Placing Cricket Bets With Exchanges Using Cryptocurrencies: Exchange Betting with Bitcoin & Alternative Cryptos

Cricket is among the most thrilling sports to bet on, and betting exchanges offer a unique way to place bets on the game. Unlike traditional sportsbooks, crypto exchange betting on cricket gives bettors more control over their bets, allowing them to bet against each other rather than the house.

This article will explain how cricket betting exchanges work, how you can use cryptocurrency for betting, and explore the pros and cons of this betting method.

What is a Cricket Betting Exchange?

A betting exchange allows you to bet against other bettors, not against a bookmaker. The platform acts as a marketplace where bettors offer odds and accept bets from one another.

In cricket betting exchanges, you can:

Back a selection: Bet that a particular outcome will happen (e.g., England will win the match).

Lay a selection: Bet that the outcome will not happen (e.g., England will not win the match).

This setup gives you more flexibility, as you can act like a traditional bettor or take on the role of a bookmaker.

How Cricket Betting Exchanges Work

Here’s a step-by-step look at how betting exchanges operate for cricket:

Back and Lay Markets: For any cricket event, whether it’s a Test match, ODI, or T20, you’ll have markets where you can back or lay a team or outcome. For example, you could back India to win the match or lay them, betting they won’t win.

Odds and Matching: The odds are set by other users. If someone offers odds of 1.90 for India to win, and you’re happy to take those odds, you place a “back” bet. Meanwhile, someone else may offer odds by “laying” India, meaning they don’t think India will win. Once your back and lay bets are matched, the bet is placed.

In-Play Betting: Cricket is a sport full of surprises, and with in-play betting, you can place bets while the game is unfolding. Depending on momentum changes, key wickets, or batting collapses, odds will change during a match.

Commission: Betting exchanges make their money by taking a small commission (usually between 2%-5%) on your net winnings.

Using Cryptocurrency on Cricket Betting Exchanges

Cryptocurrency, especially Bitcoin (BTC), is becoming a preferred payment method on many betting exchanges. It offers bettors a fast way to manage their money.

Here’s why crypto works so well for cricket betting exchanges:

Quick Transactions: When you’re betting on T20 matches which are pretty fast-paced, you need your deposits and withdrawals to happen quickly. Cryptocurrency transactions, especially with Bitcoin or Ethereum (ETH), are much faster than traditional banking methods.

Anonymity: Betting with crypto offers more privacy, especially for bettors who like to guard their privacy.

Lower Fees: Traditional payment systems often involve fees or delays, while many crypto transactions are quicker and come with lower costs.

Tips for Crypto Exchange Betting on Cricket with Crypto

Analyze Team and Player Form: In cricket, form plays a huge role in determining the outcome. Look at how teams or players have been performing in recent matches, especially in similar formats (T20, ODI, Test). For instance, a batsman who does really well in a T20 match might struggle in a Test match due to different strategies.

Use Lay Betting for Risky Situations: A cricket match can swing dramatically. For example, if one of the good players is struggling to chase a target in the final overs, laying that team could give you a great opportunity.

Monitor In-Play Markets: Momentum in cricket can change with just one over, wicket, or boundary. Watching matches live and reacting quickly to these changes will help you take advantage of the fluctuating odds in real time.

Weather and Pitch Conditions Matter: Unlike many other sports, external factors like weather and pitch conditions significantly impact cricket. A pitch that favours spin bowling or overcast conditions that help swing bowlers can alter the outcome of a match. Use this knowledge when placing back or lay bets.

Be Strategic with Early Bets: Placing early bets before the toss or lineup announcement can offer better odds, especially if you anticipate certain players being rested or weather conditions affecting play.

Example of a Cricket Betting Exchange Bet

Let’s say Australia is playing against Pakistan in a T20 match.

Back Bet: You decide to back Australia to win the match with a 1 BTC bet at odds of 1.80. If Australia wins, you will receive 1.80 BTC (your original bet plus 0.80 BTC profit, minus any commission).

Lay Bet: If you believe Australia might struggle, you place a lay bet on them at odds of 1.80 for 1 BTC. If Australia loses, you profit from those who backed Australia.

Pros and Cons of Cricket Betting Exchanges

Pros:

Better Odds: Since you are betting against other people, not a bookmaker, odds tend to be more favorable.

Lay Betting Option: You can bet against teams or outcomes, offering more flexibility compared to traditional sportsbooks.

In-Play Opportunities: In cricket, matches can take dramatic turns. Betting exchanges let you take advantage of this with live betting.

Arbitrage: Sometimes, odds between sportsbooks and betting exchanges differ, allowing you to lock in a guaranteed profit by backing a team on one platform and laying them on another.

Cons:

Liquidity Issues: If you’re betting on less popular cricket matches or tournaments, there might not be enough people on the exchange, meaning your bets may not get matched.

Commission Fees: Although the odds are generally better, betting exchanges take a small commission on your winnings, which can affect your long-term profits.

Complexity: For beginners, understanding back and lay betting can be a little complicated compared to traditional sportsbooks.

Our Take on Cricket Exchange Betting

Cricket betting exchanges are an alternative to traditional sports betting, offering better odds, more control, and the option to lay bets. With the added benefits of using cryptocurrency for faster transactions and greater anonymity, it’s an appealing choice for cricket bettors.

To get the most out of cricket betting exchanges, be sure to try and learn everything you can about the game, and more particularly, the match that you want to bet on.

Just remember: bet wisely, have fun, and enjoy the extra fun that cricket betting exchanges bring to every match!

Frequently Asked Questions

Our GOSUBETTING experts have written some frequently asked questions for you to read before you place your first bet on a cricket betting exchange.

• What is cricket exchange betting? +
  Cricket exchange betting allows bettors to bet against each other instead of bookmakers. You can either back (bet for) or lay (bet against) specific outcomes, with the odds being set by other users on the platform. This creates a more competitive marketplace compared to traditional betting.
• How does cricket betting on an exchange work? +
  In cricket exchange betting, bettors can place back or lay bets. When you back a team or player, you are betting they will win. When you lay a bet, you’re betting they won’t win. The odds fluctuate based on demand from other users, so you can often find odds than in traditional sportsbooks.
• Can I use cryptocurrency for cricket exchange betting? +
  Yes, many betting exchanges now accept cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others. You can deposit your crypto into your account, place bets, and withdraw winnings in cryptocurrency.
• Why should I use cryptocurrency for cricket betting? +
  Using cryptocurrency offers several advantages, including faster transactions, lower fees, and increased privacy. Deposits and withdrawals happen quicker than with traditional methods, and you can bet without sharing your personal or banking information.
• Are cricket betting odds better on an exchange than on a sportsbook? +
  Yes, odds on betting exchanges are often more favorable. This is because the odds are set by users, and you can sometimes get better odds than what’s available in traditional sportsbooks.
• Can I place in-play bets during a cricket match on a betting exchange? +
  Yes, most betting exchanges offer in-play betting, allowing you to place bets while the match is ongoing. Cricket is particularly suited to in-play betting due to its long format and frequent momentum changes, allowing you to adjust your strategy as the match unfolds.
• What is a lay bet in cricket exchange betting? +
  A lay bet is when you bet against a specific outcome. For example, if you lay Australia to win a match, you are betting that they will not win. If they lose or the match ends in a draw, your lay bet wins, and you profit from those who bet that Australia would win.
• Is it safe to use cryptocurrency for cricket exchange betting? +
  Yes, provided you use a trusted betting exchange. Many reputable exchanges, accept cryptocurrencies and offer secure environments with strong encryption and security protocols.
• What fees should I expect when betting on cricket exchanges with crypto? +
  Exchanges charge a commission on your net winnings, usually between 2%-5%. When using cryptocurrency, there may also be small transaction fees depending on the network (e.g., Bitcoin or Ethereum fees), but these are often lower than traditional payment methods.
• What are some strategies for successful cricket exchange betting with crypto? +
  To succeed in cricket exchange betting, study team form, player stats, and match conditions such as weather and pitch behaviour. Use lay betting to your advantage by betting against teams that might be overhyped. In-play betting is key in cricket since momentum can change frequently. Adjust your bets based on real-time events