Home | Guides | Understanding the Dynamics of Betting Odds in the Crypto Era

Understanding the Dynamics of Betting Odds in the Crypto Era

By Hank Blaine

One of the biggest challenges facing gamblers making the move from an old-school online casino and sportsbook to a crypto casino and sportsbook is equating the crypto they use to wager into the dollars they wish to wager. In this blog, we discuss traditional odds before delving into how gamblers equate their betting units to mBTC.

Crypto Era Dynamics of Betting Odds

Fractional odds and moneyline odds

U.S. sports bettors are used to moneyline or American odds. The most obvious is -110 on an NFL or other spread line bet.

For example, if the Chiefs are -6 at -110 against the Raiders, we must lay $110, $10 is the juice or vig, to make a profit on the Chiefs at -6. If the Chiefs win by 7, we win our bet.

We see fractional odds when we bet on the ponies. The odds board displays odds like 2/1, 5/2, and 7/1. What the odds mean is that for every $1 you wager, you receive $2 in a 2/1 scenario. American odds translated would be +200 for 2/1.

Have a handy dollar to mBTC converter available

We started this conversation by discussing odds because odds remain the most crucial factor for us to determine if we’re getting fair value. Once we decide we’re receiving fair value, we must then decide how much mBTC to wager depending on the rate of dollars to mBTC.

An mBTC is 1/1000 th of a bitcoin. At 8:52 am PST on May 21, 2024, $100 dollars equaled 1.43 mBTC.

So if we wanted to bet $100 on the Milwaukee Brewers to beat the Miami Marlins, we would enter 1.43 mBTC and that would be our $100 bet.

Bettors can also convert mBTC to ETH or to LTC

Gamblers can also convert mBTC to ETH, LTC, and other currencies. It’s important to find a decent online mBTC currency converter. There are plenty out there.

Open the converter up and put in your betting unit amount. Then you make your bet in mBTC.

Betting in mBTC is easy once you do it a few times

Betting in mBTC is easy once you do it a few times. After a while betting in mBTC becomes second nature. It may seem like a challenge at first, but it’s not that much of a challenge once we find a decent converter.

All sports bettors and casino gamers shouldn’t just get into the habit of converting their bet units into mBTC. They should also get into the habit of converting expected payouts into mBTC.

Where to Bet with Bitcoin

Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.

This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.

READ MORE: Understanding the Emergence of Crypto Gambling