Bitcoin Deposits: Taking Sports Betting to the Moon
We have entered into the dawn of cryptocurrencies. This is a financial market that is now a national currency in El Salvador. Plus, it is an investment opportunity for regular people like us, and billionaire entrepreneurs like Elon Musk.
It’s now past the point of no return, crypto is very much with us. How it will form, develop, and integrate within society is yet to be discovered.
What is certain, is that if you are an owner of crypto, right now, you can access online casinos and sportsbook sites and gamble to win more bitcoin (BTC) currency.
Score a Win by Betting with Crypto
There are a number of betting sites in India that accept Bitcoin deposits. Their services extend into the nation’s appetite for live cricket betting.
Currently, the most popular of bitcoin betting sites is 22Bet. As an operator, they are a top 10 licensed sportsbook platform that can also provide a number of alternative casino and live casino games.
22Bet Casino and Sportsbook is started as a regular rupee-funded casino. It wasn’t until 2017 that bitcoin was introduced. It appears like a very early date for BTC integrations, but we have to remind ourselves that casinos are financial institutes. If bitcoin was going to be a success, then they knew it early and wanted to be part of it.
The Relationship of Crypto and India
When it comes to Indian Crypto there have been as many twists and turns as the crypto market itself. First allowed, then banned, now allowed but taxed. There has been a history of imbalance. Currently, this is trying to be rectified in the most recent motions by the Indian government.
There is a delicious irony about all this decentralized financial crypto rattling the cages of major banking sectors that they either want to control or get rid of it altogether. It’s not just Indian banks that are having a tough time of it, the same is happening in the United States of America as well.
But does betting with crypto offer solutions? Given the government in India is looking to tax gains from crypto trading, is there a possibility to tax winnings from it also?
Crypto Sports Betting Now and What’s to Come
The world of cryptocurrencies is admittedly a bit of a mess. Since the turn of 2021, the markets have been awash with Alt-Coins and Tokens. These have almost discredited the entire system. In no less than 6 months, the crypto market has more than tripled in size with. It’s got to the point of Kim Kardashian trying to shill her own crypto project. Is this a good thing or a bad thing?
Right now, the sports betting markets and Indian casinos online accept a number of the more established crypto coins. You can now deposit with BTC (Bitcoin), XRP (Ripple), LTC (Litecoin), and ETH (Ethereum).
There is, however, greater scope and potential to be had. Bitcoin Deposits are a coin solution, but there is the argument that the tokenomics scheme can also work.
Right now, there are online sites that have incorporated token crypto into console gaming. There are gaming sites built online that sell digital real estate. Decentraland is perhaps the biggest project going. Create your own virtual world and the tokens help you to pay for the construction and trade within.
Sportsbooks can take the same route should there be an outright ban on coins.
It’s an option that could help both investors and banking/government institutes. Tokens are largely powered by the Ethereum blockchain. In turn, this keeps its place as fuel for the various Tokens out there.
Indian Crypto Sports Betting Experience
Right now, the crypto experience is active and open to any person holding cryptocurrencies. Sportsbooks like 22Bet are offering users a chance to make instant deposits and withdrawals using BTC and many others.
Crypto is the most secure payment service online because of how the blockchain works.
If you have not yet made any investment, then the process of owning crypto is very simple.
There are a number of trading sites open to the Indian market where rupees payments can be used to cover the costs of crypto trading.
Once you join a trading site, you can deposit your fiat currency (rupees) and trade for BTC or any other crypto. Once you’ve invested, you can transfer your crypto to a wallet.
Options for a crypto wallet include Coinbase, Trezor, Exodus, and Electrum. Your wallet will store your crypto and holds its own unique wallet address. This address is what you sync to your sportsbook account to help you make deposits and collect withdrawals.
From this point, you’re using your crypto just like any other method of payment.
The important rule of betting with crypto online is to be sure that the casino offers BTC withdrawals. There are many sportsbooks online that say they accept crypto. However, they do not present the coin as a form of withdrawal payment. Instead, these sites convert the money into USD and for Indian players, it becomes a nightmare of converting USD into INR.
Suppose another important rule is to bet on what you know. Currently, live cricket betting is the biggest sports interest within Indian sportsbooks. If you know the sport, put that knowledge to the ultimate test. You’ll be supported with thousands of sports markets to pick your bets from. And playing online gives you far greater odds than what’s offered by India’s land-based bookies.