With the advent of blockchain technology, decentralized sports betting has come to the fore. There are a number of reputable platforms which you can make use of to bet on a wide range of exciting sports markets. It is vital to understand how to use a decentralized betting exchange so that you can capitalize on the inherent advantages of these platforms. Thus, look no further than our guide, which offers up many insights!
Best decentralized betting platforms
Above we jump into the ins and outs of decentralized sports betting, we would like to bring your attention to the best crypto betting sites so that you have ample choice of platforms at your disposal for online wagering!
What is a decentralized sports betting site?
The concept of a decentralized esports betting or standard sports betting platform stems from the underlying blockchain technology used within the crypto space. These platforms have adopted blockchain technology in order to create an online community whereby you can bet on sports with other avid bettors.
Decentralized sports betting sites offer far more anonymity and enable you to utilize crypto sports betting with ease in order to wager. Moreover, these decentralized platforms don’t make use of a third-party payment processor or financial institution in order to facilitate transactions. Plus, all transactions including wagers are secured cryptographically and the speed at which these transactions are processed is next level.
Benefits of using a decentralized betting exchange
There are a number of benefits that have also played a role in making decentralized sports betting sites so popular over the last couple of years.
- Low fees: When you engage in betting with crypto, you’ll come to find that low fees are front and center and ensure that transaction fees don’t eat way too much at your wagering funds and potential winnings. Moreover, decentralized platforms have significantly lower betting fees known as vig. Traditional betting sites have higher vig percentages which can top 10% while decentralized platforms tend to keep this percentage at around 1%.
- Instant payment processing: It has been noted that decentralized platforms are equipped to process deposits and withdrawals at higher volumes at a far quicker speed than what’s available on traditional betting sites. This allows you to keep your account in check with immediate payments while getting your hands on winnings within minutes as opposed to days or even weeks when using a normal payment solution.
- Accessible across the globe: A major advantage to using a decentralized betting exchange is that there is global reach. Wherever you might live, you will be able to access an underlying platform so that you can bet with absolute freedom. On a side note, we do wish to stress that certain countries have a total ban on crypto activities and these jurisdictions will be off limits.
- Wide range of crypto accepted: You will come to find that traditional sportsbooks might have a limited number of crypto options available for you to use. With decentralized betting sites, it is possible to utilize Ethereum betting services as well as Bitcoin, Litecoin, and many other crypto options. This ensures that you can use your preferred crypto to wager online.
How do I access a decentralized betting site?
Accessing a decentralized crypto exchange is pretty straightforward once you know which platform you wish to use. Head to the official site and click on the ‘Play Now’ button or a similar option. There’s only one more step from here and you’ll be ready to get stuck in.
It is important to link the best crypto wallet for gambling to the platform in question in order for you to fund your betting activities. Once your wallet has been connected, you’ll be able to add an amount of crypto you are comfortable with and then wager on all of your favorite sporting fixtures.
Decentralized betting platforms
It’s clear that decentralized platforms for sports betting offer up a number of benefits that enhance your overall experience. The nature of these platforms offers up more freedom for bettors and has done away with various restrictive practices found elsewhere.
Get started today with a decentralized site and you can reap the rewards while making the most of a huge sports betting offering. Plus, if ever you are unsure of anything, you can check in with us here at EsportsBets.com as we cover all crypto betting topics!