With all the crypto craze going on, it is normal to feel intimidated and confused, especially if you are someone who’s not familiar with blockchain technology and cryptocurrencies. You’ve probably seen many sports betting platforms promoting crypto betting, and to be honest, the deals sound very good.
Unlike traditional sports betting platforms, the ones powered by blockchain technology offer low fees, instant withdrawals, and transparent betting. Sounds like a great deal, right?
No wonder so many people ditch the old traditional betting using FIAT and go with cryptocurrencies. However, the process might be very similar, but some key differences will confuse you even more.
Additionally, the betting industry, in general, is full of scams, so before you jump into crypto betting, it is really important to know how this process works.
That’s why we’ve decided to make a full step-by-step guide on how to place a crypto sports bet. Don’t worry, it is easier than it seems, and you don’t have to be a geek to understand how it works.
Step 1: Get Yourself a Crypto Wallet
The first step is to get your crypto wallet. This is the place where you can hold your cryptocurrencies. Think of it like a bank account but specifically designed to hold crypto. Now, there are plenty of different wallets to choose from, like hot and cold wallets.
Hot wallets are wallets that are kept online on a decentralized exchange, while cold wallets are wallets that you can take your crypto off the blockchain in a USB stick. At the beginning, we suggest you start with a hot wallet, usually provided by a crypto exchange. This is the easiest way, and you don’t have to move your crypto and lose money in fees.
So, find a crypto exchange where you can buy cryptocurrencies like Coinbase or Binance. Always go with a crypto exchange that has been around for years and has a reputation.
Once you sign up, you’ll get your crypto wallet.
The important thing here is to write down your “seed phrase”. With every signup, you’ll get a 12 random phrase that you can use as a backup key if you lose access to your account. So, write it down and keep it safe (don’t take screenshots and keep them in your phone).
Step 2: Purchase Some Crypto
Next, you have to buy cryptocurrency such as Bitcoin or Ethereum in order to place a bet, right? Before you buy, it is a good thing to check which crypto betting website you’ll be wagering on.
Remember, crypto betting websites are usually tied to one or two cryptocurrencies. If you bought crypto already and see that the betting website doesn’t accept that cryptocurrency, you can always convert it into your crypto exchange account.
When it comes to buying crypto, you can use your credit card and your account that you’ve made on the crypto exchange, whether it is Coinbase, Binance, or Kraken. The process is quite simple, and even newbies who don’t know anything about cryptocurrencies can buy some.
A good idea is to start with a smaller amount, $50-$60, just to learn the process. Once you buy some crypto, if you do it on the same digital exchange where you have your wallet, it will be immediately transferred to it.
If you are using a third-party crypto exchange, you can send the crypto to your crypto wallet by copying your wallet’s address (a long string of letters and numbers) from the app and pasting it into the exchange’s “send” field.
Now, you’re done. You have your crypto, and it is time to transfer it to a betting website and place a bet.
Step 3: Pick a Crypto Betting Site
Time to choose your crypto sportsbook. There are solid options out there but remember to do thorough research before depositing your money. Also, check for reviews—folks love Evo.io for low fees and plenty of betting options. Make sure the site takes your crypto.
Sign-ups are a breeze—no heavy ID stuff like traditional sites, just an email and password. Some ask for KYC (Know Your Customer) later if you cash out big, but for small bets, you’re golden. Took me 3 minutes to join Stake—no fuss.
Step 4: Fund Your Betting Account
Here’s where it gets real. Log into your betting site, hit “Deposit” or “Wallet,” and pick your crypto (say, Bitcoin). They’ll give you a deposit address—copy it. Open your wallet, hit “Send,” paste that address, and type in how much—maybe 0.0005 BTC . Double-check the address; one typo, and it’s bye-bye money.
Hit send, and wait. Bitcoin takes 10-30 minutes to confirm; Ethereum’s faster, like 1-5 minutes. My first deposit was $20 in ETH—showed up in 4 minutes on Stake. You’ll see it in your account balance—now you’re loaded!
Step 5: Place Your Bet
Alright, game time! Browse the sports section—let’s say you’re betting on the Lakers vs. Knicks. Pick your wager: moneyline (who wins), spread (by how much), or a prop (like “LeBron scores 25+”). Odds show as decimals (e.g., 1.80 means a $10 bet wins $18 total). Click it, enter your amount—maybe 0.0002 BTC ($14)—and confirm.
The site locks it in via a smart contract—super cool, no human meddling. I bet $10 on a Chiefs game once; felt like a tech wizard. If you win, payouts hit your account instantly—no “pending” nonsense like old-school bookies.
Step 6: Cash Out Your Winnings
Win or lose, you’ll want your cash eventually. Go to “Withdraw” on the site, paste your wallet address from Step 1, and pick how much. Fees are tiny—they usually charge 0.0001 BTC ($7) flat. Send it back to your wallet, then cash out to your bank via Coinbase, or keep it as crypto for bragging rights.
My first win was $15 on a UFC fight—took 20 minutes to get it to my wallet, then $1.50 to cash out to my bank. Smooth as butter.
That’s it! You’ve successfully placed, won, and withdrawn your winnings. Now, the only thing you need to worry about is choosing the right bet.
