Crypto Sportsbooks: A Beginner's Guide to Placing Your First Bet

The first bet on a crypto sportsbook takes about ten minutes to set up and place. The process is similar to traditional bookmakers, but there are three key differences. First, you fund your account with cryptocurrency instead of fiat currency. Second, you choose the network for your deposit at the cashier. Finally, when it's time to withdraw your winnings, the sportsbook returns them to a balance that you can withdraw on-chain.

Let's walk through an example bet using the Dexsport sportsbook. To start, you sign up and fund your account with a coin of your choice, such as a stablecoin. Next, you choose a market and select a single or combo bet. Be sure to check the minimum stake before placing your bet, as some sportsbooks have a higher minimum than others.

When it's time to place your bet, tap on the price to add it to your bet slip. The bet slip will show you the selection, market, and odds at that moment. Review each line carefully, as prices can move while the slip is open. Once you've reviewed everything, confirm your bet.

After confirming your bet, the sportsbook settles it against the official result. If you win, the sportsbook pays out your winnings, which will be credited to your balance. You can then withdraw your winnings or place another bet. If you lose, your stake stays with the bookmaker.