The cryptocurrency craze has swept the world with its promises of a decentralized future and frictionless transactions. Bitcoin and other digital currencies have come a long way from being a fad to now becoming an established asset class. With more adoption, use cases and trust in these digital assets are growing exponentially. There is also an increasing number of people who want to invest in them. From online forums to social media platforms like Facebook, Instagram and WhatsApp, crypto discussions are on pandemic level. Cryptocurrency betting has also become popular among many people as well as enthusiasts who see betting as a profitable venture while playing their favorite game at the same time. This article lists out some of the best crypto and bitcoin betting sites in Nigeria where you can place bets on different games related to cryptocurrencies and bitcoin.
Best Betting Sites Accepting Crypto in Nigeria (October 2023)
What is crypto betting?
When you bet using crypto on a sportsbook, you will be depositing the amount to be wagered using cryptocurrencies. This means that you will need to have some amount of cryptocurrencies in your digital wallet before you can place your bet. That way, the sportsbook will be able to exchange your earned winnings for the preferred fiat currency in your account. If a sportsbook accepts only cryptocurrencies, then you will need to exchange your digital currencies for the preferred cryptocurrency accepted by the sportsbook. The sportsbook will then accept this cryptocurrency. In this case, you don’t need to have fiat money in your account to place your bet. The concept of crypto betting is that you exchange your bitcoin or any other cryptocurrency in your wallet to play the game. You win the game and the sportsbook will then exchange the bitcoin or other cryptocurrencies back to fiat money. Crypto betting is a great way of earning extra income. It is also a good way to practise trading skills.
How to place a bet on a cryptocurrency site?
This is a very simple process and requires users to sign up on the sportsbook and get started with betting on their preferred game or sports. You will be required to move your mouse over the “Crypto” tab and then select the cryptocurrency of your choice. This will bring up a conversion calculator that will help you convert your selected cryptocurrency to the preferred coin accepted by the sportsbook. Next, you will be required to enter the amount of money you wish to wager. This amount should be equivalent to your entire crypto amount since the sportsbook does not accept partial wagers. This is to ensure that the wager amount is in line with the rules of the game. Next, click on “Place Bet” to confirm your bet and you will then be redirected to your “My bets” section.
Advantages of Betting with Cryptocurrency
The crypto betting industry is highly profitable, especially if you are an avid sports bettor and an expert in forex trading or have a knack for crypto trading. These are skills you can put to use and make good money betting on sports and the crypto markets. There is no central authority responsible for the management, regulation, and maintenance of the games played on a cryptocurrency sportsbook. There is also no third party involved in the process of placing the bet and getting paid. This means you can place and withdraw a bet without having to worry about a system failure or any third-party interference. The only thing that can stop you from withdrawing your winnings is the network congestion.
Types Of Bonuses On Crypto Betting Sites in Nigeria
There are different types of Bonuses you can earn on a cryptocurrency sportsbook. These include welcome bonuses, deposit bonuses, and seasonal bonuses among others that are usually offered in the form of free bets. You can get these bonus types on the sportsbook. The amount and type of bonus offered will depend on the sportsbook you choose to join.
- The welcome bonus is the most common type of bonus available on cryptocurrency sportsbooks. This is a one-time bonus offered to new bettors on joining the sportsbook. This bonus is usually paid in the form of a free amount wagered.
- Deposit bonus is the amount added to a bettor’s account when they make a deposit to their sportsbook account. This bonus is a percentage of the amount deposited.
- Seasonal bonus is the type of bonus offered at a particular time of the year. This bonus is offered for a limited time and may vary depending on the sportsbook.
How to Deposit and Withdraw Using Cryptos?
Depending on the sportsbook, you can either deposit or withdraw your winnings in crypto or fiat money. To deposit, go to the “Account” section and click on “Deposit”. Select the preferred crypto and enter the amount you wish to deposit. The sportsbook will then generate a wallet address in your account and ask you to transfer the amount in your digital wallet. For withdrawal, first select the “Withdraw” option in your account. Then select the preferred method of withdrawal, enter the amount and click on “Submit”. The sportsbook will then process your withdrawal request and send the money to your preferred account.
How Secure is it to Use Crypto in betting?
Cryptocurrency is a new asset class that has a lot of users, but very few people understand how it works. The relative newness of these digital assets means that there is still a lot of work that needs to be done in terms of improving the technology. Despite this, crypto is a lot more secure than fiat money since there is no central authority that manages it. This means that only the participants in the network can transact and make changes to the network. Moreover, the technology that powers cryptocurrency transactions is called blockchain. The blockchain is a decentralized network of computers that is responsible for recording all the transactions that occur on the network. This means that there is no central authority responsible for managing the system or making changes to it. The blockchain is also transparent since anyone can see all the transactions that have taken place on the network. The only way to hack a blockchain is by gaining control over more than half of the computers on the network. This is practically impossible since the blockchain network is huge with thousands of computers connected to it.
Crypto Betting Tips: How to Bet with Cryptocurrency?
If you are new to the crypto betting world, then you need to understand how it works and how to place your bet. Otherwise, you will not earn anything from this profitable venture. Here are some tips for crypto betting to help you get started:
- Make sure to sign up on a trusted sportsbook. One that has good reviews, a positive reputation and a license to operate from a jurisdiction with loose regulatory policies.
- Pick a game or a sports event you are interested in and know its basics. This will help you in picking a winning bet and also give you the chance to earn more since you will be inclined to bet more.
- Read the rules and regulations of the sportsbook before you start betting. This will help you determine the amount you are allowed to bet and at what frequency.
- Know the type of bet you are placing by reading the odds. This will help you in determining the probability of winning and the return on investment (ROI).
- Follow the trend and patterns of other bettors in the forum and sports betting websites. This will help you determine when to place a bet and when to stop.
FAQs
Why should I use cryptocurrency for betting?
Crypto betting is a great way of earning extra income. It is also a good way to practise trading skills.
What are the benefits of crypto betting?
There is no central authority responsible for the management, regulation, and maintenance of the games played on a cryptocurrency sportsbook.
What are the disadvantages of crypto betting?
It is not easy to earn a living by betting. It is a risky venture and you will have to learn how to trade and gamble if you want to be successful. And you will have to be disciplined to ensure you do not make bad bets.