How to Bet on Sports Betting with Cryptocurrencies from Different Locations?
The popularity of sports betting is unstoppable, and it can only get better as more people use crypto or alternative currencies. Cryptocurrency has transformed e-commerce; it is doing the same with sports betting and online gaming in general. If you are new to using (for betting) bitcoin and other alternative currencies based on blockchain technology, here’s a simple guide to help you.
This guide, by the way, is mainly about the Turkish sports betting market. Almost all of what’s discussed here, however, is applicable to cryptocurrency sports betting in other countries or regions.
Sports Betting in Turkey
Online gambling in Turkey is legally prohibited, but state-owned sports betting is allowed. Only IDDAA is granted the authority to operate sports betting in Turkey. The country has been actively doing something to prevent Turkish citizens from getting involved in illegal online gambling. Still, online bettors and players from this Eurasian country are getting ingenious to be able to skirt legal restrictions.
Turkey has heavy penalties for individuals caught accessing online gaming services. Those who are caught are fined in the range of 55 USD to 270 USD. On the other hand, casino operators and financial institutions face the possibility of imprisonment if they are caught serving Turkish online gamers. These fines and imprisonment risks, however, are not enough to make online bettors cower. They turn to non-Turkish online gaming services and find ways to be untraceable as they play on foreign betting sites.
Betting with Cryptocurrencies from Different Regions
Online betting in countries with strict laws against online gaming is made possible with the help of cryptocurrencies. What happens is that these internet-based gaming sites or sportsbooks provide the option to place deposits in cryptocurrencies. Some exclusively accept crypto money deposits, while others accommodate cryptocurrency in addition to the standard payment methods such as credit cards and online wallets.
Gaming sites that accept cryptocurrency usually provide a QR code or the wallet address to which the player can send funds as deposits. These deposits become the account balance that will be used by gamers when playing. Geographical location is not an issue when making a deposit because cryptocurrency is designed to be decentralized and free from the intervention of a central bank or government authorities.
Some sports betting sites, however, don’t directly accept certain cryptocurrencies. If you have moneros, for example, you can’t use them to play at a bitcoin-only site. What you can do is to go to a cryptocurrency exchange to convert your moneros to bitcoins. Also, some sites support payment methods that make it possible to convert your currency indirectly to the currency accepted on the site. Skrill and Neteller, for example, let you deposit in bitcoins or altcoins that can then be converted to another currency.
It’s important to remember, though, that you can’t use online wallets or legitimate online fund transfer services such as PayPal if you want to do sports betting or online gaming in a country where it is illegal. These online financial services require you to submit proof of identity as part of their “Know Your Customer” requirements. Revealing your identity will only get you in trouble. To avoid exposing your identity, the preferred option is to convert your funds using cryptocurrency exchanges.
Sports betting using cryptocurrencies from different regions is not that difficult. You just have to follow a few simple steps that are usually readily presented in the interface of most gaming sites. If you need a different cryptocurrency to play at a certain site, you can go to a cryptocurrency exchange to convert your funds. It is advisable to keep your identity concealed, as it is one of the main reasons for using crypto money, especially for players in places where online betting is outlawed.