Crypto Sports Betting: A Guide for the Risk-Takers

Getting acquainted with sports betting is highly not recommended. It’s risky, addictive, and unpredictable. 

At the same time, gambling is part of human nature that has lived and thrived for centuries. It’s really ancient (like several millennia BC ancient), and during all those years, it has been banned, fined, punished, and controlled. And guess what? It still very much prospers.

So, who am I to tell you what to do? Instead, think of me as a humbly knowledgeable adult who can guide you to the least harmful way of doing unrecommended things. Like exploring sports betting, for example.

Let me be clear: do not try sports betting unless you can check these boxes:

Still with me? Great! Now that we’ve covered the basics, let’s discuss how ancient gambling has evolved into something very modern: crypto sports betting. Why crypto, you ask? Well, you wouldn’t use an axe to cut the tree if you had a chainsaw, right? It’s just the next level.

The evolution of betting: From dice to digital coins

Gambling, along with trading and that other ancient profession I won’t mention, has likely existed since before written records. It has evolved from simple games of chance to modern tokens like Bitcoin.

The first evidence of betting comes from Ancient China, where tiles were used in rudimentary games of chance. Meanwhile, the ancient Egyptians were known for betting on dice and board games as early as around 4000 BC.

You could guess that gambling in the form of sports betting became popular during the Olympic Games – by 800 BC. And in Rome, wagering on chariot races, even though occasionally banned, was a regular part of public festivities.

The rise of lotteries and horse racing

Fun fact: the first lottery, announced by King James, started the Jamestown Colony. The citizens bought tickets to the ship, and then the names of the luckiest were drawn from the barrel or drum. 

Following the good start, public and private lotteries served as the basis for America’s many public buildings, roads, and canals. Famous Harvard, Princeton, and Yale were also funded through the lotteries. What’s more, the First Continental Congress attempted to fund the ongoing Revolutionary War via the 13-colony-wide lottery (which was a bust, although they won the war, as you remember). 

As for sports betting, it entered the States with British settlers and horse racing: the first racetrack in the U.S., the Newmarket course, was built in 1665. In the 1760s, Richard Tattersall became the first horse auctioneer.

Fast-forward to the 1900s. Littlewoods, California, one of the largest private companies, started accepting bets by mail in 1923. The world’s most famous betting company, William Hill, was founded in London in 1934. Then, in 1961, the legalization of betting in the UK became a turning point. By the end of that year alone, over ten thousand betting houses had opened in the country. France, Britain, and other countries enacted laws to control betting activities, making it more structured and secure.

The digital revolution: From online betting to Bitcoin

The internet changed everything in 1996 with the first online bet hosted by Intertops, a licensed online betting company of Antigua and Barbuda. 

The next leap came with the invention of Bitcoin. By 2012, online casinos began accepting Bitcoin, offering bettors privacy, faster transactions, and lower fees. SatoshiDice became one of the first major Bitcoin casinos, setting the prerequisites for market transformation. 

Today, the revenue in the online sports betting market is around $14.3 billion and is projected to reach $23.8 billion by 2029. While crypto sportsbooks can’t beat traditional online betting in revenue, they are moving by leaps and bounds into the hearts of tech-savvy audiences. 

Now, let’s talk more about the specifics of crypto betting and why I’m a devoted follower of one.  

What is crypto sports betting? 

If you are studying information on Bitcoin sportsbook sites, you are sure to know some basics about traditional online betting. And there are definitely things you’re not happy about. Let me guess:

• You can lose however much you want. But when you start winning, you suddenly experience problems claiming your winnings.
• Your ID, address, eye color, dog’s name, and grocery shopping list are general knowledge.
• Your bank hates betting income, making you go through hell to receive the payout.
• Your payout turns out to be just a fraction of what you’ve actually won: all the fees, hidden costs, and delays totally ruin it for you. 

So, that’s the paradox of traditional sportsbooks: if you’re smart, stable, and totally into sports – you can’t conquer online sports betting. 

Cryptocurrency betting can lead to another story, though. Yes, you’ve read it right: can, not necessarily will. I’ll explain myself.

Bitcoin betting sites: Not all is gold that glitters

In our case – not all online sportsbooks that accept cryptocurrency can claim the name of a crypto betting site. Well, technically – they can, but that’s not what we will be looking for. So, follow me. 

You see, there’s a big difference between a traditional sportsbook that just happens to take Bitcoin and a truly decentralized crypto sportsbook. The first is basically your regular online betting platform that says, “Hey, we accept crypto now.” But under the hood, it’s the usual business—your money still goes into their system, they handle your funds, and the payouts are at their mercy. Sure, you’re betting with crypto, but that’s about as crypto as ordering pizza and paying with Bitcoin.

Now, a decentralized crypto sportsbook? That’s a whole different game. Here, everything runs on the blockchain (educate yourself on it). No middlemen, no holding your money. When you place a bet, you’re actually moving funds from your wallet via a smart contract, directly tied to the bet. The best part? No one is storing your money for you—not the sportsbook, not anyone. 

And what about payouts? Forget about waiting for a platform to “process” your winnings. Since it’s all smart contract-based, the payout happens automatically, and no one can mess with it. If you win, you get paid—end of story. Plus, all transactions are transparent, and your identity stays anonymous (thank you, blockchain).

So, while any sportsbook can slap a “crypto-friendly” sticker on their site, the real deal comes from decentralization, where the whole process is powered by blockchain magic. Not only is it more secure, but it also means there’s no shady stuff when it comes to handling your money or your personal info. That’s the next level of sports betting I’ve been talking about. 

But here’s a problem: fully decentralized and totally anonymous crypto betting sites are still the future. The market offers just a few sportsbooks like the ones I’m talking about, all others being “we-accept-crypto-now” type. You can do nothing about it except monitor the proposition and wait for more to come. 

If you are still eager to dive into crypto betting, let’s get you set up with some practical advice to make sure you’re betting smart, staying secure, and, most importantly, having fun—responsibly.

Crypto betting 101: Staying on the safe side

First, as we’ve already figured out, not all crypto sportsbooks are created equal, so do your homework. A legit crypto sportsbook will be decentralized, run on smart contracts, and won’t ask for all your details. Look for one that’s transparent about how it operates and has good reviews from other users.

Next, take care of your cryptocurrency. Always store your coins in a non-custodial wallet—you want full control over your keys, not some third party. A hardware wallet is ideal for storing larger amounts, while a hot wallet (connected to the internet) can be used for smaller, regular transactions. Also, enable two-factor authentication (2FA) wherever you can, and never share your private keys.

And, of course, I once again emphasize on remaining smart and cool (read cold-blooded) about betting with crypto:

Try it out: Top Bitcoin sportsbooks in 2024

I’ve already mentioned that I found just a few totally anonymous crypto sportsbooks on the market (I’ll list them in this chapter). Still, if you are not into privacy too much, you can use other Bitcoin betting sites – for faster than traditional transactions and lesser fees. I’ll provide a few trusted options here as well. 

xBet

Last but not least, xBet strikes a balance between traditional and crypto betting. It requires KYC but offers incredible promotions tailored specifically to crypto users. The site boasts fast transaction speeds with low fees and supports several cryptocurrencies for deposits and withdrawals. It’s a well-rounded and mobile-friendly platform with a solid range of sports and events to bet on, including live betting.

Sports betting with Bitcoin: Not a career, but a spicy hobby

Don’t consider sports betting with Bitcoin or other cryptocurrencies as a source of income. Instead, think of it as an exciting, tech-driven hobby that adds a little spice to your sports-watching experience. The advantages of crypto betting—whether it’s anonymity, faster transactions, lower fees, or simply the novelty of using digital coins—can make it a fun alternative to traditional sports betting. But always remember to stay in control of your entertainment. Set your limits, do your research, keep things light, and enjoy the thrill for what it is—an exciting yet risky pastime, not a path to financial freedom.