Everything About Bitcoin Spread Betting
Bitcoin isn’t just for casino players. If you’re a savvy sports bettor, incorporating some cryptocurrency into your bankroll will make you eligible for big match bonuses, including our 75% Bitcoin Sports Bonus. You can use Bitcoin for any bet in our sportsbook, and that includes spread betting. Cryptocurrencies are proving to be a worthwhile investment for every online gambler, which is why we’ve put together a chapter in our ongoing Bitcoin Guide that explains exactly how Bitcoin spread betting works. For a more general introduction to Bitcoin that explains things like what is Bitcoin and how to deposit Bitcoin, check out our main Bitcoin page.
How Bitcoin Spread Betting Works Online
Even if you’re wondering what is spread betting gambling, you’ve likely heard the term “cover the spread” at some point. Spreads are available for almost every team sport, as it manages to make both betting options equally appealing. A spread bet is won if your pick manages to beat the opposition by a certain number of points—in the case of the favourite. As for the underdog, they can lose by that same number of points and still pay their backers. They can also win outright for your bet to come through.
Nothing changes when you bet on the spread with Bitcoin as opposed to US dollars. The same rules apply for winning your bet as before. When a Bitcoin deposit reaches Bovada, it’s automatically converted to US dollars so that your balance won’t be affected by Bitcoin market fluctuations. This practice also makes it easier to keep track of your bankroll since most people don’t want to mentally convert BTC to USD while looking at their balance.
In order to get started with Bitcoin, you’ll need to download a digital wallet and create an account with an online exchange. The wallet is where you store your currency, while the exchange is a trading platform that makes buying and selling cryptocurrencies a breeze. The easiest way to do this is to simply download an app that offers both a wallet and an exchange platform, such as what’s offered by Coinbase and Blockchain. With both programs installed, you can take your first foray into the wonderful world of Bitcoin.
Online Bitcoin Spread Betting Tips
There are a few things that people do to improve their odds in the sportsbook, but before we get there, it’s worth repeating that the best way to win cash is to simply take all available bonus cash when you make your first Bitcoin deposit at Bovada Sportsbook. Our 75% match bonus, that’s exclusive to Bitcoin players, will add up to $750 to your bankroll—and you don’t need to win a bet to collect that cash.
Beyond claiming free money through bonuses, when betting on a game, no matter what the sport, it’s always a good idea to compare the spread with the moneyline. If you’re wondering what is the money line, this straight bet doesn’t include a margin of victory. Your pick simply needs to win straight up in order for you to cash in on your bet. Most of the time, the moneyline is the better bet if you think that the underdog will pull an upset, as the payout will be bigger. Alternatively, the spread usually offers more bang for your buck when you think the favorite will win, but they’ll need to do more than just win straight up. Keep an eye on the vigorish for the spread; that’s what dictates your payout. Compare the vig for the spread with the moneyline odds, and you’ll get a sense for what the better deal is.
For more information on the transition to Bitcoin, be it for the sportsbook or casino, we have a Bitcoin FAQ page and a Video Library with instructional videos on how to use cryptocurrency at Bovada. Once you get started with Bitcoin, you can use it for all of our products. Enjoy the perks that come with it, and we hope to see you at the pay window.