5 Tips for Placing a Bet with Crypto

If you want to know how to place bets that are more likely (but still not guaranteed) to return you a huge profit using cryptocurrency instead of fiat currency, you’ve come to the right place. 

You may have been placing sports bets for years but haven’t found any reliable strategies that work and often end up losing more bets than you win, or you might be a newbie who hasn’t ever placed a bet before. These tips are for everyone. 

Let’s dive straight in to discover five effective tips for placing a bet with cryptocurrency from your smartphone, tablet, laptop, or desktop computer. 

Five tips for betting with crypto

If you’re looking for ways to lose fewer bets and potentially turn the bets that you do place into winning bets, you’re in luck. Here are five tips that can easily be applied to your betting strategy that many sports bettors use regularly and find work. 

The top five tips for betting with crypto are the following:

  1. Research – before placing a bet on your favourite football team, for example, do as much research as possible and gather as much relevant information, data and statistics as possible
  2. Stick to betting on fully licensed and regulated online sports betting sites recommended by experts on reputable iGaming review sites like the official BitEdge review site (https://bitedge.com/crypto-sports-betting/no-kyc-betting-sites/)
  3. Implied probability rate (IPR) and odds – understand what the implied probability rate and odds are trying to tell you about an event’s most likely outcome and try to avoid placing too many outsider bets with ‘long’ odds that are least likely to occur, no matter how tempting the potential profit margin might be
  4. Set a reasonable budget before betting, and stick to that budget by never chasing any losses you incur
  5. Sign up to more than one BitEdge-recommended, crypto-accepting sportsbook so you can compare the odds for certain betting markets before placing a bet and then go for the bet with the best odds
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Some of the other things to remember are simple things like taking regular session breaks, never treating sports betting as a job, and NEVER placing sports bets or playing casino games with your hard-earned money while intoxicated or under the influence. 

What else can I do to improve my betting?

You may also want to take the time to learn and understand the different betting phrases and terminology. Bet on sports you are familiar with, to begin with, and learn one type of betting odds format and stick with that. 

For example, there are three main formats, including fractional odds (common in the UK and several other parts of the world), decimal odds (used in most other places), and American/moneyline odds (mainly used in North America, e.g., the US and Canada). 

For example, a longshot bet where an outcome is NOT likely to happen may appear as 100/1 or, worse, 1,000/1. 

If you win, the payout would be multiplied by 100x or 1,000x, which is huge, but the implied probability rate (meaning the chance of that outcome actually happening) is just 1.00% on a 100/1 bet or 0.1% on a 1,000/1 bet. 

Additionally, 100/1 would appear as 101.00 in the decimal odds format, and +10,000 in the American/moneyline odds format, and 1000/1 would appear as 1,001.00 (decimal odds) and +100,000 (American/moneyline odds). 

When you have the option to display the odds in your preferred format, always use a format that you are more familiar and comfortable with and then stick with that format. 

Final note

The most important thing to remember is to gamble responsibly. Always spend within your means, and never borrow money to gamble. Finally, occasionally withdraw some of your profits instead of leaving it in your account because spending your winnings on other bets can be too tempting. 

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