Fixed Odds Bitcoin Sports Betting

As one of the most simple yet popular types of betting markets, fixed odds sports betting remains pivotal to both fiat and cryptocurrency sportsbooks. With cryptocurrencies growth, more and more fixed odds betting markets are being created by crypto sports betting sites.

In GOSUBETTING’s fixed odds betting guide, we are going to give you an overview of fixed odds sports betting at crypto sportsbooks, teach you how it works, reveal what kind of markets are available for betting, and why it’s beneficial to use cryptocurrency for it. Whether you’re a complete beginner in sports betting or a professional bettor, this detailed guide on fixed odds betting with cryptocurrencies will be helpful to you.

What is Fixed Odds in Sports Betting?

Fixed Odds sports betting when the odds of a bet are not subject to change after the bet has been placed. These odds show the amount of money you could win if you get your bet right. The words “fixed” mean that once your bet has been placed, the odds will stay constant, and don’t depend on any changes in the market or developments in the event you have decided to place a bet on.

For example, if you place a bet on a football team to win at odds of 2.00 (even money), you will receive double your bet if your bet is successful. The odds are “fixed” at 2.00, and this will not change even if the odds for that outcome shorten or lengthen after you’ve placed your bet.

How Fixed Odds Work at Crypto Sportsbooks

At crypto sportsbooks, fixed odds betting works similarly to fiat sportsbooks, with the key difference being the currency that is used. Instead of betting with fiat currencies like USD, EUR, or GBP, you’d use cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), or other popular digital assets.

The Mechanics of Fixed Odds Betting with Crypto

1. Placing Your Bet: After choosing your bet market, you would place your bet using your preferred cryptocurrency. The sportsbook will show the odds, and you’ll lock in these odds when placing your bet. Remember, once you’ve locked your bet in, the odds cannot change.
   
   
2. Odds Representation: Odds can be displayed in different formats, including decimal (the most popular format), fractional, or American, depending on your preference. Regardless of the format, the odds represent the amount you could win compared to your stake.
   
   
3. Payouts: If your bet is successful, your winnings are paid out in the same cryptocurrency you used to place your bet. The value of your winnings will be calculated based on the fixed odds you locked in at the time of placing your bet.

Popular Fixed Odds Sports Betting Markets

Fixed odds betting covers a pretty wide range of different sports and events. Here are some of the most popular markets you’ll find at crypto sportsbooks:

Moneyline Bets

Moneyline bets are the easiest kind of fixed odd bets, where you wager on the outright winner of a game or event. For example, in a boxing match, you might bet on Fighter X to win at odds of 1.8, or on Fighter Y at odds of 2.2.

Point Spread Bets

Also known as handicap betting, point spread bets level the playing field by giving one team a points advantage or disadvantage. For example, If a football team is favored by -3.5 points, they must win by 4 or more points for your bet to win.

Over/Under (Totals) Bets

In over/under bets, you’d bet on whether the total number of points, goals, or runs in a game will be over or under a certain amount. For example, betting on a basketball game to have over 210.5 total points.

Futures Bets

Futures bets are long-term bets placed on events that will take place in the future, such as league championships or player awards. For example, betting on a team to win the Super Bowl before the season starts.

Prop Bets (Proposition Bets)

Prop bets are bets placed on specific events within a game that do not necessarily relate to the final outcome. For example, betting on a player to score the very first goal in a match.

How to Start Crypto Sports Betting

If you’re new to the world of crypto sports betting, getting started can, understandably, seem a bit daunting but our experts are here to simplify the whole process for you. The following 5 key steps will help you quickly get up to speed and start placing your bets with confidence. This section will guide you through the important factors of joining a crypto sportsbook, making sure you have all the information needed so you can make knowledgeable betting decisions.

Choosing your Crypto Sportsbook

Choosing the right crypto sports betting site is important to your betting. You should consider the following aspects before making a choice:

• The Sportsbook’s Reputation: Research the sportsbook’s reputation by reading bettor reviews, looking at the licensing and regulation, and the user feedback on different forums, social media platforms and websites. A trustworthy cryptocurrency sportsbook will have a history of fair play and fast payouts.
  
  
• User Friendly Design: Your sportsbook should have a smooth, user friendly interface that is easy to steer. Consider the mobile friendliness as well, as many bettors prefer to place wagers on the go.
  
  
• The Available Markets: Make sure you have a wide variety of sports and betting markets offered at the crypto bookie you’ve chosen. Regardless if you’re interested in major sports like football and basketball or unique markets like esports, the variety can have a pretty big impact on your betting opportunities.
  
  
• The Bonuses and Promotions Offered: Look for Bitcoin sportsbooks that offer bettors competitive bonuses, such as welcome promotions, deposit matches, and free bet bonuses. Remember to always read the terms and conditions to understand the roll over requirements that might be tied to your bonus or promotion.
  
  
• Support Team: Prompt customer support is important and it needs to be at a high standard. Check if your crypto sportsbook has 24/7 support through more than one channel like email, live chat, and phone.
  

Setting Up Your Cryptocurrency Wallet

To bet with cryptocurrencies, you’ll need to get yourself a crypto wallet to store and manage your digital tokens. Here’s how you set one up:

1. Choose the kind of Wallet: Decide between a hot wallet (online, more convenient) or a cold wallet (offline, more secure). For beginners, a hot wallet like MetaMask or Coinbase Wallet might be easier to use and wrap your head around to start with.
   
   
2. Create Your Wallet: Download and install the wallet app or browser extension. Follow the app or browsers instructions to create your wallet, this normally involves setting up a clever password and getting a seed phrase (a backup recovery phrase).
   
   
3. Secure Your Wallet: Store your seed phrase in an extremely safe place, as it is essential for recovering your wallet if you lose access. Remember to enable two-factor authentication (2FA) if it’s available.
   
   
4. Add Crypto to Your Wallet: Purchase cryptocurrency through an exchange like Coinbase, Binance, or Kraken. Once you’ve purchased it, transfer the crypto to your wallet using your unique wallet address.
   
   
5. Test with a Small Amount: Before depositing a large amount of crypto into your sportsbook account, test the transfer process with a small amount to make sure everything works properly.

Depositing and Withdrawing Your Crypto

Once your wallet is set up and funded, you’re ready to deposit funds into your chosen sportsbook,start betting and then withdraw once you have some winnings. Here’s how:

1. Log into your sportsbook account and go to the deposit section. Select the cryptocurrency you want to use and copy the sportsbook’s deposit address. Double-check the address before sending funds to avoid errors.
   
   
2. Open your crypto wallet, enter the sportsbook’s address, type in the amount you want to deposit, and confirm the transaction.
   
   
3. When you’re ready to withdraw your winnings, go to the withdrawal section of the sportsbook.
   
   
4. Enter your wallet receiving address and the amount you wish to withdraw. Confirm the transaction, and your funds should appear in your wallet shortly. Be aware of the sportsbook’s withdrawal limits and processing times.

Compare Fixed Odds Across Multiple Crypto Sportsbooks

In crypto sports betting, not all sportsbooks will offer bettors the same odds. Using online softwares and websites designed to compare odds across different sportsbooks can be quite helpful. These platforms compare odds from various crypto sportsbooks, so you can quickly find the best available odds for your chosen sporting event.

Look at the Impact of Odds Variations

Even small differences in odds can significantly impact your returns, especially over time. For instance, getting odds of 2.05 instead of 2.00 on a regular basis can lead to higher overall profits. By consistently betting on the best available odds, you maximize your potential payouts and improve your long-term betting success.

The Impact of Blockchain Technology in Sports Betting

Blockchain technology is at the heart of crypto sports betting, offering some major benefits that will improve your betting experience.

Transparency and Fairness

Blockchain’s decentralized ledger system ensures that all transactions and bets are recorded clearly. This removes the possibility of tampering or fraud, as all actions are traceable and verifiable on the blockchain.

Provably Fair Games

Provably fair games use blockchain technology to allow bettors to verify the fairness of each bet. This is particularly important in sports betting, where trust is paramount. Before placing a bet, a cryptographic hash is generated and shared with the bettor. After the event, the hash can be used to verify that the bet was placed fairly and that the outcome wasn’t manipulated.

Strategies and Concepts in Fixed-Odds Betting

“The Best of It”

When placing a bet with a positive expected value, bettors are said to be getting “the best of it.” For example, if a bettor bets $1 with odds of 10 to 1 on a coin flip, they are getting favorable odds. On the other hand, betting on an unlikely outcome at poor odds is considered getting “the worst of it.”

Laying Odds

Laying odds involves placing a bet where more is risked than can be won. Rational bettors only lay odds when the probability of losing is low enough to make the bet favorable. For example, betting $1,000 to win $200 on a sure event like rain tomorrow might be considered laying odds.

Lay Betting

Lay betting allows Bitcoin bettors to bet against a specific outcome, basically taking the role of the bookmaker. This means betting on something not happening, like betting against a horse winning a race. This is common on betting exchanges, where bettors can set their own odds and bet against others.

Advantages of Fixed Odds Betting at Crypto Sportsbooks

Betting with digital currencies (cryptocurrency) at sportsbooks offers several unique advantages compared to fiat sports betting. Here’s why more bettors are turning to crypto for their fixed odds sports bets:

More Privacy

Bitcoin and other cryptocurrencies give you a higher level of privacy when you compare them to traditional banking. This gives Bitcoin bettors an opportunity to place their bets without having to share their personal or financial information.

Faster Transactions

Crypto transactions are processed quickly, often within minutes. This is a significant advantage over traditional fiat methods, which can take days to process withdrawals.

Smaller Fees

Cryptocurrency transactions generally have lower fees when compared to credit cards, bank transfers, or e-wallets, allowing bettors to keep more of their winnings.

Global Availability

Crypto sportsbooks are available from anywhere in the world, as they are not tied to any specific country. This opens up betting opportunities for bettors that are in regions where traditional sports betting might be restricted.

Stronger Security

The decentralization of blockchain technology adds yet another layer of security, in an effort to reduce the risk of fraud or hacking.

Top 4 Fixed Odds Betting Tips

To maximize your chances of winning your bet, consider these 4 tips when betting on fixed odds markets at crypto sportsbooks:

1. Do your Research: Always do some research before placing a bet. Consider things like team form, injuries, head-to-head statistics, and any other relevant data.
   
   
2. Manage your Crypto: Make a budget and stick to it. Only bet what you would be willing to lose, and avoid chasing your losses.
   
   
3. Shop for the Best Odds: Compare odds across a few different crypto sportsbooks to make sure that you’re getting the best value for your bets.
   
   
4. Stay Informed About Crypto: Keep up with the latest news in the crypto world. Market fluctuations can affect the value of your winnings, so it’s important to stay up to date.

When Should I Take Fixed Odds?

There are two key moments when opting for Fixed Odds can be particularly advantageous: when markets first open and in the final 30 minutes before a race, especially if you notice a surge of money being bet on a runner. Here’s why these are the optimal times to lock in Fixed Odds:

When Markets First Open

Sometimes, when bookies first release their markets, they might misjudge the odds or fail to take significant development into account. This isn’t necessarily their fault – big market moves are often driven by insiders, like stable connections, who have access to information far beyond the reach of the average bettor or even the traders that are setting the odds.

For example, Consider an unraced and unseen horse that opens at long odds and suddenly sees a massive influx of bets. This sort of “plunge” is difficult to predict from a form guide alone. By taking Fixed Odds early, you can take advantage of these opportunities before the odds are adjusted.

In the Last 30 Minutes Before a Race

As race time approaches, your betting options narrow down to Fixed Price odds or the sports book itself. If a horse’s odds start to drop significantly within the last 30 minutes, it often signals that insiders or informed punters are placing substantial bets – commonly known as the “smart money.”

Even if the odds have already shortened slightly, taking Fixed Odds can be beneficial because the odds are likely to continue dropping. In this case, the sportsbook could end up offering a lower payout than the Fixed Odds you secured earlier.

By understanding these key moments, you can make more informed decisions about when to take Fixed Odds, potentially maximizing your returns on race day.

Best Sports for Fixed Odds Bets

At online Bitcoin and cryptocurrency sportsbooks, you can place fixed odds bets on almost any sport you can think of but we’ve made a list of some of the popular sports you can bet on with fixed odds at crypto sportsbooks below:

Football 

• Leagues & Tournaments: Premier League, La Liga, UEFA Champions League, World Cup
• Betting Markets: Match winner, total goals, both teams to score, correct score

American Football

• Leagues: NFL, NCAA College Football.
• Betting Markets: Moneyline, point spread, total points (over/under).

Basketball

• Leagues: NBA, EuroLeague, NCAA College Basketball.
• Betting Markets: Moneyline, point spread, total points (over/under), player props.

Tennis

• Tournaments: Wimbledon, US Open, Australian Open, French Open.
• Betting Markets: Match winner, set betting, total games, handicap betting.

Baseball

• Leagues: MLB, NPB (Japan), KBO (Korea).
• Betting Markets: Moneyline, run line, total runs (over/under), innings betting.

 Horse Racing

• Types of Races: Thoroughbred, harness, steeplechase.
• Betting Markets: Win, place, show, exacta, trifecta.

Golf

• Tournaments: PGA Tour, The Masters, US Open, Ryder Cup.
• Betting Markets: Tournament winner, top 5 finish, head-to-head matchups, round leader.

Boxing

• Events: Major title fights, undercard bouts.
• Betting Markets: Fight winner, method of victory, round betting, total rounds.

Mixed Martial Arts (MMA)

• Organizations: UFC, Bellator, ONE Championship.
• Betting Markets: Fight winner, method of victory, round betting, fight to go the distance.

Ice Hockey

• Leagues: NHL, KHL, European Leagues.
• Betting Markets: Moneyline, puck line, total goals (over/under), first period betting.

Cricket

• Formats: Test matches, One Day Internationals (ODIs), T20s.
• Betting Markets: Match winner, top batsman/bowler, total runs, match handicap.

Rugby

• Types: Rugby Union, Rugby League.
• Leagues & Tournaments: Six Nations, Rugby World Cup, Super Rugby.
• Betting Markets: Match winner, point spread, total points, first try scorer.

Motorsports

• Series: Formula 1, NASCAR, MotoGP, IndyCar.
• Betting Markets: Race winner, podium finish, fastest lap, head-to-head matchups.

Esports

• Games: League of Legends, CS, Dota 2, Overwatch.
• Betting Markets: Match winner, map winner, total maps, first blood.

Other Sports

• Sports: Volleyball, Table Tennis, Snooker, Darts.
• Betting Markets: Match winner, total points, set betting, handicap betting.

Future Predictions for Fixed Odds Betting in the Crypto Space

The future of Fixed Odds betting in the crypto space looks incredibly promising. Many up and coming trends and advancements are aimed to transform the industry, offering more personalized, transparent, and decentralized betting experiences. The future of fixed odds betting in the crypto space is set to be transformed by AI, and big data will enable more accurate odds setting, personalized betting experiences, real-time market adjustments, and better security. 

Meanwhile, decentralized betting platforms, powered by blockchain, will eliminate intermediaries, automate bets with smart contracts, and offer never-before-seen transparency and global availability. These changes promise a more dynamic, fair, and modern betting environment, making crypto-based fixed odds betting increasingly popular and important to the global betting industry.

GOSUBETTING’s Thoughts on Fixed Odds Sports Betting

Fixed odds sports betting at crypto sportsbooks mixes the best of traditional fiat betting with the advantages of cryptocurrency. With faster transactions, lower fees, and improved privacy, it’s no wonder that more and more Bitcoin bettors are making the switch to crypto. By understanding how fixed odds work and taking advantage of the unique benefits offered by crypto sportsbooks, you can improve your betting experience and increase your winnings. Dive into the world of crypto sports betting today by taking advantage of fixed odds sports betting and see for yourself why it’s the future of online betting.

Frequently Asked Questions

• what is fixed odds sports betting? +
  Fixed odds sports betting is a type of bet where the odds are set at the time of placing your bet. Once you’ve placed your bet, the odds cannot be changed, ensuring that you know your potential payout regardless of market changes.
• How does fixed odds betting work at crypto sportsbooks? +
  In crypto sportsbooks, you place bets using cryptocurrencies like Bitcoin or Ethereum. The fixed odds are shown when you place your bet, and your winnings are paid out in the same cryptocurrency, based on the odds you locked in at the time of placing your bet.
• What types of fixed odds markets are available at crypto sportsbooks? +
  Popular fixed odds markets include Moneyline bets, Point Spread bets, Over/Under (Totals) bets, Futures bets, and Prop bets, covering a wide range of sports and events.
• What are the advantages of fixed odds betting at crypto sportsbooks? +
  Key advantages include more privacy, faster transaction times, lower fees, global reach, and better security due to the decentralized characteristic of cryptocurrencies.
• When is the best time to take fixed odds? +
  The best times are when markets first open, as odds may be misjudged, and in the last 30 minutes before a race if you notice a flurry of betting activity on a runner, indicating “smart money.”
• What is the difference between fixed odds and the Tote? +
  Fixed odds are locked in when you place your bet, while Tote odds are determined by the pool of bets placed on an event and can change right up until the event begins.
• How are odds represented at crypto sportsbooks? +
  Odds can be displayed in various formats, including decimal (the most popular form), fractional, or American. The format determines how the potential payout is calculated relative to your stake.
• What is “lay betting” in fixed odds markets? +
  Lay betting involves betting against a specific outcome, basically acting as the bookmaker. For example, you might bet that a particular horse will not win a race.
• How can I maximize my chances of success in fixed odds betting? +
  To improve your chances, do thorough research, manage your funds properly, shop around for the best odds, and stay up to date about cryptocurrency market trends.
• Why are cryptocurrencies becoming popular for sports betting? +
  Cryptocurrencies offer anonymity, fast transactions, smaller fees, and global accessibility, making them an increasingly popular option for sports bettors.