how do you bet in BTC only sportsbooks with the volatility of BTC?

[DISTROYA]

Tempted to open account in BTC book, but again...you place a BTC wager in the morning literally could change values in a few hours drastically no? I dont get how people do it.
Lets say I deposit $1000 worth BTC. And next morning BTC tanks 20%....so I now have $800.00 in there?
If I place $500 worrth BTC wager on lakers -5 for example, what if BTC value goes up or down rest of day? Lets say it doubles (just lets say), so know i have a $1000 risk wager?
Appreciate any help, probably missing something it cant be like this format I explained, can it?

[fire777]

I bet for a long time with BTC accounts because I already have BTC, so if the BTC increases or decreases in value, nothing changes for me.But if to bet, I must first buy BTC, in this case, I absolutely do not, because in this case I risk losing a lot of money,

[Roscoe_Word]

I'm guessing one would have to remove money out of the BTC book if one thinks the price is going down, and then re-up if one thinks the price is goin up. Might result in lots of transactions (and fees) and stress over confirmation times.

This causes one to become a BTC bettor as well as a sports bettor. The latter is hard enough for me.

[littlekona]

you either ignore the swings as they go both ways or you move money in and out frequently which the btc books and exchanges allow and they all process deposits and withdrawals very fast.....

[pattymayo]

Btc is certainly volatile but your examples are very unlikely. Btc is very unlikely to tank 20% in a day and certainly won’t double over the course of a 2.5 hour nba game

It’s a risk for sure though. I bet pretty much exclusively in btc and leave a balance in Nitrogen and a balance in a wallet. It can go either way— it dropped to under $7k in the first couple days of January and last weekend went over $9k. Big swing yes but that’s over a 3 week period.

Unless you’re betting big $$ you’re better off just ignoring it and hope the price rises when you’re winning

[themike78]

Just bet on a game and cashout right after the game ends. That's what is good about bitcoin only books. You can cashout anytime instead of waiting for certain times of the day and waiting 5 hours.

[Roscoe_Word]

Btc is certainly volatile but your examples are very unlikely. Btc is very unlikely to tank 20% in a day and certainly won’t double over the course of a 2.5 hour nba game

It’s a risk for sure though. I bet pretty much exclusively in btc and leave a balance in Nitrogen and a balance in a wallet. It can go either way— it dropped to under $7k in the first couple days of January and last weekend went over $9k. Big swing yes but that’s over a 3 week period.

Unless you’re betting big $$ you’re better off just ignoring it and hope the price rises when you’re winning

That makes sense.

[Camma23]

your doubts are exaclty same that stop me from starting betting in btc. I'm also not interested in trading cryptocurrencies, so the volatility of the crypto markets scares me from converting my euros in btc..... I'm still looking for a solution against this risk, if any exists

[DISTROYA]

Look at today for instance bitcoin is down almost $400. You're down 400 this morning without even placing a bet. So when u cashout...btc us converted to cash in the book (has that option?) Or you have to literally request withdrawal everytime game settles to insure face value at the time of wager?

[lonnie55]

Tempted to open account in BTC book, but again...you place a BTC wager in the morning literally could change values in a few hours drastically no? I dont get how people do it.
Lets say I deposit $1000 worth BTC. And next morning BTC tanks 20%....so I now have $800.00 in there?
If I place $500 worrth BTC wager on lakers -5 for example, what if BTC value goes up or down rest of day? Lets say it doubles (just lets say), so know i have a $1000 risk wager?
Appreciate any help, probably missing something it cant be like this format I explained, can it?

1) I'm a HODLer anyway

2) If the price goes down, the limits go up

[Optional]

Look at today for instance bitcoin is down almost $400. You're down 400 this morning without even placing a bet. So when u cashout...btc us converted to cash in the book (has that option?) Or you have to literally request withdrawal everytime game settles to insure face value at the time of wager?

If you are thinking about it in such a short term way, bitcoin only books are not for you.

If you are not holding bitcoin anyway they wont be attractive to you.

Even if you withdraw after every bet, what are you going to do? Pay a conversion fee to hold it in US$? And then another conversion fee to turn it back to bitcoin for the next bet?

[DISTROYA]

Yes just absurd IMO to wager this way, but to each their own. Enough stress with the games hard to put worry of a fluctuating currency on top of it daily.

[raiders72001]

We remember the losses in the bitcoin price but tend to forget the wins. The wager is a risk to lose the full bet. Holding bitcoin is a smaller risk. The BTC price only applies if you win the bet.

You don't need as big of a bankroll when you stick with multiple bitcoin books since transfers can be made so fast.

[Optional]

Yes just absurd IMO to wager this way, but to each their own. Enough stress with the games hard to put worry of a fluctuating currency on top of it daily.

Not really.

As Raiders points out, you would be ahead BIG TIME if you are a winning bettor and had only been using Bitcoin instead of US$ for betting.



Honestly it's more absurd that there is so much discussion about fluctuations.

Either use it for money transfers and avoid holding it for any time period more than forced to.

Or hold some and stop thinking about it in terms of US$ or Euro value... it's just another currency, they all fluctuate against each other. It does not matter until you sell out.

[Bsims]

Either use it for money transfers and avoid holding it for any time period more than forced to.
Or hold some and stop thinking about it in terms of US$ or Euro value... it's just another currency, they all fluctuate against each other. It does not matter until you sell out.

Well said!

[Camma23]

Honestly it's more absurd that there is so much discussion about fluctuations.

Either use it for money transfers and avoid holding it for any time period more than forced to.

Or hold some and stop thinking about it in terms of US$ or Euro value... it's just another currency, they all fluctuate against each other. It does not matter until you sell out.

well man, the point is very simple: many of us just don't care about trading cryptos. We just ook for an alternative (safe and "anonymous") way to get betting profit. We are not interested at all in up and downs, fluctuations, etc. that's the reason for this "so much discussion" about it

[Optional]

well man, the point is very simple: many of us just don't care about trading cryptos. We just ook for an alternative (safe and "anonymous") way to get betting profit. We are not interested at all in up and downs, fluctuations, etc. that's the reason for this "so much discussion" about it

I'm not interested in trading it.

I use it for betting and have no notable problems or losses dealing with it as a money transfer system.

And to be fair, man, I was responding to someone who was saying it was absurd to hold it and bet in it. If they had put their bankroll into bitcoin and only bet with it for the last 12 months they would have over 100% more profit today than if they had used US$ in that same period. I think it was fair to point out how "absurd" what they, and many others, say is about betting in bitcoin.

[lonnie55]

If you can't stand the heat, get out of the kitchen

[ace7550]

I hold btc and use it for transfers. Been a pretty nice investment over the last couple years.
I mean, we are gambling here right? If I'm gonna put $500 on the 9ers I might as well hold some btc while I'm at it...

[DISTROYA]

thx guys...I understand the other point of view/outlook. Just not for me. Thats why I will never be good at it, I cannot even hold overnight worrying it may go down when I make withdrawals. But thanks for the info.

[Poisec]

I did mid 2017 because I was confident BTC price would rise, wouldn't do it in 2020 for a long period of time, price will go to 5k at some point.

[DwightShrute]

I did mid 2017 because I was confident BTC price would rise, wouldn't do it in 2020 for a long period of time, price will go to 5k at some point.

why do you think that?

[Camma23]

I did mid 2017 because I was confident BTC price would rise, wouldn't do it in 2020 for a long period of time, price will go to 5k at some point.

you can't know this and nobody can know this. But the point is that it could also happen, if not now, in future. Nobody knows when. And we (bettors not crypto traders) could be unlucky to suffer from it and wasting betting profit. That's the real point. And i'm scared from this...wouldn't be relaxed holding large amounts of betting profit in BTC, even though advantages vs traditional payment methods are many....

[EVPlus]

The only significant advantage I see in btc only books is the fast payout and relative (though far from complete) anonymity.

I don't blame the OP and others like him for being uncomfortable. If an individual is anxious over btc fluctuations ON TOP of winning in sports betting, it increases the stress and clouds judgement.

There are those who will disagree and keep most or maybe even all their funds in btc books. If they are comfortable with the buy-and-hold approach, that's fine.

For all others, we're currently fortunate enough to have a few reputable books where you do not have to hold funds in btc. They can use those.

Another option is to fund a portion of one's bank roll into a btc book. The exact percentage will vary on how bullish one is on btc.

For example, my portfolio is currently 40% U.S. equities, 30% U.S. REIT, 20% U.S. bonds, 10% Intl equities (developed nations and not emerging markets).

Others will have different ratio based their investment strategy and risk tolerance.

It wouldn't be unreasonable to adopt a similar approach to how you allocate your sports betting bankroll to various books.

I can't speak for others but I don't bet on sports for the dopamine fix or adrenaline rush. I do it to turn a profit. And applying business principals has been very good for me.

[raiders72001]

From 2009-2020, an 11 year time period, there's approximately a one year time period where BTC holders would have lost money. Those that bought between late 2017 until mid 2018 along with those that bought mid 2019 until late 2019. If you bought and held at any other time, you would be up money.

[the_situation]

BTC is the best producing asset over the last decade. Chances are you will make money holding it.

[Poisec]

why do you think that?

I shouldn't have written "will", but it might according to several trading indicators. Following more and more traders on Youtube / Twitter, all the serious ones pretty much predict a bad year, but of course it's Bitcoin so everything is possible.

Also the odds for the Bitcoin price on 31 December 2020 are quite interesting:

$1000 - $4999.99 @ 3.3
$5000 - $7499.99 @ 3.6
$7500 - $9999.99 @ 5.2
Above $10000 @ 7.5

I believe "smart" money have been bet on these odds and as you can see it is not very optimistic despite the price being at 8.6k right now.

[raiders72001]

I shouldn't have written "will", but it might according to several trading indicators. Following more and more traders on Youtube / Twitter, all the serious ones pretty much predict a bad year, but of course it's Bitcoin so everything is possible.

Also the odds for the Bitcoin price on 31 December 2020 are quite interesting:

$1000 - $4999.99 @ 3.3
$5000 - $7499.99 @ 3.6
$7500 - $9999.99 @ 5.2
Above $10000 @ 7.5

I believe "smart" money have been bet on these odds and as you can see it is not very optimistic despite the price being at 8.6k right now.

Where did you find those odds?

[ace7550]

I'll admit I'm pretty bullish on bitcoin but with the halving coming up in May "Above $10000" seems like a good bet.

[raiders72001]

I'll admit I'm pretty bullish on bitcoin but with the halving coming up in May "Above $10000" seems like a good bet.

I'd put all that I could get down at 7.5 (+650).

[raiders72001]

Over $9k now.

[Poisec]

Where did you find those odds?

Betfair (or Betkeen, or Orbitx with a broker).