The NFL season is upon us and betting on next week’s games is a great way to earn more Bitcoin. There are several ways to get in on the action and increase that digital bankroll. However, in order to do that, you need to understand how to use Bitcoin, so let’s go over a quick primer for that first!
How to Use Bitcoin to Bet on the NFL
With its price tag hovering around $10,000 USD per Bitcoin, it may seem out of reach to use it in the first place. That is until you realize that Bitcoin trades to no less than 12 decimal places, not just two the way traditional money does. So if you only want to bet on this week’s action with the $20 you have available, you can still use Bitcoin to do it.
In order to get your hands on it however, you can’t just go to a bank. You need to go to a cryptocurrency exchange like Coinbase.com. There, you can purchase Bitcoin with a credit card and then send it to your favorite Bitcoin-friendly sportsbook. Sportsbook, Sportsbook, Sportsbook and many others can help you out with that.
To learn more about the advantages of betting with Bitcoin, click here.
Better Odds with Bitcoin Betting
Armed with your Bitcoin, you’re ready to start winning some. The first reason to bet on the NFL with Bitcoin is that you’ll likely get better odds. Traditional sportsbooks (even the ones that accept Bitcoin) will give you a 90% return on an even odds bet, meaning that if you bet on the New England Patriots to cover the point spread, you’ll get a $19 payout on a $10 wager.
The fact is that many lesser-known Bitcoin-friendly sportsbooks can afford to give you $19.50 on that bet. Think about it. They don’t have to pay a credit card processor to take your money and their administrative costs are lower because Bitcoin’s public ledger keeps track of transactions. That means sportsbooks don’t have to spend as much time or money doing bookkeeping work.
Shopping for the best price on a wager is one of the keys to success the pros use to make money year-over-year. Do the same thing with Bitcoin and earn that much more.
Types of Bitcoin Wagers You Can Place on the NFL
Apart from the number of decimal places you can use to your advantage, placing wagers on NFL games with Bitcoin works the same way as using traditional money. You can still bet on the money line and the point spread. You can still bet on how many passes Tom Brady is going to throw in this weekend’s games and you can still bet on who is going to win this year’s Super Bowl.
That being said, it’s important to understand that betting with Bitcoin means the sportsbook is in limited control of your funds. If you send Bitcoin to the wrong address, the sportsbook you’re wagering with can’t do much about that.
If you wager on the wrong event or wager the wrong amount, they can give you a refund through their own controls, but as soon as your funds are on the blockchain, it’ll be up to you to recover funds if something gets lost or stuck in the queue.
Bitcoin Sports Betting Will Become More Popular as Time Goes On
It’s estimated that more than 46 million people around the world are already using Bitcoin. That doesn’t even consider the number of people that might be using any of the hundreds or thousands of alternative digital currencies that are available on the market today.
As smaller sportsbooks offer better odds thanks to not having to pay the administrative costs of a traditional sportsbook, the traditional sportsbook will have to get up to speed and offer you the gambler a better deal. So whether or not you when betting on this week’s games, just learning to use Bitcoin to bet on the NFL in general is a win for you in the long term!
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