You may enjoy sports betting in online sportsbooks, but have your heard of Bitcoin sports betting exchanges? These may just be the better choice when betting on sports with Bitcoin or altcoins.
What is Bitcoin sports betting exchange?
- A betting exchange is an online platform that allows bettors to bet against their fellow bettors, and not against the bookmaker, on whether or not the event will occur. In the case of sports betting, an example is whether or not Team A will win against Team B for a given match.
- A Bitcoin sports betting exchange is where everyone can bet against one another on a given event or match using Bitcoin or other kinds of cryptocurrency.
Now that this is out of the way, it is only wise to know how betting exchanges work in order to fully understand how bettors can bet on sports against fellow bettors.
How Betting Exchanges Work
Bitcoin sports betting exchanges function differently from the conventional sportsbooks, including Bitcoin sports betting sites. Depending on the nature of the exchange, either the exchange or the bettors define the events and the conditions to bet on. For example, the event can be about an esports match between Team A and Team B, wherein the condition set is that Team B will beat Team A.
Bettors can then wager on the likelihood for this event to occur, by favoring the condition with their bets or otherwise. There are no odds to consider, compared to when betting in a conventional sportsbook, as the amount that can be won by each party depends on their betting behavior.
When it comes to bets wagered, Bitcoin sports betting exchanges may allow bettors to directly place their crypto bets or make a deposit first into their account. This depends on the system employed by the betting exchange. Some examples are Fairlay and Degens.
Betting Exchange vs Sportsbook
Betting exchanges are clearly different from sportsbooks, based on how they work. But below are two distinct differences between the two:
Risk – Betting exchanges have zero risks of losing revenue on any event, whereas sportsbooks face the risk of losing when the underdog team pulls off an upset and beat the favored team. Moreover, only the bettors have to deal with this risk when on a betting exchange.
Revenue – In relation to the risk, betting exchanges can ensure a consistent or steady influx of revenue, albeit smaller compared to how much online sportsbooks earn. On the other hand, sportsbooks need to consider the said risks but earn bigger from the bets.
Advantages of Bitcoin Sports Betting Exchange
Now, how do Bitcoin sports betting exchanges actually benefit the online gambling community? Here are two factors that sports bettors will like about betting exchanges:
- Wider range of betting options
- Unique betting events
Online betting exchanges promise bettors of unlimited events to bet on. The exchanges or the bettors can come up numerous valid conditions for a single match, and this can be done on as many matches and sports possible, provided that they meet the standards set for an event to be deemed valid.
At the same time, this allows betting exchanges to provide unique betting events or conditions that may not be typically found in online sportsbooks. Even better is that betting exchanges cover not just sports per se, but events can be about esports betting, politics, entertainment, and more. Ready to place bets? Check out these useful tips and tricks for Bitcoin sports betting first.
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