Betting on Fights with Bitcoin, How Does it Work?

As the cryptocurrency frenzy rocks major economic sectors globally, businesses and industries are quickly adopting the once dreaded blockchain technology into their systems.
One such culprit is the gambling industry, where top casinos and sportsbooks have been quick to take advantage of the new technology by incorporating bitcoin as a primary payment option. 
Did you know, today, punters can bet on top UFC, and Boxing fights using Bitcoin?
Yes, you can! If you want to find out how then this article is for you!

What is Bitcoin?

Well, in simple terms, bitcoin is the mother of all cryptocurrencies. Cryptocurrencies form digital currency based on blockchain technology that initiates, registers and processes all transactions on digital ledgers.
Bitcoin is the most popular of all cryptocurrencies. Its digital nature makes its availability in any cryptocurrency exchange center easy, and you can convert bitcoin winnings into any currency at your favourite cryptocurrency merchants.

Which fights should bitcoin punters look out for?

MMA

Mixed Martial art is a fast-growing sport with an excess of 12 million streams annually. The game is heavily marketed by the UFC brand and attracts hundreds of fighters globally.
Bookmakers offer competitive odds in major and regular UFC tourneys, and punters can wager their bitcoin on these sites.

Which sportsbooks offer bitcoin betting?

Most bitcoin sportsbooks offer coverage of UFC tournaments across the world. These casinos and bookmakers are still getting their footing in the industry but provide excellent betting experience nevertheless.

The likes of Zamsino.com/uk/bitcoin-casino/ offer in-depth coverage of MMA events across the globe, with major events getting top priority.

Popular crypto markets in UFC

Bitcoin casinos offer two main betting markets for UFC tournaments.

Fight winner

This is a no-brainer! Punters wager on their favorite fighter, and if the fighter wins the match, they win the bet.

A fight can have three outcomes: a draw, which is an unlikely outcome in UFC fights.  However, most bitcoin sportsbooks do not offer a draw betting line, and wagers are redeposited back into punter’s accounts if a match ends in a draw.

Round betting

Round betting in a fight is similar to the over/under betting market in football and basketball. However, in UFC, sportsbooks set an estimated timeline for which they expect the match to last.
Bettors then predict whether the match will finish above or below the set timeline.
For instance, if the timeline is set at 3.5 rounds, bettors can predict whether the match will end at three or below rounds or 4+ rounds. 

The bets indicating below are termed as ‘under,’ while those describing the stakes above the set timeline are termed as ‘over.’
Advantages of using bitcoin over fiat currency in betting

Accepted globally

Bitcoin is a universal currency, and players do not need to exchange it into their local currency. Whether you are in London, New York, or Hong Kong, you can use the digital currency on your favorite bitcoin sportsbook.

Fast transaction

Blockchain technology has been unbeatable in terms of transaction speeds. Some UFC fights end in a blink of an eye, and you will need your winnings to reflect on your account as soon as possible.
Withdrawals, winnings, and deposits are seamlessly transferred through the system at lightning speeds. A transaction that would have taken days on fiat currency systems is reduced to just a few minutes. How convenient!

Safe

Transactions over the blockchain technology are end-to-end encrypted and do not leave a trace. There is almost no chance of losing your investment to hackers or unwarranted snooping by authorities.

How to bet with bitcoin

We are glad that you are convinced that bitcoin betting is the way to go! Let’s get you started.
Firstly you will need an account at a quality bitcoin casino website, with which you will fund bitcoins. Don’t have bitcoin yet? Follow these three easy steps to get your first bitcoins;

Step #1: Create a bitcoin wallet

Your first step is to select your favourite cryptocurrency merchant or an online exchange platform. We recommend a reputable merchant such as Coinbase and Bitcoin.
Head to the merchant’s website and sign up for an account. Most merchants will require a valid email address, official names, and strong passwords (it should include a combination of numbers, letters, and symbols.) 

Ultimate caution should be taken to ensure the security of your wallet. Do not share your password with other people. Adding a two-factor authentication adds an extra layer of protection to your account.
Lastly, some merchants may require account verification by providing proof of residence and a personal identification card. Once this is done, you can purchase bitcoin from the merchant using your preferred payment method, and it will be transferred into your account.

Step #2: Transferring your bitcoin into your betting account

Once you have your bitcoin ready, head over to your bitcoin-enabled betting website and select the deposit option. Select bitcoin as your wallet option and initiate a transaction from your bitcoin merchant account.

Once a transaction has been initiated, the blockchain technology sets up a unique receiver’s address and connects it with a sender’s address on your merchant’s account. Addresses are generated automatically and are unique for each transaction.

Once the addresses have been verified, the transaction is carried out. Note that the entire process only takes a few minutes. A 2AF protects each step, and you have to approve each transaction before it is carried out.

Now that you have bitcoin on your betting wallet, you can place bets on your favourite fights. After accumulating wins, how would you withdraw bitcoin from your sportsbook account?

Withdrawing Bitcoin from a sportsbook

You can withdraw your bitcoin winnings by clicking on the ‘withdraw option’ on your betting wallet. Firstly, you have to create a receiver’s address on your merchant’s account and initiate a transaction from your betting account to the generated receiver’s address.

You will be asked to verify the transaction at different stages. 
Once bitcoin is your merchant’s account, you can either sell it for fiat currency or hold it as a cryptocurrency investment. You should note that bitcoin prices change rapidly due to high liquidity.

Parting shot

Cryptocurrency technology is quickly replacing fiat currencies due to the efficiency of blockchain technology and the universal acceptance of digital currencies. Register at a bitcoin sportsbook today and join millions of punters enjoying the fruits of this new technology.