The internet is full of information on sports betting and gambling with Bitcoin. It is the goal of Bitcoingamblingexpert.com to combine these two wonderful things and provide you with all the information you want and need on gambling with Bitcoin on your favourite sporting events. You will find an overview of the best online sportsbooks to gamble with Bitcoin, extensive reviews, the best deposit and no deposit bonuses and the sportsbetting basics you need to know to start your gambling career.
Sports betting basics
This section of our website will explain the basics of sports betting. It allows you to place your first bet with confidence and enjoy the best entertainment the internet has to offer.
Different types of bets
Most gambling websites offer a ton of betting types on almost every sporting event happening in the world. They give you the option to bet before the match starts and even during the match. This way you can add some excitement to an otherwise boring game or enjoy that great match even more because you are winning money! A few betting types almost every sportbook offers are money line, point spread, handicap betting, parlays and totals/over-unders. We will explain these betting types briefly:
The easiest betting type available online. Simply bet on the winner of the match and if you are correct you win the bet!
This betting type is extremely popular in the United States and mostly used for football and basketball matches. You are no longer betting on which team or player will win the match, but who will “cover the spread”. The spread is created by the sportsbook to make the participants equal favourites to win. We will explain this with an example: suppose the New York Giants play the Washington Redskins. The gambling website offers New York Giants +7.5 and Washington Redskins -7.5. This basically means the match starts with a 7.5 point advantage for New York. If you bet on the Washington Redskins -7.5 they have to win with more than 7.5 points for you to win the bet. The .5 is added by gambling websites to avoid a push.
Almost identical to point spread betting. A team or player is awarded extra points or is deducted points at the start of the match. The only difference compared to point spread betting is that the main goal of handicap betting is not to create equal favourites to win, but to give bettors multiple options to bet on the expected result and to change the odds of the match.
Parlays, also known as accumulators, combine multiple bets in one selection. You have to win all the bets in the selection for your parlay to payout. If one predicted result is incorrect you will lose your bet. Most gambling websites offer parlays where the odds of all individual bets are multiplied together. The result can be a selection with huge odds and the chance for a big payday!
Totals / over-unders
Instead of betting on the expected winner this type of bet focuses on the amount of points scored in a match. The sportsbook sets a line for total number of points, goals or runs in a match and you have the option to predict whether the score will be higher or lower compared to this line.
There are three different ways to display sports betting odds. Most sports gambling websites allow you to select your favourite one of the list below.
American odds (eg +110)
As the name of the calculation method suggest this method is popular in America. These odds can be positive (indicated by a + sign) and negative (indicated by a – sign).
The positive odds show you how much profit you will make by betting $100. So if you want to bet on the Seattle Seahawks to beat the New England Patriots at odds +150 you would need to bet $100 to win $150. You will also receive your initial stake back so the total return will be $250.
The negative odds show you how much you need to bet to make $100 profit. So if you want to bet on the Kansas City Chiefs to beat the Miami Dolphins at odds -120 you would need to bet $120 to win $100. Again you would als receive your initial stake back so the total return will be $220.
Decimal / European odds (eg 3.40)
Probably the easiest calculation method and mostly used in Europe. Simply multiply your stake times the odds and you have your potential return. For example: if you bet €100,00 on Roger Federer to beat Rafael Nadal at odds 1.8 your potential return is: €100,00 * 1.8 = €180,00. This potential return includes your initial stake, so to know how much you have won you need to subtract your stake from your return. In this case your profit would be €180,00 – €100,00 = €80,00.
Fractional / UK odds (eg 12/5)
The fractional calculation method is mostly used in the United Kingdom and probably the hardest to calculate. To calculate your potential winnings you have to multiple your stake by the fraction. In other words: potential profit = stake * (A/B). Where A is the first number of the fraction and B is the second number of the fraction. To calculate the amount returned to you from the gambling website you still have to add your stake to the result. Some people prefer to convert fractional odds into decimal odds before calculating payouts. This can be achieved by dividing the first number by the second number and add one. For example: 7/1 fraction odds would be 8.0 decimal odds. So if you bet £100 on Crystal Palace to beat Manchester United at 4/1 your potential profit would be £400 and your payout would be £500.
Get started in Bitcoin sports betting
Now you know the sports betting basics you are all set to start gambling. But first things first, pick your favourite Bitcoin sportsbook from our Top 10 Bitcoin sportsbooks. All sportsbooks on the list are reliable and trustworthy, so you can safely create an account without worrying about the security and safety of your funds.