How to Bet on Sports with Bitcoin Online
Using Bitcoin to bet on sports is no different than using other methods. Betting on games is popular because it gives you a stake in who wins a sporting event. This makes following a sporting event more exciting and gives you a chance to win little extra cash. When betting on sports, the primary goal is to beat the Odds Maker. A bet placed on sportsbook is called a wager, and there are some different kinds of wagers to choose from.
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Sportsbooks and Odds Makers
Bitcoin SportsWagers are placed through an online Sportsbook or Bookmaker who accepts your bet and payouts winnings. Best Bitcoin sportsbooks allow you to bet on the outcome of all kinds of sporting events including soccer, football, hockey, basketball, boxing, tennis, baseball, cricket and almost any other sport you can think of.
To understand how to bet on sports, you need to learn a few different terms. First, let’s look at the difference between a Sportsbooks that accept Bitcoin and an Odds Maker. This difference is that a cash Sportsbook takes your bet and that an Odds Maker is the one that decides the betting odds. There are some different wagers that you can make with betting with bitcoin on a sporting event.
Straight Up Bet
The most popular and most straightforward wager is called a straight bet. These are bets that are made against the spread. The spread also known as the line is a number set by a Sportsbook’s oddsmaker which favours one team and gives a handicap to another team.
For example, a line may read Detroit -3, New York +3. To decide if you win the line would be added or subtracted or add toom a team’s final score. If you chose Detroit in the example above, you would subtract 3 from Detroit’s final score then compare it to New York’s score. To win this straight up, bet Detroit would have to win the game by at least 4 points.
Parlays are also a prevalent type of wager. These are multiple bets, typically 2 to 12, and payout large prizes to winning bettors. For example, a parlay bet could consist of 5 different straight up bets placed into one wager. You would be wagering that all 5 of your teams would beat the spread. This would be called a 5-way parlay. If any 5 of your teams were to lose you would not win the parlay.
Progressive Parlays are very similar to a regular parlay, but they have smaller payouts comparing to them. This is because unlike a standard parlay even if a few of your teams lose you will win a reduced payout. Teasers are the last form of parlays, and like progressive parlays, they have smaller payouts. Teasers will have a larger point spread than a normal Parlay. Parlays are popular because of they payout more than if you were to place different wagers on each outcome.
Though all bets on sporting events are technically future bets, bets that are listed as “futures” are in the most cases wager on long-term sports activities that can last weeks or months. An example would be placing a bet on Liverpool to win the Premier League or the Green Bay Packers winning the NFC Championship.
The odds for future bets are generally shown in a set ratio of an amount paid and amount waged. This might be expressed as 40-1 to win the NFC Championship. This means you would be paid 40 times the amount wagered if the team you picked won.
Where to Place Bitcoin Bets on Sports
There are many different online Bitcoin Betting Sites out there, but making sure that you pick a trusted, reliable and regulated site is essential. There are many flies by the night Sportsbooks that will take your hard earn cash. It is recommended to stay away from sportsbook established brands no matter how good the odds they are offering. You don’t want to get caught up placing bets and an unknown Sportsbook that might not be there the next day. Losing your hard earn cash is never fun. The only Bitcoin sportsbook with good Bonus out there we trust is Bitcoin Sports.