and players can’t register.
On the other hand, the same regulations do not apply to platforms that allow only crypto withdrawals and deposits. The only thing you need to provide is an email address and your crypto wallet. This is very beneficial for those that don’t want to share their betting history and information.
Another difference is in the withdrawal process where crypto casinos will do it instantly and others will take some time. If you have a cryptocurrency card connected to your wallet that you can use for withdrawing money from an ATM, it becomes a much more favorable option.
Something that is added to these casinos as new technology is provably fair betting. The best way to understand it is that neither the casino nor the player has control of the outcome. This means that they won’t be able to manipulate the chances to win which brings trust to the clients.
Are There Any Risks?
There are risks in any type of gambling but some of the things that can be a problem for crypto casinos involve regulatory matters, statistics, and crypto changes. Everything about crypto has a regulatory problem in most parts of the world so the same goes for online casinos. That’s why you should be careful when choosing where you will play.
Analytics involve wins and losses which are harder to track because everything is changing fast in the cryptocurrency market. This is connected to the another risk consideration: the changes in BTC that may influence your winnings. You will know how much BTC is worth on every platform but things can change overnight.
Another thing that all platforms should do is point out the limits when it comes to making a deposit and withdrawing. The withdrawing amount will be larger and on some sites, it can be hundreds of dollars. A good piece of advice is to add a small amount every time you play and keep the money in your wallet instead of the platform.
How Do They Work?
Most of the websites you come upon will have hundreds of games that you can play. Choose them based on their reputation and payment option. Usually, they will accept Bitcoin and Ethereum deposits, you will just need to connect your wallet.
Opening an account is very simple and you don’t have to provide a valid document to identify yourself. You will just choose a username, password, and email but try making a new one so you don’t get spam mail on your main email.
Once you are registered, making a deposit will be the same as for exchange platforms like Binance. The wallet address needs to be the same as the currency that you are depositing. So, if you want to add 0.02 BTC, make sure you do it from your BTC wallet.
When it comes to withdrawing, you will just need to add manually the address where you want to send funds. The process may take up to 20 minutes depending on the website and the amount. Don’t play on websites that take a few days to withdraw because the price may change.