Thursday, May 30, 2024

Five things to do prior to depositing funds with cryptocurrencies for online betting

Although there are hundreds of online sportsbooks and casinos, only a handful allow their clients to use something for free. The so-called no deposit bonuses are still rare, which is why you have to fund your account if you want to take advantage of the things that each place has to offer.

Making a deposit has never been easier because there are tons of payment methods that you can use. Besides the debit card (which is still the most popular option), bettors also go for things like e-wallets, bank transfers, and cryptocurrencies. The latter consists of Bitcoin, Ethereum, Tether, Litecoin, Dogecoin, etc. All of these things allow customers to make fast and safe transactions, which is why we think that we will see more of them in the future.

Having said that, there are certain things that you need to do before you make a deposit with one of the cryptocurrencies. We suggest reading this article until the end because we will go over the five essential steps that you go through.

  1. Choose a suitable cryptocurrency

Most of these crypto bookmakers have included all of the options that are currently available. This means that you can choose from all of the cryptocurrencies we’ve mentioned above. All of them are great, but if you haven’t used any of them, you need to do thorough research so you can choose the most suitable one.

The vast majority of bettors prefer Bitcoin. Apart from being the most popular one, some betting websites have special Bitcoin promotions that you can’t make use of if you fund your account with another cryptocurrency. Moreover, there are online casinos where you will find unique Bitcoin slots.

  • Check whether there are any fees

Unfortunately, many betting websites will charge you a small fee if you want to fund your account. If it is present, it will apply to all cryptocurrencies, so be sure to check the payment section before you make a transaction.

  • Make sure that you won’t have to wait long for your deposit

Unlike a few years ago, most betting websites allow their customers to fund their accounts right away. In other words, there shouldn’t be any processing time, regardless of what deposit option you go for.

Keep in mind that this usually doesn’t apply to the withdrawal options. Most people who want to claim their winnings will have to wait between 24 hours and a few days, depending on the bookie.

  • Check the value of your preferred cryptocurrencies before you complete the transaction

The next thing that you should check is the current value of the cryptocurrency you’ve chosen. As you know, these values change all the time, so you need to stay up to date because you might deposit a lot more money than you initially wanted.

  • Look at the minimum requirement

Typically, most bookmakers will require their customers to deposit at least $10. However, this condition rarely applies to most cryptocurrencies, which is why you have to check whether there is a specific minimum requirement that you need to comply with.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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