If you love the thrill of betting on your favorite sports, you might have considered trying your hand at sports betting with cryptocurrency. Crypto sports betting offers a multitude of additional benefits, including lower fees, anonymity, and even cashback bonuses on occasion. While it might be overwhelming at first and hard to get started, it is easier than you might assume.

In this article, we'll take you through a step-by-step guide to sports betting Bitcoin (and other cryptocurrencies) so that you can begin without losing your head.

Step 1: Establish Crypto Wallet

Before you make your first crypto wager, you'll need somewhere to store your digital funds. Creating a crypto wallet is where you'll keep your stablecoins or other desired assets. Here are some simple steps to follow:

• Choose a wallet type: Decide whether you want a cold (hardware) wallet (cold storage) or a hot (software) wallet. Hardware wallets, i.e., Ledger or Trezor, are hand-held devices that store your crypto offline, and they are extremely secure, so ideal if you're dealing with a significant amount of money. Software wallets, i.e., MetaMask, Trust Wallet, or Exodus, are programs on your desktop or phone and offer easier access but require you to be more careful with internet exposure.
• Download a good wallet app: If you opt for a software wallet, download a reputable and well-rated app from the official app store or website. Never use unknown or third-party sources, because fake apps will steal your crypto. Popular and user-friendly hot wallet options include MetaMask, Trust Wallet, and Exodus.
• Set up your new wallet: Once installed, open the app and follow the prompts to create a new wallet. Typically, you’ll have to create a strong password and then generate a recovery seed phrase. This process only takes a few minutes but is critical for your wallet’s security.
• Store your seed phrase securely and offline: Your seed phrase consists of 12 or 24 random words in a specific order. It has full control over your wallet, so never share it with anyone. Write it down and store it in a secure physical location, such as a locked drawer, safe, or security deposit box. Do not store it digitally or take screenshots.
• Backup your wallet configuration: Some wallets offer encrypted backups of, or syncing with, other devices. Only use this if you fully understand the risks and trust the security measures of the platform. Best practice is to always keep at least one secure, offline copy of your seed phrase.
• Step 2: Buy Your Crypto

To start betting with crypto, you'll first have to buy some. Most people do this through centralized exchanges (CEXs), which let you purchase cryptocurrency with fiat currencies like USD or EUR.

These exchanges let you onboard from fiat through credit cards, debit cards, or bank transfers. Keep in mind that Know Your Customer (KYC) verification is typically required. Here's what to do:

• Create an account on a trusted exchange: Start by signing up on a reputable cryptocurrency exchange such as Coinbase, Binance, or Kraken. These platforms are beginner-friendly and offer strong security. During registration, you’ll need to provide basic details like your name, email address, and a secure password.
• Complete KYC: After account setup, the exchange will prompt you to complete identity verification. This usually involves uploading a government ID (such as a passport or driver's license) and perhaps a selfie or utility bill to confirm your address. While verification is usually immediate, it can take anywhere from a few minutes to hours, or even days.
• Link your preferred payment method: Once verified, link a payment method such as a bank account, credit card, or debit card. There are different processing times and fees for each. Bank transfers have lower fees but longer processing times, while card purchases are generally faster with potentially larger transaction fees.
• Choose the cryptocurrency you'd like to buy: A few of the most widely purchased digital assets are Bitcoin, Ethereum, and stablecoins such as USDT or USDC.
• Enter quantity and complete the transaction: Decide how much crypto you want to purchase based on your betting needs and available funds. Input the quantity in fiat (e.g., USD or EUR), re-check transaction details and fees, and complete the purchase. Upon completion, the crypto will be shown in your exchange wallet.

Step 3: Open a Crypto Sports Betting Account

You now have some crypto, the next step is to register with a sportsbook that accepts cryptocurrency. The majority of offshore betting websites now offer crypto support.

• Choose a reputable sportsbook that allows cryptocurrency betting: Start by searching for websites with a good reputation for fairness, fast payouts, and player safety. Look for well-reviewed sportsbooks, which have been in business for at least a couple of years, and which clearly display their crypto support options.
• Click "Sign Up" or "Register" on the homepage: This is usually emphasized at the top of the site. 
• Enter your email and select a password: Most websites let you register with an email and a password only. Select a strong, unique password that you don't use for other websites. Some bookies also let you sign up with your crypto wallet using Web3 login for additional anonymity. Remember that some websites may ask for additional verification, i.e., phone number, address, or even an ID document. This depends on the site's legal jurisdiction and whether they are trying to stay compliant with some regulations.
• Enable two-factor authentication (2FA) for additional security: Once you have signed up for an account, ensure you activate 2FA in the account settings. It adds a second layer of protection by requiring you to input a code from your phone (usually through Google Authenticator or another app) upon each login and also when withdrawing funds. It's among the most effective ways of keeping intruders out of your account.

Step 4: Deposit Crypto into a Sports Betting Wallet

To put money into your betting account, you'll first send crypto from your wallet to the platform's deposit address. Here's how:

Log in and navigate to the deposit area: Log in and look for a button labeled "Deposit" or "Wallet." This is usually located on your main menu or account dashboard.

Select the cryptocurrency to use: Select the one you bought above. Be careful to select the correct blockchain network if there is more than one, as sending on the wrong network will lead to lost funds.

Get a deposit address: After selecting your crypto and network, the sportsbook will display a unique deposit address. This is a long string of letters and numbers that works like a bank account number, but for crypto.

Copy the address: Click the “Copy” button or manually copy it. Double-check that the entire address has been copied correctly. Any error here can lead to a loss of funds.

Send funds: Open your crypto wallet, then tap or click the "Send" or "Transfer" button. 

Paste the address: Paste the deposit address you copied from the sportsbook previously. Ensure the pasted address is identical.

Enter the amount: Specify the amount you'd like to deposit. Consider any minimum deposit limits on the sportsbook, and always leave a little in your wallet to cover network fees.

Confirm the transaction: Check one final time that the address, amount, and network are all correct. Then, hit “Send” or “Confirm”.

Wait for blockchain confirmations: After sending, the transaction must be verified by the crypto network. This step is like a digital receipt that proves the money has moved from your wallet to the sportsbook. Most deposits will show up in your account within a few minutes to an hour.

Step 5: Placing Your First Bet

Once your crypto arrives at the wallet of the platform, your sportsbook balance will be updated accordingly. You're now ready to start sports betting with any of the supported cryptocurrencies. You can browse future games, futures, live bets, and place your bets directly from your crypto balance.

Closing Thoughts

Cryptocurrency sports betting is becoming increasingly popular because of its speed, flexibility, and absence of boundaries. While the process may appear daunting at first, it will become second nature once you get the hang of it. With the benefit of faster payouts and better security, it does not take much to see why the majority of bettors are turning to cryptocurrency betting as a preference.