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Decentralized sports betting is the latest and most exciting innovation to sweep the gambling world. Basically, it facilitates P2P betting using crypto and blockchain technology and is not attached to a bank or any form of authority.
Why is this a good thing you ask? Besides being more private and more secure than traditional online gambling, decentralized betting is also quick and incurs less fees. In other words, if you win, you can get a payout faster and cheaper. Of course, there are some minor downsides to consider, but we’ve covered the good and the bad below.
There are now more websites that support DeFi crypto betting than you might think in 2024. You can take a look at our top decentralized sports betting websites and apps above.
Want to get started with DeFi blockchain betting today? Just follow the simple steps in our guide below:
Here are some of the most important things that you need to consider when choosing the right Decentralized betting website for you:
First of all, look at the complete list of payment options and see if your preferred cryptocurrency is available. For example, are you happy with Bitcoin or are you looking for Cardnano betting and other specific alternatives such as Monero betting?
One of the big advantages that cryptocurrency betting affords betting sites is the ability to offer fast withdrawals with higher limits. Take a look and make sure the site you’re looking at has these favorable conditions.
Although the excitement of decentralized sports betting is real, it’s important not to lose sight of what really matters. While it can understandably get lost, you still need to look at the sports betting markets and make sure there’s enough diversity to suit your needs.
Is online gambling legal in your country of residence, and if so, are crypto gambling sites included in the law? If so, make sure that you only bet with a licensed DeFi platform that’s legally allowed to operate in your area.
As well as making sure the site is legal, you also want to make sure that it’s reputable and trustworthy. A good starting point is to make use of our DeFi Tether betting site reviews here at TheGruelingTruth.
Check the welcome bonus, loyalty program, and other existing customer promotions to see if they are to your taste. Crucially, don’t take anything at face value here – always read the small print (T&Cs) to see if the offers are as generous as they claim to be.
We recommend that you take some time to test out the customer support before you sign up to see if they are helpful and human (there are a lot of bots these days!). Ideally, you want live support that’s available 24/7, meanwhile, social media channels and communities, such as Discord and Telegram, are a bonus.
Most betting sites that are truly decentralized offer end-to-end crypto betting. Some “crypto” gambling sites accept Bitcoin deposits and withdrawals on top of their traditional fiat payment methods. While this might be a good halfway option for some of you, such platforms are not truly decentralized.
So we’ve covered what you need to consider concerning decentralized betting Now, here are the main things our experts look out for when testing and reviewing sportsbooks online:
| Starting the journey: Registration | This is the first thing that you need to do and therefore it’s the first thing we test. Ideally, we want to see a quick and easy registration process that still maintains all of the necessary security protocols. |
| Adding funds | Can you make no-limit crypto deposits instantly with no fees? That’s exactly what we’re testing for here. We also check how many different coins are supported. |
| Placing bets | Once the account is funded it’s important to see how the betting process works. Is it easy to find pre-game and live markets? Is the bet slip fast and easy to use? These are just some of the boxes that need ticking here. |
| Help when needed | When help is required, can you find a human customer service agent to resolve your issues quickly? It doesn’t matter if it’s through live chat, email or phone, we just want quick and quality assistance. |
| Cashing out | First of all, bets should be settled and paid out quickly, but there’s then the matter of withdrawing funds from the betting account to your crypto wallet. As we’ve mentioned throughout the article, this is where decentralized sports betting sites should truly shine and be quicker than traditional fiat gambling platforms. |
| Real experiences: Feedback from real players | While we do take the opinions of other experts like ourselves seriously, we value player opinion first and foremost. The final part of our testing processes is to see what the long-term existing players think of the site. |
In general, the top sports for decentralized betting are the same as with traditional gambling, as you can see below:
As is the case with all other forms of gambling, the odds are what show you the true value of your wagers when it comes to decentralized betting. Here’s a quick overview of how they work and how to ready them:
Betting odds effectively show you the implied probability of all possible outcomes for a sports event and market. However, rather than being displayed as a percentage, they have been redesigned so that you can easily calculate your expected payouts and profits.
These are the three most common odds formats used on decentralized betting platforms:
Before you start Deceltralized betting is vital to understand how the odds work. We’ve given you a brief explanation above, but you can also find more detailed guides here at TheGruelingTruth.
Doing the maths behind odds yourself is tiresome and time-consuming, but fortunately, we’ve got calculators to do it for you. On our site, you can find odds calculators tailored specifically to certain bet types and strategies.
So far in this article, we have focused on the positives of using decentralized betting sites. However, we are balanced and there are a few setbacks.
For one thing, the decentralization of cryptocurrencies makes the price extremely volatile. While this means that they can spike and value and get you more money, it also means that they are susceptible to sudden drops. See here how Cardano betting deals with drawbacks.
When all is said and done, the pros of decentralized sports betting definitely outweigh the cons. If you’re willing to embrace the contemporary gambling world, you can benefit from complete privacy, faster payouts, and total control of your own finances. Just make sure to check out our reviews to find a safe and legal site in your location.
Decentralized (or DeFi betting) is the practice of betting on sports using P2P blockchain technology. The advantages of this include faster payouts, more privacy, and higher limits.
The blockchain is used on crypto gambling sites as an alternative to traditional fiat currency payment methods like Visa, Mastercard, and PayPal. For more information check out our DeFi gambling guide here at TheGruelingTruth.com.
While there is less regulation, you can find licensed decentralized gambling sites. Moreover, cryptocurrencies and blockchain transactions are safer and more private.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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