There can be no doubt about it – crypto betting is expanding rapidly. In the last few years, crypto betting has grown in terms of popularity and overall value, and it’s still a relatively new and emerging concept. When we’re using the term ‘crypto betting’, there are two different ways to look at it. Firstly, there’s betting with cryptocurrency; then, there’s using a completely decentralised, crypto-backed betting platform. Today, we’ll discuss both as we help you to identify the best crypto betting markets out there.
It’s a diverse and dynamic world, and as technology grows and evolves, more opportunities present themselves. For years, bettors have been experimenting with crypto betting sites, using cryptocurrencies like Bitcoin to place wagers. However, it doesn’t end with just that one simple concept, as crypto betting is a somewhat broad term used to describe several practices. In this guide, we’ll outline the most common uses for the term ‘crypto betting markets’ and help you understand the industry a little better.
What Is Crypto Betting?
Crypto betting is, as we’ve explained, the act of betting using cryptocurrency to fund your wagers. It’s a relatively simple concept and process, and it differs very little from traditional betting with ‘regular’ currency. In fact, many platforms out there today have hybridised to accept both cryptocurrency and traditional currency as a means of payment. However, there are many top-tier betting platforms that operate solely on a cryptocurrency basis, leveraging the power of our increasingly digital world to service bettors.
There are almost no differences between standard betting and crypto betting – it all comes down to the currency you lose. If you’re looking online for crypto betting tips, you’ll notice that they’re almost always the same as ‘traditional’ betting tips.
What Is Decentralised Betting?
Now, this is where things get a little more complex. If you’re partaking in ‘decentralised betting’, you’re using a platform that is detached from a centralised, regulatory body. It’s an independent platform, ungoverned by the rules of the world and operating entirely on the blockchain. Typically, these platforms will have no other option than cryptocurrency when it comes to funding your wagers.
These platforms offer a diverse range of crypto betting markets, much more so than the more standardised, centralised betting platforms. As these platforms are not bound by certain laws, they’re much more open in terms of how and where you can access them. Commonly, these platforms will be totally unrestricted on a geographical basis, and they’ll offer advantages like instant transactions and almost total anonymity to bettors.
It’s the other side of crypto betting, and it’s a more mysterious and developing world.
Can You Use NFTs On Crypto Betting Markets?
This is an entirely different talking point, as NFT betting is a mostly unexplored concept at the moment. While there are expectations that people will begin betting with NFTs in the near future, right now, almost no platforms offer the ability to do so. If you’re unsure of what an NFT is, just imagine it’s a certificate that proves you own a digital thing, and that thing is inherently worth something because it’s unique.
In the future, it’s expected that people will be able to use the value of these NFTs to fund wagers. Alternatively, they could receive NFTs as prizes in place of money. It’s a concept that has many pros and cons attached to it, and right now, the world of NFTs is constantly evolving and expanding. It’s even more complex than decentralised betting, particularly if you’re not already aware of what an NFT is.
What Crypto Betting Markets Exist Today?
Ultimately, if you’re going down the first route and using cryptocurrency to bet on regular platforms, you’ll have very little to learn. These crypto markets will be the ones that you’ve known for years – provided you’re a veteran bettor. If you’re not, then you can seek solace in the fact that these markets are no different to the ones that have existed for years. For instance, you could be betting on soccer matches, tennis tournaments, or esports competitions.
However, when you go outside of those standardised realms, you enter a whole different world. On these ‘decentralised’ platforms, you often have the ability to bet on anything, within reason. You’re given the ability to bet on a peer-to-peer basis, cutting out the middleman and setting your own terms. If you’re using these decentralised platforms, you may be able to bet on some extremely niche markets, such as politics and even the performance of cryptocurrency itself.
It’s a diverse world out there, and we hope this guide has given you a clear introduction to the top crypto betting markets out there.