A Guide to Sports Betting with Bitcoin
With sports betting becoming more and more accepted, and much more accessible thanks to the the rise of online play, the growth of the industry continues to rise. With the right mix, betting on sports brings another element to games.
By the end of this Nitrogen Sports Blog guide, our sports betting tips should give you a better understanding on how to bet on sports. And once you learn how to conveniently manage your transactions using Bitcoin, you’ll wonder why you ever did it any other way.
Betting odds and the types of betting lines
The odds are an important piece of information in sports betting; the bricks that lay the foundation to make the whole system work.
To put it simply, the odds tell you how likely an event is to happen. This is a projected outcome, and in sports betting, it gives you an idea of who is considered the favorite and who is the underdog.
To make every match appealing for bettors despite the given odds, different types of betting lines become available to improve a game’s value.
Betting on who will win the game isn’t the only way to bet on a match. You’ll come across a variety of betting lines to keep things interesting and fun.
Think of this like a piece of paper used to record your bets. A betslip should have the match information, the odds, date, wager amount and an amount if you were to win the bet.
A generic term used to describe a single match entry on a betslip.
Money Line (ML)
The most basic of all lines. This betting line is where bettors can place wagers on who will win the game. This is the best place to start to get yourself fully acquainted with sports betting.
This is a bit tricky compared to a money lines. In this type of bet, the team must win or not lose by a predetermined amount of points. The odds will look different, with the favored team associated with a minus (-) value, while the underdog as a plus (+) value.
Here’s an example – the Los Angeles Lakers are playing against the Boston Celtics. The point spreads for the game have Los Angeles (+10) and Boston (-10).
If you go for Boston at (-10), you’ll need them to not lose by more than 10 points. So the final buzzer sounds and the score is 95-115 with Los Angeles taking the win. Boston lost by 20 points, which results in you losing your bet. On the other hand, if you had bet on Los Angeles, with them having a (+10) spread, you would have won!
Let’s assume your gut feeling suggests a low scoring game maybe thanks to recent dramas or injuries between the two teams in question. Let’s go back to the 95-115 Lakers win against the Celtics above.
You see a line at 180 over/under (O/U). You are simply betting on if the combined points by both teams will be more or less than the amount on the given line.
In our example, the combined point total reached 210 (95+115), well over the O/U on the line. If you bet the under, you would have lost. But if you had bet on it going over, you would have won.
Compared to money line bets, point spreads and over/unders require a bit more more insight. It’s difficult to stay on top at all times, so focus on at least one sport to get yourself started, then move up once you get the hang of things.
Read up on the latest changes – upcoming matches, and player stats to determine improvements in the lineup. Quarrels between teammates, coaching replacements, and trade rumors are all good fodder for alternate outcome betting lines. It doesn’t hurt to be updated, as it can lead to more confident wagers.
The benefits of managing your transactions with Bitcoin
Handling your deposits and payouts is best managed with Bitcoin. Using Bitcoin will provide you complete anonymity and security thanks to the nature of its design.
- Faster transactions – Since Bitcoin is a decentralized cryptocurrency, transactions do not go through traditional banks. The strength of the network speaks for each transaction. If you place a request to withdraw your earnings, or fund your account via your Bitcoin wallet, the process completes in minutes.
- Anonymity – All transactions are kept anonymous, with few details tracing back to the participants. A simple address to and from both sides forms the basis of a Bitcoin transaction.
When you do Bitcoin sports betting on Nitrogen, you can wager as little as 0.0001 BTC (~64 cents at time of writing), giving you more freedom on how you choose to invest.
There’s a variety of Bitcoin exchanges to get you started, Coinbase being one. Once you convert your fiat currency to Bitcoin, you can then move it to your preferred Bitcoin wallet.
Next, deposit to your Nitrogen account, and you’re good to go.
Above all else, have fun while playing at Nitrogen Sports. Move at your pace and try to soak up as much information as you can. We have an array of guides and posts available in Nitrogen’s blog. From MLB betting tips, to even a few tips on college football for starting bettors.
New to soccer? Don’t go in blind and read up on some of our soccer insider tips to get started. We also have a guide for the Champions League, explaining the latest changes to one of the most important club football competition.
We also have a cricket guide for those interested in learning all you need to know about the sport before placing a bet.
Nitrogen Sports also has a variety of sports betting promotions available as well as opportunities such as our Fantasy League sponsorship. NBA and NFL communities can opt to have Nitrogen Sports add more than just bragging rights in their leagues.
Bitcoin is a fantastic new way to wager on sports, but there are a host of other great reasons to play with Nitrogen including our lively poker room, provably fair casino and huge array of sports; from Icelandic handball to NFL football. We also have player-friendly promos where you can score some free bets, and you can learn how to use free bets with our trusty guide. Join the future of betting today.