For the NBA gurus, one of the most lucrative times to bet on games is at the start of the season, particularly for the specials. No matter when you pick to bet on NBA games, betting with crypto has some unique benefits which you should know. Read the rest of the article to find out more regarding these.
Advantages of betting on NBA with cryptos
Crypto is still a widely misunderstood concept by most of the world. However, that has not stopped its growing popularity in sports betting. An increasing number of sportsbooks now accept crypto. There are good reasons why this happens. There are numerous benefits to betting on NBA with cryptos. Below are some of them:
Privacy and security
One of the main benefits of betting on NBA games with crypto is that it offers a higher degree of privacy than traditional fiat currencies. Cryptocurrencies are not centrally regulated, which means you can use them outside the centralized financial system. As a result, you do not have to provide your private financial details to a centrally managed platform that could be hacked.
However, achieving total privacy is complex; you must avoid using a centralized exchange to acquire funds. While it is possible, it comes with additional risk since you cannot recover the funds if you forget the password to your private wallet. Besides that, if someone defrauds you, there is no legal recourse, as there is little evidence of what happened. So be careful and use a VPN.
Higher betting limits
On sportsbooks supporting crypto, players can place bigger bets and make more significant withdrawals than when using fiat currencies. You will still have to do all the work needed to make winning bets but you won't be restricted if you have the funds and use good strategies.
The reason for these higher betting limits is that there are no restrictions on the amounts betting sites can send from wallet to wallet. This is unlike the mainstream fiat-based system, where transactions beyond a specific limit must be screened individually. To avoid the complexities and the cost of screening these transactions, most betting sites limit the betting abilities per gambler. With crypto, betting sites do not face such restrictive bottlenecks.
When betting on NBA with cryptos, transactions are processed much faster, no matter the amount. When betting with fiat, many sportsbooks will delay how much a person can withdraw or even deposit in a given period. You will find no such limits on crypto-based sportsbooks. Transactions can be processed within a few minutes, depending on the network's speed. One reason for this is that using crypto means sportsbooks do not have to rely on traditional money transfer networks. These networks often have strict rules on how funds can be moved worldwide.
Due to the strict reporting rules, sportsbooks often have to screen transactions for a given period before proceeding. The result is that delays are expected as financial firms seek to confirm the source of funds. With crypto, where funds skirt the use of centralized financial firms, there are no such restrictions.
Crypto-based sportsbooks often offer bigger bonuses and promotions. This is because crypto transactions are cheaper to process than fiat-based transactions. Consequently, the operators are able to pass on some of the cost savings to the users of their platforms.
Moreover, there are often strict rules regarding the bonuses casinos can offer players in fiat-based transactions. These restrictions do not exist when it comes to crypto-based platforms because of their gray gaming licenses.
When betting in crypto, it is less risky when processing transactions. One reason for this is that there is less personal financial data supplied to complete transactions. As a result, hackers cannot steal your details and use them to empty your bank accounts. So, crypto transactions are inherently less risky than traditional transactions when it comes to your financial security.
However, betting in crypto comes with some trade-offs. One is that if a transaction is sent to the wrong address, it is not reversible. With fiat-based transactions, you could simply call the bank and ask for the transaction to be cancelled. With a crypto transaction, there is no such recourse. Additionally, if you are defrauded, you cannot seek help from the authorities. The reason for this is that most regulators do not regulate crypto transactions. They also advise users that their funds are not recoverable once lost.
Dangers of betting on NBA with cryptos
While there are numerous benefits to betting on NBA with cryptos, there are also some disadvantages. Below we analyze some of the downsides of using cryptocurrencies in sports betting.
One of the most significant downsides of betting on the NBA with cryptos is the volatility of the crypto markets. Sometimes, the price of cryptocurrencies can change by double-digit percentages in a matter of hours. As a result, if you had placed a bet in Bitcoin in the morning, the dollar value of your bet might drop significantly by the time the NBA game is played. It means you could win a bet but end up with considerably fewer funds in dollar value. This can add to the excitement though as what goes down does also go up.
While crypto transactions are praised for being significantly cheaper than fiat transactions, it is not always the case. Sometimes, crypto transactions can cost a high percentage of the full transaction amount to process, especially if the hodlers choose to prioritize it.
Types of Wagers
NBA Money Line Odds
An excellent online sportsbook should offer the NBA Money Line odds. It is one of the most basic wagering types used for NBA games. Using this type of wagering, you simply predict which team will win. The most favored team will be listed as a negative, which is the amount you have to wager to win a set amount. For instance, a game could have a wagering of (-300), which indicates you will need to wager that much to win $100.
NBA Point Spread Odds
This type of wagering is often just called "spread". Bookmakers use it to entice people to bet on the favorite and underdog. In this strategy, the favorite could be given something like (-5), which means that there are 5 points favoring the winning club. Crypto spread betting on the other hand is something very different.
The type of bet is wagered on a player's or the team's performance rather than the standard wager of win, cover, or total points over/under.
A licensed betting site ensures the safety of funds deposited on the platforms. If you wish to know more, check our full guide for gaming licenses.
Deposit and withdrawal options
Most modern betting sites will offer multiple deposit and withdrawal options, which is often a good sign that the platform is reliable. In the case of crypto sportsbooks, the availability of important coins including Bitcoin, Bitcoin Cash, Litecoin and Ethereum is considered necessary. Altcoins like Cardano or Monero, while very convenient, aren't as popular yet.
Supported Lines and Features
Check whether an online betting site supports point spreads, future, prop bets and moneyline bet spreads. The words might sound confusing in your head right now but once you up your game they will become pivotal to your betting picks.
Where to bet
As analyzed above crypto sportsbooks offer certain advantages making them very lucrative to bettors. Numerous attractive options are available but our picks for betting on NBA with cryptocurrencies are:
Cloudbet which has made a name of itself for getting the best odds and highest limits on big sport events like the NBA Finals or March Madness
Sportsbet.io was launched five years after Cloudbet but made an impact and thanks to its sponsorships on the Premier League, it quickly became one of the safest and most legitimate crypto sportsbooks available.
TrustDice doesn't have the limits or legitimacy of the previous two picks but it's exactly what a crypto sportsbook should be; quick to deposit and cashout, easy to bet and very very fun.