Cryptocurrency spread betting occurs when a trader makes a prediction on whether the value of crypto will rise or fall and makes a profit or loss based on the accuracy of this prediction. Crypto betting on sports, on the other hand, is placing bets on the outcome of sports events using cryptocurrency. Whereas the first type of crypto betting involves speculation on which direction the value of crypto will go, the second involves speculation on the outcome of a sports event. Find out more about these kinds of betting below.
Crypto spread betting
For those who love betting with crypto, one option available to them is spread betting on crypto. This involves placing some cash on crypto based on the foresight that the value will go up to gain. It is similar to investing in the stock exchange in the hope that the shares you buy will rise in value. It is a really thrilling investment when your prediction pays off. Of course, the contrary can be equally disappointing.
How crypto spread betting pays off
Betting with crypto all starts with making a decision on whether the value of the currency will rise in the near future. Once you have made that decision, then you invest in crypto and simply wait. You can then sell the crypto when the value rises, therefore making money on your transaction. It is as simple as that.
It is not all speculation though. Experts in this type of crypto betting take time to observe recent trends in the market. If there is an upward trajectory, then they will quickly make their investment. Sooner rather than later, they sell off at a profit.
The intricacies of spread betting
One of the main challenges is to decide when to sell off once the value has risen. This is where the adrenaline rush of risk-taking sets in. The idea is to hold on as much as possible; so that you can sell off at the highest price. If you hold on too long, the price may begin to fall again. At that point, you will be forced to make a quick sale to recoup some of your money. If many people are doing that at the same time, the price fall will be faster and steeper.
The other risk you run is that prices can be volatile sometimes. There may be an upward trajectory today, but this may change overnight. By the time you wake up the following morning, the value may have fallen drastically. This happens because crypto is a fairly volatile currency. It can make you very rich, or sink you into penury. You have to be ready for the adrenaline to place your stake.
The stake in crypto spread betting
In crypto spread betting, the stake is the amount you put on the line for a specified amount of price movement. You should however know that cryptocurrency is never directly bought or sold. Instead, a spread bet is made using a derivative contact. This is done by opening a long position in the spread bet which means ‘buy’ or a short position which means ‘sell’.
You buy if you feel the price is rising and sell if you believe it is falling. You should always try not to exceed the dollar value of your stake. That is because it will force you to deposit more money. Once again, it is simply a matter of deciding when to opt-out and when to hold onto your stake.
Crypto sports betting
This kind of betting is best for people who love sports. You will be better placed to predict which say sports outcomes will go if you have been following games. However, anyone who is interested can bet on sports using crypto. The process is pretty simple really.
The first step is to find a sportsbook that accepts crypto as a betting currency. This should not be too hard since many online sportsbooks have adopted this kind of betting. The only catch is that you can only bet using crypto online. Crypto is a currency that only operates online, so you will not go to a physical casino where you put in real cash.
Next you register an account with the sportsbook. You should confirm which crypto it accepts before doing so. Once you have an account, then you can deposit some of your crypto and begin placing wagers.
If your bet wins, you will earn in crypto which will be deposited into your account.
You can spend your crypto online to buy goods. You can also redeem them for cash on some platforms and spend that cash. It is also possible to deposit this cash into your bank account.
Sports you can bet on using crypto
There is no end to the number of sports on which you can place a crypto bet. Provided that the sportsbook you are registered on accepts crypto, you can bet on any sports they offer. Moreover, you can extend crypto betting to casino games if they are on offer in the sportsbook. When your win a casino game, your crypto bet will equally pay off.
Choosing a crypto sports betting site
In order to select the correct crypto betting site, you should consider the following factors.
Check out user reviews. Previous users will give you a good idea of what the site you are joining is like. You should not join a site that has a reputation of not paying out wins. If you do, then you risk losing all your money when you think you are supposed to earn some. You should, therefore, join only those sites that have positive reviews, especially on payment issues.
Check the sports available. It is needless to join a site that does not offer the game you prefer to bet on. Remember, it is easier to bet on a game you understand than the one you don’t. You will be able to make predictions better. Consequently, if you don’t find your preferred games, you should just look elsewhere.
The bonuses and promotions on offer. When you are joining any sportsbook, it is always important to check which bonuses and promotions are available. This applies whether you are betting using crypto or not. The only thing you are assured of in betting is the gains you make through bonuses on offer. You will make wins and losses on the betting site as you play along. So, it is advisable to pick up as many little gains as you can along the way. Bonuses and promotions are a sure way of doing that.
Customer support reviews. You should also check what kind of customer support is available on the site. You are likely to have a better experience with reliable customer support. Problems come up from time to time that need clarification and solutions. The sooner you can sort out such problems, the better. There is no to need experience difficulties every time you require your issues sorted. If that happens to be the case, it is better to seek another platform to bet on.
The odds on offer are also important. Higher odds mean bigger wins when your bet goes through. Compare the bonuses on different sportsbooks before you decide which one to join. Remember, in sports betting, you can always opt to join more than one sportsbook. If the odds are better on one side, you can bet on them.
Legal issues in the use of crypto
In many jurisdictions, the use of crypto is not legal. It is important to check if your jurisdiction allows crypto betting before you join a sportsbook. It is also important to check if the sportsbook itself is legal. This will help you to follow up any issues that may arise between you and the sportsbook in case problems arise. Fortunately, the increasing public pressure on many jurisdictions is forcing them to consider legalizing cryptocurrency use. Consequently, there is an increase in cases of crypto legalization, which includes crypto betting. This has also led to an increase in sites that enable you to place bets using this currency. It is therefore becoming increasingly common to find sites on which you can legally bet using cryptocurrency. Nevertheless, it is not advisable to just jump into any crypto betting site without checking out its legal status.
The future of crypto betting
Projections are that crypto betting will become more common with the passage of time. It will then be possible to bet using the currency on many more platforms than are available today. With these developments in the crypto space, more people will discover the wonders of the highly rewarding crypto betting process. For, crypto lovers, this is very good news considering that there has been a struggle to get access to their favorite currency on betting platforms. Even at present, the space for crypto betting has really increased with every passing day. Therefore, even if you cannot currently access crypto betting, it is soon coming to a site near you.
In this article
- Choosing a crypto sports betting site
- Crypto betting
- Crypto betting 2022
- Crypto betting 2023
- Crypto exchange spread comparison
- crypto sports betting
- Crypto spread betting
- Cryptocurrency betting
- Cryptocurrency betting 2022
- cryptocurrency sports betting
- cryptocurrency spread betting
- difference between cryptocurrency spread betting and crypto sports betting
- How do you trade crypto spreads
- How is spread betting different from trading
- How to bet on crypto going down
- Sports you can bet on using crypto
- Spread betting crypto
- The difference between cryptocurrency spread betting and crypto sports betting
- What is a good spread in crypto
- What is spread betting crypto
- What spread betting