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Tired of middlemen dictating your betting experience? Enter thedecentralized sports betting world.
That's where our team steps in. With our deep expertise, we'll help you understand the nuance of decentralized betting and provide clear insights. Let us lead you through the web3 betting – check out our guide.
Ever heard of decentralized betting? It’s like putting your sports bets in online casinos, but instead of fiat currency (meaning regular money), you use digital coins (cryptocurrencies) – that’s decentralized betting in a nutshell. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. The most sought-after crypto options include Bitcoin, Bitcoin Cash, Ethereum, Binance Coin, Tether (USDT), and Solana.
Traditional betting sites are centralized, meaning that they are controlled by a single entity. This central authority can manipulate competitive odds, interfere with your casino games, increase withdrawal fees, and refuse to pay out winnings.
Decentralized platforms, same as crypto casinos, solve this problem by taking advantage of the decentralized nature of cryptocurrencies. Instead of one authoritative boss, it’s more like a friendly group chat where everyone is equal.
This means crypto sports bet sites can’t be managed or easily scammed. No more shady business or sneaky moves. Your sports gambling is protected, and your winnings are safe because there’s no single boss to mess things up. Simply put, decentralized sports betting is akin to participating in an online gambling VIP program.
This makes such platforms the safest option for bettors in the whole gambling industry.
Interested? Let’s find out more!
Due Diligence of Decentralized Online Betting Sites
When it comes to the online betting market, there are a few key things that bettors need to look for in order to have a good experience. Below are the most essential things you should focus on:
Interface and navigation
Betting on Sports
The first thing to do on the selected decentralized gambling platform is to create a new account. The process should be quick and easy, and you should only have to provide basic information such as your name, email address, and date of birth, or nothing at all – this is how it usually works at web3 decentralized sports sites.
Registration is usually free, and you shouldn’t have to provide any financial information.
But hold your horses, there’s some professional advice before you hit the “Sign Up” button. Imagine you’d like to buy a new laptop computer. You would check the brand, read the reviews, maybe even ask your buddies. Before you start signing up, check out the history of the crypto sportsbook, its reputation, the license it holds and what other bettors are saying.
After registration, you’ll be able to access various casino’s features and explore different offered categories of casino games, such as live casino games, slot games and, of course, sports betting.
To place sports bets, you need to fund your account – we call this the first deposit. This process tends to be very smooth, as in, transactions are processed immediately. Think of it as a pass to the sports betting environment. In some cases, you can start your sports gambling without deposits – for example, as part of a welcome bonus.
You’ll process deposits using your secure digital wallet, your secret stash of digital coins. Trust Wallet, for example, is safer and more convenient than a credit card.
Depositing cryptocurrency is usually very simple and quick as if you are depositing to a USDT casino.
You will need to generate a unique address for each platform that you want to use. Hit that “Deposit” button and pick your desired cryptocurrency – most often, it’s a Bitcoin, Bitcoin Cash, Tether and others.
Once you’ve generated the address, you’ll need to send your cryptocurrency to that address. Thanks to bitcoin sportsbook platforms’ knack for secure transactions, your funds will appear in your account faster than you can say “jackpot”. It’s about minutes, not hours. You can start choosing popular sports to bet on.
The best decentralized sports platforms do not require KYC (Know Your Customer) verification. This means that bettors can remain anonymous and do not have to provide any personal information for their new account.
However, some platforms may require to verify their identity if they want to withdraw large amounts of player funds.
The best crypto betting sites usually offer a wide variety of promotions, like a welcome bonus, deposit btc promo code, cashback offers, and so on. The best welcome bonuses allow new players to try their luck in betting or other games – for example, they give free spins on slot games or a free bet.
Before claiming a bonus, always read the terms and conditions. These will state the wagering requirements and other important information.
Wagering requirements refer to the count of times bettors need to bet the bonus amount before they can withdraw their winnings. For example, if there’s a wagering requirement of x30, you have to bet the bonus amount a total of 30 times before you can cash it out.
It’s important to note that not all games contribute equally to the betting requirements. For example, slots usually count 100%, while live casino table games may only count 20-50%.
Interface and Navigation
The interface is the face of the casino, and it should be easy to use. The lobby should be well organized, and it should be easy for users to find the extensive list of games.
You should also be able to filter games and sports by category, provider, or popularity. The navigation should be smooth, and there should be no lag when switching between pages.
Betting on Sports
Once you have found a kind of sport you want to bet on, you will need to load it up and make a bet.
Most sports will have a demo version, allowing bettors to take a test drive without any financial commitment. The demo version is a very sound move – you should get a feel for it before you join the big leagues and put your best odds on it.
When you are ready to make a bet, you will need to select your stake and click on the “bet” or “deal” button.
When you want to withdraw your winnings, you need to go to the “cashier” page and select the withdrawal method you want to use. The good news is that the best crypto betting sites provide instant withdrawals. Funds will likely appear in your account within a few minutes.
The transaction fee and withdrawal limits vary. These limits mean you can only cash out a certain amount of money at a time.
Fortunately, many sports betting sites don’t have any limits for the withdrawal of funds.
If you have any problems while using a Bitcoin sportsbook or another crypto betting site, you should be able to contact customer support. Most sports betting sites offer 24-hour support, and you can usually get in touch via live chat or email.
You should also be able to find a comprehensive FAQ section on the site. It usually contains answers to the most common questions about crypto space.
The score is based on the platform’s overall performance, including the interface, sports selection, bonuses, and customer support. We also take into account user reviews when rating a platform.
The score can be from 0 to 10, with 0 indicating poor bitcoin sportsbooks and 10 indicating an excellent decentralized online casino.
Advantages and Disadvantages of Decentralized Crypto Betting
Let’s delve deeper to uncover the advantages and potential disadvantages of decentralized sports betting sites. Our goal is to provide you with information that will allow you to make informed decisions in your quest to find the most rewarding and exciting gaming experience possible. Here we go.
There are several benefits to decentralized betting exchange and anonymous crypto casinos that make it an attractive option for crypto users, including:
Great privacy and security
No need for third-party involvement
One of the big advantages that decentralized betting exchange brings is amazing privacy and top-notch security. We’re talking about a digital fortress: when you place a bet, your personal information stays locked away and will never make its way to a crypto betting exchange or any curious third party.
This means that in the decentralized gambling industry there is no risk of your personal data being leaked or hacked. In addition, all bets are placed using the blockchain technology. Let’s break it down a little here.
Blockchain betting is all about digital speed and security. Imagine: every bet, every spin, every poker hand – all recorded in an unbreakable chain of information known as a blockchain. It’s like having a trusted referee watching your actions, making sure everything is fair and just. The blockchain technology provides that every move is engraved in digital stone, making fraud or counterfeiting nearly impossible. It’s a game changer when the odds shift in your favor.
In the realm of decentralized betting, there is no curtain to hide behind. As we said above, blockchain sports betting provides that every transaction and every bet is captured on the digital canvas of the blockchain. It’s like an open-book policy. Everyone can peek in and see what’s going on behind the scene.
No more wondering if the odds are against you or if someone manipulates numbers.
Thus, transparency is one of the main advantages of decentralized betting exchange as it ensures that all the bets are provably fair.
No Need for Third-Party Involvement
With decentralized apps for betting, there is no need for a third party to oversee the bets. This means that the fee is lower as there is no middleman involved.
In addition, it also means that the process is more efficient as there is no need to wait for a third party to confirm the bets.
This makes decentralized sports betting a more attractive option for many crypto users and potential investors in this business.
Another advantage of decentralized sports betting is that it has low fees. Thanks to the blockchain technology, all transaction fees are kept to a minimum.
This is because in traditional betting setups, there’s often a chain of middlemen – banks, payment processors, and similar entities. All of hem get their piece through their fees.
Blockchain sports betting eliminates the middleman. Transactions take place directly between you and decentralized platforms, without any unnecessary workarounds.
Thus, more of the money goes to the winners and less goes to the bookmakers.
Volatility of cryptocurrencies
Volatility of cryptocurrencies
Cryptocurrencies are known for their wild price fluctuations. If you place bets in a bitcoin sportsbook, you need to be prepared for them. Today, cryptocurrencies may be worth a lot, but tomorrow not so much. It can affect your potential wins or losses.
To avoid such price swings, you can choose a stablecoin such as Tether for online gambling, whose value is pegged to the dollar.
The popularity of decentralized sports betting sites is growing, as more and more experienced players are drawn to their promise of transparency and security. However, their numbers are still inferior to traditional sportsbooks and regular bitcoin sportsbooks.
This is perhaps the major flaw of decentralized platforms. While their features and benefits are enticing, they still make their way through a landscape dominated by established players in the sports betting industry.
Some countries have strict regulations or outright bans on online gambling, including cryptocurrency betting. Also, the legal status of cryptocurrencies and cryptocurrency betting can vary greatly from country to country.
And we’re not just talking about closed countries like North Korea – even some US states heavily regulate online gambling, including decentralized sports betting.
While the above mentioned is not directly related to the downsides of crypto betting, it does add a level of complexity that may turn off some potential bettors.
Best Decentralized Sports Betting Sites
Now that you know about all the pros and cons of decentralized crypto betting, we come to the most interesting thing. Yes, you guessed it: we’re talking about the best decentralized sports betting sites.
And right off the bat – there’s not-so-good news that might slightly disappoint you. The fact is, the list of reliable decentralized sports betting websites is not overflowing.
Let’s be honest – despite all the benefits, quality often takes time to prove itself. There are promising decentralized platforms out there. In the sports betting industry, trust is earned rather than given. So finding sports betting platforms that have not only attractive features but also reliability can be pretty challenging.
Keep in mind: quality is more important than quantity. Among the crypto space of options, we spotted a shining star that fits the bill and exudes reliability. Let us show you our top pick!
Dexsport Web3 Betting – the First Decentralized Sports Betting Site
As the very first decentralized casino, Dexsport is a game-changer in the crypto betting space. Dexsport’s use of blockchain technology ensures transparency of every transaction. They reaffirm their commitment to integrity and safety through rigorous security audits by Pessimistic and Certik.
The choice of sports betting here surprises. This crypto sportsbook offers a dizzying array of options that span Football, Tennis, Basketball, Ice Hockey, American Football, Baseball, MMA, and Boxing. You can also bet on e-games such as Dota 2 and CS: GO. There is not a very large selection of regular casino games, but the great news is that they are available in demo mode.
Dexsport exclusively uses the DESU token as the sole currency within its economy. This implies that DESU is the only available option for transactions and activities on the platform. By using only the DESU token, the need for intermediaries is eliminated, leading to faster and more secure transactions.
Players here receive exclusive bonuses, giveaway programs and security enhancement benefits such as anonymous gambling. Holding DESU tokens provides additional perks, while 100% payouts and a “play to earn” format redefine the betting landscape. This crypto sportsbook platform also offers an attractive VIP program with instant perks, personalized services, cashback and a dedicated personal assistant.
Huge selection of sports options
Innovative VIP benefits
Demo version of casino games
Provably fair transactions
Regulatory restrictions in certain regions
Users are limited to using the native token
Want to find an alternative? You can consider BetDEX – a decentralized sports betting network on Solana.
BetDex currently offers a limited range of betting markets due to its newness. The platform focuses on soccer, basketball and cricket events and plans to expand as more users get involved. One feature that is expected to be launched is the ability for users to create their own betting markets. This means that users will be able to create markets for events that are not available on other betting exchanges.
Decentralized Betting Sites vs. Traditional Betting Sites
In the battle between traditional and avant-garde decentralized sports betting sites come out the winner. The benefits of decentralized online casino sites over traditional betting sites are numerous. Let’s delve into a detailed breakdown of the differences:
Decentralized betting websites operate as decentralized autonomous organizations, providing global access without being bound by the laws of specific countries or jurisdictions.
Decentralized sites are not controlled by central authorities, enabling them to offer services without concerns of censorship or shutdown.
Decentralized sites leverage blockchain technology for higher security and privacy levels, avoiding vulnerabilities associated with centralized servers and databases.
Decentralized betting websites process deposits and make payouts instantly. All transactions occur directly between users and the sports betting platform, eliminating the need for third-party intermediaries. This minimizes fraud and theft risks.
Decentralized platforms typically have low fees compared to traditional sportsbooks, as they don’t bear the same costs associated with running centralized businesses. Some decentralized platforms offer fee-less withdrawals using WalletConnect to sync the wallet with the online sports betting site, further enhancing user convenience.
The decentralized nature eliminates the need for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, streamlining the sports betting experience.
Utilizing blockchain technology, decentralized sports betting sites provide real-time interactions among users, resulting in a more engaging and immersive betting experience compared to traditional sportsbooks.
Decentralized Betting Sites
Traditional Betting Sites
Operate globally without jurisdictional limitations.
Bound by laws and regulations of specific regions.
Not influenced by central authorities, avoiding censorship.
Subject to central authorities and regulations.
Utilize blockchain technology for higher security and privacy.
Reliant on centralized systems vulnerable to hacks.
Direct transactions reduce fraud and theft risks.
Involvement of third-party intermediaries.
Generally have lower fees due to decentralized setup.
Often have higher fees to cover centralized costs.
Some platforms offer fee-less withdrawals with WalletConnect.
Withdrawals might have associated fees.
Exempt from KYC and AML requirements.
Require KYC and AML compliance for transactions.
Real-time interactions create an engaging experience.
Traditional experience might lack interactivity.
Decentralized Betting Websites vs. Crypto Betting Sites
As you’re becoming well-versed in the primary advantages of decentralized betting websites and how they differ from traditional ones, you might now be wondering – what sets decentralized platforms apart from regular Bitcoin sportsbooks?
At first glance, it might appear that there’s no difference between them. However, that’s not the case. Let’s dive in!
Unlike regular crypto sites, decentralized sports betting websites exclusively deal in cryptocurrencies. While most crypto betting platforms focus on using crypto options for deposits and payouts, some of them might still offer the option to use traditional fiat currencies.
Many crypto betting sites might have limitations on usage in certain countries. These restrictions could be tied to legislation and regulation surrounding gambling and betting in various jurisdictions. In contrast, decentralized platforms have significantly fewer restricted countries where usage is not permitted.
Regular crypto casinos, much like various other traditional betting sites, might request personal information from users during registration and while using their services. This can include details such as full name, email address, residential address, and sometimes documents for verification. In contrast, decentralized sports betting websites do not require any personal information whatsoever.
Decentralized sites typically offer significantly higher withdrawal limits and remarkably low minimum initial deposits. In contrast, bitcoin sportsbooks usually set a minimum withdrawal limit, which could be quite low, such as around 0.001 BTC or the equivalent amount in another cryptocurrency. However, this is highly dependent on the site’s policies.
As of today, decentralized websites stand as the most secure platforms for sports betting. This is due to every action on the platform being routed through smart contracts. Conversely, not all crypto sportsbooks incorporate blockchain technology and smart contracts. The adoption of these technologies varies based on the specific platform and its development strategy. Some crypto platforms may provide standard online bookmaker features, regardless of blockchain technology. They, though reliable, may not offer the same level of security.
Decentralized Betting Websites
Crypto Betting Sites
Focus on cryptocurrencies
May allow fiat currencies
Have fewer restricted countries.
May have restrictions due to regulations.
No personal information required.
Might request personal details for registration.
Have usually high limits
Provide limits depending on the website’s policies.
Utilize blockchain technology and smart contracts.
Not always utilize blockchain technology.
For now, you’ve uncovered key distinctions that make decentralized sports betting sites truly exceptional. These platforms are truly changing the way we think about betting, promising a safe and exciting experience for modern punters.
Now it’s time to find out what kind of betting features these sites offer!
Sports & eSports at Decentralized Betting Websites
Before you start betting, it would be nice to know about your options. They extend beyond well-known football and basketball wagers as well as conventional casino games. There are endless possibilities waiting for you on modern betting platforms, and among these interesting options is the exciting prediction market. You will discover a wide range of sporting events, each with its own special appeal.
So, decentralized sports betting sites usually offer to bet on:
Mixed Martial Arts (MMA)
and much more!
While sports betting is the more traditional form of gambling, placing wagers on eSports is becoming increasingly popular. At decentralized betting sites, you can bet on a variety of different eSports crypto betting games and matches. Some of the most popular eSports games that you can bet on include:
League of Legends
Counter-Strike: Global Offensive
Rocket league and many other games!
There are a variety of different betting markets available for each game at crypto casinos India. For example, you have the option to place bets on the match winner, the number of rounds played, or even the team with the best odds to secure the first kill. There are a variety of different betting markets available for each sport.
Whether you’re a fan of sports or eSports, you’ll be able to find plenty of online sports betting opportunities at decentralized betting sites. With so many different games, matches and odds to bet on, you’re sure to find something that interests you.
Decentralized Betting Websites Regulations
The decentralized nature of the crypto betting industry has caused some regulatory issues. In most cases, these sites are not licensed by any gaming commission. This means that they are not subject to the same regulations as traditional online gambling sites.
In the United Kingdom, same as at Bitcoin casinos Australia, online gambling is legal and well-regulated. Sites that are regulated directly by the United Kingdom Gambling Commission can provide their services to UK citizens whether they are located inside or outside the region.
Any crypto casino UK intending to provide gambling services to UK customers using digital or virtual currencies that may be exchanged for cash or sold for goods and services must first get a gambling license from UKGC.
The laws of internet gambling from within the US are undoubtedly complex. Many websites have been serving US citizens for years, ostensibly without incident. However, there was some debate about whether the 1971 Wire Act extended to online wagering and gaming.
This law was enacted to make interstate telephone sports betting illegal, but it included no mention of internet gambling because it was enacted years before the World Wide Web was founded.
The legal environment has shifted once again in recent years. A number of states have passed legislation making online gambling publicly lawful, and several have even provided gaming and sports betting licenses to firms desiring to operate within their borders.
The federal government, on the other hand, states that internet gambling is illegal. The Department Of Justice has made it plain in recent years that you cannot operate an offshore casino online and begin accepting bets with real money from the US.
US Bitcoin casino businesses have been struck particularly hard, to the point that several overseas casinos have begun to geo-block any IP address associated with the United States in order to avoid being caught in the crossfire.
There is legislation in effect in Canada that makes it unlawful for any corporation to provide gaming and betting services to Canadian individuals without first obtaining a provincial government license; however, there is no law prohibiting Canadians from using crypto casinos Canada situated outside of the country.
Individual provinces in Canada have the authority to regulate gambling in their respective areas, and some municipalities even run their own internet betting and gaming operations.
The remarkable transformation brought about by decentralized sites in the sports betting industry is a testament to blockchain technology power. By integrating crypto options, these platforms have ushered in a new era of security, transparency and convenience.
Sports betting, no less exciting than live casino games, offers an unforgettable experience. Choose a decentralized sports betting platform, make your first deposit, get your promo code and enjoy the innovations in the world of online gambling.
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