Many people have been investing heavily in cryptocurrencies, but it is no secret that not all black-market investments are legitimate. As time marches on, this number is only destined to grow. Keep reading to learn how to spot a safe and trustworthy crypto sports betting website.
Crypto is still an emerging market, so businesses normally struggle to stay consistent. The industry also has a lot of bad eggs to sift through. That can be especially difficult for sports bettors since many of the black-market websites use a similar facade in order to avoid detection by gambling regulators. Many of them use thinly-veiled methods such as fauxed names and slick websites in order to grab your trust and get you to bet with them.
That is why it is so important to know how to spot a safe and trustworthy crypto sports betting site.
Before we dive in, let’s take a moment to define both terms. A safe or trusted crypto sports betting site does not have an official role in the gambling industry, nor does it claim to. They merely accept deposits from users who wish to bet on sports events with cryptocurrency instead of fiat currency (i.e., dollars or other currencies such as euros/pounds). They do not participate in sports betting at all. There are sites out there that give users a 5% or 10% bonus on bets, but they do not actually award any winnings to the user.
That is because these sites play no role in sports betting whatsoever. Keep in mind that there are two ways to go about this: you can either take your chances and make the deposit with a site that claims to accept cryptocurrency, or you can only bet with a site that accepts fiat currency (i.e., fiat deposits). They can still be great choices if you want to minimize your risk with the occasional bet on a sports event, but it’s not recommended to base your entire betting portfolio on them.
Safe and trustworthy crypto sports betting sites are the best ways to play on black-market websites. I recommend that all bettors do the research and make their deposits with these sites, as they will provide you with a high return on investment. Even if you just place bets on popular events such as the Super Bowl or World Cup for a few dollars, you will still end up making back your initial deposit. Which is why this article is mostly about how to find these sites that accept cryptocurrency, not how to use them.
How to Spot A Safe and Trustworthy Crypto Sports Betting Site
As mentioned above, most of these crypto betting sites offer bonuses in order to attract new users without necessarily providing real winnings. The ones that do have an official role in the gambling industry will not have to pay out any profit from their own personal funds and can thus give a better return on your deposit. On the other hand, the shady ones simply charge a percentage of each deposit and offer little to nothing in terms of return on investment.
In order to determine which ones fall into each category, you need to do some research. From the website’s homepage, you need to look at their About Us section. Is there a list of names on the team? If so, start looking up their names online. Check out their LinkedIn profiles and see if they are listed as staff members of the website. If not, then more snooping is in order.
You also need to check out the Terms and Conditions (T&C) page on any crypto sports betting site you’re thinking about using. The first thing you need to look for is whether or not they offer crypto deposits (the selection box should be checked). If they’ve got crypto deposits on the menu, then it is safe to proceed to the next step.
The next thing you need to look for is whether or not they accept fiat (i.e., USD or EUR) deposits. You need to make sure that they are willing to process these deposits as well, and if you find a site that only accepts crypto, it is a very good indication that you should stay away from them.
In most of the reputable sites I am talking about, you will find a list of rules and regulations on their website in order to protect their customers and provide them with a safer experience. There are three important things you need to look for. The first is the required deposit. It is usually around $50. This is the minimum amount you will be allowed to register if you want to place a bet on any of their sports events. If they give you extra funds (i.e., 5% or 10%) on top of that, then that’s a sign that a scam site has set up shop.
The next thing you need to look for is whether or not they will accept deposits in the form of cryptocurrency. If they don’t, then it’s a good sign that they are not actually a part of the gambling industry. You can safely place a bet on their site if you have crypto (the selection box should be checked). It is also important to make sure that there are no fees or hidden costs on any crypto sports betting site.
In an ideal world, you would find all these things listed clearly and concisely on their website, but that’s simply not how some people operate. They will use different methods of deception to hide their true intentions. They will often modify their T&Cs in order to make it seem as if they do not accept cryptocurrency, when they actually do. They will also make up fake names in order to hide their true identity.
Which Crypto Sports Betting Sites Should You Use?
If you want a safe and trustworthy way to play on the blockchain, then Bitcoin Cash (BCH) is the way to go. You can make deposits with BCH using CoinPayments, where you are able to use BCH as well as many other currencies such as Litecoin (LTC), Ethereum (ETH), Monero (XMR), or Bitcoin (BTC).
