What Do Cryptocurrencies And Sports Betting Have In Common? - Coindoo

What Do Cryptocurrencies And Sports Betting Have In Common?

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Mar 16, 2021
5 min reading time

Cryptocurrencies may be defined as a form of decentralized financial system operating on blockchain technology. The primary aim of cryptocurrency is to make and receive payments without government or traditional financial institutions such as banks. The demand and attention for cryptocurrencies have seen their value skyrocket, and many now see it as an investment plan.

On the other hand, sports betting started as a means for punters to multiply their funds and exponentially increase their income. Since sports betting relies on predicting the outcome of uncertain future sporting events, it’s been likened to cryptocurrency regarding the risks involved. Our guest post author Kate Richardson considers some of the similarities between sports betting and cryptocurrencies in this article.

What Similarities Are There Between Sports Betting And Cryptocurrencies?

While cryptocurrencies only hit the air in 2009 with the invention of bitcoin, sports betting has been around much longer. However, that hasn’t stopped punters from drawing similarities and common ilk between them. Some of the similarities between sports betting snd crypto include

1. Investment Opportunities

When Bitcoin was launched in 2009, its goal was to create a decentralized store of value chain free from government and banking limitations. This was a direct result of the economic downturn experienced by Americans in 2008. Bitcoin has since risen in value to the tune of several thousand dollars per unit. This has caused the demand for crypto to grow, as many now view it as a way to diversify and generate income.

Sports betting has always been seen as an opportunity to increase earnings by bettors. As a result, many of them view sports betting as an investment strategy that helps them foot bills and afford the finer things in life. Although some may have reservations about both, it’s undeniable that sports betting and crypto have brought financial success and liberation to many individuals.

2. Risk Factor

An essential feature to consider before investing in cryptocurrency is the risk factor. Just like the stocks market, cryptocurrency prices and value rise and fall. This may be due to several factors like lack of funds, government bans, increased demand and all sorts. Most of the predictions about the value of any cryptocurrency are primarily speculative, as no one knows what will happen. Thus, you may invest $100 in crypto today and have less than $75 tomorrow.

Sports betting is just as risky or even riskier than cryptocurrency. This is because the latter’s value rises and falls, unlike sports betting, where you either win or lose. With sports betting, there is no middle ground. You’ve either wagered a winning bet or a losing one depending on the outcomes of the games.

3. Research Demands

Experienced punters will always emphasise the place of research in picking winning bets. This is because betting on emotions or instincts may be unfruitful. Punters are advised to browse several prediction sites, read up on team news, H2H history, and other relevant stats before placing a bet.

The same occurs for cryptocurrency investments. A seasoned investor needs to stay atop the market, aware of the news, technical analysis, and whatnot to make profits. Whether for short-term or long-term investing, research and analysis are essential in cryptocurrency. As sports bettors have prediction sites, so do cryptocurrency investor who has platforms that project growth and measure a particular cryptocurrency’s enthusiasm.

Several other similarities exist between sports betting and cryptocurrencies, including entertainment, returns on investment, and the need to employ a financial strategy. Cryptocurrencies and sports betting are popular because they’ve given average income earners opportunities to make huge profits. Although the rules and systems are different, most investors who dabble in both have a common goal – to make profits. This shared goal has led some sports betting sites to accept cryptocurrency payments and wagers.

Do Sports Betting Sites Accept Cryptocurrency Payments?

Sports betting websites now offer a fascinating and ingenious avenue for punters to make payments and place bets. By accepting cryptocurrency payments, sports betting platforms allow punters to wager bets on their favorite games regardless of location. It also makes it possible for punters whose countries have banned sports betting on achieving their goals. There a handful of sportsbooks accepting crypto payments now. Though they feature other sports, most of them are tennis betting sites and offer various betting markets on the sport. Some of these sportsbooks include;

  • 1xBet: 1xBet is a popular sportsbook globally, having partnerships with Serie A, La Liga, and Barcelona. The bookmaker is one of the best tennis betting sites in the market and accepts cryptocurrency payments. The signup process is simple, and new customers get a 100% deposit bonus. Punters are also treated to a live bet feature and several betting markets.
  • 22Bet: 22Bet is another big name in the cryptocurrency betting market. The sportsbook is renowned for its multiple payment options and offers various sporting events in addition to tennis and soccer. The sportsbook is also into live broadcasts, so you can bet and watch your matches simultaneously.
  • Melbet: When it comes to payment methods, Melbet is a top gun in the betting world. With over 50 payment methods, including cryptocurrency to choose from, punters can stake bets from any part of the world. The sportsbook also features welcome offers for new customers and round-the-clock customer service.

While most of the sites mentioned above are tennis betting sites, they accept wagers on other sports, including basketball, rugby, soccer, golf, boxing, and e-sports. The similarities, demand, and discrete nature between cryptocurrency and sports betting are clear to see. With cryptocurrency betting sites, you stand to earn more in the long term if such cryptocurrency’s value rises. For more news and updates on betting sites and cryptocurrency, you may read the Mightytips review here.

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* 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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