With all its benefits, it’s no surprise that crypto sports betting is making a massive bloom in 2022. This year has ushered massive growth in every aspect of new-age technology, including, NFTs, GameFi, Metaverse, and Crypto sports betting.
If you are a crypto enthusiast and a sports lover, then crypto in sports betting must be a dream come true. The ability to place bets or stakes on your favorite teams and get rewards in a decentralized currency With lower fees, enhanced security, and faster transactions, is most certainly a profitable investment especially for any betting provider (bookies) and light gamblers like you and me. The huge upside potential is something that cannot be undermined or overlooked.
What is Crypto sports betting?
Traditional betting involves placing bets with centralized institutions and collecting your winnings in fiat currency. But with crypto sports betting, everything goes through a DeFi platform with added benefits such as lower fees, enhanced security, faster transactions. Additionally, as the amalgamation of crypto and betting is still in its infant stages, getting in on the ground floor of these platforms have massive potential upside as the growth of these technology continues to progress.
If you’re here, Crypto sports betting combines two of your favorite things: Sports betting and cryptocurrency. For you to make the best out of your crypto sports betting experience, here are tips to help
Ensure your bookie is legit
First things first, ensure you’re working on a legitimate bookie. If you’re just getting started, smart betting guide curated a stellar list of legitimate crypto betting sites. These sites have also been tested by our team and we fully endorse them. Also, if you’re looking to start slow and simple, Scorefam is a platform that allows simple soccer staking with $SFT. In case you’re wondering what staking is, it’s simply picking whether a team will win or the match will end in a draw. It’s that easy. As I stated earlier, crypto betting is at its conception stages and scam sites seem to always find their way into everything, Ensure your money is secure and safe.
Be in it for the long term
“HODL” in cryptocurrency is singlehandedly the best financial advice anyone could ever give you. This also applies to crypto betting as well. Here’s why. A lot of these crypto betting sites create their own tokens on other stable cryptocurrency platforms. Scorefam has $SFT and BetU has their BetU Token and there are loads of others out there just looking for early adopters. And so, with the way investments work, if it appreciates over time, you gain. Can’t ever go wrong with holding.
Don’t exhaust your expendable funds on a single sports betting platform and whenever you can, buy some more. Prices can rise and fall quite dramatically. Novice traders are often duped into panic selling when prices are low. Cryptocurrencies aren’t going to go away, and leaving your money in the market for months or years at a time could offer you the best rewards
Don’t Bet all in one place
The saying “don’t put all your eggs in one basket” still very much applies to modern technology. Similar to how you diversify your stocks, shares, and cryptocurrency among a variety, you should also do that to crypto betting platforms. Why should you do that? Hodling a portfolio of numerous betting platforms of only money you can live without is favorable because of the fact that these platforms have massive upside if you hold, as explained earlier.
Going “all-in” in financial investments only ever works out in movies. And as this is real life, best to be realistic with your finances. Especially if you’re not Elon Musk. It doesn’t pay to have too much invested in one single crypto betting site in my experience. This way you don’t risk being over-exposed should one of them plummet in value – especially as the market prices of these investments are highly volatile. There are thousands to choose from, so do your research.
Do your own research
Betting on sports with cryptocurrency gives you the opportunity to learn and earn at the same time. That said, the only real way you can learn and earn is by doing your own research. If you’re truly the enthusiast you claim to be to your novice family and friends, then research should be second nature to you. Creating your own theories gives an edge in sports betting and crypto trading. But doing this, you grow an instinctive guide to picking a choosing which ones to invest in. And following one’s instinct is never a bad thing. There are a plethora of sites on Google, Youtube, and podcasts to help you on your journey. You can easily fall into the rabbit hole that’ll make you a millionaire.
Whatever it is you did before that helped you win, keep doing it. Because it’s a new system doesn’t mean your betting process should change. Predicting and staking involve tact, luck, or both. If crafting a strategy works for you then, by all means, go for it. But if you’re the high roller type and that works for you then go for it. No one should be told how to spend or bet their money.
Scorefam aims to provide sound content on the topic of crypto sports betting but unfortunately, we’re not proficient in providing financial advice. You’ll need a professional for that. We’re just here to guide you along your journey and also convince you to check out our platform. You’re sorely missing out if you haven’t by now.