Crypto Gambling – How to start gambling with crypto and tips to succeed
Cryptocurrency is becoming increasingly popular as an investment, payment method, and blockchain technology itself. One fun aspect of that is the increasing crossover with the worlds of gaming and esports. Esports betting has become a big business, alongside that, there are already a lot of choices available for crypto gambling on esports. Gambling with crypto opens betting on sports and esports up into something completely different. This is what you need to know about how it works and what you can expect when looking for the best crypto for gambling.
What is Crypto Gambling?
Crypto gambling is generally just the same as normal gambling and betting. However, you’re using crypto instead of fiat currency. The exact details of how it works can depend on what type of crypto gambling you’re looking at. You can use cryptocurrency for gambling in a few different ways.
The most common type of cryptocurrency gambling is to use crypto as your token as you’re placing bets or playing a casino game. Your stake is in cryptocurrency, and you receive your payout in the same cryptocurrency. Some sites also offer their own currencies for you to use for gambling which can be exchanged for another crypto or fiat currency. In some cases, gambling with crypto is more limited and you can only use it to deposit and withdraw. The best esports bookmakers and best crypto gambling sites tend to let you bet in actual crypto though.
Essentially crypto gambling is the same as normal gambling, but with cryptocurrency.
Best Crypto for Gambling
When you’re looking at crypto gambling, you have a few choices in what crypto you use. Choosing the best crypto for gambling can be tricky. There are loads of different tokens out there. Most crypto betting sites only offer betting in a few specific tokens though. The newest crypto meme coins aren’t going to be the most stable to place a bet in the future with. However, you do still have some pretty wide options. These are some of the most common:
Bitcoin is definitely the oldest and most popular cryptocurrency. This naturally makes it a great choice for crypto betting. Largely, the only real downside to bitcoin for gambling is the same as every other crypto.
The fluctuations in price are a double-edged sword. Cryptocurrencies can increase or decrease in value fairly quickly, so you might well lose or gain more than you expected depending on this. Ideally, you should be using a crypto for gambling that you’re intending to hold anyway. That way, any fluctuations in price aren’t going to be a big problem for you since you would have had exposure to them anyway.
When you’re looking at gambling with crypto, you can go well beyond just bitcoin. The second most popular right now is Ethereum. His currency has plenty of benefits for crypto betting. As the second most popular token, it is pretty stable compared to newer tokens.
However, there is one big downside to use Ethereum to gamble with crypto right now. While it has a lot of use cases and generally is one of the most respected and established crypto projects, it has a big drawback right now as gas fees are once again escalating out of control. Gas fees are a fee you have to pay in order to make transactions in Ethereum, such as adding money to your betting account or withdrawing it. These scales and vary widely right now and you may be paying a good amount just to move Ethereum around. Until that calms down, it might be best to look at the alternatives.
Ethereum and bitcoin are the two most popular tokens for betting but many sites offer other alternatives. These are some of the others that you can use for cryptocurrency gambling:
All of these can be used for crypto gambling, and they work great if you’re already planning on holding the tokens over. In terms of which is the best crypto for betting, it really more comes down to your personal preference between these cryptos.
How Does Crypto Gambling Work?
Cryptocurrency gambling works pretty much the same as normal gambling. You can use your cryptocurrency to place bets on esports, esports, or even in casino games. However, the exact way of how you use your crypto can vary from place to place. These are some of the main forms
The most convenient form of crypto gambling is probably where you use the tokens directly as a currency. In these betting sites, you can simply stake parts of your token as your bet and your payout is in the same currency. In these situations, it doesn’t matter which is the best crypto for gambling as you’re never moving your money out of crypto.
For some sites, all you need to do is deposit and use it for gambling with crypto. For some other bookmakers though, things are a bit trickier. You need to convert your crypto to a more stable currency sometimes. This type has some advantages but it is less full-on type gambling.
Outside of those deposit methods, cryptocurrency gambling essentially works the same as regular gambling. Although, with some extra checks of the value of the coin probably thrown in!
Tips for Crypto Gambling
Crypto betting is inherently more complex than normal gambling since the currency brings some extra concerns. These are some tips to watch out for to get the most out of things when gambling with crypto:
- Fees and Conversion Rates – These vary from bookmaker to bookmaker, so always check. Choosing a different esports bookmaker could mean saving a lot in the long run.
- The Price of Crypto Changes – It can change pretty quickly, make sure you’re aware of how your crypto has changed in price since setting a bet and how this might change your payout.
- KYS Concerns – A lot of cryptocurrency exchanges don’t operate with the sesame level of know your customer precautions as bookmakers. This is part of the attraction of crypto. However, it has downsides too. Even if you’re looking to avoid KYC checks, you need to make sure that the bookmaker is properly licensed too.
- Choice of Crypto – Betting with cryptocurrency is best done with a token that you hold or plan on holding for the duration. That way you’re not as vulnerable to price movements and can relax about changes in value.
- Bet on the Bet, not the coin – Betting with crypto. Can compound wins if the token rises in value while you’re betting. However, this shouldn’t be part of your betting strategy. Relying on movements in the token’s value for your bet is probably going to be a problem in the long term.
Crypto betting can be more complicated than normal betting. However, if you keep some tips in mind and get watch out for things like changes in the value of the currency, then you can bet in cryptocurrency with just as much ease as fiat currency.