Check out the top 10 cryptocurrency sports betting terminologies or jargon to know more about crypto betting before jumping into the crypto world.
The crypto world has become a unique beast, where all the community members have become active in the betting and meme culture. Most punters who have joined the crypto sports betting community do not have a good understanding of cryptocurrency shenanigans. Hence, we have put together the top 10 terminologies or jargon about crypto sports betting to help punters know better about how to use crypto in sports betting before joining the crypto sports betting sites.
One of the basic things that sport bettors would want to learn is the essential phrases, names, and tell-tale signs to identify the top crypto sports betting sites. It will help locate bookmakers more easily.
Here are some of the terminologies that players will encounter on their crypto betting journey as they transition from conventional betting to crypto betting:-
1) Crypto Sportsbook
Crypto sportsbook, also known as a crypto bookie or crypto bookmaker, is a company or establishment that accepts sports bets from individual bettors who make payments in cryptocurrency. Crypto sportsbooks accept bets on a sporting event and make money from the difference between what the bettors bet and what they win. The top-notch crypto sports betting sites provide fair betting options to cater to the needs of the bettors. So, go now and check out here to delve into the comprehensive world of crypto sports betting and explore how cryptocurrencies are utilized in the betting sector.
2) Provably Fair & RNG
Provably fair is a common concept in crypto sports betting that refers to the code or algorithm used to ensure that the sports bets or betting activities are conducted fairly. The algorithm analyzes and verifies whether the outcomes are provably fair. RNG, or random number generator, is another system that randomly generates numbers and other items that cannot be predicted in a better way than a random chance. It is a mathematical system displaying numbers selected at random. Provably fair and RNG concepts are standard features of the leading crypto sports betting sites.
3) Crypto Betting Exchange
A cryptocurrency betting exchange is a digital platform that readily offers bettors an opportunity to bet against others using crypto as a payment method. Unlike traditional sports betting, crypto betting exchanges allow players from different geographical backgrounds to wager against other players instead of the house. Crypto sports betting exchanges have become extremely popular and are open to different betting options with the most competitive odds.
When choosing a crypto betting exchange, it is important to consider the following factors:
- Security: The exchange should be secure and have a good reputation.
- Liquidity: The exchange should have enough liquidity to allow you to easily find buyers and sellers for your bets.
- Fees: The exchange should have reasonable fees.
- Features: The exchange should have the features that you need, such as the ability to bet on a variety of events and the ability to withdraw your winnings in a variety of cryptocurrencies.
4) Crypto Betting Odds
Crypto betting odds are offered by crypto sports betting sites that allow players to wager their digital tokens, which significantly depends on the odds they offer. Depending on the betting odds the players bet on, they earn more or less digital tokens for winning their sports bets. The best crypto betting sites offer their betting odds. Still, there are three main types of crypto betting odds – British/fractional, European/decimal, and American/moneyline. Each of these betting odds has alternative ways of presenting the same notion and has no difference in payouts.
5) Playthrough Requirements
Playthrough requirement, also known as wagering or rollover requirement, is the number of times the bettors need to wager their bonus amount before they can withdraw their funds. Playthrough requirements are presented in the form of a multiplier. Hence, their bonus funds affect how much they are required to bet. For instance, a playthrough requirement 5x on $200 will be $1000.
Similarly, the same wagering requirement of $20 will be $100. Different cryptocurrency sites have different wagering requirements. Hence, it is essential to thoroughly read all the terms and conditions before taking advantage of any crypto betting bonus or promotion.
6) Moneyline
A money line is used by crypto bookmakers in the United States and is known as American odds. There are two main possibilities– the figure quote can be positive or negative. Money line odds are those odds that offer a straight-up outcome of a sporting event without any consideration of the point spread.
7) Blockchain & Smart Contracts
Top crypto sports betting sites that offer crypto payment methods use blockchain technology to record wagers in immutable public ledgers, making it impossible for individuals or organizations to alter the outcome. This simplifies the process of identifying fraudulent behavior and makes crypto betting more efficient and secure.
The near-instant deposit and withdrawal methods, and the lack of transaction fees associated with crypto betting, also make it more efficient and secure. Smart contracts are virtual agreements stored on blockchain networks and enforced by codes. They are used to automate betting transactions and make them more efficient. Smart contracts provide transparency for every bet placed, so that both parties (bookmakers and bettors) can monitor each other’s progress and ensure that all requirements are completed before the money is dispersed.
A number of leading crypto sports betting sites now offer blockchain-based betting, and this number is likely to grow in the future. These technologies are still in their early stages of development, but they have the potential to revolutionize the way that sports betting is conducted.
8) Crypto Wallet and Wallet Address
A cryptocurrency wallet is used to access stored crypto. Top crypto wallets let users view the amount of crypto tokens assigned to their digital wallet address in the blockchain network with ease. There are two aspects of the crypto wallet address – the public key, also known as the digital wallet address, is used when the user sends or receives crypto to or from a digital wallet. Second is the private key used to sign transactions and is the essential part of a crypto wallet that transfers crypto. Without a crypto wallet’s private key, users cannot send anything but only view what is inside it.
9) Altcoin Betting
Altcoin betting refers to the practice of using alternative cryptocurrencies (altcoins) for sports betting instead of the more well-known cryptocurrencies like Bitcoin or Ethereum. While Bitcoin remains the primary choice for bitcoin sports betting due to its widespread acceptance and popularity, some punters prefer altcoins for various reasons. Altcoins are any cryptocurrencies other than Bitcoin and are often used as a means of diversifying one’s crypto portfolio. Some crypto sports betting sites allow users to place bets using a variety of altcoins, giving them more flexibility in their betting options. Altcoin betting provides an alternative to traditional fiat currency betting and allows users to leverage the unique features and potential value of different altcoins in their betting strategies.
10) Bankroll Management
The money deposited into a betting account or set aside is used for betting, known as bankroll. A bettor’s bankroll increases with every winning wager and decreases with every losing bet. Bankroll management is similar to managing a personal bank account, where bettors must practice setting deposit and wagering limits, shopping for the best value for odds, and only wagering what they can afford to lose. These are a few keys to proper bankroll management regarding crypto sports betting.
Conclusion
Crypto sports betting has become a popular and lucrative investment where bettors can enjoy faster transactions, enhanced security, and low fees. Many people join the crypto sports betting community after witnessing the perks and benefits crypto users enjoy compared to conventional bettors. The combination of sports betting with crypto has become suitable for effective and efficient sportsbook operations. It has given rise to multiple crypto sports betting sites, offering attractive bonuses and incentives to their players.
However, punters join crypto sports betting without learning basic yet essential terminologies. So, if you encounter unfamiliar words or phrases while placing sports bets, you should check the top 10 terminologies about crypto sports betting.