Crypto Betting Sites 2021
There’s no doubt the crypto has changed the world for good. And you know it’s true for the sports betting industry in Nigeria as well. In this post, we plan to cover everything you might want to know about the best crypto betting sites.
Being a Nigerian, you know how much the economy has progressed over the last decade. It’s no wonder more than 60 million of the residents participate in some form of sports betting. And crypto betting sites have complemented the needs of the punter like nothing else.
Without keeping you waiting, let’s get right to the details of crypto and how you can benefit from them.
The best bookmakers for Crypto Betting Sites in Nigeria
What is a Crypto?
If you didn’t know already, crypto is short for cryptocurrency. It’s a form of digital money that allows you to buy goods and services from providers who accept crypto. Also, you can trade crypto for a profit if you want.
There are many major players in the crypto industry and we will learn about them in a while. But let us look at what crypto is at a glance.
Let us look at five things you must know about cryptos.
- Cryptos are a digital currency that you can use to buy goods, services, and trade them for a profit.
- There are no regulatory authorities i.e. banks or governments to regulate the liquidity of cryptos.
- Cryptocurrency is one of the safest methods of transaction because you don’t have to expose any of your sensitive information like your name, address, or bank details on the internet.
- Cryptocurrencies are volatile. Meaning the lack of regulation can have a severe impact on the value of the currencies. One time they might be extremely valuable while other times, they can drop dramatically.
- There are hundreds of cryptocurrencies in the world. The most prominent of them are Bitcoin, Ethereum, Lite Coin, etc.
How Does a Crypto Work?
If you don’t know exactly how crypto works, you are not alone. We all might have heard the term cryptocurrency, but very few of us actually know how they work. But you do need to have a good understanding of that before you go into the crypto betting sites in Nigeria.
The first thing you need to understand about crypto is that it doesn’t have any physical embodiment. It means you cannot touch or exchange crypto physically. It’s an entirely digital method. And the transactions take place only over a few minutes.
The mainstream process of generating crypto is known as ‘mining’. Essentially, it’s solving very complex mathematical equations with computer processing power. Crypto is rewarded once the ‘block’ is added to the ‘blockchain’.
The reference we are using here is Bitcoin if you didn’t realize that already. Bitcoin is the most popular crypto at the time of writing. The ‘blockchain’ is the central network for Bitcoin or any other crypto for that matter.
The particular problem you solve to generate crypto is known as the ‘block’. Once it’s successfully done and you add the block to the blockchain, you are rewarded one or more crypto.
This is the only way to generate crypto. As anyone in the world can do it, there is no central authority to regulate how many cryptos exist at any given moment. Hence, crypto is known as a decentralized currency.
However, there is a limit to how many cryptos can exist in total and it’s decided by the blockchain. For example, the limit for Bitcoin is 21 million. At the time of writing, there are over 18.5 million Bitcoins in existence.
Once the limit is reached, crypto can only be transferred for goods and services and used in crypto betting sites. Just like traditional money. No more crypto will be produced.
History of Crypto
We might think the concept of crypto is fairly new. But it actually isn’t. There was a man by the name of David Chaum who is often credited as the ‘Godfather of anonymous communications’. He envisioned a currency that was free from any government interference. He even created ‘Digi Cash’ but the venture was a failure.
Fast forward to 2008, Satoshi Nakamoto, a pseudonymous identity published a white paper. It chalked out the concept of a peer-to-peer currency that can buy and exchange goods. It was named ‘Bitcoin’. The true identity of Satoshi Nakamoto is still unknown.
After bitcoin, there have been thousands of cryptos. The popularity of mining has given birth to a new blockchain every now and then. All of them had the goal to improve on the Bitcoin design in terms of security and anonymity. But Bitcoin still remains at the top.
The first time cryptos saw any monetary value was when a programmer from Florida negotiated his way into getting 2 pizzas in exchange for his 10,000 cryptos! Just imagine how much would that be now!
Since the inception, cryptos have gone through many ups and downs. As there is no central governance, the currency is very volatile.
Crypto in Nigeria
You might be thinking why do you need to know about the history of cryptos and how they work. You might not realize it now, but you will once you start betting at the top crypto betting sites in Nigeria.
Nigeria is supposedly the 2nd largest crypto user in the world! It says a lot about how Nigerians love cryptocurrencies and how it has eased the pressure on Naira, the national currency. Being an open network, residents feel safer and more intrigued to use cryptos instead of regular money.
However, there is a minor ban going on crypto in Nigeria at the time of writing. The government has instructed banks to stop trading crypto, namely Bitcoin to safeguard the users from fraudulent activities and cybercrime.
But it shouldn’t bother you at all. Because there is no reason for you to trade crypto via a bank. You have your own wallet and deal with the sportsbooks directly from your computer or smartphone.
Most importantly, many of the operators that accept crypto are not based in Nigeria. So, the legal decline of crypto usage doesn’t affect the sports betting industry at all.
There are many options for you in the crypto betting sites. But most operators are comfortable with Bitcoin. Some might accept Lite Coin and Ethereum as well. These are the most popular crypto at the moment and the user base is large.
Advantages of Using Cryptos
If we start to list down the advantages of using crypto betting sites, you would be fascinated with how much easier it has become for you. Cryptos allow users to go completely anonymous, something you might want to do when doing sports betting in Nigeria.
Let’s look at some of the major advantages you can expect from crypto betting sites.
The biggest reason anyone would ever want to use crypto rather than traditional money is anonymity. When you use regular methods like bank transfer or electronic payment, there is no way for you to not go through a third-party intermediator.
Whether it’s the bank, the credit union, or the e-wallet, the transaction is not in your hands. But with crypto, you can directly transfer your assets to the operator’s wallet. There is no intervention from any banks or any governments.
It makes the transaction as safe as possible because no one is capable of verifying your identity. And no one can intercept the transaction as well. You don’t even need to disclose your name. All crypto transactions happen using private keys, known as addresses.
The security cryptos offer is the best in class. All of your transactions are recorded and verified in real-time. It happens in the blockchain that features state of the art encryption technology to keep government spies and hackers at bay.
The blockchain is a secured network of thousands of devices around the world, known as nodes. So, in a sense, your transaction is public. But not in a bad way. As every node in the network knows about the transaction, your security is further strengthened at crypto betting sites.
Probably the Fastest Method of Transactions
As you already know, there are no intermediates in a crypto transaction. So, there are no verifications needed. It’s a peer-to-peer network which means your cryptos will directly go to the destination address you provide.
The only delay occurs when the blockchain is updated in real-time. There is nothing you can do about it. The blockchain is there for your security. Nonetheless, it doesn’t take more than a few minutes for a transaction to complete.
As we’ve mentioned before, the crypto network is not monitored or regulated by any governments or banks. It means cryptos are free from world recession, inflation, deflation, etc. drawbacks that conventional currency is prone to.
Decentralization also means convenience. When you need to open a bank account or an e-wallet account, you need to verify your identity and provide proof of residence in some cases. For cryptos, you don’t need anything.
All there is for you to do is open a wallet at your preferred crypto network and start at the crypto betting sites!
Crypto in Betting
Now that you know all the basics of crypto, how do you think it applies to betting? If you can’t guess yet, let us tell you.
Crypto opens a pandora’s box for the punters like you. More sportsbooks are becoming open to the idea of accepting crypto. Many of the major operators around the world have already done it. And it’s true for Nigeria as well.
When you look at our list of crypto betting sites, you’ll find that these are the top-notch bookmakers. All of them are trusted and loved by millions of punters worldwide. We only bring the best to you.
Using crypto allows you to effortlessly deposit and withdraw your funds from the operators. In many cases, banks don’t allow users to deposit or transfer money to betting websites. That’s not the case for crypto betting sites.
When you find a cryptocurrency listed on the payments page, you should be very happy because it means there is nothing to stop you from making the deposit you want.
How to Deposit and Withdraw Using Cryptos?
When using crypto, you need to keep in mind that the deposit and withdrawal methods are going to vary from vendor to vendor. The interface Bitcoin uses might not be the same as Lite Coin or Ethereum.
But we are going to cover the basics of crypto deposits into crypto betting sites. All major cryptos use the concept of unique addresses to complete the transactions.
- Decide your favorite crypto betting site and open an account.
- Navigate to the banking/payment/cashier page to find out if your preferred cryptocurrency is there. For example, if you’re looking forward to using Lite Coin, see if it’s listed.
- Select the crypto. The operator will then generate a unique address and provide it to you.
- Now, you need to go to your crypto wallet and input the destination address along with how many cryptos you want to deposit.
- Let the blockchain update. And you should see your deposits converted into betting credits at the bookmaker in no time.
Deposits and withdrawals at crypto betting sites in Nigeria are essentially two sides of the same coin. They both use the same principle. The only difference is, you are the address provider when you’re trying to withdraw.
Here are the generalized steps.
- Similar to deposits, your first task is to log into your sportsbook account.
- Find the banking page or the withdrawal page if there is one.
- Select the crypto you want to use for withdrawal.
- Go to your wallet and generate the unique address. Keep in mind that the address changes every time you need to receive crypto from other wallets.
- Provide the address to the crypto betting site.
- The operator might want to verify your identity. It’s not part of the crypto transactions. Rather, it’s part of the sportsbook account verification process.
- Once the verification is done, you can expect to see the crypto deposited into your wallet within minutes.
How Secure is it to Use Crypto in betting?
It’s a wonder to be a punter who uses crypto betting sites because the network is a marvel of security. You don’t have to go through any third-party financial institutions to authenticate your transaction. You and the blockchain are responsible for every bit of money you spend.
The transactions are verified and updated by the blockchain in real-time. The developers behind each crypto blockchain work relentlessly to make security better.
How to Get a Crypto?
Unlike other payment methods like credit cards or bank transfers, you don’t need to visit any physical institutions to use crypto betting sites. All you have to do is open an account at your preferred crypto network and download the wallet onto your device.
From there, you can go two ways. You can either mine your own crypto or you can buy them from other miners. People who solve the cryptography problems in exchange for the crypto are known as miners.
As time is going by, it is getting harder and harder to mine your own. Almost all crypto is gaining value over time. So, the algorithms are getting tougher. Unless you have an extremely powerful computer or mining device known as ASICs, your best bet is to get it from someone.
One great thing about cryptos is that you can divide them into smaller units for convenience. For example, if you don’t want to get a full Bitcoin, you can go for as little as 0.00000001 Bitcoins. It’s known as 1 Satoshi in the commorancy of Satoshi Nakamoto, the inventor of Bitcoin.
Here are the general steps for opening an account and getting crypto for crypto betting sites.
- Visit the website of your preferred crypto network. You can choose Bitcoin, Ethereum, or Litecoin.
- Open an account using your email address only.
- Once you are logged in, the website will take you through several steps including selecting your device, the type of wallet you want to use, the intensity of transactions you may expect, and so on.
- Once you’re up and running, you can download the wallet app onto your computer or mobile device. The crypto website will dictate which would be a suitable application for your device.
Cryto Betting Sites Fees
One of the biggest advantages of using crypto betting sites is that there are no fees at all. The transactions are instant as well. However, other crypto transactions outside of betting sites might incur fees.
For example, when you are exchanging crypto for fiat, there might a charge. The same goes for crypto-to-crypto exchanges. Your specific network might charge you when you make a transaction to another address.
It’s all relative to user behavior and the type of wallet you use. When you open the account at your crypto vendor, you should read the terms and conditions to understand them fully.
Alternatives to Crypto
While cryptos are one of the finest payment methods you can use for betting, you might want to look for an alternative. Worry not because there are many spectacular options including credit cards, debit cards, e-wallets, pre-loaded cards, vouchers, etc.
And the best thing is all crypto betting sites offer these options. At least the majority of them, if not all. Let us know about them briefly.
If you don’t feel like using crypto yet or you don’t have enough crypto at hand, you can always resort to credit cards. Credit cards are the most common form of payment in Nigerian sportsbooks.
You can avail a credit card from any of the local banks, given that you qualify for it. Similar to crypto betting sites, you need to navigate to the banking page and select your credit card. And follow the next steps.
One of the biggest reasons to use credit cards is that you can use the money you don’t have. As long as you’re giving it back, you can bet using your credit card without having money in your bank account.
Debit cards are another option if you don’t want to use crypto. Most crypto betting sites allow debit cards along with credit cards. The only difference is that you must have the money already in your account.
Pre-loaded Cards and Vouchers
If you neither have a crypto account nor a bank account, you don’t have to worry at all. Some pre-loaded cards and vouchers go a long way in crypto betting sites. The Paysafe card is a great example of pre-loaded cards that you can buy from any designated store.
And when it comes to vouchers, you can use Neosurf if the operator allows it. One drawback of using pre-loaded cards and vouchers is that you cannot withdraw your money from sportsbooks.
But both of them have added functionalities with premium accounts that you can use to withdraw money as well.
Finally, the e-wallets. E-wallets are just like your crypto wallets, but it uses conventional money instead of cryptocurrency. E-wallets have revolutionized the payment industry for good. And you can simply open a Neteller account or a Skrill account to use in crypto betting sites.
Crypto Betting Sites FAQs
If safety is one of your concerns for payment systems, you can stay assured that cryptos come to the top. Being a decentralized currency, all of the crypto transactions are done in the public network. So, your safety is ensured.
There are thousands of crypto networks available on the internet today. But not all of them are offered equally in crypto betting sites. You’ll most commonly find Bitcoin, Litecoin, and Ethereum. So, it’s your best bet to use any of these cryptos for convenience.
No, you don’t. And this is one of the biggest benefits of using crypto. As there are no regulatory authorities like a bank or a government, there is no need for verification or documentation. All you need is a crypto wallet.
It completely depends on which crypto network you use. Many wallets charge a small fee for deposits and withdrawals. Even some sportsbooks might imply charges on your transactions.
Unless the blockchain is shut down, there is no reason for your crypto transaction to halt. From time to time, the internet might be slower. You can always try a few hours later. If the problem persists, contact your crypto betting site
The only delay is when the crypto transaction is updated on the blockchain. Once it’s added and verified, your money will instantly show up in your sportsbook account.
The same principle goes here as well. Just like deposits, the withdrawal transactions must be added to the blockchain. Additionally, the sportsbook might need to verify your identity before it sends the crypto to your address.
After all the information you’ve known about crypto betting sites, do you think there might be something else you would need to know? There might not be, but we’re still going to share some tips so that you can make your transactions easier and more effective.
Don’t Be Impatient
At the time of writing, the crypto industry is booming beyond anyone’s expectations. So, it’s time to become cautious about your transactions. And you don’t want to deposit any more than you want to, because one extra 0 might have drastic results.
So, take your time when depositing and withdrawing money. Withdrawals are safer because it’s ultimately coming back to you. But be careful with deposits.
Know the Fees
As you already know, many crypto transactions come with fees. And should be aware of them before you start betting at crypto betting sites. You might even come across multiple fees for one transaction.
So, knowing the terms and conditions for both your crypto network and the sportsbook is ideal.
Make Sure It’s There
What if you make a Litecoin account and buy some only to find out that your preferred bookmaker doesn’t even offer it! It’s an inconvenience you wouldn’t want to come across. Although you can exchange one crypto for another, there will be added charges on the conversion.
So, always ensure that your preferred crypto is available at your preferred bookmaker in Nigeria.
Know Your Limits
Lastly, know the limits for withdrawals and deposits. The limits might not be listed in crypto units. So, look for the monetary amount in the terms and conditions page of the bookmaker. Also, know about any limits associated with your crypto account or wallet.
Crypto Betting – Summary
Crypto is getting more and more common across bookmakers in Nigeria. One of the biggest players in cryptocurrency trading, Nigeria is a great place for crypto betting sites. And we have listed the finest sites for you.
Just go ahead and open an account right now.