In 2022, digital assets have many uses. Coins and tokens are used even by bookmakers. Some allow customers to only make deposits in BTC, while others allow customers to place bets in other cryptocurrencies. Digital assets enable the bookmaker to bypass jurisdictional restrictions and accept bets where the regulator blocks bank transfers. Below we will speak about Monero sports betting.
Criteria for choosing a bookmaker for bets in Monero
Often the search for a bookmaker takes a lot of time for beginners. This is due to the lack of knowledge about the nuances of the offices. More experienced players choose bookmakers according to the following criteria:
- Type of cryptocurrency service.
- Possibility to bet with digital assets. Not all platforms support this feature.
- Security level. Investments for betting must be well protected.
- Promotions and gifts. This is an optional criterion.
- Variety of sports. The more their number, the better.
- The number of available crypto assets, in our case – XMR.
- Responsiveness of technical support. Without this quality, it is difficult to trust any platform.
- Convenience of the interface. This requirement is optional.
- The size of the coefficients. The larger it is, the higher the potential profit.
Types of Monero bookmakers
In 2022, many bookmakers accept bets in digital coins. Users have access to 3 types of platforms with support for virtual assets.
First type. Such bookmakers only support deposits and withdrawals of cryptocurrencies. Services allow you to store digital assets on accounts, but you cannot use them.
Second type. Wbsites of this type support only the input of cryptocurrencies. Before making deposits, they convert digital assets into fiat.
Third type. Blockchain platforms are a new trend in betting. They allow users to make transparent bets on sports with cryptocurrency. All transactions are recorded and can be verified by anyone.
Replenishment of the account with Monero
The procedure for crediting deposits depends on the selected bookmaker. You can replenish your game account using the example as follows:
- Go to the site or launch the mobile application of the Monero bookmaker.
- Create a personal account.
Go to the “Deposit” section.
- Click “Deposit”.
- Select “Cryptocurrencies” from the menu on the left.
- Click on Monero.
- Confirm payment method.
- Copy the generated XMR address (you can scan the QR code for a quick transfer).
- Send coins to the received number.
- The transaction will be included in the list of unconfirmed transactions of the Monero blockchain. Upon reaching the queue, the miners will start processing the transfer. It usually takes not more than 20 minutes to confirm a payment.
Advantages of betting in cryptocurrency
Bookmakers with support for digital assets have many advantages:
- High transaction security. Digital assets circulate on blockchains – decentralized networks. They are very difficult to hack. Third parties cannot interfere with the chains. Therefore, sports betting in cryptocurrency is safe.
- Anonymity. Many popular blockchains are transparent. But users can only track public information. Players’ personal data remains private.
- High speed of transfers. Fiat transactions are performed by the systems of the banks used. They act slowly. Therefore, transaction processing times can be up to 5 business days. Crypto assets solve this problem. Transfers of coins and tokens rarely take more than 20 minutes.
- Low commission. Often the fees of payment systems and banks are a fixed percentage of fiat transfers. But in crypto networks, the amount of transaction fees depends on the loading of blockchains. At the same time, in some ecosystems like Monero fees are always low – they can be less than $0.10.