People gamble for many reasons, which may include one or multiple of these:
- It’s fun!
- Gambling on a sport makes it more exciting to watch as you feel more involved
- To attempt to make money by betting on a defined criteria
- Such as the number of goals scored or first team to score a goal
- To attempt to make money by participating in competitive games
- Such as poker
- To attempt to make money from matched betting
- Placing bets in each direction
Gambling generally falls into these categories:
- Computer game competitions
- e.g. Football, hockey, tennis
- e.g. who will win X-Factor
- Casino games
- Matched betting
How to gamble with cryptocurrency
It’s easy to get started:
- Decide what you want to gamble on
- Find a suitable betting exchange
- Transfer funds into the exchange
- Research your bets
- Place bets (or play games e.g. poker)
Before you bet real currency, it is advised that you play for fun first (i.e. without staking your cryptocurrency), in order to get an understanding of the rules and condition of the bet, as well as a familiarity of the website or app that you are using to make the bets. Some betting exchanges allow you to bet/play with pretend money.
Suggested betting exchanges
Here are some exchanges we like:
Matched betting (also known as arbitrage betting) is a technique that provides guaranteed profit by betting when bookmakers offer free bets and incentives.
Because the world of gambling with cryptocurrency is still in its infancy, there aren't many betting exchanges yet - and no sites offering matched betting support. So for now, have a look at ProfitAccumulator, which is a UK based site, which provides a good service (information and a calculator), with 2 free bets (so you win approximately £45) and a Pro service which is reasonably priced. Once a matched betting service that supports cryptocurrency is available, I will provide its details on this page.
This video from ProfitAccumulator explains what matched betting is and how it works: