Understanding the Rules and Maximizing Sports Bets
If you bet on a Bitcoin sportsbook, and you should if you don’t, you may have noticed that betting limits are different from what you’re accustomed to seeing. This is because the price of BTC fluctuates by the minute. Sometimes, the price of Bitcoin could have a massive fluctuation within seconds. So BTC betting limits differ from fiat currency limits. Check out what you must know regarding Bitcoin betting limits as well as how you can maximize Bitcoin bets.
Understanding Bitcoin Betting Limits to Maximize Bets
Translate mBTC into your fiat currency
What we must always do before making bets is to know what our mBTC is worth in fiat currency. On Sep 14, 2023, a single mBTC was worth about $26.85.
Sometimes, depending on the rate of BTC, the mBTC could be worth more. Sometimes, it could be worth less. Know how much the mBTC is via a $1 unit.
Doing so means you can calculate how much you are betting. For example, if you bet 2 mBTC on the Vikings to cover against the Eagles on Sep 14, you are betting around $53.70.
It’s important to understand this because since a lot of us started our betting careers before cryptocurrencies, we are used to thinking of each betting unit in term of dollars: $50, $100, $200, etc. So the first thing you must do is figure out how much your mBTC is worth on the day you’re playing, not yesterday or a prognostication for the future, but the day you’re making your bets.
Know the minimum limit for each bet
Betting limits are different for each bitcoin sportsbook and casino. Nitrobetting’s limit is .05 mBTC.
On Sep. 14, 2023, .05 mBTC converted to $1.338337 dollars. Some days, Nitrobetting’s minimum will convert to $2. Sometimes, it could be $5. Sometimes, it could be $10, etc.
Understand max limit rules
In bitcoin and other cryptocurrency sportsbooks, max limit rules are different from in traditional fiat currency books. When you look for max limits rules, you’re likely to find something akin to what’s on the Nitrobetting site:“The maximum bet varies from event to event. Generally, the maximum bet amount will increase the closer we get to game time. Also, please remember that overnight limits may be lower than what is allowed during the day. You may always click on MAX BET option on the bet slip in order to confirm what the limit is. This feature is dynamic and will display the maximum allowed taking into account any bet(s) you already have on said event.”
Maximum bet limits fluctuate the same way the price of BTC, and therefore mBTC, fluctuates. Overnight limits can change during the day because currencies trade 24 hours.
Even the U.S. dollar and Japanese yen trades 24 hours. Bitcoin trades 24 hours and unlike traditional currency fiat pairs, the price of Bitcoin can go up or down by the thousands of dollars.
So Bitcoin sportsbooks must change maximum bet limits to take into account the fluctuations in Bitcoin price. If bitcoin sportsbooks didn’t change the maximum bet limits they could possibly fail.
Change in max bet limits also benefits us. We may not be aware that a huge change in the price of Bitcoin has occurred. So what we could end up doing is betting way more than what we wished. If our bet loses, we end up losing more than we wished.
Maximizing your bets by understanding the rules
By knowing the rules, we can maximize our bets. We convert our mBTC into dollars. Then we bet according to our bet unit. So if our bet unit is $100 in fiat, we bet 2 mBTC at $50.
It won’t be exact. So you want to pick a side. Do you want to bet $52.49 or do you want to bet $49.52? Bitcoin to dollar converters are all over the Internet. Find the one you trust, and then calculate how much you wish to bet in fiat.
If you’re a max bet player, the system should calculate the max bet for you. But before making a max bet, for sure, look to see if there was a major upside move in Bitcoin’s price.
We may want to hold on to our mBTC if it moved higher. So keep track of Bitcoin’s price every day. You can do this by finding a site you trust, Coinbase is a good one if you use Coinbase, that tracks Bitcoin’s price hour to hour or if possible, minute to minute basis. It could make more sense to lower your max bet, or even your unit bet, to save your mBTC.
As you can see, betting with mBTC instead of fiat currency gives you more flexibility but also provides you a way to get the most possible from your betting dollars. Always translate your mBTC into fiat before betting and consider how much you wish to bet based on the price of Bitcoin at the time you make your bets.
Where to Bet with Crypto
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.