Crypto Fixed Matches
HOW DOES CRYPTO BETTING WORK?
Crypto betting works just like normal betting, but with cryptocurrency. However, the difference is that the price and value of crypto fluctuate quite a bit. Bitcoin betting won’t return the same value from when you place the bet to when you cash out if you have to move things into fiat to withdraw. That’s why the method of dealing with crypto varies quite a bit depending on where the betting on sports is. This is how it all works:
HOW DO BETTING SITES TAKE CRYPTO DEPOSITS?
Betting sites sometimes offer crypto betting. However, that is quite a big term. There’s bitcoin betting, or betting with different tokens. Some only take crypto as a deposit currency. These are the different versions mainly in use to bet with cryptocurrency:
DEPOSIT IN CRYPTO, BET IN FIAT – CONVERT TO CURRENCY
A lot of crypto betting sites offer the opportunity to deposit in crypto, and sometimes to withdraw in crypto too. In these sites, cryptocurrency is just another way to add money to your account. The sites take your crypto and they credit your account with an amount in cash that is ‘equivalent’ to the cryptocurrency. This method of crypto betting is a bit tricky, it has some ups and downs. Betting with crypto here is more than just using it to move money around.
The pros to this type of crypto betting are that you’re protected from price swings while betting. If you withdraw into crypto too, you can still reap all the benefits of betting in crypto without much of the risk. However, there’s a clear downside here. You’re completely reliant on the bookmaker’s conversion rate.
The bookmakers that offer crypto don’t always give you the best exchange rate. It is often quite a bit below standard. Once you factor in this exchange rate, you could be losing a lot of money with this type of betting just changing your currency around.
USING EXISTING TOKENS
This type of crypto betting is probably the cleanest and the one that most people look for. In this type of betting, your currency replaces fiat cash. You deposit in crypto; the bookmaker holds your balance in crypto, and you get payouts in crypto. The price can fluctuate, but it will only change as it would if you were simply holding the crypto outside of the bookmaker. This method is nice and clean, and it treats the tokens the same as normal currency to bet with cryptocurrency.
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Crypto Fixed Matches