How Do Sports Betting Odds Work in Crypto? - Coindoo
Sport Betting Odds in Crypto

How Do Sports Betting Odds Work in Crypto?

Editorial Team Avatar
Nov 29, 2022
6 min reading time

If you want to bet on sports, you have to know a thing or two about the industry. For example, you must be aware that hundreds of online bookmakers accept cryptocurrencies and some sites provide reviews for most of them. 

In fact, there is a list of online bookmakers analyzed here that will allow you to learn more about every brand’s offers, sections, payment solutions, and more. The unbiased reviews’ information is enough to choose the most suitable sports betting platform.

Choosing a bookie that offers cryptocurrencies is key when betting online; there is no arguing that. However, you also have to know several other things before placing a bet that will have an impact on your experience. For example, your crypto gambling experience can be more lucrative if you understand how betting odds work, which is why we are about to learn everything about them. This guide will be useful to both new and existing online bettors because it contains a lot of information about the odds and betting with crypto.

Why do some online crypto bookies have better sports betting odds than others?

This is probably one of the most common questions people ask themselves when reviewing online bookmakers. Although there could be several answers, the most accurate one is because each brand has its own policy regarding the odds. This also applies to digital currencies, which is why some brands have more options than others.

In case you are unaware, sports betting companies use complicated calculations and special formulas to determine their odds. By doing this, they minimize the risk for themselves and make sure that they make enough profit from each bet. The profit is called “margin,” and people can learn more about it by using special tools that reveal each bookie’s margins.

To sum up, the reason why some bookies have better odds than others is because of their lower margins. Unsurprisingly, most online bettors that offer digital currencies prefer using such sites because they allow them to make more money if they predict their bets successfully. Some sites offer cryptocurrencies as well as regular payment solutions and may give crypto bettors access to slightly better odds than usual.

The different kinds of sports betting odds found on cryptocurrency betting platforms

After revealing why some sports betting offers have better odds, the next important aspect we have to cover in this article is the different kinds of odds. Since online crypto betting is becoming more popular every day, players from all over the world have the chance to use top-tier bookmakers. Naturally, this reflects on the format of the odds, which explains why there are multiple options. Let’s check most of them.

Decimal odds

These are the standard odds that most crypto platforms offer, especially those that are focused on the European market. That’s one of the reasons why some bettors call them “European odds.” 

What sets them apart from the rest is the way they’re displayed. People who choose these odds and bet with Bitcoin and other cryptocurrencies have to multiply the amount they want to bet with the odds and see the potential outcome. For example, betting $100 in BTC or ETH on odds of 3.00 and predicting the bet will result in a $300 win.

American odds

This odds format is slightly different than the decimal one because it includes a – or a +, depending on what you want to bet on. Some people will find this odds format as Money Line, and it is usually available on iGaming sites that offer cryptocurrencies and are popular in the U.S.

What’s interesting about the American odds is that they reveal how much money people have to stake to win $100 or the amount they will win if they wager $100. It might seem hard at first, but once you learn how they work, you will see that they are easy to use.

Fractional odds

Although some people may think that the decimal odds are the most popular format, the majority of cryptocurrency bookmakers from around the world also have fractional. The latter is also popular as UK odds because they are trendy on sites that operate within the UK.

The British odds usually have a hyphen and indicate the amount of money you can win for every $1 you wager. For example, finding fractional odds that have 6/1 means that every $1 wagered in crypto will earn you a $6 profit.

Other options

Besides the most popular betting markets found on most online bookmakers, some sites have plenty of other options, especially those specializing in the Asian betting market. For example, punters in Malaysia who are interested in cryptocurrencies can use Malay odds. Some sites also have Indo, Hong Kong, and loads of other options.

The best thing about top-tier gambling websites that offer Dogecoin, Tether, Litecoin, BTC, and more is that users can choose from multiple alternatives in seconds. Usually, betting operators have a special menu that allows people to select one of the many odds formats and start using the given operator.

Why do some markets have better odds than others?

After sharing some info regarding the odds format and why certain bookies provide better odds than others, it is time to take an in-depth look at the things you can bet on. 

Unsurprisingly, the odds are related to the betting markets because the latter shows you what you can bet on. If you take a close look at the things that crypto bookies will give you access to, you will find numerous markets, especially for some sports. Each market is different and offers specific odds. As mentioned, some sites offer better odds to crypto users.

The general rule when betting online is that the sports betting markets with the lower odds should be easier to predict, and they usually represent the favorite in a given clash. For example, if you choose the Winner market and one of the teams has odds of 1.2 versus 3.0 for the other, it is clear that Team A is the favorite.

Experienced crypto bettors are aware of this, which is why they often decide to bet on the underdogs. Doing this is very risky, but the odds for all markets are much higher. So, those who get lucky and predict their bets usually get a lot of cash.

Regardless of which digital currency you want to use for iGaming, keep in mind that gambling is risky, and you should never overdo it. In other words, be responsible and only use crypto betting to have fun.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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