There are bets being placed on the MLB for the upcoming 2022 season in a different variety of categories. There are those people who will usually place bets with money and that is what most people usually do.
Some of them these days are going to be betting them out via Bitcoin. MLB picks today are being made by the fans themselves and other analysts. How can you bet on sports by using Bitcoin?
Find the Casinos and Sports Betting Books That Will Support It
There are only certain online casinos and sports betting books that will support Bitcoin for sports gambling. There are those who will only want to bet paid in bitcoin and it could potentially be the future of money because it is going up in stock.
Not every single sportsbook right now is going to take Bitcoin, but maybe one day it finally will. One U.S.A. dollar equals out to be 0.0000219 bitcoin. However, if it was reversed, say someone bet on something for five bitcoins, in U.S. Dollar terms, it turns out to be $229,702.35. This would be complete money made for casinos and sportsbooks big time. For $100 dollars of U.S. Money, it equals out to be 0.00 BTC.
The sportsbooks would make a ton of money if people were to bet by using bitcoin instead of U.S. dollars. There are those that bet on sports, to begin with when using a lot of money and many of them usually use $100 dollars in U.S. terms.
Comparing Example Bets
As listed above in the previous paragraph, the terms U.S. Dollars and Bitcoin are converted. Now, what if someone wants to place a bet on the MLB by using Bitcoin? Well, for example, let’s find some good value with the National League Cy Young.
Logan Webb of the San Francisco Giants has +1400 odds to win the NL Cy Young this year. A normal $100 bet in U.S. dollars would be a very good payout if it actually does happen in U.S. Dollars. For bitcoin with a hundred dollar bet, it would be 0.021887 bitcoin.
Now, what if this bet was placed as 100 BTC to the casinos and the sportsbooks? Well, a ton of money would be made for the sportsbooks and casinos no matter what. The equal value of that in U.S. Dollars would be $4,594,047.03. That is a lot of money that is being placed down for a single bet.
If that bet is lost, putting all of that money down is a really bad thing. This is why betting using Bitcoin is 10 or maybe 100 times riskier than it is with using actual dollars. It is still a money value, but Bitcoin is way more expensive than U.S. dollars.
However, betting by using Bitcoin on anything is a greater reward in return. People who bet by using Bitcoin are better sure it is going to happen. Using smaller odds like Walker Buehler, Max Scherzer, or Corbin Burnes, who all have +700 odds to win the NL Cy Young might actually be safer.
Betting only 5 BTC on one of these three players is actually worth $229,702.35. The payout for a +700 bet would still be enormous no matter what. If it was so easy, everyone would do sports gambling with either U.S. dollars or bitcoin.
It is not easy to understand the value of bitcoin. It is the premier cryptocurrency. There are other bets that could be used in bitcoin, but just like using regular money, use it wisely instead of blowing it all the way and not having any of it left.
In conclusion, it is not a very easy concept to understand when first betting with bitcoin, but it will be when you get the hang of it, just like it is with U.S. Money.